How to decide if a career in finance is right for you
The financial world is vast, impactful, and evolving. Exploring careers in this sector can feel overwhelming but these five steps will empower you to make a confident and informed choice about your path forward.
Step 1: Reflect on your strengths and passions
Start your career exploration by thinking about your personal strengths and interests.
There are obvious skills relevant to finance – analytical, numerical and so on. But the human side is just as important.
Strong communication and interpersonal abilities are increasingly in demand. After all, building relationships with colleagues and clients is often a key part of the job.
In fact, our research identified soft skills as one of the four types of skills needed for a successful investment career, alongside technical, leadership and T-shaped skills (which blend deep expertise in one area with broad knowledge across other fields).
Pro tip
Be honest with yourself about whether you have the necessary skills for a finance career. If not, decide if you're willing to acquire them. Technical skills can be obtained through hard work and study, while soft skills like people skills can be developed through training.
Step 2: Clarify your ambitions
Next, think about the journey you want to go on. Where do you see yourself in 10 years? Do you want to be client facing? Do you want to be running your own business?
Ask yourself whether a career in finance can give you what you want.
Also, consider if working in finance aligns with your own values, beliefs, and long-term goals. For example, if you value work-life balance, is there an option to work flexible hours? Or, if you aspire to make a positive social impact, is that possible?
Pro tip
Remember, the finance sector offers diverse job opportunities from quantitative and client-facing positions to transaction-focused jobs. Opportunities also exist in a range of settings, including corporations and government.
Step 3: Research with curiosity
Before committing to a career in finance, do your research. Understand the day-to-day responsibilities, educational requirements, and qualifications needed.
Most financial services jobs will, at a minimum, require a bachelor's degree. However, some will demand an advanced degree or professional development certifications.
Pro tip
Don't rely on stereotypes. Connect with finance professionals, especially in the area you're interested in, to get a clearer picture of what your life could look like.
Step 4: Weigh up the pros and cons
It’s rare to find a field of work that ticks all the boxes. Every career path has ups and downs.
In finance, you'll usually need to commit to extensive studying and long hours. However, there are often job stability and opportunities for promotion or to explore new areas.
Here are some factors to consider:
- Career advancement opportunities
- Diverse career options
- Global opportunities
- High earning potential
- Ability to make a difference in people's lives
- High pressure
- Long hours
- Regulatory challenges
- Tricky work/life balance
Step 5: Choose with confidence
The journey begins here. After considering all the above, make your choice. Weigh the information and insights you've gathered and decide.
Remember, a career in finance opens doors to many future opportunities. You don’t have to stay in finance if you later change your mind.
Your skills in finance can be highly valuable in various areas, including fintech, consulting, and the nonprofit sector. The options are endless.
Key takeaways
- Start your career exploration by thinking about your personal strengths and interests
- Clarify your ambitions by thinking about the journey you want to go on
- Research financial jobs to understand responsibilities and skill requirements
- Weigh up the pros and cons of a career in finance
- Make a decision based on your research and personal reflection. Remember you can change your mind in the future
Find your fit in finance
Discover which finance career paths align with your passions, strengths, and values.