Last Updated on December 9, 2022
At some point, every financial enthusiast has thought about a career in finance. The truth is everyone who wants to be rich has had some point, thought about how high-paying careers in finance that they would love to consider or even venture into. To be a financial professional, you are mostly saddled with the responsibility of managing investments, accounts, and financial documents. It’s important for anyone considering one of the careers in finance to understand what options they can pursue to decide if the financial field is right for them.Â
Before moving into this article, we need to understand first what the financial field is:
What is the field of finance about?
Finance includes managing money and how money is obtained and used by individuals, businesses, or government agencies. This field can include activities such as investing, saving, borrowing, lending, and budgeting. Stock brokerage, risk management, financial engineering, and investment banking are important aspects of finance. Finance can refer to the overall system of financial markets that drives the flow of money, and those working in this field can study the flow of money through those markets and economies.
Many parts of society are in need of funding and have financial operations. For this reason, the field of finance has three main subcategories in finance:
1. Personal Finance
Personal finance is personal or family financial management. This involves analyzing a person’s financial situation and activities to develop strategies for future needs. An individual’s financial strategy often depends on the person’s income, housing needs, and financial goals. For example, personal financial management applies to people planning for retirement through savings and investments throughout their careers. Personal finance can also consist of financial products such as credit cards, insurance, and mortgages. Banking is another component of personal finance and includes mobile or online payment services and checking and savings accounts used by someone.
2. Corporate Finance
Corporate finance is the financial management of a company. The goal of corporate finance is often to maximize a company’s profits while managing financial risks. The main activities of corporate finance are usually investment analysis and risk management. An example of corporate finance is when a company tries to control its budget and decide which projects to fund and which to invest in later.
3. Public Finance
Public finance is the financial management of government agencies. This includes the government’s social and financial responsibility to oversee resource allocation, economic stability, income distribution, and the adequacy of social programs. Public finance can refer to taxation, budgeting, spending, and other policies that affect how governments pay for the public services they provide. One of the main tasks of financial management is the administration of income tax. Public finance is the financial management of government agencies; this includes the government’s social and financial oversight obligations.
Who Is A Financial Enthusiast?
Financial enthusiasts are people who learn new skills and acquire new information on how to structure their finances, make more money, create and discover new niches, and invest. In the world we live in, these skills can take you from being a salary earner to a billionaire, and the best thing is you can get there by yourself. In plain terms, financial enthusiasts are people who are in love with studying everything about finance and how to make more from the field.
List Of Careers In Finance For Financial Enthusiasts
The financial industry has many career areas you can pursue. The financial industry has a wide variety of job titles and specialties tailored to different skills and interests. You can consider your education level and strengths when deciding which career option is right for you. Some of the most common careers in finance are:
1. Financial planning
Financial planners help people strategize their current and future finances. See your personal finances and goals to plan your savings and investments. Financial planners can work for large national companies or small local companies. Becoming a financial planner requires gaining relevant experience and researching the education and certification requirements necessary to work in the field.
2. Financial analyst
Are you the kind of person who is willing to go from showroom to retail, from eBay to Amazon, from Paytm to Quikr, and buy the product that turns out to have the best price and quality?
If you can’t stand sitting around without calculating how much you can save and investing your time and energy into it, this profession is probably made for you!
3. Insurance
A career in the insurance industry helps businesses and individuals anticipate potential risks and avoid financial losses. Insurance positions include sales representatives, claims adjusters, agents, customer service representatives, and risk advisors. Many insurance jobs are available in large companies, but they can also be found in small businesses. A lot of people, tend to find insurance very profitable, as it is what people take to avoid dangerously living on the edge.
4. Stock Broker
Am I the only one who immediately thinks of Jordan Belfort, the character played by Leonardo DiCaprio, in the movie “The Wolf of Wall Street (2013)“. Just like Jonah Hill, I also may quit my “crappy job”, to work for a man that earns over $70k a month.
Money: how, where, and when
Is that all you think? If setting goals, objectives, and budgets is your passion, then you would be best suited in the shoes of a stockbroker. The world would be a better place with a few more real Jordan Belfort.
5. Commercial banking
Working in a commercial banking position involves helping customers with their financial needs at the bank. Jobs in commercial banking include bank clerk, loan officer, mortgage banker, bank auditor, and branch manager. Those engaged in commercial banking may provide financial services such as managing checking accounts, savings accounts, retirement accounts, and loans. Individuals working in commercial banks can start their careers in local branches and progress to bank headquarters, where they can manage other areas of commercial banking, such as international finance.
6. Hedge fund
Hedge fund positions manage private mutual funds and are typically responsible for buying and selling assets and financial instruments. These careers include marketing managers, traders, portfolio managers, and quantitative analysts. Hedge funds are often smaller workplaces where employees have more control over their work.
As a financial enthusiast, now you know high-paying careers in finance, you can venture into. Here are a few tips on how to break into the financial industry:
Tips to help you break into the financial industry
The financial services sector offers many opportunities for success. Whether you’re interested in banking, becoming a financial advisor, or the many other avenues financial services offer, this field excels.
However, depending on where you are in your career, you might be a little nervous about breaking into the financial services space. A lot of people want to work in this field, and it’s normal to think that there are a lot of skills needed and barriers to entry.
However, here are some tips for getting started in the industry:
Work on People Skills
Financial services may seem like a numbers game, but it’s much more than that. Many in the industry agree that personality is especially important here. It’s easy to do, but it’s important to bring something special. So when you go to interview for a position in the financial services sector, let your personality shine. After all, it may outweigh your degree.
Network
Likewise, your connections within the industry can do a lot for you. Go to presentations on financial services. Be confident and hold your own. The people you meet there can open more doors than you think, especially if you find a mentor.
Prepare to work late
I know this may seem odd when “quiet quitting” is on the rise. However, you must burn the midnight oil at the start of each career. The financial services sector is no exception. Whether you’re building the above network from scratch or taking it a step further with an entry-level position, you’ll likely find yourself in the office during the evenings and weekends. Your attitude towards this fact will help you take the next step toward success.
Don’t let your degree hold you back
If possible, I recommend taking a financial course or getting an MBA before entering this field. However, this may not be an option. But that’s not the end of the financial services journey.
Areas such as accounting require specific qualifications, but not many. So even if you have a degree in a completely unrelated field, you can still apply the problem-solving and interpersonal skills you learn. The field of financial services is vast and diverse, so don’t let the “wrong” degree fool you.
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