If you have a knack for numbers, particularly if you are good in understanding and interpreting figures, then a career in the finance industry may be just right for you. Certainly, working in finance is not for everybody. It takes a person with an analytical mind and a certain discipline to make it in this business. However, if you are one of the chosen few who manages to enter the world of finance, then the sky is usually the limit for the talented and driven.
As the name indicates, the business of finance is primarily concerned with financial resources or, more precisely, how individuals and institutions handle their financial resources. Finance considers how they get their money, where they use it and what they use it on and it analyzes the risks involved in each of these phases as well as gives recommendations about how to manage the risks.
Although not many are qualified to work in finance, there are a number sectors in the financial community that offer many exciting and rewarding employment opportunities. Here are some examples.
If you want to break into finance, perhaps there is no sector that is easier to penetrate than the commercial banking sector. It is a good place to learn the basics of the business of finance. That is one reason why commercial banking has the most number of people of any sector of the financial industry. Aside from the opportunity to learn about the business, working in a bank will also put you in touch with a wide range of people and gives you the chance to develop your own clientele. The most basic entry-level position is as a bank teller. From there, it is a short jump to other more challenging job opportunities such as leasing, credit card banking, trade credit and international finance.
In corporate finance, you handle the internal finance requirements of the corporation that employs you unlike in a bank where you handle the financial requirements of several clients at a time. The in-house corporate finance department sources money for the development of the business, particularly for expansion and acquisitions. The entry-level position in a corporation is as a financial officer.
A corporation also employs a financial planner, a vaunted position whose sole concern is planning the future finances of the company. This position requires great vision and foresight as well as a firm understanding of investments, estate planning as well as taxes.
A Career In Finance
As a career, finance is a popular choice. The pay is good and there is a wide range of career choices, from accounting to banking. There are a lot of options for those wishing to enter into this industry, and also a lot of expectations. An understanding of business is important, but what else do you need to secure a great job in Finance?
Jobs in finance are open to all graduates, not just those studying maths or finance. A degree in any subject gives graduates skills of logical thought, analysis, presentation and communication skills. Indeed, many of financial institution's graduate training schemes will be heavily populated with arts graduates. They often possess communication or presentation skills which surpass those held my finance graduates.
Even graduates in Finance have a lot to learn before they can apply what they learnt at school to real market models. Many academics have misconceptions about the finance world, and don't understand how real models work. For this reason some banks prefer to take on less educated trainees so they can teach from scratch.
Of course a basic level of numeracy and programming can be sought after in the Finance sector, but even a GCSE or A level in Maths can increase your chances of securing a position.
Other skills which you may want to mention and demonstrate on your CV are organisational skills, oral and written communication skills, teamwork, problem solving, business knowledge, flexibility, leadership qualities, computer literacy and time management.
Doing work experience or an internship at a financial institution is a great idea. Showing any kind of interest the industry looks favourable, as well as anything you might learn when you're there.
Get to know the company and the industry you are attempting to work in. Read business and finance publications or websites, and research the firm for which you are applying. It will make you more employable in the first place, and aid you greatly when you actually start.
The most important part of any successful career in finance is an intuition in business, which no degree, financial or otherwise will equip you for. Experience is second-to-none.
Once you get a job in finance, the general wisdom says stick with it! Short innings at companies look bad on your CV, and even if you're not completely satisfied with your initial role at a company, there is a lot to learn and many career options if you stay on.
Both Jonathon Hardcastle & John Mce are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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