Finance is an ever-green field. As long as humans require cash to make trades, the numerous fields of finance will not only exist but will continue to flourish, as will the careers associated with them. If you have a mind for numbers and have decided to pursue a career in finance, you are definitely on track to become an extremely successful person in the times to come.
However, given the relevance of the field, the job market is saturated with talented individuals being aplenty. So, how do you stand out in this crowd when getting a job, and how do you succeed moving forward?
Moreover, employment rates in the next three years are expected to swell by at least 6.3% over the current stats. These are impressive numbers that showcase the future potential for finance-related careers in the country. That being said, here is how you can succeed in a finance-related career.
Start preparing early
Success in any career requires a strong foundation which means getting a head start. What this entails is that you begin preparations even before you graduate. More importantly, you need to start by deciding which field of finance you are most passionate about, what the relevant prospects are, and which universities offer the best degree programs in your area of choice.
Whether you want to get a bachelor’s in business administration in accounting or a degree in investment banking is something you need to be sure about before you enroll. There are numerous other concentrations of finance, including business economics, insurance, wealth management, and stocks, to name a few. Regardless of which domain you choose, decide on a focus early on.
Knowing where your interests lie and what type of career you want to shape for yourself allows you to pad up your resume with the relevant skills, training, and expertise while studying. Selecting relevant internships to acquire the necessary experience and learning about the evolution of the respective field will allow you to earn a competitive edge while entering the job market.
Take up a diverse range of internships
Internships are your first foray into the practical corporate world. Although you may not be entrusted with frontline tasks, you get a firsthand experience of how various arms of finance work and what happens on the ground. In accounting, for instance, you learn about the latest standards, reporting guidelines, and compliance requirements for companies.
Most experts in the field of finance advise taking up a diverse variety of internships so you can know where your interest truly lies. If it is accounting, you can explore whether you want to work for a firm managing multiple clients or a single entity as their in-house bookkeeper. In investment banking, you can explore fields like hedge funds, stocks, or asset management.
Success in finance comes from having a foot in the door
There is a reason why it is advisable to get a headstart in the field of finance. It is mainly because, as the old proverb goes, the early bird catches the worm. Make sure that while you are at your university, you start building networks and contacts that will help you land your first job and allow you to progress further when you plan to advance your career by switching companies.
Take it upon yourself to attend seminars, conferences, and other events your varsity organizes. You can also broaden your reach by attending other gatherings that welcome students looking to build a career in finance. Even at the internship you take, ensure you leave with strong connections and a robust rapport so that the opportunity can become your window to landing the first job in the field.
Finding a great mentor helps a lot
This applies to almost every field, but especially in the finance sector, you won’t find a successful person who doesn’t have a mentor. Find your Mark Hanna to Jordan Belfort. And no, it is not implied that you start exploring avenues that are illegal; it is just that having the right mentor guide you can transform your career from the start.
The power of a mentor lies in not just training you by allowing you to learn the ropes early on, but also in giving you a heads-up about what to expect when you start your career. Mentors teach you things that a university education may not, for example, the skills you will need to excel in the workplace and how to make a mark in the area you choose to work in.
Build relationships that go both ways
One of the basics of strong networks is that you understand that every relationship needs to be a two-way street. Not many people will be interested in doing you any favors, like recommending you for various positions, unless they know they are getting something in return, which can even be something like a stellar candidate who has gotten an early start in the practical field.
While you build your networks at various events and internships, put forward the competencies you bring to the table. As you highlight what you are good at and the benefits that come from hiring you, a lot more people will be open to taking a bet with you because the field of finance is nothing if not about taking risks.
Learn to read between certain lines
Success in the financial sector is about more than merely having the right knowledge and skills for a job. Most organizations have a typical hierarchy where your superiors, their personalities, and preferences can have a bearing on whether you make it or not. This is why in every conversation you have, it is essential to read between the lines and understand what the other person is looking for. Try to judge more about the dynamics of the company and what you’ll need to say and do if you are to land a job there.
Conclusion
If you are looking to become a successful accountant, an investment banker, or a wealth manager, your success depends on nothing more than starting early in life. The field of finance is competitive from the moment you set your first foot on the floor, so it is important to ensure you are ready for the challenges to come beforehand.