How to Start Careers in Finance?
Those people who have brilliant careers in finance love to deal with calculations and analyze statistical data which then are summarized and transformed into results that can be further used. The job vacancies available in private and public financial area differ greatly. However, both areas offer a large number of positions. Surely, the latest financial crisis has substantially modified the job market. Nevertheless, finance is still one of the biggest and most competitive sectors offering a lot of decent vacancies.
Different job positions offered by the financial market attract a large number of experienced and goal-oriented applicants from different countries. There are only a few areas offering jobs that are as prestigious as those provided by the financial sector. An obvious reason of such a state of things is that people holding job positions in finance work under high pressure and shoulder heavy responsibility. As a result, they receive generous salaries and special bonuses. It is necessary to state that current financial sector differs from the pre-crisis one. However, in what way?
The jobs offered by current and pre-crisis financial markets differ from each other significantly. How to know which job to choose to be able to move up the career ladder? Over the last few years, banks have reduced a number of offered positions, and it is not considered bad. On the contrary, the quantity of jobs in regulatory and compliance finance has increased.
Jobs in a Private Financial Sector
The demands made on applicants looking for jobs in a private financial sector are enormous. At the same time, these jobs are highly paid. Those who work in this sector have to collect and analyze financial data that can help make crucial financial decisions. As a result, a lot of opportunities arise for making profitable investments.
As to the jobs in banks before the crisis, they are characterized by smaller bonuses and salaries in comparison with those of a post-crisis period. The majority of jobs in the discussed sector are variable and some experts regard it as a norm rather than exception. Nevertheless, once the next generation retires, international students will have plenty of opportunity to begin careers of professional financial specialists.
Jobs in a Public Financial Sector
Frankly speaking, jobs in a public sector give a clear understanding of the situation on the financial market. Employees of governmental financial institutions gather data and make its detailed financial analysis. The purpose of it is to overcome any obstacles to providing proper funding for public projects. When working in this sector, international students have a chance to cooperate with public authorities. They are able to study their financial flow and analyze financial reports.
This sector offers higher salaries than non-financial branches of industry. However, in comparison with the private sector, public salaries are still lower. If you get a job in a public sector, you will learn to analyze the financial market as a whole and not only one of its segments.
Being an Expert in Finance: What does It Mean?
As it has been mentioned above, people working in the financial area like analyzing information and dealing with numbers. One more thing that has to be added is that these people should be persuasive. The point is that managing a large amount of information is very complicated. Therefore, the financial world needs experts who are able to transform the gathered data into clear statements that can explain various financial processes taking place in a real world.
In order to succeed in building a good career in the financial industry, one should enter an educational institution of further education and work as an intern. Internship will help you realize how real financial world develops and what it is like to be a financial professional. Moreover, when being an intern, you may establish useful professional connections. You will understand whether you want to work in this area or not.
The majority of jobs at the initial level require a Bachelor degree and minimal experience which can be obtained during the internship period. Even if to take into account the changes that occur on the financial market, the most popular jobs still remain the same. Among them, there are such positions as financial analyst, banker, accountant, etc. In addition, students can get jobs in the areas which popularity grows every day, i.e. venture capital and finance innovation, urban fiscal policy, and others. There is no doubt that a financial crisis has changed the market of financial jobs, however, it is still the strongest branch of industry.