Banking and Finance Careers

We all use math daily. While many of us just use the basics to keep track of how much money we gave and the change we should get, those who want to purse banking and finance careers do more than that to keep their clients happy.

People who work in banking and finance are paid well for the work that they do. Four of the fields that many professionals get into include accountancy and tax, Insurance, investment banking and retail banking. Let’s talk about each of these.

For people to work in accountancy and tax, you need to graduate and get your CPA or certified public accountancy license. To learn more about what you will be doing, many have to complete an on the job training with a legitimate accountancy firm.

The training period is about three years and afterwards, you can continue on staying with them, working for another firm or going into private practice.

Insurers just like accountants need to be licensed. This varies from state to state so you have to study and then pass the exam. Once you do so, your career may get you to sell property or casually insurance and life or health insurance.

You should also take further classes in the future because although you have your license already, rules change and you have to be aware of them. 

Perhaps the biggest challenge selling insurance is deciding whether to work for an insurance company or doing this on your own. There are advantages and disadvantages doing both. When you are employed, you get a basic salary while those who decide to work for themselves can only make money earning commissions when a sale is made.  How well you do is entirely up to you.

Investment banking is different from regular banking because you are there to raise capital for a company by issuing shares or bonds. Later on, you may even work with a team that advises companies regarding mergers and acquisitions.

Also under investment banking is capital markets. Here, the professional is tasked with trading bonds stocks and other financial products to increase the portfolio of the client.

But before you get into that, most entry levels personnel start out doing research first about certain companies and who are their competitors. Their information is then passed on to the account managers who will then advice the client.

Lastly is retail banking which many of us are aware of because these are the people we meet in the bank from the teller to the bank manager when we need to deposit or withdraw cash and apply for a loan.

Unlike accountancy or insurance, you don’t need to get a license to do this kind of work. You just have to be customer oriented with strong interpersonal and communication skills since you will be dealing with people.

Tax and accountancy, insurance, investment banking and retail banking are the four basic types of jobs for anyone that wants to pursue a banking and finance career after graduation from college. Career progression in any of them is excellent and this can only happen with additional training and at times a license.

This can be achieved by part time study so all you have to do now is weigh your options and then go for it.

Household Finance Career Opportunities

Let’s say you have been an accountant for a very long time. You are probably a manager, a supervisor or maybe even a partner. If you don’t like the long hours anymore and want to slow things down, there are household finance career opportunities that you can look forward to.

What do we mean by household finance career opportunities? Basically, you will be doing your accounting practice from the home. You may not have to work the same hours as before and instead work with people who need to complete their tax forms before the deadline or perform the same services for small businesses.

You get to choose the kind of workload you get, the number of clients you will see and so forth. With the years of experience under your belt and your credentials, it will be easy for you to open a private practice instead of someone who is just fresh out of college.

The first thing you have to do is advertise by telling your clients that you will be going into private practice. Some of these people may stay with you since they are happy with your services but since you can’t just rely on that, you will have to market yourself as a practitioner. There are websites that invite professionals such as yourself to sign up. You can also post an ad in the newspaper or in the community bulletin board.

But if you don’t want to leave your current job, you can still do some household accounting but on a part time basis.

In any case, you will need to purchase a few things for your home office. This includes a fax machine, a copier, a computer and a few computer accounting programs similar to what you are already using.

The start up cost for everything if you don’t have it yet will be from $2500 to $4000. This is a small amount that can be recovered quickly again because of your experience in accounting.

To give you an idea, one report shows that accountants make $22500 to $52500 annually working 30 hours a week that charges by the house $20 to $30 per client. This may not be much compared to what you were earning before because you are not working 40 hours a week which is the standard in the profession.

This of course may change depending on your credentials. The nice part is that you manage your own time unlike before where you have to meet deadlines and at time multi-task to get the work done.

Aside from relying on your previous clients and posting ads, you should also get in touch with other professionals who may be able to recommend clients to you. One example is the American Institute of Certified Public Accountants or AICPA.

Being your own boss is a change from what you have been used to but at least you have time on your hands to do other things apart from work. You can spend more time with the family, take up classes or learn a new sport.

For those who decide to leave their current jobs and want to pursue a household accounting career, look forward to the future. Life as you know it does not end when you leave that 40 hour per week desk job.

Household Finance Career Opportunities

Lets say you have been an accountant for a very long time. You are probably a manager, a supervisor or maybe even a partner. If you dont like the long hours anymore and want to slow things down, there are household finance career opportunities that you can look forward to.

What do we mean by household finance career opportunities? Basically, you will be doing your accounting practice from the home. You may not have to work the same hours as before and instead work with people who need to complete their tax forms before the deadline or perform the same services for small businesses.

You get to choose the kind of workload you get, the number of clients you will see and so forth. With the years of experience under your belt and your credentials, it will be easy for you to open a private practice instead of someone who is just fresh out of college.

The first thing you have to do is advertise by telling your clients that you will be going into private practice. Some of these people may stay with you since they are happy with your services but since you cant just rely on that, you will have to market yourself as a practitioner. There are websites that invite professionals such as yourself to sign up. You can also post an ad in the newspaper or in the community bulletin board.

But if you dont want to leave your current job, you can still do some household accounting but on a part time basis.

In any case, you will need to purchase a few things for your home office. This includes a fax machine, a copier, a computer and a few computer accounting programs similar to what you are already using.

The start up cost for everything if you dont have it yet will be from $2500 to $4000. This is a small amount that can be recovered quickly again because of your experience in accounting.

To give you an idea, one report shows that accountants make $22500 to $52500 annually working 30 hours a week that charges by the house $20 to $30 per client. This may not be much compared to what you were earning before because you are not working 40 hours a week which is the standard in the profession.

This of course may change depending on your credentials. The nice part is that you manage your own time unlike before where you have to meet deadlines and at time multi-task to get the work done.

Aside from relying on your previous clients and posting ads, you should also get in touch with other professionals who may be able to recommend clients to you. One example is the American Institute of Certified Public Accountants or AICPA.

Being your own boss is a change from what you have been used to but at least you have time on your hands to do other things apart from work. You can spend more time with the family, take up classes or learn a new sport.

For those who decide to leave their current jobs and want to pursue a household accounting career, look forward to the future. Life as you know it does not end when you leave that 40 hour per week desk job.

Banking and Finance Careers

We all use math daily. While many of us just use the basics to keep track of how much money we gave and the change we should get, those who want to purse banking and finance careers do more than that to keep their clients happy.

People who work in banking and finance are paid well for the work that they do. Four of the fields that many professionals get into include accountancy and tax, Insurance, investment banking and retail banking. Lets talk about each of these.

For people to work in accountancy and tax, you need to graduate and get your CPA or certified public accountancy license. To learn more about what you will be doing, many have to complete an on the job training with a legitimate accountancy firm.

The training period is about three years and afterwards, you can continue on staying with them, working for another firm or going into private practice.

Insurers just like accountants need to be licensed. This varies from state to state so you have to study and then pass the exam. Once you do so, your career may get you to sell property or casually insurance and life or health insurance.

You should also take further classes in the future because although you have your license already, rules change and you have to be aware of them.

Perhaps the biggest challenge selling insurance is deciding whether to work for an insurance company or doing this on your own. There are advantages and disadvantages doing both. When you are employed, you get a basic salary while those who decide to work for themselves can only make money earning commissions when a sale is made. How well you do is entirely up to you.

Investment banking is different from regular banking because you are there to raise capital for a company by issuing shares or bonds. Later on, you may even work with a team that advises companies regarding mergers and acquisitions.

Also under investment banking is capital markets. Here, the professional is tasked with trading bonds stocks and other financial products to increase the portfolio of the client.

But before you get into that, most entry levels personnel start out doing research first about certain companies and who are their competitors. Their information is then passed on to the account managers who will then advice the client.

Lastly is retail banking which many of us are aware of because these are the people we meet in the bank from the teller to the bank manager when we need to deposit or withdraw cash and apply for a loan.

Unlike accountancy or insurance, you dont need to get a license to do this kind of work. You just have to be customer oriented with strong interpersonal and communication skills since you will be dealing with people.

Tax and accountancy, insurance, investment banking and retail banking are the four basic types of jobs for anyone that wants to pursue a banking and finance career after graduation from college. Career progression in any of them is excellent and this can only happen with additional training and at times a license.

This can be achieved by part time study so all you have to do now is weigh your options and then go for it.

The Disadvantages of a Career in Financing

When we were young, we already had an idea of what we want to be when we go grow up. Sometimes, these changes as the years go by. While there are advantages in whatever profession we choose, we should also look at the disadvantages if this for instance will be a career in financing.

What is wrong with financing? If you think about it, nothing given that it is an honest job with a considerable rewards. But not everyone will be able to stay here for the long term which is why you have to weigh the pros and cons.

First, can you see yourself doing mathematical computations and giving advice to someone who is probably earning more than you? The truth is, some people can while others cant.

The best test of all will be how well you excel in subjects like calculus and economics in school. You have to be able to understand these concepts and then use these tools to your advantage. Then again, there are people who may be good in one subject or both while there are those who will probably excel in other subjects.

Learning concepts is one thing but doing this job every single day is another. A good idea will be to talk to professionals who are already in the financial industry and see how it is working there. Make up a list of questions and ask for clarifications if there is something that you do not understand.

It will also be a good idea to read up on the finance industry so you know what you are getting yourself into 4 years from now once you graduate from college.

If you still choose to have a career in financing, here are some of the disadvantages you will hear or experience. You shouldnt be discouraged about them but keep them in mind as you are starting your career in finance.

Professionals who have obtained their CPAs and start work as accountants do not earn that much compared to those who are involved in investment banking and consulting. Also, they handle multiple projects at certain times especially during the end of the financial year or when it is time to file income tax that means overtime just to get the job done.

There is also the pressure given that you are in a fast paced game and you are dealing with other peoples money. If you screw up, this could mean financial ruin for them and you will be hired on the spot. But those who succeed can get a promotion, earn much more than they did before and even get to work abroad.

If you think about it, there are advantages and disadvantages in just about any job or career that you decide to pursue. How you are able to deal with it is the challenge that you will have to face on your own. Those who can stand the pressure will probably stay for the long term while those who dont will quit and shift into another career.

Doing some research and getting your feet wet will probably give you an idea of how things are like working in the finance industry. This is what on the job training or internships are for so you know what its like in the real world.

With this information, you can then see if the advantages outweigh the disadvantages for you to purse a career in financing.