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How to Change Careers to a Financial Sector Job

How to Change Careers to a Financial Sector Job

Financial sector is one of most competitive areas to get into. People usually start in the lowest level and then work their way up. However, this doesn’t mean that you cannot change your career and get a job in the financial sector. You may be able to transfer some of your knowledge if you have years of experience working in another field. You may also need to improve your resume. This is what you need to know in order to move into the financial industry.

What is the Financial Sector?

The financial sector is an economic segment that includes institutions and firms that provide financial services to consumers, businesses and government agencies. This sector includes investment banks, real estate companies, and insurance companies. Mortgages and loans make up a large portion of the revenue generated by the financial sector.

Finance Jobs

Financial sector is not just Wall Street and its institutions. Here are some key areas to work in finance, both on Wall Street and Main Street.

Banks offer both retail and commercial banking. They can also deal with money transfers and foreign currency exchange. Bank teller, bank manager, branch manager and credit analyst are all possible jobs.

Investment banking–Investment bankers help corporations and governments raise capital and complete mergers & acquisitions (M&A). There are many jobs in investment banking that follow the same path: analyst, associate, VP and director. Eventually, you will be a managing director.

Insurance–Insurance companies assist individuals and businesses in managing risk. They are also able to assist investment bankers in assessing and underwriting capital finance-related risk. You can find insurance jobs as a customer service representative, sales representative, property claims adjuster and data analytics.

Brokerage firms and financial advisors–Brokerage companies help clients buy and trade securities. Some firms also offer financial advisory and money management services. You could be a customer service representative, software engineer or financial consultant, portfolio manager, portfolio manager or trading specialist.

Hedge funds–Hedge fund services are offered to institutional investors and high-net-worth individuals (HNWI). Hedge fund jobs can include trader, quant analyst, portfolio manager and regulatory compliance officer.

Venture capital and private equity–Private equity (PE), and venture capital (VC), firms offer money to start-ups in return for equity participation or profit shares. Associate, product manager and financial analyst. Software engineer. Business development.

Other financial services–Another area of the financial industry is accounting, tax preparation and payment processing. Software development is another option.

How to get into the financial sector

It can be difficult to get a job in the financial sector if you have worked for years or decades in another industry. A career change can provide a refreshing change of scenery, rewarding challenges and better pay, among other perks. You will need to improve your resume and skills because the financial sector can be highly competitive.

Higher education–An MBA, finance or other degree in finance will help you get a job as a financial analyst. However, these are not the only higher education degrees that companies will consider. You can also add to your education by taking additional courses in relevant fields.

Professional certifications– You may be able to land a job as a financial advisor (CFP), chartered financial analyst, (CFA), enrolled agent(EA), chartered chartered life underwriters (CLU), chartered finance consultant (ChFC) and chartered property casualty Underwriter (CPCU) among other professional designations.

Networking–Network with people who work in the financial industry to learn more about it and get insight into what employers are looking to see in applicants. For information on making a career change, you can look for opportunities to network with people in your area or connect with someone who works in the financial industry. You might even find someone who has made a career switch to the financial sector.

Soft skills–Many financial employers are looking for candidates with top-notch soft skills. The job will require soft skills such as communication, decision-making and leadership. These skills are likely to be transferable to a job within the financial sector.

Finance jobs for entry-level employees

If you don’t have highly transferable skills, you should focus your efforts on entry-level jobs in finance. These are the most sought-after entry-level positions in the financial industry:

Credit analyst–Credit Analysts analyze investments and borrowers’ financial health to assess the risk for lenders and investors. They are employed by banks, credit rating agencies and investment companies. Credit analysts typically have four-year degrees. Many also seek industry certifications to further their careers.

Tax associate–Tax associates work to reduce a company’s or individual’s tax liability. A majority of tax associates hold a four year degree in finance or accounting. They work in a variety of industries, including accounting firms.

Auditor–Auditors make sure that financial statements are compliant with generally accepted accounting principles. They can be employed within the company or as consultants. A majority of auditors hold a four year degree in finance or accounting.

Personal financial advisor – These advisors assist individuals in making decisions about saving, investing, and budgeting. They also help them to create strategies for achieving their short- and long-term financial goals. These advisors work in banks, mutual funds companies and insurance companies. A four-year degree is usually required to work in this field. However, employers don’t typically require specific courses.

Even if your dream job isn’t available right away, you have many options to move around and find your niche. Financial sector jobs are often much more lucrative than the median salary, so your pay may not be too steep.

It is possible to take online courses or go back to school depending on your career goals. Evening classes and self-paced online courses make it possible to get started on your next career right away. Many people choose to change careers all the time.

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