Are you considering a career in finance? If so, now is the time to get the ball rolling. The financial sector’s job market is rapidly growing, and if you begin pursuing your career today, you can ride that wave of growth.
How hard is it to get the qualifications for a career in finance?
Although you can probably get started with an internship, to have a career in finance, you’ll need degrees, certifications, or a combination of both.
Degrees can stand on their own, but if you pursue certifications, like the certified public accountant (CPA) certification or the certified management accountant (CMA) certification, you’ll need a degree to qualify.
Education comes first, then certification(s)
In short, it’s best to complete your education first and then pursue certifications. Once you meet your state’s requirements for your preferred certification, you can take the test. However, the exams are difficult. The CPA exam has a 50% pass rate, and the CMA exam has a 35 to 45% pass rate.
What does it take to pass finance-related certification exams?
To pass a professional certification exam, you’ll need to study for several hundred hours and take a prep course to learn the information. Many people credit their CMA prep courses for helping them pass on the first attempt. Others credit their prep course for helping them learn the material enough to launch their career in a short period.
If you want to start your career sooner than later, make a prep course part of your plan.
What degrees and certifications are available in the financial world?
You’re probably aware that you can get a bachelor’s degree, a master’s degree, or a doctorate degree in finance. These are the basic financial degrees offered by most universities. However, there are other degrees related to finance, including:
- Business Administration
- Real Estate Finance
- Investment Banking
- And more
Some of these degrees are a requirement for a career in certain fields. For example, most organizations require financial controllers to have a master’s degree in accounting, economics, or business administration.
If you haven’t already started your education, or if there’s still time to make changes, pursue the degree(s) that will support your chosen career. Otherwise, you’ll need to select a career based on your existing degree(s).
What careers or titles are available in the financial world?
There are many careers and titles available to you in the financial world, including:
- Tax Preparation
- Hedge Fund Manager
- Chief Financial Officer
- Certified Public Accountant
- Certified Management Accountant
- Commercial banker
- Investment banker
- Insurance Agent
- Financial Planner
- Venture Capitalist
- And more
You can work as a financial expert in any industry
Every business needs financial management. Having a career in the financial field provides more options than you might think.
While there are a limited number of finance-related degrees and certifications available, there are virtually endless industries in which you can become a financial specialist. Becoming a specialist means you’ll get to work a little more creatively, depending on how your chosen industry handles finances.
You may also find that you enjoy working with people in one industry over others. For instance, if working for a law firm is too dry, you might be more excited to work for a Broadway theater production company.
The certification you choose will also make a difference in your job duties and whether or not you can easily become self-employed. For instance, CPAs earn higher salaries but tend to have more responsibilities. Responsibility isn’t a bad thing, but if you enjoy the responsibilities a CMA, that’s what you should choose.
A career in finances will help you grow
Every big goal you set for yourself, including your career, is going to help you grow as you achieve that goal. By pursuing a career in the financial field you’re creating an opportunity to grow.
Now is the time to pursue a career in finances
There are countless reasons to work in the financial field. Financial careers are lucrative and rewarding, whether you manage or direct financial decisions for small businesses, non-profits, or large corporations.
Since every organization requires financial guidance and management, there’s never a bad time to pursue a new career in finances. The financial job market is rapidly growing, which means right now is the perfect time to start your new career.