How to Get a Head Start on Your Finance Career

The financial industry is growing rapidly resulting in the demand for various roles and responsibilities to explore in the vast financial arena. Aside from the more recent opportunities, there are numerous lucrative financial roles that have received less attention yet offer significant opportunities. However, in order to compete today, professionals are expected to know and accomplish more than ever before, so it helps to get a head start on your finance career. It necessitates a significant amount of preparation, planning and hard work. It also involves training in areas that may not be directly seen as related to the field, such as accountancy and psychology. If you are looking to pursue a financial career, below is an in-depth look at a few prominent finance job roles and how you can get a head start on your finance career.

How to get a head start on your finance career

Before embarking on your finance career, let us understand what financial services entail.

What are financial services?

Oxford Dictionary defines financial services as ‘professional services involving the investment, lending, and management of money and assets.’ Financial services assist both individuals and organizations with the creation, investment, and administration of money. The existence of financial services allows individuals, organizations, industries and larger entities better manage their economic situation.

Why you should consider a career in finance

• • Multiple High-demand Roles

There are many roles in the finance industry, making this an industry with innumerous opportunities.

• • High Pay

Once you have established yourself in the profession, you have the ability to make a sizable salary.

• • Growth

With the correct combination of talents and abilities, there is a high potential to swiftly advance up the professional ladder.

• • Career Stability

A career in finance allows you to choose and stay in a position that provides the most financial security.

Top roles in finance

1. Investment Banking
Investment banking is one of the most popular careers to pursue if you want to work in finance. Investment bankers are in charge of financial remodeling responsibilities. They are expected to work with data and figures and to make judgments that improve corporate operations. A strong understanding of financial markets and economic trends is required to pursue a career as an investment banker. Getting a head start on your financial career will mean speedier growth in investment banking. The average salary for an investment banker in the United States is $66,942 per year, according to Indeed.

2. Asset Management
As an investor, you spend all of your time and energy finding out how to earn more money with the money you already have. Asset management is the act of developing, managing, running and selling an individual’s or a company’s assets in the most efficient or cost-effective manner feasible. It is also known as wealth management. According to Indeed, the average salary for a management analyst in the United States is $81,526 per year.

3. Financial Analysis
One of the most sought-after jobs in the financial services business is that of a financial analyst. A financial analyst’s primary responsibility is to sift through data in order to uncover opportunities or analyze the consequences of corporate choices or investment recommendations. Financial analysts analyze financial data and utilize their conclusions to assist businesses in making business decisions. The average salary for a financial analyst in the United States, according to Indeed, is $71,572 per year.

4. Financial Trading
Investment banks, financial planning firms, and brokerage firms employ financial traders to enable the acquisition and sale of stocks, bonds, and other forms of securities investments. Finding and counseling clients who wish to execute financial transactions, as well as making specified purchases and sales, are all part of the work. In most areas, a financial trader must be legally licensed by a regional or national financial regulatory authority before they may begin trading.

5. Bank Managing
Bank managers’ primary responsibility is to supervise the day-to-day operations of a branch, supervise workers, and seek to recruit new clients. It includes discussing and putting business, marketing, and sales plans into action, as well as creating ties with the local community and companies. They must also deal with and resolve a variety of client problems. According to Indeed, the average salary for a personal banking manager is $60,187 per year in the United States.

6. Insurance Management
One of the various financial occupations available is that of an insurance manager. An insurance sales manager decides how many policies should be sold within a certain time period and monitors the sales team’s progress toward fulfilling targets. They are also in charge of planning marketing campaigns and giving methods for growing sales. The average salary for an insurance manager, according to Indeed, is $68,637 per year in the United States.

Top finance career skills

To get a head start on your financial career, you first need to pick a career in finance. Different roles in finance needs different key skills but overall, a career in finance needs the following;

• Adaptability skills
• Analytical skills
• Accounting and mathematics knowledge
• Business strategy knowledge
• Data visualization
• Risk management
• Expenditure management
• Data management

Educational qualifications for a career in finance

A minimum of a bachelor’s degree is preferable in a finance-related career. But a master’s degree holds higher significance. One like the accredited Global Master of Science in Finance from the Richard DeVos Graduate School of Management at Northwood University. The program will prepare you for a range of modern finance career opportunities – asset managers, consulting firms, investment and corporate banks, brokerage firms, financial data providers, ratings firms, hedge funds, venture capitalists, insurance companies, fintech, and more. An highly accredited program like this is sure to help you get a head start on your financial career.

FAQs

• What is the highest-paying job in finance?

Investment bankers, information technology auditors, compliance analysts, financial advisors, and financial analysts are among the highest-paying occupations in the finance industry.

• How do you build a successful career in finance?

To be successful in your financial career, you must have a thorough understanding of the legal, compliance, and various regulatory rules that apply to the particular sector that you pick. Starting with a master’s degree in finance like the Global MS in Finance from the Richard DeVos Graduate School of Management is a great choice.

• What technical skills do you need in finance?

SQL, Excel, AI, modeling software, and data visualization are just a handful of the technical skills required to advance in your financial career.