7 Steps To Start a Career in Finance

The financial industry can provide a lot of career opportunities, depending on your education, experience, skill set and interests.?Despite the fact that it can be a competitive field, there are some things you can do to impress a hiring manager and land a job. Once you've decided which financial positions you're most interested in, you can begin looking for and applying for those positions.

In this article, we'll go over what you'll probably need to get started in the finance industry, how to do it, some advice you can use to get started, and a list of jobs available in the sector.

What is a career in finance?

A career in finance is any position that involves working for a financial company or has something to do with finances at an entity that has a different focus. For example, you may consider both an accountant at a restaurant group and a customer service representative for a bank as having careers in finance. The financial industry can support higher income roles, and many organizations provide the training and resources you need to earn advancement opportunities.

What do you need to start a career in finance?

A hiring manager or human resources professional will most likely look for evidence that you are organized, dependable, analytical, and detail-oriented. They may also want an employee who can effectively manage interpersonal relationships, solve problems, and communicate effectively with customers.

Starting a career in finance requires both experience and education. Although prior work experience in finance or a related field is likely to be beneficial, you can also discuss any volunteer or freelance opportunities you've had or a college project you're particularly proud of.

If you're considering college, explore your options for a finance degree or other related major. You may choose to earn a degree in economics, marketing, business or another field that will also support your goals and ideal career path.

How to start a career in finance

The pathway to career success takes work and determination. Use these steps as guidance for starting a career in the financial industry:

1. Earn a bachelor's degree

While you don't technically have to earn a degree to work in finance, your extra schooling can help you stand out to a hiring manager and remain on track with the other candidates for a particular role. Especially if the job you want is more specialized, you'll probably benefit from earning your degree in finance versus business or another related field. Your education can also expose you to financial concepts and valuable information that you can use in your future career.

2. Pursue an internship

An internship gives you the opportunity to learn more about the financial industry as you work for a company that can give you a glimpse into how your career may progress. Consider completing more than one internship, each in a different part of the financial industry, as each internship can expand your knowledge and help you hone in on your interests and desired career path.

Another benefit of internships is that you can build your professional network to include those you're working alongside. When you're applying for positions, these same coworkers may help you secure a position. You can also share your internship experience with the hiring manager during job interviews or update your resume to include your internship projects and accomplishments.

3. Use a current employee as a referral

If one of your contacts works at the company you're applying with, ask if you can use them as a referral. Many hiring managers are more willing to look at your resume and consider you for the position if someone can vouch for you as a qualified candidate.

4. Take relevant courses

You can choose college courses or continuing education courses that support the kind of position you're most interested in. For example, instead of opting for psychology courses, you may want to focus on business, accounting, economics or ethics courses that can teach you skills and expose you to concepts that will make you a stronger job candidate.

You can also take licensing courses on varying financial topics, which can prepare you for a role in the industry. These types of courses are usually not affiliated with a college or university—instead, they're provided by regulatory authorities.

5. Pair up with a mentor

A mentor can be an important part of starting your career in finance. The mentor's role is to guide you in your career, providing you with the resources you need to succeed and helping you grow confidence in your skills. Your mentor can help you establish your goals and develop a plan to achieve them. To find a mentor, consider asking your internship manager or supervisor, a college professor or someone else you know who has a successful finance career.

6. Attend a career fair

A career fair is where you can speak to company representatives about their organization and the opportunities available to candidates with your qualifications. Sometimes, you can leave a copy of your resume with these individuals, and some even conduct preliminary interviews during the event.

7. Start in an entry-level position

If you want to work in finance, consider starting in an entry-level position. Even if the role isn't in finance, you may find that you can earn promotions and later apply for the job you're most interested in. For example, you may explore a job opportunity as a human resources generalist for a major financial firm or an executive assistant to the CFO of the local credit union.

Can you start a career in finance without a degree?

It's possible to work in finance without a corresponding degree if you want to work as a receptionist, assistant, bank teller or another entry-level position that doesn't require a degree. Most jobs beyond these will require a degree, but hiring managers look at your experience, abilities and skill set as well.

Depending on the employer, you may be able to hold a degree in any industry and still get a position in the field if you're able to show that you possess the qualities they're looking for in a new hire. For higher-level positions, it's typical for hiring managers to require specific degrees or certifications for consideration.