Is a Career in Finance for Me?

IS A

CAREER IN FINANCE FOR ME?

From financial managers to corporate CFOs, a career in finance is often demanding and at times very stressful. So how do you know if working in the finance industry is the right choice for you? To get the ball rolling, here’s a quick introduction to the three sectors we will be focusing on.

The finance industry is an everpopular career pathway for graduates, offering fast-paced and challenging work, early responsibility, high salaries, and a global working environment. But it’s more than just about being good with numbers and making lines on a chart go up! If you have excellent people skills, can manage or work with teams, or have the guts to make decisions in the face of ambiguity, this might be the industry for you.

Careers in this industry are highly competitive, so you’ll have to be wellprepared if you hope to break into it as a graduate. To get you started, here’s a quick overview of what this industry covers and where you can expect to work.

FINANCIAL SERVICES

Financial services covers both consumer and corporate financial products to help individuals and businesses grow and manage their wealth, gain access to credit, make more informed financial decisions, or underwrite risks in business or dayto-day life.

Clients in this sector include both individual customers and companies of all sizes, who need a range of day-to-day financial services. Some types of organisations (e.g. those offering specialist financial consulting services) also focus on offering advice or financing access to corporate clients.

Employers in this industry can range from retail banks, insurance companies, financial media organisations, credit card companies, and financial technology (FinTech) firms. Your exact job duties will depend on the job title and industry. For example, actuaries in insurance companies apply analytical skills and financial theories to assess risk and financial consequences. While on the other end of the spectrum, retail bankers assist and advice customers on how to manage their finances.

In most financial services jobs, you’ll likely be helping companies or individuals shape their financial futures. So while you do need to have strong data analysis, critical thinking, and problem solving skills, some of the most important skills to have in this line of work are customer management and relationship building skills. Robust services don’t mean much if you can’t convince clients to buy into them, after all!

INVESTMENT BANKING AND INVESTMENT MANAGEMENT

Investment bankers are dealmaking intermediaries that help corporations, government entities and other financial institutions raise capital. Investment managers help clients grow their wealth and reach their investment goals by providing financial consulting services.

Companies, individuals, and government entities hire investment bankers to facilitate financial transactions such as the issuance of bonds, mergers and acquisitions, and initial public offerings. Investment managers, on the other hand, provide complex financial planning advice, financial statement analysis and management of financial assets.

Employers in this sector can range from investment banks, specialist financial services organisations, and private investment funds. While almost all banks do provide investment services, full-service investment banks offer the widest range such as underwriting, mergers and acquisitions (M&A), sales and trading, equity research, asset management, etc. This is opposed to the dedicated investment division of a bank, which usually provides only underwriting and M&A advisory services. Employees in this industry are known to work long hours around the clock. Global financial markets never sleep, after all, and things could change at any moment. In exchange, this industry is known for offering high salaries and commission-based incentives to staff.

To work in this fast-paced industry, analytical, technical and numerical skills are key, as are communication and interpersonal skills. Meanwhile, commercial awareness, critical thinking skills, and a knowledge of financial markets are some of the other skills that most employers look for financial media organisations, credit card companies, and financial technology (FinTech) firms.

FINANCE CAREER ALTERNATIVES

Alternative career paths in the finance industry also include working for financial regulatory bodies, inhouse financial planning divisions at non-finance firms, specialist firms focusing on specific financial products (e.g. socially-responsible or sustainable investments), or in one of the many niches in the FinTech industry. The skills you gain in the finance industry can be transferred to other industries later on too! One example is management consulting, which involves working with businesses to improve their performance and maximise growth. The experience and competencies you gain as a finance professional will better equip you to advise companies on strategy, best practice in operations, and how to respond to the volatility of the open market.