There’s no doubt that the coronavirus has posed a significant global health issue, with nearly five million cases and more than 319,000 deaths reported to date. A huge number of these instances have been reported in developed economies too, including the U.S, the UK, and several dotted throughout Europe.
This means that Covid-19 has also transitioned into a significant socio-economic crisis and one that has already impacted heavily on the labor market and the global GDP.
Nations such as the UK are poised to see their economic output decline by a staggering 35% over the next two quarters, for example, while the total number of jobless claims are soaring throughout the world.
The impact on the labor market may be a little more positive, however, with more people working from home and individual productivity increasing as a general rule. To this end, brands such as Twitter have extended their WFH policy indefinitely, potentially changing the way in which employees operate on a more permanent basis.
What are the Benefits of Working from Home in Financial Careers?
Working from home can be particularly beneficial for those in financial careers, particularly because many roles in this sector see a direct correlation between productivity and bottom line earning potential.
Of course, most financial roles (such as auditing and forensic accounting) are office-based, which means that they can be performed using rudimentary tools such as a laptop, Skype, and a viable Internet connection. So, while there may be an occasional requirement to visit clients or attend various offices, the majority of financial jobs can be performed both at home and under the guise of sole trading.
It’s also interesting to note that the world’s financial markets are increasingly interconnected, creating an opportunity for home-based employees and traders to operate globally in some instances.
This trend has largely been precipitated by technological advancement, which has helped to drive sustained growth in financial services and created a global market that will be worth a staggering $26.5 trillion by the year 2022.
OK, we hear you ask, but what are the top financial careers that can be pursued from home? Here’s our list of the best three:
Forex Market Trading
If we consider the notion of accessing the global financial markets from home, then a career as a forex trader may offer a particularly fascinating proposition.
After all, the forex market is open 24-hours a day and conducted across three distinct geographic sessions, enabling independent traders with a flexible working schedule to optimize their strategy and potential profitability.
For example, the Asian trading session is known to be particularly lucrative, as it sees high levels of demand for growth currencies such as the Hong Kong Dollar. Prominent currencies such as the Chinese yuan, the Japanese Yen, and the Australia dollar are also present during this session, while there’s also a highly volatile one-hour crossover at the beginning of the European market.
So, traders who operate from home can leverage online tools and flexible working to target the Asian market, boosting their potential returns in the process.
While accountants are often required to visit workplaces for the purpose of reviewing books and conducting audits, the majority of practitioners are actually self-employed and tend to work from home.
The reason for this is simple; self-employment and home, working offers far greater earning potential for accountants, while it also helps individuals to plot a more successful and lucrative career path.
Of course, you’ll only need basic tools and software to operate as an accountant from home, so this endeavor carries relatively low start-up costs overall.
Interestingly, the roles of accountants and auditors are often confused, as both work diligently to help clients prepare and formulate tax returns.
However, while accountants provide actionable support and advice on clients’ tax returns and cash flow status, auditors tend to dig deeper into a company’s records and can help to identify anything from potential reporting discrepancies to money-saving opportunities.
However, workers in both of these roles can work comfortably from home, with different packages of software widely available for independent auditors. Once again, auditors can also work profitability under the guise of self-employment, thanks to minimal start-up costs and an ideally competitive marketplace.