Were you born to make money? Do you love to game the stock market? Is giving investment advice your idea of a good time? If it is, then you might be the next whiz kid on your way to a career in finance. Let’s explore your job options, how you train for a finance career, and what you need to do now to get ready for your future.
Finance Careers
When you work in finance, you help individuals, businesses, not-for-profits, and even governments make decisions about how to use and invest their money. You’ll analyze stocks, bonds, derivatives, mutual funds, currency, commodities and all kinds of financial vehicles. Also, you’ll look at historical financial data, analyze current financial statements, and make predictions about where businesses and markets are headed.
In addition to analyzing financial tools, you might sell or trade securities to a wide range of clients. You might even create new securities and launch them on the financial markets. You could get involved with hedge funds, venture capitalists, and private equity firms, or you could focus on holding businesses accountable for their money management. If you’ve got your mind on your money and your money on your mind, you might have a future in finance.
Education
You almost always need a bachelor’s degree to get a job in finance. If you’re looking for an advanced position, it’s a good idea to earn a master’s degree. People who earn a master’s degree in security analysis and portfolio management, particularly if they go on to become Chartered Financial Analysts (CFA), have the potential to earn six-figure salaries or more.
To get the most from your finance education, find out what graduates from your target schools have done. Graduates from the college’s finance program should have a track record of finding great jobs and achieving great things.
Also, choose a university with strong alumni connections, which can give you an advantage when you’re looking for a job after graduation. Additionally, select schools that offer internships or other practical experiences so that you can get a taste of what a career in finance is like.
The Right Stuff
People who have successful careers in finance share some common characteristics. If these qualities describe you, then you have the right stuff for today’s finance jobs:
Numbers don’t intimidate you. It’s tough to succeed in finance if you’re not a numbers person. You’ll need to read and size up charts, graphs, and other data presentations quickly. For top jobs, you’ll need to be able to perform higher-level math and statistical calculations.
You’re a good explainer. Financial analysts spend a lot of time poring over numbers and making calculations, but they also take the results of their work and explain it to clients, to top executives, and to other important stakeholders. You’ll need to feel comfortable communicating both verbally and in writing, and you’ll need to feel confident about presenting and defending your work.
You have a great academic record. To get the best jobs in the finance world, you’ll compete with some really amazing candidates from the world’s top universities. You’ll need to demonstrate great standardized test scores, consistent good grades, and a willingness to tackle challenging coursework.
You love to lead. Finance experts often rise to prominent positions within their industries, so you should take advantage of leadership opportunities both at school and in your community. You can join organizations like Future Business Leaders of America (FBLA) or DECA to meet likeminded people and to stretch your leadership skills.
How to Get Started
If you’re still in middle school or high school, start taking the initiative to become a leader on campus. Also, make sure that you’re tackling advanced math classes, and if your school offers a statistics class, take it. When it’s time to take the SAT, make sure that you prep for the test by taking a class or using a study guide. Also, have a lot of fun during high school, but don’t sacrifice good grades. You’ll need a great GPA to get into a top-notch school.
If you’re already in college or you’re thinking about grad school, earn great grades, take advanced finance classes, and look for on-campus groups and internships related to finance. Before applying for grad school, register for the GMAT, and keep taking the test until you earn a your highest score.