Considerations for a Career in the Financial Services Industry

Considerations for a Career in the Financial Services Industry

The financial services industry is potentially one of the most lucrative and exciting to be a part of, and as such it attracts experts from around the world to fulfil the many job positions. It is, however, often viewed as a fairly specialist industry, to which only the most qualified people haveaccess to.

With all the jargon surrounding the industry, and the large amounts of money handled by financial services businesses, it is easy to see where this reputation stems from, but it is not necessarily accurate. Many would argue that experience and knowledge are equally as important, so sere are some key considerations if you are looking for a career in the financial services industry.

The Field

Financial services covers a range of different job areas, from banking to developing trading software, and it is safe to say that there is probably a job for most skill-sets. As such, it is important to know which field you are interested in before you apply, and which institutions/businesses operate within this field.

If, for example, you are keen to put your skills of economic analysis to good use, then you may consider a job as an economic analyst, which many companies are in need of. The most important preparation you can make is to research the field thoroughly and see if it sounds appealing, and if you have the necessary skills and mindset to complete it.

Qualifications

When researching different career paths, it is also a good idea to look at any qualifications you might need to be considered for a position. These may vary for each position (a degree is usually required), but it is important to remember that there are often plenty of courses available (including online courses) which can teach you the necessary financial skills.

Many of the jobs available, however, do not require a specific degree, and if starting your own business then a degree is not a necessity at all. That being said, a quality qualification will teach you good basic skills for the job.

Career Prospects

One of the main long term considerations for a career in financial services is how it might support you in the long term. Gaining an entry level job is all well and good, but most people want to know that they can progress in the company.

In this sense, researching the career and progression prospects of the job is important, but most established companies should have an effective system in place to ensure its employees continue to develop in their various roles.

Starting Your Own

Not everyone is suited to working for an established company, and many prefer setting up their own business. Before this can be done, however, it would be wise to at least gain some experience in the field you would like to work in, and do some extensive research.

You will need to learn about financial regulators such as APRA and ASIC, and look at how your established competitors operate in the industry. You will also need to have a reliable source of funding (often provided by an investor), so it can be challenging, but well worth it if you are successful in the long run.

These form some of the most basic considerations when approaching a career in financial services. Be sure to do further research into your desired field and consider what your overarching career goal is before you apply.