The financial industry is one of the most important sectors in the workforce, contributing to the global economy quite significantly. From financial advisors to banking companies, there are many positions and areas that you can get into.
If you are considering a career in the financial industry, here are seven of the most important things that you need to be aware of before you start sending your applications.
High-paying and rewarding
A career in the financial industry is high-paying, earning a top spot in the U.S. News Career Rankings list. Not only do professionals in this field handle a ton of money matters, they too experience the stable income and rewarding profession that comes with it.
Financial advisors report that their careers are exponentially fulfilling, helping people arrange their financial matters, resolve issues, and pave the way to a comfortable retirement.
The industry is traditional
Most of today’s industries have survived development and are keeping on track of technologies and innovations. However, the financial industry, save for specific disciplines, is still traditional in a sense. A lot of financial advisors are over the age of 50 and unlike other industries, millennials are not overflowing the workforce.
It’s also traditional in the sense that professionals in this field are heavily reliant on old processes and procedures. New ideas come sparse and it’s difficult to change long-established protocols. Many financial professionals report that new candidates in the field would need to be patient if they want to announce new strategies or changes in current financial processes.
Working with people
For a person to succeed in the financial industry, they need to be good with people. Especially with a financial advisor position, people in this fieldwork with different kinds of people who come from unique backgrounds and have unique needs and goals. A profession in the industry involves making a lot of connections and forming strong relationships.
If you are considering joining the financial industry workforce, ask yourself the following questions:
- Do you have a genuine care for people?
- Do you like helping others?
- Do you enjoy giving advice?
- Do you like communicating with different kinds of people?
- You need great problem-solving skills
The financial aspect of life tends to be riddled with unique problems and challenges, which is why professionals who work in the industry need to be good problem solvers. A lot of positions in the financial industry will involve solving people’s financial issues, helping them find a solution, and ensuring the sustainability of proposed strategies.
The industry is vast
A lot of professionals make up the financial industry. There are financial advisors, business development professionals, rainmaker advisors, etc. This means that there are many different areas that you can get into, depending on your unique preferences and interests. Even professionals who have been in the industry for a while have the opportunity to explore and switch to other areas of focus.
A license will help you expand your career
There are many licenses and certifications in the financial industry, and obtaining one can be strong leverage to help you advance your career path. You can get a license from the Financial Industry Regulatory Authority or earn credentials as a Certified Financial Planner. Whatever you choose, these designations will come in handy if you want to get more clients and upscale your financial career.
Experience pays off
Because the financial industry is still somewhat traditional, it takes time to build yourself and kickstart a very fruitful profession. Fresh graduates who enter financial, industry careers often earn less than fresh graduates in other professions. This is because financial professionals need to build their skills first, earn a track record, and advance their careers. It may take time, but at the end of the round, a fulfilling and high-paying career awaits.
If you are thinking about pursuing a career in the financial industry, you can browse available opportunities for you in our job portal.