Annapolis’s unemployment rate as of March 2024 is 2.3%. According to Ycharts, this is much lower, considering that the long-term average is 5.1%. Over the last year, the city has seen its job market number increase by 0.7% to accommodate more professionals in several fields, including finance. The Indeed job platform reveals nearly 800 open positions are available for people in the sector, ranging from financial associates to analysts, and this doesn’t cover the countless other credible job sites you’d find in the city. For anyone looking to start or build a career in this location, the opportunities are there, and this article will feed you in on all that is needed to get started.
What a Finance Career in Annapolis Entails
Data from Best Places shows that the population by occupation of finance professionals in Annapolis is 4.1%, and the general figure in the United States is 4.7%. This again cements the initial point that Annapolis is a city with some interesting opportunities for professionals in the finance sector. Taking up any of these roles would require that you understand how the work market works and have some background in relevant fields. Statistics, accounting, mathematics, and business management are some of these related areas. The average income in this location is $43,690 yearly, while the income tax rate is 7.3%. These could also be factors to consider, especially as it relates to the cost of living. It’s a little bit on the high end because the U.S. average tax rate is about 4.6%. However, the average pay in the country is $28,555, which is much lower than what many would get in Annapolis.
How To Start a Finance Career in Annapolis
The industry provides several finance opportunities, and with the proper knowledge, skill sets, and action steps, anyone should be able to tap into them. Here are some tips to get you started.
Get a Degree
The first thing that sets you apart from the sea of applicants in the job market is your qualifications, which, of course, has a lot to do with your educational background. Certain opportunities would require you to earn a degree, like accountant or analyst roles. At the same time, others might not. Annapolis has some affordable and standard learning programs for its citizens, with some of the accredited institutions being Howard University, Johns Hopkins University, and Georgetown University. The average tuition for nonprofit schools offering four-year courses in the finance niche is $47,389. Online courses offer lower tuition and also allow a two-year duration in some finance courses.
Apply for Internships
There will come a time when you’ll be required to provide your past working experiences for your job applications. Before such times come, you can gain some experience through internship opportunities. Internships allow you to get practical experiences that will be relevant to whatever career path you’re aspiring for. You also get to build connections that could become useful for you down this road. Some beginner-friendly opportunities available on Indeed are the research and analysis intern position at Maryland Judiciary and the acting intern position at Massachusetts Mutual Life Insurance Co. These companies, among many others, have open positions ready to be filled. You might get paid less than a full-time position, but learning in a working environment should be your primary priority.
Prioritize Referrals
Referrals are the backbone of your employment credibility. With every job opportunity or role you take, ensure you get a solid referral from your supervisor or manager. These referrals illustrate how well you’ve worked with your previous employers and colleagues, making you more marketable to new employers.
Consider Being Self-Employed
A white-collar job isn’t all there is to finance roles today, especially considering how popular retail investment and foreign exchange are. You can become self-employed trading the markets with online platforms like Metatrader for MT4 trading or brokers like Oanda. With these applications, anyone can become a foreign exchange investor. You could also explore cryptocurrency investments, stocks, bonds, and other alternative assets. These sectors are flexible and profitable for people who dedicate time to learning and executing. The best part of such opportunities is they can be handled remotely and alongside other engagements.
Capitalizing on the Annapolis Job Market
This article has shown that amongst other cities in Maryland, Annapolis has some great offers in terms of employment, with decent pay to follow. Indeed (one of the biggest job search platforms) shows many results of available employment opportunities in the location — ranging from internships to entry-level roles and higher positions. Another exciting part of this is that it shows some good opportunities in neighboring cities and thus makes an excellent point if, at any time, you’re looking to relocate or extend your options beyond your immediate environment.
