Banking and Finance Careers
We all use math daily. While many of us just use the basics to keep track of how much money we gave and the change we should get, those who want to purse banking and finance careers do more than that to keep their clients happy.
People who work in banking and finance are paid well for the work that they do. Four of the fields that many professionals get into include accountancy and tax, Insurance, investment banking and retail banking. Let’s talk about each of these.
For people to work in accountancy and tax, you need to graduate and get your CPA or certified public accountancy license. To learn more about what you will be doing, many have to complete an on the job training with a legitimate accountancy firm.
The training period is about three years and afterwards, you can continue on staying with them, working for another firm or going into private practice.
Insurers just like accountants need to be licensed. This varies from state to state so you have to study and then pass the exam. Once you do so, your career may get you to sell property or casually insurance and life or health insurance.
You should also take further classes in the future because although you have your license already, rules change and you have to be aware of them.
Perhaps the biggest challenge selling insurance is deciding whether to work for an insurance company or doing this on your own. There are advantages and disadvantages doing both. When you are employed, you get a basic salary while those who decide to work for themselves can only make money earning commissions when a sale is made. How well you do is entirely up to you.
Investment banking is different from regular banking because you are there to raise capital for a company by issuing shares or bonds. Later on, you may even work with a team that advises companies regarding mergers and acquisitions.
Also under investment banking is capital markets. Here, the professional is tasked with trading bonds stocks and other financial products to increase the portfolio of the client.
But before you get into that, most entry levels personnel start out doing research first about certain companies and who are their competitors. Their information is then passed on to the account managers who will then advice the client.
Lastly is retail banking which many of us are aware of because these are the people we meet in the bank from the teller to the bank manager when we need to deposit or withdraw cash and apply for a loan.
Unlike accountancy or insurance, you don’t need to get a license to do this kind of work. You just have to be customer oriented with strong interpersonal and communication skills since you will be dealing with people.
Tax and accountancy, insurance, investment banking and retail banking are the four basic types of jobs for anyone that wants to pursue a banking and finance career after graduation from college. Career progression in any of them is excellent and this can only happen with additional training and at times a license.
This can be achieved by part time study so all you have to do now is weigh your options and then go for it.
Career Opportunities in Accounting & Finance
Career opportunities in accounting and finance are endless. This is because when you have either a CA or CPA license with you, it is possible for you to work for a large firm that has offices both here and abroad. Given that every company needs ones, it will not be that hard to find a job.
Some of things that you can get into include actuaries, auditing, banking, chartered accounting, corporate finance, corporate recovery, stock broking and taxation management.
One report shows that employments prospects for these professionals is quite high over the past 5 years and this is expected to continue until after 2010. You will also be handsomely rewarded with a good salary but long hours come with the territory especially when companies and individuals have to file their income taxes and towards the end of the financial year.
Just to give you an idea, newly grades who work in banks earn from $35,000 to $50,000 annually while financial managers earn almost double that amount. Professionals who soon become partners for the bigger firms earn more than $100,000.
But in order for you to get a higher position, you will also need to go back to school. Most financial experts pursue an MBA after a few years in the corporate world. While some return to their employers, others apply elsewhere.
Before you can see yourself up there, you have to work from the bottom going up. While some decide to make it big in Wall Street, you too can also succeed wherever you decide to apply.
The first thing to do is conduct some research. This will make you understand how things work and how news in business affects the industry, the country and the world as a whole.
If you want to get the job, aside from being knowledgeable, you need to have connections that are already there so you are given the position instead of someone else. This means building your network from school and then using it to your advantage.
Associating yourself with those who have done well may give you pointers so you too can be just as successful as them.
But you shouldn’t wait until graduate before you start looking at the various career opportunities in accounting and finance. The best way to get your foot in the door is to apply for a summer position or an internship because most companies hire those who have worked with them for a short period of time compared to those that sent in their resumes. Believe me; you already have an edge right there as you already have an idea about the internal workings of the company.
Just in case the company you worked for does not have an opening right now, you should prepare your resume and yourself for interviews with other companies that do similar activities with what you used to do during your internship.
The average professional who works in either accounting or finance leaves after 2 years. They may apply for reassignment to another department or find employment doing something else. When this happens, there are job openings around for fresh graduates as well as those who already have experience in this industry.
Indeed, there are career opportunities in accounting and finance. You just have to build your network and get it.
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