CFA Institute 05 Dec 2023
A Fully Inclusive Industry – Succeeding in Finance Without a Finance Degree
Overview
Working in finance is about more than just numbers. The investment sector is a broad field that seeks a wide variety of qualifications and skills. As a result, it embraces graduates from all disciplines. If you want to pursue a career in the industry but think your degree lacks relevance, why not pause and read on?
Before taking your first step toward a future in finance, it’s worth considering two fundamental things: what segment of the industry you’d like to work in and the attributes employers seek in a candidate.
For example, holding a specific qualification will be helpful if you are interested in areas that require rules-based knowledge.
In many other areas, employers can be more flexible regarding “paper” credentials. A bachelor’s or master’s degree, regardless of discipline, demonstrate certain skills employers seek. These include self-discipline, a methodical mindset, and creativity.
Understand and show an interest in the industry
It’s important for non-finance graduates to have and demonstrate a genuine interest in the finance industry. So, match your enthusiasm with knowledge of emerging trends and an understanding of the forces shaping global finance.
For instance, an ability to discuss subjects such as the pros and cons of automation, the changing face of retail investment, or regulatory developments in sustainable finance will carry considerable weight with interviewers.
Commit to lifelong learning and future-proof your skills
Finance is constantly evolving, and the industry is looking for nimble people who can keep up with an environment where the technological, regulatory or tax landscape may alter swiftly. As such, the competencies employers need are also changing.
When you build a resume, highlight your ongoing efforts at self-development. This will help convince an employer that you are willing to learn, adapt, and grow. Equally, research the skills employers need for particular roles and see how they match your own strengths. If you lack development in certain areas, demonstrate the steps taken to fill these gaps.
Make connections and build a network
Banks, asset managers, private equity firms, and policymakers regularly host national or international events and conferences. The good news is many of these gatherings are open to all interested parties. Industry events not only help you keep in touch with developing trends but also present the opportunity to meet finance professionals and seek advice on your career.
Even if you are not able to attend in person, industry bodies and firms frequently host live online events, such as webinars, to discuss contemporary topics and answer questions from attendees. Remember, every well-rounded finance professional is built from countless gems of accumulated knowledge and experience.
Prepare to work your way up
Graduates from all backgrounds can expect to start at the bottom of the ladder. Whether you begin with a full-time position or an internship, the pace of change in the finance industry means you may not remain on the bottom rung for long [link to Benefits of a career in finance article]. The nature of the industry is such that many people begin in one role and change the direction of their careers later1.
We mention internships because these are effective ways to start a career. With a foot in the door, you can develop financial skills, learn from professionals, build industry understanding, and expand your network. It’s also an opportunity to demonstrate that you possess the knowledge and hunger to learn and develop future-relevant skills. Even if the internship doesn’t lead directly to a job offer or in-house training programme, other employers will view it as valuable experience.
Learn how to seize a T-shaped future
In 2022, CFA Institute produced a “Future of Work” report based on a survey of the skills employers believe will be crucial for every financial practitioner (irrespective of degree) over the next decade.
Just 14% of respondents prioritised technical know-how, compared with 65% for soft and “T-shaped skills”. These are defined as someone with specialist knowledge and the personal qualities that help a company function smoothly, such as broad life experience and the ability to communicate and work within teams2.
Within the scope of soft skills, influencing and negotiating ranked highest, followed by collaboration and relationship building; in other words, credentials that may not form part of a college curriculum. That said, the academic world is aligning with the finance sector: The University of Cambridge is a case in point, as it has developed an employability skills framework for its undergraduates3.
Finance actively welcomes people from different backgrounds who hold a variety of qualifications. Employers do look favourably on a numeracy or technical-based degree, but as we have highlighted, graduates with a genuine interest in the sector, the desire for self-improvement, a willingness to build and maintain a professional network, and the openness to develop their T-shaped skills will be poised for industry success.
As you plan your career, CFA Institute has valuable resources the how skills and roles are changing in investment management.