How to Start a Career in Finance: A Beginners Guide

If you’ve dreamed of working in finance but don’t know where to begin, you’re not alone. According to recent research by Indeed, there are more than 250,000 financial services jobs listed on their site right now. However, not everyone has a clear path to get into the industry. The traditional road to becoming a financial advisor is through an associates degree or bachelor’s in accounting, but those degrees can cost upwards of $50K and take years to complete. Luckily, there are other less expensive ways to break into the field if you’re willing to put in some time outside of work and invest in yourself.

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This guide covers everything you need to know about how to start a career in finance including information about common job roles, types of finance careers and potential career tracks for aspiring financial professionals. Read on for insights on what it takes to become an accountant, investment banker or venture capitalist.

What is Finance?

Finance is the study of investing and managing money. While this might sound somewhat broad at first, finance professionals actually work in a wide range of industries and fields that make up a significant portion of the world’s economy.

The finance industry employs a huge number of people in a range of occupations that include accounting, investing and managing money, risk management, insurance, sales, and marketing for financial services. As a result, finance professionals can be found in a wide range of industries, including banking, insurance, real estate, and even sports.

 

Types of Finance Jobs

Accounting

Accounting is the record-keeping process used to track and report the financial performance of a business. It may sound like a boring job, but accounting is actually a very important part of any organization. It’s the financial information that businesses present to investors and shareholders that ultimately determines the value of a company. Some accounting jobs may require a CPA designation or a masters in accounting, but there are also plenty of entry-level roles that don’t require a specific degree or education.

Investment Banking

Investment banking is the process of raising capital for businesses and governments through the issue and sale of financial securities. This type of finance job is primarily concerned with investment and financing, though analysts will often also be tasked with calculating risk and making financial recommendations to clients. Investment bankers are often hired by a specific department of a financial services firm, and they play an important role in the financial industry.

 

How to Become an Accountant

Accountants track the flow of money and provide financial data for individuals and businesses. The accountant job description often includes preparing balance sheets, income statements, and other financial reports. Accountants use their knowledge of financial principles to assist with tax planning and compliance, financial forecasting, risk management, and strategic planning.

To become an accountant, you’ll need:

• Bachelor’s degree in accounting and a field exam certification.
• Experience

How to Become an Investment Banker

Investment bankers facilitate the purchase and sale of companies’ stocks, bonds, and other assets by providing capital and taking on risk. They buy and sell securities and manage their firm’s relationships with clients. Investment bankers are involved in every step of the financial process, including sourcing deals, negotiating terms, and structuring the final deal.

To become an investment banker, you’ll need

• bachelor’s degree in finance, economics, or a related field.
• You’ll also need to pass the CFA exam
• Obtain relevant work experience to earn a position at a top firm

Investment banking is a competitive field with a high barrier to entry, so you’ll need to be prepared to put in the work to make your dream a reality. Start by pursuing finance internships and working on your resume. You don’t have to have years of experience to get hired for an entry-level investment banking position, but you’ll need to demonstrate a high level of competency in the field.

 

Conclusion

Finance is a constantly evolving industry and as such it can be difficult to determine exactly what career path you should take. The best way to go about choosing a career is by making sure it’s a good fit for your personality and interests.You can take Career counselling to know your interest and Abilities.  While finance can be a challenging field with long hours and high stress levels, there are many different career paths within finance that can give you a more balanced work-life experience.