A complete guide for making a career in Finance
Making a career in finance isn’t all about money: although the whole stream is based on the same. If terms like-wealth management, stocks, portfolio, shares- interests you, then you can make a promising career in the finance sector. The stream of finance offers a number of career options for a novice who can work to garner necessary skills. Making a career in finance is actually a broad statement; it’s equally important to consider your own strengths and interests as you can opt for the financial work which you’d enjoy and at which you will excel.
The financial service Industry
The financial sector is multifaceted, offers a number of position which cater to a number of interests and skills. It also offers various sub-industries under its spectrum that encompass niche job opportunities. However, we suggest you to prior research the complete sector. This may help you acquire the most compatible job for your interests and skills. Here is a list of career option in the financial sector which you can explore.
1. Public Accounting
Public accounting is a broad sector that offers a number of opportunities. There are a number of certified public accountants (CPAs) who assist individuals and businesses to keep track of their firms’ financial ventures in accordance with GAAP (generally accepted accounting principals). These public accountants are accountable for giving financial advice and offering yearly/monthly reports to reduce spendings and expand the overall revenue.
Accountants usually work in partnerships. The biggest conglomerates in accounting are known as “Big-four”. This includes accounting firms such as Deloitte, Ernst & Young, PricewaterhouseCoopers, KPMG, and many others. Accountants normally guide the firms to get an actual overview of “how reliable their investments are”. They are also responsible for making financial forecasts & financial strategies. The typical hierarchy for a public accounting firm starts from staff accountant, junior audit manager to tax manager and if one can maintain a rigidly working schedule for a number of years, one can also become a partner in the accounting firm,
2. Corporate Finance Jobs
Another bright prospect in the finance niche is to work for corporates. The job profile includes working for a company for the purpose of managing the required capital to run the enterprise. He/she is responsible for maximizing the corporate share value while reducing the expected financial risks. Most enterprises usually hire finance professionals to include them in their finance department. This internal operational team is responsible for allotment/investment of the company’s capital. In case, you succeed to secure a job in their finance department, you may:
- Plan the company’s quarterly/yearly financial strategy.
- Make an estimate for their profit/losses.
- Prepare their yearly financial statements.
- Negotiate with a series of creditors.
- Coordinate with public accountants and outside auditors.
3. Become an investment banker
This is one of the most glamorous, intense as well as payback job profiles in the finance sector. Let’s accept this, We all have been raised listening about wolves of Wall-Street and how they made millions in no time! Investment banking jobs involve a new modulation of current corporate securities and bring these listed companies back to the market for investors to purchase. Big investment bank firms such as J.P Morgan or Deutsche also trade securities and suggest both wealthy investors and corporations.
Working in an investment bank firm will allow you to M&A professionals, public accountants, and issuers of securities. You might even get a chance to work on trading stocks, trading desk, and other types of securities in the secondary market. On the other hand, you can also become a qualitative research analyst for investors, corporate bonds, or various other fixed-income securities.
4. Individual financial planners
On contrary to corporate finance planner, this niche of job profile is associated with finance professionals to help wealthy individuals in making future financial plans. This financial planning makes sure their client’s present as well as future financial stability. Usually, they analyze and review the client’s financial goals and create an apt plan for investing and saving which fits the client’s needs. Financial planners are either work in a large nationwide group or locally based firms. Some of them charge a fixed flat fee from their clients, while others charge a percentage of the client’s assets. They also receive a commission on the shares/products they sell such as a mutual fund or equity in a firm.
To become a financial planner, you should most favorably hold a CFP (certified financial planner) designation. You must attain a minimum of 6,000 hours of rigor training and financial planning experience in order to become a successful financial planner. This job profile also requires continuing education requirements as a market condition is subject to variations.
5. Work for hedge funds
Hedge Funds are mostly unregulated private investment funds whose financial managers hold the power to buy/sell a wide array of financial products and assets. As they are unregulated and mystery that revolves around this sort of entity, hedge fund jobs are considered risky yet somewhat fascinating. Typical hedge fund jobs include the same array of financial services like a trader, financial & qualitative analyst, portfolio & marketing manager, and regulatory compliance officer.
Finding the right job opportunities in financial niche
Like any other job niche, one can find the right financial job opportunities through two mediums- offline and online. It’s a good idea to use both methods. Keep in mind that financial jobs are usually highly specialized so offline generic boards are not the perfect place to seek such positions. Online job portals can help you filter out the aligned job opportunities for your career. There are several financial networking events and industry conferences can be a great place to look for financial job opportunities. Never forget the value of personal interactions, so your friends could know someone who maybe has a job opening for you. If you have some time to spare, you can also read our blog-top aspects for any job search.
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