The finance industry is one of the fastest-growing industries in the world. According to research, the market is going to grow by 6%. And since financial experts are relevant to every field, financial experts’ demand will only increase in the future. Furthermore, the industry will be worth $26.5 trillion by 2022, so average salaries will be high for the next few years.
Moreover, the industry is also evolving due to the effect of technology. Many career choices that are available now did not exist in the past. No longer are financial planners stuck between choosing to become a stockbroker or an insurance agent. Nowadays, a career in finance can open up a lot of different avenues.
A career in finance can develop valuable skills that are relevant to other sectors. Financial analysts have good analytical and problem-solving skills. Both these skills top the list of the most sought after soft skills by recruiters.
How to begin your career in the financial sector?
Growing demand has made the financial field highly competitive. There are many aspirants for every job opening, so it is imperative to make an effort to outshine other applicants. Read through this guide to launch a successful career in finance.
Get a degree in finance: Financial professionals must have a significant specialty in the field. Top choices include bachelor’s degrees in business, accounting, or finance. You can also choose to get a diploma in financial planning. Graduates of these courses are usually preferable to other applicants as they learn about consumer rights and the dynamics of finances in the family. A post-graduate course in finance can also help you jumpstart your career in finance. Not only that, but a post-graduate degree can also get you a higher salary. According to research, financial professionals with MBAs get a 50% higher salary than others.
Get your certificates: A certificate from a reputable organization is worth its weight in gold. Different specialized professions have separate certifications. But, choosing between these fields can be overwhelming for many, and certification can accelerate your job progression in your niche area. The best certification options are CPA and CMA. Though both qualifications are similar in that they require prior experience and college degrees, they are also different. The most significant difference between a CPA vs CMA is that one is broader than the other. A CPA focuses on audits and taxes while the CMA improves the business’s efficiency through effective management. Having a certification shows that you are qualified for the job, and it can help you improve your skillset.
Know about the basics: Every accountant working in the USA must be aware of the Generally Accepted Accounting Principles (GAAP). These principles guide professionals about the best practices in their fields, and possible violations can face penalties. Those interested in working for publicly traded companies must java in-depth knowledge of GAAP. As a beginner, you must also be proficient at Microsoft Excel. Even though most businesses o longer uses Excel daily, Microsoft excel proficiency is the most fundamental skill for an accountant.
Choose your area: The earlier you choose the sector you want to work in, the better. There are many different fields you can choose from. Some fields are more technical, while others have a managerial position. Furthermore, there are other factors to consider when deciding on your niche. Those looking for a non-traditional business model might prefer to work as a stockbroker since they work on commissions. Others who like hourly fees should work as insurance agents. The size of the operation also matters. Small companies have a more relaxed atmosphere and provide broader challenges. If you want to develop a board skill set, then a smaller outfit might fit better. Those who want a traditional office model might work better in large companies.
The right experience: Your work experience can help you figure out your future in the field. The broad scope of the financial sector can often make it confusing to choose a niche. You might not know if you will be a better analyst or an accountant. But, working in the relevant field can help put things in perspective. Furthermore, networking is a vital part of the sector, and work-experience can connect you with the industry leaders. Some financial professionals offer novices the opportunity to shadow them. Such opportunities are invaluable since they give you insights about what the top of the career ladder might look like for you.
Get your foot in the door: Remember that getting your foot through the door can be an uphill battle. As a novice in the field, you might have to settle for less than what you deserve. But, with a well-written cv, an excellent cover letter, and the right connections, a spectacular job can be within your reach.
Develop technical skillset: Financial experts not only keep track of the money, but they also have to guide companies to make financially sound decisions. To do so, experts must utilize insights from Big data software and artificial intelligence. Therefore, financial professionals must be aware of the latest technology in their field. Tax accountants must know about the most popular tax preparation software in the industry. With prior knowledge of financial technology, you can start your career on the right foot.
Develop soft skills: To start a successful finance career, you must also hone some soft skills. As financial professionals have to deal with clients daily, they must build meaningful relationships with the customer. Moreover, you must also have excellent communication skills. Often a financial expert has to translate confusing jargon into simple words for their team members and the customers. If you have the right skills set, doing so might be a piece of cake for you. You must also hone your problem-solving skills for a career in finance.
Conclusion
To start a financial career, getting a degree in a relevant field is the first place. Then you must think over the different specializations in the sector and decide. After that, you must get relevant degrees and certificates to build your skillset. Moreover, work experience can also start your career on the right step. While some skillsets are peculiar to some specializations, others have a more general application. Interpersonal and soft skills are relevant in all niche fields, so every future and current application must hone these qualities.
