“At the end of the day, finance leaders have to be proper storytellers. You have to be constantly on top of your data and tell the story behind the numbers.”
– Gerardo Adame, VP Finance at XP Power
Do you want to get a career in finance but are unsure of the ideal type of employment or where to begin to prepare for it? We’ve got you covered!
There are many different job options available in the exciting and fulfilling world of finance. There are many opportunities for advancement and success in the finance industry, regardless of your interest in corporate finance, investment banking, or financial research.
The financial sector is growing quickly, creating a plethora of new career opportunities in the business sector. A career in finance has the potential to be both interesting and financially rewarding, but it can be difficult to find good guidance about where to begin given the abundance of accessible information.
Top executives in this well-known high-paying field make six- or seven-figure salaries and benefits. In contrast to other professions, even the lowest paid workers may begin with respectable pay.
One industry that will always be significant in a number of areas is finance, including banking, retail, business, and trade. Financial services employment will therefore always be in demand and continue to grow. We will provide you with a thorough overview of how to launch a financial profession in this JobsBuster blog post.
What is finance?
The art and science of managing money are central to the field of finance. The study of finance takes into account how companies raise, spend, and invest capital as well as how people allocate their meager financial resources to meet their own and their families’ needs. Generally speaking, “finance” falls into three main categories: three types of finance: personal, corporate, and public
Although most people associate finance career with money, a job in finance involves more than just money. Finance is the distribution of assets and management of financial resources, even if money is a legitimate form of payment utilized in many financial transactions.
The finance industry encompasses a wide range of tasks and divisions, such as budgetary and financial model creation, maintaining funds in high-interest savings accounts, and forecasting your company’s cash flow.
Step by step guide to start a Career in Finance
The pathway to career success takes work and determination. Use these steps as guidance for starting a career in the financial industry:
1.Earn a bachelor’s degree
While you don’t technically have to earn a degree to work in finance, extra schooling can help you stand out as ‘a hiring manager and remain on track with the other candidates for a particular role. Especially if the job you want is more specialized, you can likely benefit from earning your degree in finance versus business or another related field. Your education can also expose you to financial concepts and valuable information that you can use in your future career.
2.Pursue an internship
An internship gives you the opportunity to learn more about the finance industry as you work for a company that can give you a glimpse into how your career may progress. Consider completing more than one internship, each in a different part of the finance industry, as each internship can expand your knowledge and help you focus on your interests and desired career path.
Another benefit of internships is that you can build your professional network to include those you’re working alongside. When you’re applying for positions, these same coworkers may help you secure a position. You can also share your internship experience with the hiring manager during job interviews or update your resume to include your internship projects and accomplishments.
3.Ask for referrals
If one of your contacts works at the company you’re applying to, ask if you can use them as a referral. Many hiring managers are more willing to look at your resume and consider you for the position if someone can verify that you’re a qualified candidate. In addition, consider requesting a referral from a previous employer, supervisor or colleague to showcase your ability to fulfill the job requirements of the role you’re interested in pursuing.
4.Take relevant courses
You can choose college courses or continuing education courses that support the kind of position you’re most interested in pursuing. For example, instead of opting for psychology courses, you may focus on business, accounting, economics or ethics courses that can teach you skills and expose you to concepts that can make you a stronger job candidate. You can also take licensing courses on varying financial topics, which can prepare you for a role in the finance industry. These types of courses typically take place through regulatory authorities, rather than colleges and universities.
5.Pair up with a mentor
A mentor can be an important part of starting your career in finance. The mentor’s role is to guide you in your career, providing you with the resources for success and helping you grow confident in your skills. Your mentor can help you establish your goals and develop a plan to achieve them. To find a mentor, consider asking your internship manager or supervisor, a college professor or someone else you know who has a successful finance career.
6.Attend career fairs
Career fairs also offer opportunities to secure a job offer in finance. At a career fair, you can talk to company representatives about their organizations and the opportunities available to candidates with your qualifications. Sometimes, you can leave a copy of your resume with these individuals, and some even conduct preliminary interviews during the event.
7.Start in an entry-level position
If you want to work in finance, consider starting in an entry-level position. Even if the role isn’t directly in finance, you may find that you can earn promotions and later apply for the job you’re most interested in having. For example, you may explore a job opportunity as a human resources generalist for a major financial firm or as an office assistant for your local credit union.
Types of jobs in finance
Consider the following types of finance jobs you can pursue in the field.
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Bank clerk
Primary duties: A bank clerk supports the bank or credit union where they work and the customers of the financial institution by performing clerical duties. They process deposits and withdrawals, suggest other financial products, produce bank statements and update account information. Many employers may not require a four-year degree for this role, though some may require at least an associate degree or professional certification and proof of skills in the field.
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Accounts payable clerk
Primary duties: An accounts payable clerk is responsible for processing incoming payments and preparing invoices. They reconcile the company’s accounts, prepare bank deposits and create financial reports for interested parties and upper management. An associate degree is usually a requirement for this role.
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Accountant
Primary duties: An accountant maintains a company’s financial records. They file tax returns, facilitate payroll, generate reports and financial statements and prepare budgets. Accountants may also work with company collaborators and interested parties to develop business plans and often hold certification status in addition to finance degrees.
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Budget analyst
Primary duties: A budget analyst is responsible for helping companies create and adhere to budgets. They discuss budget proposals with managers, identify ways that an organization can follow its budget, keep managers updated on available funds and monitor spending. Budget analysts also use their data and the organization’s financial history to estimate what finances the company may need in the future.
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Underwriter
Primary duties: An underwriter assesses loan applications to determine the financial risk the lender would take by loaning money to the candidate. They view credit scores and histories, verify income, review employment and ask candidates for supporting documents to determine the candidate’s loan eligibility. Most employers also require underwriters to hold an undergraduate degree in fields like accounting, business administration or economics.
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Investment consultant
Primary duties: An investment consultant is responsible for working with companies to develop their investment plans based on their goals. They provide advice on solid investments, research different financial options and stay updated on investment trends. In some cases, employers may not require investment consultants to hold a degree, but most require at least a state licensure and professional certification.
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Chief financial officer (CFO)
Primary duties: A chief financial officer manages the financial activities of a business. They create and approve budgets, forecast financial needs, negotiate contracts with vendors and suppliers, monitor the company’s debits and credits and make investment decisions. CFOs also produce reports that showcase a company’s financial health.
Read Also: Essential Phone Interview Tips to Get Your Dream Job
Conclusion
A career in finance can offer a fulfilling and rewarding professional journey. By following the step-by-step guide outlined in this article, you can pave the way for a successful career in finance, whether you’re starting at an entry-level position or aiming for high-level roles. Stay motivated, continue learning, and seize opportunities to grow and excel in the dynamic world of finance.
We hope that this will help you with a better understanding of how to start your career in finance. Here we have discussed things about the job market and the various tricks and tips to understand the finance sector.
If you have any questions or queries, feel free to post them in the below comment section. Our team will soon contact you.