For a time now, a profession in finance has remained incredibly popular and sought-after, and of course, there are pros and cons of working in finance. If you are analytical, mathematically proficient, and detail-oriented, finance can be your calling.
After earning your bachelor’s degree with a finance major, you can pursue a variety of career paths. This type of career is connected to significant economic areas, including banking, capital markets, and investments. Here are the pros and cons of working in finance to help you decide.
What Are The Skills You Need for A Career in Finance?
Regardless of whether they are classified as being on the buy side or sell side or where they would be located in a front, middle, or back office schematic, the following abilities are frequently applicable across most financial professions.
- Observation of details
- Interpersonal communication
- Critical thinking and ability to analyze
- Understanding of contemporary world events
- Cooperation and fostering of relationships
- Knowing how the financial system works
Pros and Cons of Working in Finance
Here are the pros and cons of landing a job in the finance sector.
- You participate in many strategic and operational discussions as often financials play a significant role in the decisions.
- You have access to both the past (financial statements) and future (budgeting) of your organization.
- Topics, industries, and seniority allow you many different career paths within the finance function.
- Many jobs in the financial services sector have a six-figure salary potential. Go-getters frequently make much more than the median income since many financial industry professions are salary plus commission.
- Given its high demand and ongoing growth, this field of work offers a steady career. Therefore, there are a variety of jobs available. The Bureau of Labor Statistics (BLS) projects that this industry will grow by 5% during the following ten years.
- Finance professionals have among the greatest levels of work satisfaction because of their extraordinary salaries, job stability, and possibilities for professional development.
- Every day, you’ll come across prominent people and organizations. You have a great chance to network with new individuals daily, which may lead to many opportunities. It typically comes down to who you know in this field rather than what you know.
- Financial services employment is not your usual 9 to 5 job. A third of all employees, or roughly, work more than 40 hours per week, and many do so significantly more.
- It can sometimes pay far too much attention to figures and less on qualitative factors.
- Challenges and stress are both present in the financial services industry. The workload changes significantly since many vocations are seasonal.
- You can silo yourself from the organization if you only speak with finance and only focus on your Excel files or ERP.
- Without technical skills, it’s hard to have a successful career.
- Even while the employment market is diverse and poised to grow, not everyone should pursue the necessary education to enter it. Finance is regarded as a challenging major on a global scale. Obtaining a license or the necessary credentials requires a significant amount of time and effort. Additionally, the examinations are really difficult.
- When people compare it to other degrees and jobs, finance is often seen as boring and monotonous. Those who are motivated by innovation and change could find this work uninspiring and monotonous. It’s possible to lose interest and motivation, which would damage your productivity. You can start to see absences as usual and occasionally feel stressed and frustrated.
Conclusion – Pros and Cons of A Finance Career
The pros and cons of working in finance frequently include high entrance barriers, intense competition for qualified candidates, and significant levels of stress. Nevertheless, these positions have many benefits, such as a demanding workplace, connection with smart and highly driven coworkers, chances for growth, and high income. Although many people enter the financial industry for the monetary possibilities, those who succeed tend to have a clear love for what they do.
If you want to pursue a career in finance or to level up your knowledge, you can take a step into the right direction by taking my course for finance professionals.