Landing a Finance Job
Finance is a highly competitive profession, especially at the entry level. Investment companies can usually have the “pick of the litter” because there are top-notch students clamoring for positions in the financial industry. College graduates dream of big money and fancy cars and they believe that a financial career can land them the big job that pays the big bucks. The market can be volatile and fluctuates. When the stock market is soaring, so are finance jobs. But the jobs dwindle quickly when the market is plummeting. There are some essential things to remember when pursuing a career in the finance industry.
Pursuing an internship can be beneficial if you want a good finance job. Many companies have orientation and training programs that teach new recruits the specifics of what they need to know. But, having background knowledge is still expected. An internship can help to fill in for the lack of full-time experience and is not as difficult to get as a real job. Internships do not generally require much, if any, prior knowledge. It is usually a good amount of grunt work, performing tasks that anyone can do, such as making copies. But they provide learning experiences, references, networking opportunities and something tangible to talk about in an interview. Doing several internships also provides a great display of work ethic, which is a sought-after quality in the finance industry. Many finance internships are paid, so there are no excuses. If you are going to get a summer job anyway, it is better to do something that will further your career instead of just flipping burgers. The same holds true when attending college in a metropolitan area. Instead of working part-time at the local clothing store during the school year, file papers for a local investment advisor. It is important to work hard at any internship you land. The references can be valuable no matter what. More importantly, impressing your bosses during an internship can be a great way to open doors for a future full-time job with that company. Many of the summer analyst/internship programs at big banks are created to look for entry-level hires for the next year.
To get a job in finance, you should ideally pick a business-oriented major like finance or economics. Many companies say that this does not matter, and it is very common to hear. Another great way to learn is to make reading the financial news part of your regular routine. Pick up a subscription to The Wall Street Journal or the Financial Times and read it every day. As a student, you can normally get discounted subscriptions for these publications. Picking up a weekly magazine like The Economist or Barron’s will help expand your knowledge as well.
In both good and bad times, it is difficult for undergraduates to land a good entry-level position. Your resume is going to get lumped in with hundreds of others from candidates with strong credentials. The competitive nature of the finance job market means that focusing early, gaining experience with internships and gaining knowledge from following the news and reading will help you stay at the front of the pack. Finally, doing something to break off from the pack, like entering the CFA program in your final year of college. This can significantly enhance the chances of landing a good job. It will be hard work but is a promising career on all levels.
Source: “How To Land A Finance Job With A Bachelor’s Degree.” How to Land a Finance Job With A Bachelor’s Degree. Web. 01 Aug. 2013.