According to the Bureau of Labor Statistics, professionals working in finance-related occupations took home a median salary of $72,250 in May 2020, which is considerably high. Also, finance-related occupations are expected to grow by 8% over the next few years, making it both a lucrative and secure line of work.
However, job security and high pas also increase the competition. So, how do you go about starting a career in a fiercely competitive industry? In this article, we will be discussing tips you can use to start your career in finance. Let’s get right into it.
Get a bachelor’s degree in finance-related subjects
A bachelor’s degree in business administration, accounting, or finance will increase your chances of landing most entry-level jobs, including accountants, financial assistants, and analysts. You can choose from a host of offline and online programs, depending on how you want to plan your routine and career.
Earn additional certifications
Certifications such as CPA and CFA will add more value to your resume. You’ll also be able to apply for better, higher-paying jobs up the hierarchy. So what are these certifications all about?
CPA is the gold standard for accountants. It is a highly respected and recognized designation given only to those who pass the dreaded CPA exam. The CPA exam is one of the most challenging exams out there. It has four levels, and candidates must pass all four to earn the CPA designation. Over 100,000 people take the CPA exam every year, and only 50 percent manage to clear it. However, do not worry because you can use online resources to help you pass the exam.
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Earning a CPA can open doors to a wealth of opportunities in the financial industry. We have listed the best ones down below:
Financial Accountant: As a financial accountant, your responsibilities will include creating and maintaining detailed financial records and creating financial statements on a monthly, quarterly, and yearly basis.
Auditor: As an auditor, your responsibility will include ensuring that a company’s financial statements are in line with regulations.
Financial Manager: As a financial manager, your responsibilities will include meeting a company’s financial goals, managing short and long-term investments, managing mergers and acquisitions, and securing financial contracts with other institutions.
Financial Analyst: As a financial analyst, your responsibility is to evaluate the market for potential opportunities and provide investment advice to individuals or business organizations.
On the other hand, CFA is the gold standard for professionals in the investment industry. It has three levels, and candidates must pass all three to earn the CFA designation. Every year, over 200,000 people take the exam. However, only 44 percent of candidates manage to clear it. Again, do not let this wear you down. You have online resources available that can help you prepare for the exam.
Earning a CFA can open doors to a wealth of opportunities in the financial industry. These include:
Portfolio Manager: As a portfolio manager, your primary responsibility will be to interview your clients and devise appropriate investment strategies to meet their financial goals.
Investment Banker: As an investment banker, your responsibility will be to raise funds for your clients. You will also manage mergers, conduct research, and create financial and legal documents.
Wealth Manager: As a wealth manager, your responsibilities will include managing your clients’ investment portfolios, advising them on possible opportunities, and investing on their behalf. In addition, you can provide tax planning services and estate planning services.
Risk Manager: As a risk manager, your primary responsibility will be to identify and manage the risk for your clients. It includes the employees, customers, your client’s reputation, investors, and shareholders.
Get an Internship
An internship allows you to gain valuable experience and hone your skills. You should avail as many internships as possible. Also, start applying for internships while completing your education to build up as much experience as possible. In addition, try to get internships in different roles and understand the day-to-day responsibilities for possible careers. It can help you zero in on a career you are interested in. In addition, internships can help you build your professional network, which is crucial to help you land your dream job. Your network can help you gain access to opportunities you would not know about otherwise.
Get an entry-level position
Getting into a finance-related job is tough. However, an entry-level position will help you get your foot in the door. In the beginning, you will have to start in lower positions before getting a promotion, but you can work your way up by garnering experience, new skills, and higher education.
Conclusion
Getting a job in finance is a dream for most people. It has gotten tough because of fierce competition. However, you can increase your chances by completing a bachelor’s degree in fields relevant to finance. In addition, you can earn certifications like the CPA and the CFA. You can also get internships while completing your education to build up as much experience as possible. Lastly, you can start your career with an entry-level position and build it up from there.
