Is Finance a Good Career Path?
All right, now you can utter the immortal words from the blockbuster movie Jerry Maguire. While Cuba Gooding Jr.’s character in the film is a football player and not an ambitious investment banker, the remark rings true (oh-so-loud and clear!) for anybody pursuing a career in finance, particularly high finance.
Is Finance a Good Career Path?
Show me the money! so shout it from the rooftops if you must. Definitely better to let it all out. Phew!
Sober up after the ejection and continue reading… It’s a common misconception that a job in finance just requires a keen financial mind, lightning-fast number-crunching skills, and a four-year degree.
Wall Street A-listers may seem cool and collected on the outside, but behind the glitz and glamour lies an insatiable fire tempered by patience, years of in-the-trenches experience, bravery, determination, and a willingness to take risks, as well as the knowledge, abilities, and training to succeed.
In addition, we obviously won’t forget. Unlike many other professions, this one will accept you if you have an overwhelming need to dance the financial tightrope.
What Is the Purpose of Financial Services?
Working in finance may be both stimulating and profitable. It draws young individuals who are not just highly motivated, but also have a natural aptitude for economics, accounting, and the intuitive processing of large amounts of complicated financial data.
Budgeting and saving are key aspects of financial management. Two more subsets of this description are financial management and financial services.
The goal of every corporation, nonprofit, or government organization should be to maximize the usefulness of every dollar spent. In this role, managers think of ways to boost the company’s bottom line and put those plans into action.
Money transfer between lenders and borrowers, investment account management, capital raising for firms and governments, investment counseling, and risk management are all fundamental to the financial services sector.
Workers in this field engage with high-stakes activities like the debt market, capital market, futures and commodities, hedge funds, mergers & acquisitions, or they work in more relaxed fields like banking, insurance, or corporate finance.
Requirements for a Career in Finance Regarding Education
An undergraduate degree is usually sufficient for admission into most professional fields. A background in the liberal arts is helpful, but coursework in economics, finance, business, or accounting is preferred
Nevertheless, here’s a tricky question: is an undergraduate degree in business administration sufficient, or is a graduate degree preferred?
To be sure, it is not always the case. What’s the big deal about those three letters?
An Executive MBA Program
Many people think that having an MBA is only a “peudo-requirement” that companies use to weed out unqualified individuals.
A bachelor’s degree in a suitable field combined with on-the-job experience might be sufficient, but having an MBA can help you get a better position and earn more money.
LLB: Bachelor of Laws
A law degree may be useful in the highly regulated financial services business, including banking, investment, wealth management, and insurance.
A financial planner, for instance, may need to provide tax advise on a complicated pool of assets, while an asset manager handling the affairs of the ultra-rich may be required to deal with regulations pertaining to estates, trusts, real estate, and inheritance.
Knowledge of Computers
Those working in finance, particularly at the entry level as financial analysts or even associates, are tasked with the arduous task of regularly processing and analyzing data.
Software designed for this purpose is available, and it greatly facilitates the process by aiding in the development of databases, the execution of calculation and modeling, and the generation of visual aids like charts, graphs, and tables.
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A job in finance should be seen as ongoing education. Taking examinations, obtaining licenses, and becoming certified are all things you should do on a regular basis if you’re in it for the long haul and want to boost your reputation.
Certification requirements vary widely among industries and professions. For instance, the Financial Industry Regulatory Authority mandates that those who purchase and sell stocks and other financial goods have appropriate licensing (FINRA).
Nonetheless, CFP (Certified Financial Planner) certification is required for financial advisers, particularly those aspiring to management roles.
The Chartered Financial Analyst (CFA) test is taken by financial analysts because it validates their knowledge of securities and investment vehicles. Having this skill also shows that they are competent in using quantitative methods to evaluate investments.
The Certified Public Accountant (CPA) credential is in high demand and essential for anyone interested in a career in accounting or auditing. You follow me?