Deciding to take up a career in finance can be one of the most challenging, but ultimately rewarding decisions in your life. And, while it’s safe to say that this career revolves almost entirely around money, it is still a very large and diverse industry with many possibilities. This means that having certain traits and skills that don’t revolve around money at all, will not only help you decide which path to choose, but also give you the tools to excel at it. Taking that into account, let’s take a look at some of the most promising careers in finance and what you need to consider before taking them up.
Corporate finance
Considering the fact that money and funding in general are the lifeblood of a company, it’s easy to see the importance of individuals who work in making sure that all aspects of a business have optimal resources needed in order to function to their highest capacity. This is exactly the job of a person who works in corporate finance. While there are a lot of sub-divisions within this job, such as cost analysis or credit manager, all of them have the exact same ultimate goal, and that is to make sure the company’s funds are as well used as possible. One of the biggest upsides of this career, is that if you are able to do your job well and set yourself apart, you have a lot of options to advance and move up the company’s hierarchy. In order to do this, on top of the analytical skills required for most careers in finance, you will also have to be exceptionally good at problem solving and have the ability to take on a lot of responsibility upon yourself.
Tax consultant
Doing your own taxes, especially as a big firm, but even as a smaller one or an individual can be extremely confusing and time consuming. This is why the job of a tax consultant has always been one that draws a lot of attention. In short, your job is to help and consult individuals and companies on how to minimize tax obligations, while also making sure that everything is done in accordance to law and protocol, thus ensuring they don’t get into any trouble. In order to thrive at this job, you need to make sure to have a thorough understanding of the tax law within your country, but you also need to make sure you are positioned well. Tax consultants are needed pretty much everywhere; however, tax consultants in Sydney, London, New York, and other major financial hubs, have a substantially better chance of getting to work for big businesses or wealthy individuals, and ensuring they have a prosperous career.
Investment banking
In recent years, investment banking has been the most sought-after career in finance, primarily because of its potential to be exceptionally lucrative. This does however come with some downsides, the most noticeable of which is the fact that a lot of major investment banks require as many as 70-100 work hours a week. However, if you aren’t deterred by this fact, and are driven by your insatiable hunger for money, working as an investment banker can be just what you were looking for. The job is primarily focused on the creation of capital for other entities, being governments, companies or individuals. This is done via sales of securities, underwriting new debt and mortgages and facilitating stock trades. So, if you are interested in these things and are willing to sacrifice a lot of your free time in order to focus on your career, then this is the job for you.
Asset management
The primary job of an asset manager is to help manage and organize wealth of institutions and high net worth individuals. They do this by analysing markets, and figuring out what is the best and the safest way for someone to increase their capital. They also work on delivering long term investment strategies for their employers with the same goal in mind. Asset management is another highly lucrative finance career, with the demand for skilled asset managers rising every day. However, unlike investment banking, asset management doesn’t require the same amount of work hours and can allow you to have a much better work-life balance.
Conclusion
Just like with any career, before coming to the final decision on your career in finance, you should devote a lot of research and consideration, both to find out what career is the one that would best suit you, and to see the direction in which the market is heading. With that being said, if you already found a career that you think suits you perfectly, in terms of your skills and life goals, there is nothing that should stop you from achieving your dreams.
