Are you considering a career in finance? This industry is necessary for just about every organisation as every business is concerned with maximising profit. This article will examine the benefits of this career choice and the two career paths within the financial sector to consider.
While the skills necessary are largely learned throughout your studies, a career in finance primarily requires a competency in mathematics and an understanding of the topic of money. If you don’t enjoy these topics it is likely not the career for you.
Benefits of this career choice
High earning potential
Careers in financial services are lucrative with some of the highest paying entry-level positions. From there, you have the potential to quickly climb the ladder and secure a very healthy salary.
A balanced lifestyle
Many jobs within the finance sector allow for lifestyle freedom, particularly for those who are independently employed.
Diverse career options
The financial sector is relevant in so many different organisations and there are many specialisations within the industry. This allows you to hone in on your niche and find an option that suits you personally.
Potential to grow
With such vast amounts of financial positions available, there is a lot of opportunity to move up the ranks. It also isn’t location-specific as there are many opportunities abroad, giving you the freedom to move wherever you desire. This gives you more freedom to switch companies or cities if you’re feeling like you want a new challenge.
Job security
With finance being an in-demand occupation and fundamental to the everyday function of society, positions are generally secure. With such a range of jobs available and not many with the skill set necessary to fill the positions, you will likely secure a generally stable career.
The Two Career Paths
If you are interested in a career in finance it’s important to consider which of the 2 major career paths appeals to you.
Retail finance
Who you will be dealing with: Retail finance generally involves dealing with the general public including individual investors and small businesses.
Most notable position: Certified Financial Planners are the most notable positions for finance professionals in this realm.
Where? Retail finance offers the flexibility of working in almost any area. There are financial advisors everywhere, from major cities to rural areas. Due to the fact you are working with a public customer base, you can work anywhere there are customers. With the rise in working remotely, flexibility is more accessible now than ever.
Working in a team or independently? Positions in retail finance tend to work alone and can meet new customers every day. Even wealth management firms that have small teams or groups of partners tend to be entrepreneurial environments, where advisors are expected to attain and retain clients independently.
Institutional Finance
Who you will be dealing with: Institutional finance generally refers to working with large institutions such as banks, hedge funds, and other business entities.
Most notable position: Chartered Financial Analysts are the premier position in this space.
Where? Institutional finance often implies that you’re an employee of a large institution and one that is likely located in a major city. Even with the advent of remote working, workers starting in institutional finance can expect to have to be in the office more often than not.
Working in a team or independently? Institutional finance usually means working on a team within a larger hierarchy. Junior associates may report to senior associates who have more interaction with executives and a set list of regular customers. In this setting, there is more of an obvious ladder to climb.
Should I look at a career in finance?
If you are interested in a finance career, connect with industry professionals and check out our live jobs through the link below!
https://www.andersenpartnership.com/candidates/current-positions/banking-finance/
