How to Get a Job in Finance Industry
A career in finance attracts many job seekers, because it is a great opportunity to achieve a respected position, earn high compensation, and good employment benefits. According to the U.S. Department of Labor, the financial sector is growing at a level higher than the national average. Because competition in this area is quite fierce, starting a career in finance can be quite difficult if you don’t know the common rules of successful employment.
How to find a job in finance
The first step up the career ladder in finance is to look for jobs. This process will help you explore the market, find profitable offers, and understand what employers are looking for in candidates.
Use online resources
The first thing you should do is conduct research. Use online search tools to find jobs. For example, sites like LinkedIn, Indeed or Monster are great platforms where employers post new offers every day. Study the details of the vacancies you like to understand what skills and talents companies require.
Build a network
Your environment is another powerful tool to get into the finance industry. Build relationships with your extended family, acquaintances, family friends, or neighbors who already work in finance. Show initiative and curiosity without going too far and becoming annoying. Your contacts can be a great source of extra knowledge. Use their knowledge and experience to find out what they would do in your place.
Another way to build a network in finance is to attend college networking events, where you can meet financial staff and show your interest in the profession and the success of the company. The best way to make an acquaintance is to mention that you are impressed with the achievements of the potential employer. Later, when you submit your application to the company, you will already know someone who could help with the hiring. Building a network is also a great opportunity to find yourself a financial mentor who could guide you in the industry.
Best finance jobs for entry-level seekers
Most companies are looking for candidates with a bachelor's degree. But you can already start searching for a job during your last year of college. The following is a basic list of professions that can be used to start a career in finance with no experience:
- Banking Associate
- Credit Analyst
- Data Analyst
- Financial Analyst
- Investment Banker
- Personal Financial Advisor
- Public Finance Consultant
Check out this List of Top and High Paying Careers in Finance.
How to get into finance
Motivation, a love for numbers and excellent mathematics skills are powerful engines for building a career. But unfortunately, this is not enough to get the first job. In order for an HR to see you and become interested, you must take certain steps. Perhaps, some of them will be very simple. While others will require some work to achieve. But it's worth it. Below are some tips that will help to get a job in finance.
Create a Great Resume and Cover Letter
The first and most important thing any candidate should do is write a resume. This document reflects your qualifications, strengths, and benefits. Even if you are a job seeker without a degree, you should still prepare a brilliant resume. You can take advantage of the lack of experience through personal skills and academic achievements.
A complement to the resume, which most companies welcome, is a cover letter. In this document, you should tell more about yourself by providing information that was not included in the resume. Keep in mind that a cover letter is not an alternative to a resume. A good analogy would be that a resume is the content of the product, and the cover letter is its advertisement. The fastest way to compose this document is to use professional online services. You can find lots of successful templates here.
Complete Industry Courses
If you seeking a job after graduation from a college or university, don't stop gathering new knowledge. Continuing education is another way to delve deeper into the finance world and make useful contacts. Moreover, employers prefer candidates who have additional certificates. This demonstrates a dedication to the industry and the desire to develop professional skills. The main programs that will help you with employment and your overall finance career path are:
- Chartered financial analyst (CFA)
- Certified public accountant (CPA)
- Certified financial planner (CFP®)
Those applicants who want to connect their lives with investments must receive licensing. The good news is that as of 2018, this process has been simplified. Previously, in order to receive a license, it was necessary to enlist the sponsorship of a financial institution. Now you can take the new Securities Industry Essentials Exam (SIE) without sponsorship.
Use all available opportunities to start building your career. Corporate Finance Institute offers free courses to deepen financial knowledge and replenish lingo.
An internship is another excellent way to start a career in finance. Many companies come to universities and colleges to arrange meetings and symposiums to find junior candidates for summer programs or specialized camps. The internship conditions are very close to the real work environment, and thus, will give you invaluable experience as well as useful contacts and the possibility of subsequent employment. Of course, it will not be easy for you at first, but it's definitely worth it.
One of the requirements that companies request of internship candidates is a cover letter. Having no experience, you must tell why you are suitable for this role. The best way to do this is to focus on your personal qualities. Guarantee yourself a good position with the help of a seasoned pro, such as GetCoverLetter builder. The best option is a paid internship, but if you are unable to get one, look for an unpaid internship or volunteer work.
Lack of experience and theoretical knowledge in the industry is what you have at the moment. So how do you attract the attention of the employer and get a career in finance? Focus on soft skills. Furthermore, many recruiters admit that when selecting personnel, they pay more attention to such qualities as collaboration and management than technical skills. These abilities are appreciated because they are the key to building strong and successful relationships within the organization.
The ability to communicate is the code for success in any position. Communicating with bosses, co-workers and clients is extremely important. It helps to quickly and efficiently clarify all issues and exchange the necessary information in a high-quality manner. This is an opportunity to build transparent and trusting relationships with all of your environment.
No matter where you build your career, you will always face difficulties and unforeseen situations. The ability to solve problems is an essential talent of any specialist and bright notifier of a team player.
Another skill that comes in handy for a beginner in the financial industry is time management. In order to successfully pass the probation period and build your career further, you must be an organized person and keep track of your schedule. At first, you might think that you have too many tasks, but through good focus and dedication you can learn to manage your time effectively. The ability to competently manage your time is what helps you fulfill all your responsibilities in time and demonstrate excellent productivity.
A successful career in finance will gain you recognition, respect, and prosperity. The best finance job is really worth fighting for, no matter how difficult it is for you. So, the last advice we want to give you is - do not give up, fight for your place in the sun and go all the way.