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The Fundamentals for Career In Finance

The degree in finance or business is a condition for getting jobs in the financial industry, but what if you don’t acquire one , and really want to work in this field? While it is more difficult for someone with a non-financial degree to locked a job in finance, there’s still hope. Every employer wants elegant, dedicated and goaded employees who can do the job well. A finance degree will impart skills such as financial modeling and analysis, but may not do much to offer other skills mandated for success in almost any profession, such as communication, analytical and time management.

The following are few ways to reveal to probable employers that you possess the skills they craving in an employee, as well as the infatuation necessary for a successful career in finance. We will rate each of these by the degree of difficulty to achieve (for example, signing up for a financial course is easier than obtaining an internship) as well as the positive impact it may have on getting you closer to your objective of embarking on a finance-industry career. Learn the Lingo. If you are interested in a financial career, there’s no excuse for not knowing Wall Street lingo. If you don’t know the difference between NPV and DCF, consider learning financial terms and concepts by browsing the extensive dictionary of terms at sites like Investopedia or reading The Wall Street Journal.

Not knowing financial language may make it almost impossible to get past the preliminary interview stage for a non-financial graduate. That’s because an interviewer will generally assume that an applicant for a finance position is knowledgeable about finance, regardless of his or her educational background. Round Off Your Education So what if you graduated with a degree in a subject other than finance? You can always redress the situation by taking relevant courses with anemphasis on finance or business at the undergraduate or post-graduate level.

At the undergraduate level, courses in economics, accounting or financial analysis are great options. For post-graduates, many go for PGDM since its substantial finance component serves to level the playing field between finance and non-finance graduates. Expand Your Knowledge Base Relevant knowledge is not obtained only through a college degree. There are plenty of resources available, either through your local library or online, to deepen your financial knowledge. These resources may be free or available on a paid basis from course providers. Being self-taught in a difficult field like finance demonstrates a number of desirable attributes to an employer such as initiative, passion and drive.

Use a Trading Simulator A number of websites, including Investopedia, have trading simulators that can be used to construct mock portfolios. Using a trading simulator will force you to track the markets and keep abreast of market developments. This is a great way to impress a potential employer with your trading prowess, or at least your market knowledge, with very little investment on your part, aside from some time commitment. Link up with a Mentor Linking up with a mentor is another way of jumpstarting a financial career. A mentor can be anyone in a position of influence who thinks highly of your capabilities and is willing to help you achieve your goals. Possible mentors include your favorite professor at college, a family friend or relation with a successful career in finance or someone you know in a professional capacity, such as a supervisor during a previous internship.

Don’t hesitate to approach a contact whom you think could help you in your job search. Score a Meaningful Internship Scoring a summer internship still remains one of the best ways to lock in a prestigious full-time job in finance, as many Wall Street firms pick their new hires from the ranks of their summer interns. At the best business schools, an estimated one-third to half of PGDM students go to work for their summer employer after graduation. But since obtaining a paid internship in finance is likely to be very difficult for a non-financial graduate, one must consider other options such as an unpaid internship or volunteer work with a broker. The opportunity cost that arises from doing such unpaid internships or volunteer work may be offset in due course by the higher earning potential of a finance career. Do Your Best to Get Your Foot in the Door Target HR departments for r?sum?s, expand your job search to other locations, use your network to check for openings – in short, do everything you can to get your foot in the door of a financial institution. Scoring an entry-level position with a financial company, even in a non-finance role, may open doors to other career paths in finance down the line.

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