Top 5 Career Options for Engineers in Finance
Finance and engineering are definitely two very specialized and totally different professions. Therefore, if you argue that engineers have nothing to do with careers in finance or financial experts cannot work as engineers, most people would possibly agree.
However, here I’m about to inform you about five career options for engineers in finance. And that too without spending time, effort and resources on doing a Master of Business Administration (MBA) or attending a business school.
Now again, I’m not talking here about a very specialized field known as Finance Engineering. That’s an altogether separate qualification. Instead, we’re looking at career options for engineers in finance. And purely as engineers.
Connection Between Engineering & Finance
If you examine closely, engineering and finance have a close connection. Because engineers try to develop machinery, vehicles, aircraft, ships, buildings and bridges and almost everything at affordable prices.
Furthermore, engineers also have to take into account the price escalation or increase in cost of a project over a number of years. This isn’t the job of some accountant: they wouldn’t know what designs and material are necessary.
And there are several other spheres where engineers actually work in finance jobs. Their engineering skills helps them in finance.
If you’re an engineer looking for career options in finance, here’re some excellent, time-tested and proven options.
Top Careers for Engineers in Finance
Depending upon your specialization in engineering, you can develop a superb career in finance in these five fields. In fact, millions of engineers across the globe are already doing so. A lot of aspiring engineers also state they wish to specialize in finance related jobs while writing essays for admissions to engineering colleges abroad or seeking scholarships and education loans.
The topmost career option for engineers in finance is by working as Quantity Surveyor. This is also one of the most common financial career that engineers look for. Usually, a Quantity Surveyor is the most important person working on any project.
Quantity Surveyors have several important responsibilities. One of them is to ensure that all contractual terms and conditions of a project are being properly implemented. This includes keeping costs in check where necessary and auditing the ongoing work.
A Quantity Surveyor is usually responsible to ensure that a project finishes within the set budget. Hence, they have to keep track of material, manpower and other elements and verify they’re within the budget.
You would definitely be reading news sometimes that a specific project will be built at a particular cost. Now how does the government or a company know how much a project will cost? That’s because a team of engineers will work as Engineering Estimators to arrive at an almost exact cost.
How does an Engineering Estimator know the cost? Because they’ll study everything- from the cost of the smallest nail to the rent of the most gigantic piece of equipment, manpower, material and everything the project needs. Furthermore, they’ll also consider the increase in prices over a period of time.
Engineering Estimator is a wonderful career option for engineers in finance. Especially if you’re living in a developing country such as India. Or wish to work abroad in Arabian Gulf countries that are busy developing large infrastructural projects.
Compliance Engineer is another superb career for engineers in finance. In fact, a Compliance Engineer is a very senior designation at any finance company, engineering firm or even a government organization. What exactly are Compliance Engineers?
There are several roles a Compliance Engineer plays. The main role however is to ensure that their employer or project complies with local rules, regulations, environmental standards, safety, quality and every other standard.
An Engineering Auditor is yet another astounding career for engineers in finance. Indeed, it’s a very complex job that attracts fantastically high salary. Why’s that?
An Engineering Auditor has to check and audit every single process of an engineering company or project- from hiring to purchase, works to compliance. They have to check every report that Quantity Surveyors, Compliance Engineers and Engineering Estimators will file.
EPC Project Engineer
Engineering, Procurement and Construction Project Engineer of EPC Project Engineer also is a finance job. Their role is to determine costs of engineering processes, find ways and means to procure manpower, material and expertise and ensure smooth execution of a project. This means, they have to ensure a lot of things- from compliance with rules to quality of material and its cost.
Again, an EPC Project Engineer is a very important position. They have to work with several internal and external entities to handle various features of a project or company.
From the five career options for engineering in finance, it would be clear that you won’t require a financial management degree or qualifications. Usually, these careers involve extensive team work. Meaning, you’ll have a team of experts to assist with complex calculations, quality testing and other elements. All these jobs also lay emphasis on environment protection. Hence, you’ll also have to assess the cost on the environment in terms of real money. And these are excellent jobs that attract very lucrative salaries.