Education Required for a Finance Career
Perhaps the first step to take before settling on a finance career is to obtain a bachelors degree in accounting, financial management, financial services or a related major. These types of degrees allow you to gain certifications such as the Certified Public Accountant or the Certified Management Accountant.
In addition, some organizations in the financial industry provide the opportunity to work through professional development programs, which confer certificates such as the Certified Financial Analyst and even Certified Treasury Professional. However, professional certifications usually require a bachelor's degree in and of themselves, which means that these programs can be thought of more along the lines of graduate school.
Similarly, many employers hire graduates of advanced training programs such as the Master of Business Administration with a concentration in accounting or financial management. All of these education programs qualify you for a finance career, and depending on your chosen track, gaining employment may come quite easily for some individuals.
Types of Finance Jobs
There are two major finance careers that can lead in two different directions. The first is in financial management working for a private company. The second is working as a personal financial advisor. In both cases, some responsibilities overlap for these financial industry jobs. However, compensation structures differ between the two industries and those working for larger corporations may have the chance for more mobility in their finance career than those working in the personal financial services sector.
Financial Management
Several different types of finance jobs exist within the financial management industry. Many companies will hire several individuals to fill its finance department as each role is responsible for performing a vital function within the company. For example, a financial controller is just one example of a finance career working for a company. Controllers act as the manager of the accounting, budget, as well as auditing departments for a company. Individuals working in these financial industry jobs are responsible for preparing income statements and balance sheets as well as preparing reports for the company's current and future financial position.
Those working in roles such as that of the treasurer or finance officer will also be performing vital tasks for a company. These two jobs in finance analyze the company's budget development process and make changes to meet financial goals set forth by the company. In addition, they supervise and oversee cash managers, are involved with raising capital for special projects, and manage the investment fund portfolios of a company.
Personal Financial Advisors
Jobs in finance working as personal financial advisors may not only be financially rewarding in some cases but are also personally rewarding as you get to provide important services to private clients who want and need your services. In addition to providing excellent customer service for clients, this type of a finance career must also be very experienced in marketing as many individuals work in private practice offices.
As a personal financial advisor, you will manage, give input on, and prepare your clients' personal portfolios. Consultations are usually provided so that you can get to know your client, identify financial goals as well as an overarching plan for the short-term and long-term. In addition, some working in these private financial industry jobs may obtain a Series 7 or Series 63 license, which allows you to buy stocks, bonds, and other investments directly.
When choosing which type of a finance career you want to have, it's important to identify your own personal and career goals. While working as a personal financial advisor may acquire you a lower salary than that of a financial manager working directly for a company or corporation, many people find the financial industry jobs of a personal advisor to be more personally satisfying. Making a decision about which career path you want to follow may take time, but the years spend in undergraduate and graduate college provides an excellent opportunity to do just that.
