When you think of finance, you might think of a complex professional sphere centered on dollars, cents, advice and advanced formulas. On the other hand, the Graphic Design industry is thought of as a complex professional sphere centered on imagining, creating and polishing quality images for clients to use for promotional purposes. Different as they may be, though, the finance and graphic design industries are interwoven, and furthermore, they directly impact one another:
Finance experts must find value in companies and assets, and determine the corresponding risk of investment associated with these specified entities. Obviously, in a perfect world, all investments would boast low risk and a high profit! Unfortunately, our world isn’t quite perfect, and finance professionals must accordingly measure and adapt to risk. It’s hard to quantitatively measure the qualitative results that graphic designers produce and translate this into a monetary number. Skill-wise, graphic designers are some of the most knowledgeable, attentive, and gifted individuals on earth, and what’s more is that their upper-echelon of talent, or those who really “know what they’re doing”, have an enormous earning potential. Some top-level graphic design professionals and companies earn more money than finance professionals and companies! A top end art director can earn around $172,900 a year according to the 2015 census on Sokanu where as a senior financial manager falls short of $163,680 a year.
The graphic design industry can be very stressful, require long hours of work, and may require dealing with clients that lack coherent communication skills and that will change their minds repeatedly before a project is finished and paid for. If you still decide to immerse yourself in this highly creative procession you must have financial literacy and the skills to negotiate a fair budget.
The graphic designer’s profession is powerful. According to ibisworld.com the industry’s revenue will grow in the future despite rising foreign and domestic competition. Although businesses can pay designers from other countries, where the cost of living is lower, a smaller amount to perform the same task with the same tools that designers in the US market has access to, it’s possible that there will still be cultural differences that foreign designers might not be able to resonate with. The only reason why there has been no profit growth for the graphic design industry in recent years is because the growing number of international designers entering the market and working at reduced rate, which erodes revenue for the American market. However this is not estimated to last as these countries like are moving more into STEM industries. Local U.S. graphic designers are in the strongest position to beat low cost international competition and offer marketing materials that are unique, creative and tailored to the area that they work in because they can build personable connections and communicate more effectively with their local community.
The graphic design industry is moving more in the direction of mobile interface, interactive design, and digital marketing. Moving into the future, new technology will continue to enhance the graphic design industry, leading to the continued growth in advertising expenditure and product designs for manufacturing. Graphic design is a 11 billion dollar industry, with 169,269 employed and because most graphic designers are independent contractors, there are reportedly 135,723 businesses. Over 90% of the industry consists of freelancers. There are few barriers preventing new graphic designers from entering this field of work.
It’s possible that the level of stress associated with being a graphic designer will lead many professionals into assistant roles with less responsibilities as a lead designer or art director. It’s also possible that not many people have the courage and natural skills required to work in the graphic design industry and succeed. Therefore, talented and capable graphic designers can charge a fair amount for their work. For a graphic design agency, issues may arise when it comes to hiring consistent talent, purchasing the necessary design equipment, and marketing. This is where finance professionals come in. Because graphic design talent is so rare, and because solid, low-risk investments are so rare, designers and finance professionals are destined to work together; the former provides the finite creativity and ethic required to succeed, and the latter provides the equipment and funds to get off the ground and/or to expand. Thus, a mutually beneficial deal between the two professionals can easily be reached, and moreover, both the design and the finance worlds can continually grow together.