A common misconception regarding millennials dictates that they are financially reckless. Millennials are individuals that were born between 1981 and 1996. This misconception states that these individuals are irresponsible with their money. However, recent studies show that millennials save, on average, 8% of their income. 74% of millennials interviewed by T. Rowe Price declared that saving money was more important to them than spending it. These statistics show that the young generation is aware of its financial responsibilities. Many millennials wish to start a career in the field of business and accounting. Let’s review some tips to succeed and flourish in finance.
Facts about working in finance
Unlike business administration, finance will teach you skills that are in high demand in the job market. You’ll learn about data analysis and risk management in the field of finance. It teaches you how to prepare the most efficient investment strategies. You can also start your business and become a financial entrepreneur, and it is ideal for extroverts with problem-solving and public-dealing capabilities. Let’s discuss some facts regarding the finance profession.
1. A career in finance ensures attractive monetary benefits. An accountant earns more than $71,000 every year while a financial advisor’s yearly income approaches $90,000. On the other hand, a loan officer can make more than $60,000 every year.
2. Finance professionals know that they don’t exactly have a laidback job as they have to work long hours to make decent money. Average financers work 40 hours a week, but some have to put in 50-70 hours. They also need to study for career advancement.
3. Have you ever wondered how to become an auditor? Have you decided whether to become a financial manager or a financial planner? There are many fields for expertise in finance. You need to be aware of your skillset before commencing your studies.
4. The field of finance is very competitive, and the acceptance rate isn’t soaring. Similarly, some prestigious universities also have a pretty low acceptance rate for their undergraduate programs. It shows how hard one has to work to make a career in finance.
5. Finance is subject to rapid changes thanks to the world’s technological progress. We have online payment methods, and artificial intelligence gives us financial suggestions. The world will soon become cashless, and we’ll replace money with a purely digital mode of payment.
Tips for flourishing in finance
A finance student must begin discovering different career options early in college. His/her academic years will be crucial to ascertain the student’s professional capabilities. Don’t pursue a career because it’s easier for you. Seek what you love and go after your passion. Internships provide you a chance to experiment with different career options. So, use this opportunity to diversify your pre-employment experience. Here are some furthertips for a successful financial career:
1. Financial certificate: You need to pass a finance certificate to acquire a lucrative position in a significant company. These certifications provide irrefutable verification of your financial expertise. Your options include CPA (certified public accountant), CFA (certified financial analyst), and many more. Some companies even sponsor learning opportunities for their employees.
2. Start big: Join a credible company with a universally acknowledged reputation. Starting at a small company will reflect poorly on your resume. Large corporations provide you the necessary experience you can later utilize while working for small businesses. Securing a position in a big company helps create your portfolio. This portfolio will be the first impression a new company will have of you.
3. Get a teacher: When you join a company, make sure to find yourself the right mentor. This mentor will be a senior employee who can teach you multiple things regarding finance. You can also leverage your mentor’s connections to progress in your career.
4. Technology matters: Be in touch with the latest technological developments in finance. It’ll help you become more effective in terms of financial marketability. Major companies will consider you to be a significant finance professional with the essential tech job knowhow.
5. Widen your horizon: You don’t want to limit yourself to one area of business management. You should spread your wings and widen your skillset. Remember that the business environment is continually evolving. You need to keep your professional capabilities relevant.
6. Cooperate with everyone: If you want to succeed in your financial career, you have to become a team player. You need to collaborate and cooperate with your finance and non-finance colleagues. It will create a network of contacts once you move into a senior position.
7. Never stop learning: The process of learning is constant. You must always strive to expand your knowledge and learn more about your profession. Find out about the newest qualifications in the field of finance. Your financial knowhow reflects on your promotion chances.
8. Soft skills: They refer to your communication and public dealing skills. Work on interpersonal communication and try to present your arguments acceptably. Your soft skills are as necessary as your technical skills. They help you rise above the inter-company competition.
9. Live a balanced life: It’s essential to keep a work-life balance. Your private life is the real reason why you seek employment. Don’t compromise your mental health and physical wellbeing for the sake of your career. You make money to live a healthy and prosperous life. That’s why companies offer you sick days and maternity/paternity leaves. Your productivity depends on regular exercise and daily workout schedules.
10. The skillset: Let’s talk about the skills you need to flourish in finance. You must have sharp analytical instincts combined with spontaneous decision-making capabilities. Risk-taking and problem-solving skills also come in handy when you’re a finance professional. It would help if you were assertive and capable of persuading others. Your communication skills and statistical comprehension can also assist you in your pursuit of happiness.
The financial field is the backbone of the United States, and many students are directing their attention toward securing a career in it. These students must learn the necessities to flourish in business companies. They should utilize their academic era researching about their dream career in finance. A bunch of internships is the key to success in accounting. But the process of education keeps moving even after you get a job. Your educational development will decide your fate in the race for a senior position in the company. With the right attitude, skills, and mentorship, you’ll soon rise in ranks and become accomplished in your professional life.