Choosing a new direction for your career is undoubtedly exciting, but there’s a lot to think about too. Everyone wants a career that’s fulfilling whilst also being lucrative, and many people find finance an appealing field to work in because of this. A career in finance might be ideal for you; it’s a large industry with plenty of options. Nevertheless, there are some factors to think about before you commit. In this guide, find the key factors to consider when starting a career in finance.
- Finding out what your niche is
Finance covers a range of different business areas including banking, accounting, investment management, and insurance. Each area and the roles within it can be quite different in responsibilities and expectations. It’s worthwhile to do your research into each area and see what appeals to you, as well as consider your own strengths and skills. To set yourself up for a fulfilling and successful career it’s important to choose an area of finance that interests you and that aligns with your skills.
- The finance working environment
Working environments and work-life balances can vary between different finance roles. This also makes it important to think carefully about what you want from your career and what sort of working environment you’d feel comfortable in. Ensuring you find the right work environment and work-life balance can contribute to making your career more sustainable. Think about the sort of working environment you’re likely to thrive in and consider the types of finance jobs you can do in this type of environment.
- What are your salary expectations?
The right salary in a job is vital so it’s worthwhile to also think about your salary expectations when you’re planning a new career in finance. There are some well-paid finance roles out there but they might require a significant investment in time and energy from you. It’s worth thinking about what type of salary you need and whether a job in finance can offer this whilst also offering the work-life balance and working environment that you want.
- Do you need a certification?
Another important factor to consider is whether you need certification to do the job you want. This is worth considering because professional qualifications can be time-consuming and costly. In some cases you can gain certifications at the same time as you work but if you need certification for the job you want to do you might have to pursue this independently. Despite this, certifications can certainly be worthwhile and lead to greater career opportunities. For example, a Chartered Financial Analyst qualification can open many interesting CFA career paths for candidates to pursue. Those with a CFA certification often go on to work in a range of high-level finance roles including portfolio management, consulting work, and chief executive positions.
- Required experience for a career in finance
Once you have some ideas about the type of finance jobs you’d like to do, you can think more carefully about the level of experience you need. Researching job adverts can help you to determine the requirements for the jobs you’re interested in. If you’d benefit from developing your skills and experience, you can think about what skills to prioritise and how to gain the experience you need. This could mean going back to formal study like university, gaining professional qualifications or taking part in internships or work experience.