When college students have to choose a major, many choose finance or economics in the hopes that it would lead to a career that pays well and is generally stable.
It is undoubtedly true that jobs in accountancy, banking, and insurance firms are available. In addition, there are lucrative positions in private equity, hedge funds, investment banks, and management consulting. You might also be given consideration for a position in a commercial bank, insurance company, accounting firm, consulting firm, or corporate finance department.
You might eventually discover, though, that none of the aforementioned options are appealing to you. Even though you might be concerned about your options for leaving the company, a degree in finance or economics can go you a long way.
KEY TAKEAWAYS
- Think about what motivates you and your true interests.
- Financially astute individuals are necessary for almost any activity, and it can sometimes be beneficial to think beyond the box.
- A person with strong financial skills is needed by a variety of institutions, including the government, schools, non-profits, and the military.
- From 2020 to 2030, financial careers are expected to expand on average, according to the Bureau of Labor Statistics.
- Your compensation may even grow depending on where you end up.
When a Traditional Finance Career Doesn’t Suit You
Think about your other hobbies, even ones you may have given up over time, if you’re no longer satisfied with your decision to pursue a standard financial job. You may have discovered hobbies and experiences outside of finance through community participation, study abroad opportunities, art classes, or volunteer work.
Individuals in the finance industry frequently undergo this type of introspective assessment. Many people reevaluate their career choices as a result of high-stress work and a competitive job market.
The video below demonstrates why success doesn’t necessarily require taking the traditional path.
Non-Traditional Finance Jobs
Your skill set is useful in a variety of pursuits outside the realm of finance. Examine how your business and financial skill sets align with your personal interests. Any project, when you stop to think about it, requires the assistance of someone with financial knowledge.
Another option is to transfer your financial expertise to a different division of the business you now work for. You will be able to see how your financial knowledge can be applied broadly to many occupations in the following examples.
If you want to gain more experience inside your organization, you might also think about moving to a different non-financial function.
Sales and Business Development
Former General Electric CEO Jack Welch suggests that every professional in business work in sales at some point. As a matter of fact, the rookie who refuses to work in sales might never advance past middle management.
More broadly, working in marketing, business development, or sales can help you get familiar with your company’s offerings and become sensitive to the tastes and needs of consumers.
Examine the associates at investment banks and advisory houses.They spend the majority of their time developing clients. To raise money and offload their holdings, hedge fund managers and private equity partners go on road shows. The middlemen and investment banks who bring them projects are cultivated by the executives of private equity firms.
Startup Employment
Startups with intriguing goods may spring up while you’re looking for a job. Given that the majority of businesses fail during the first five years, you will be taking a risk here. That being said, you may receive a sizable windfall if you accept a vested stock offer and the business goes public or sells.
It is common to multitask in administration, bookkeeping, marketing, and strategy when working in an entrepreneurial environment. You may find that you much prefer this than a more rigidly defined function in a large corporation, depending on your personality.
Analyst or Associate for a Nonprofit
Financially astute people are always needed in the nonprofit sector. Naturally, well-known charitable organizations exist, such as the Ford Foundation and the Bill & Melinda Gates Foundation. The abilities you possess are needed by numerous others. Not only does this profession have the potential to be immensely satisfying, but it also looks fantastic on a CV.
Teach or Volunteer
For those who wish to take a stab at it, your organization might provide sabbatical breaks to staff members who wish to instruct or contribute other skills to a nonprofit project. Alternately, perhaps you’re prepared to dedicate yourself to a fresh teaching career. A full-time job is not necessary for some occupations, such as consulting on financial education materials or assisting small businesses—even educational institutions—in improving their understanding of their financial systems.
Military Finance Officer
Financial expertise is just as necessary in the U.S. military as it is in the private sector, and even though the compensation isn’t as good, the benefits are. Contract management, budgeting, and forecasting are among the roles played in the military.
The military may assist cover your educational expenses and ensure employment after graduation if you give it enough thought early on. No matter where you want to go in the future, your military experience will look fantastic on your CV.
Government Financial Analyst
Financially savvy individuals are needed by all of the main federal and state government entities. The Department of the Treasury and the Office of Management and Budget are dominated at the federal level by financial specialists.
There are benefits to working for the government as well, such as improved benefit packages and retirement plans.
Is Finance a Good Career?
The financial industry employs more people than only investment bankers in New York. It’s possible that you won’t desire the career you had in mind, and that’s okay too. Your knowledge can be put to good use in a variety of roles across many industries, such as the military and philanthropy.