It’s vital to think about your future and understand how a career choice may impact your life. The best thing you can do is talk to someone who is already in the sector you’re interested in and ask them questions.
There are numerous benefits to be gleaned from a career in finance, but it’s not always an easy road. Consider the pros and cons of such a career and determine whether it’s a good fit for you…
Financially rewarding/Excellent Salary
There is potential to achieve a higher than average income at all levels within the industry, as well as a promising career path, great benefits and bonuses. Businesses in this sector often reward hard-working employees with wellness benefits like free gym membership, access to healthy meals and medical consultations. It is no secret that those involved in finance make a lot of money. After you acquire more experience, you may find yourself with an even higher salary. Not only that but most financial advisers work on commission, which is a system where income relies on the clients that are brought in and kept by the analyst.
Flexibility and Diversity
Many jobs offer an excellent work/life balance. Accountants, for example, may find that they are busiest around the tax season but experience less stress in the other months. Other careers such as that of a financial advisor will have a few independent clients, which allows them flexible work hours. If you enjoy further consistency and stability, a private accountant job may work best for you because you will work the typical business hours.
When some people think of finance careers, their first thought is accounting. Additional careers include banking, hedge funds, financial analysis, and becoming an enrolled agent. Each offers its own niche of education and benefits for you to enjoy. Keep in mind that each job, however, has different requirements to enter the field.
On a regular basis, you’ll be faced with high-profile individuals and businesses. It gives you an excellent opportunity to network with new people every day, and this in turn can open lots of doors. Sometimes, it’s usually not about what you know; it’s who you know.
Utilise Critical/Thinking skills
Critical thinking is essential to any job in the finance industry. However, if you have this skill, you will find this incredibly rewarding. This job requires that you be able to think ahead and think quickly after analysing financial information. Some people have the personality that thrives on this high-pressure work environment. If this sounds like your sort of thing, you will likely enjoy a financial analyst position.
This career demands tight deadlines and high pressure. Some people find it difficult to adjust to this lifestyle. If you can get past the initial adjustment, you might find that you can keep up with this dynamic job. Unlike other careers that deal with money, such as accounting, the pressure is related to the local and global economy. Clients may drop in and out depending on the market. Just like with stocks, clients can be highly emotionally reactive to the ups and downs of the market. Often, you will find yourself trying to monitor the emotions of the client so that they do not make rash decisions.
Working in a financial business, it sometimes isn’t a typical 9-5 affair. Approximately one in three of all employees work in excess of 40 hours per week and a large number work considerably more than that. The work itself is naturally high pressured and stress inducing. To minimise burn out, you should focus on personal wellness and encourage to take your annual leave to counter balance any stress.
Part of what lends to this stress has to do with the quota’s firms make them meet by a certain deadline. As a financial analyst you play the role of a sales role in some aspect because you will consistently be looking for new clients. Networking is an essential part of a financial analyst career; therefore, you will likely dedicate a lot of resources such as money to build a client base.
Due to the unpredictable economy, many of the financial service firms prefer to hire into long-term contracts rather than permanent roles. This can sometimes lead Accountants and people in this sector to be a freelancer or to build their own business.
In conclusion, you need to remember you won’t be trapped in a specific career. If you decide to pursue a career in Finance, you don’t have to be in this position forever. You need to enjoy something to want to stick at it, and if not, then that is fine. It’s good to test the waters. For instance, you could try an apprenticeship or internship to see whether this is the path for you.
Here at Grassroots, we have new opportunities in the Financial sector with our leading employers. Take a look at our vacancies now to find a job to suit you or email your CV to firstname.lastname@example.org