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How to Launch a Career in Finance | Step by Step Guide
The finance industry is growing at a very high rate and along with the trend comes new career opportunities
in the business and labour market. We have prepared a detailed guide in this article to help you launch your career in finance almost immediately.
Finance as a Career
The history of finance and finance services dates back to the beginning of civilization when man began to grow wealth. Over the past decades and years, the finance industry has grown and is now the largest industry in the world totalling a worth of USD109 trillion.
Scope and Careers in Finance
The high-paying nature of financial services has made many want to pursue a career in finance. According to a 2022 study by Glassdoor on financial services, it was stated that the average salary of a finance professional was $62,653 per year in the U.S. and N200,000 per month in Nigeria.
Financial institutions which include central banks, retail and commercial banks, internet banks, credit unions, savings, and loans associations, investment banks, investment companies, brokerage firms, insurance companies, and mortgage companies which render financial services to billions of people in the world with the assistance of tech and finance professionals from different areas who understands how finance works.
Examples of careers in Finance include:
- Investment banker.
- Information technology auditor.
- Compliance analyst.
- Financial advisor.
- Insurance advisor.
- Financial analyst.
- Senior accountant.
- Hedge fund manager and many more.
Why Launch a career in Finance
Aside from the fact that the finance industry is the biggest in the world, there are also many other good reasons why you should consider launching a career in finance.
1. High demand for Finance Professionals
Finance is essential to the growth and development of every industry and organization and with the ever-evolving nature of the financial sector, organizations and other industries are looking to hire a large number of finance professionals who will render various financial services.
2. Stable career choice
The average salary of a finance professional is quite stable unlike other careers, and the finance industry has a high hiring volume and endless job opportunities.
3. Multiple Career Paths
By studying finance or launching a career in finance, you will have the freedom to choose from a variety of career paths, whether it’s Retail Banking, Investment, Financial Services, Law, and more. A finance professional can be a financial analyst, accountant and also a financial advisor at the same time.
How to launch a career as a finance professional
The finance industry is a relatively competitive niche to enter, meaning you will need to put in the time and effort to establish a successful financial career. Here are some useful tips that can help launch your career in finance:
This will provide you with useful insights into the field of work before you join it. A finance degree can help you understand the key concepts employed in the sector so that you can flourish in your career. You can also pursue a diploma course or post-graduate courses
such as an MA or an MBA to ensure you stand out from the crowd within the job market.
Look for internships in the field
Undergoing an internship
process in finance is the best way to get a real sense of what the finance world is all about. Finance internships provide you with a hands-on learning experience, references and ample networking opportunities. They also help you develop a good sense of work ethic.
Familiarize yourself with financial terms
To succeed in a field, you need to be able to speak its language. Familiarizing yourself with the technical jargon used in finance and important financial terms can help you draft excellent reports and improve your business communication skills
Increase your certification
Certifications from reputable institutions boost your credibility and show that you are qualified for complex jobs. They can also significantly enhance your skill set, helping you advance in your current job or even switch careers! They are usually pursued for a shorter time which allows you to gain multiple certifications in the field.
If you aspire to a successful financial career, pursuing a finance course is a good place to start! Most courses usually have an industry-relevant syllabus which can help you obtain all the necessary finance skills required for the profession. Many finance courses also offer the opportunity to pursue internships or projects that give you a preview of what it is like to work within the business world.