Are you ready to enter the lucrative and dynamic world of finance in 2023 and beyond? The Finance industry offers exciting opportunities, excellent payouts, and great job satisfaction – no wonder so many people are drawn to pursue a career in it. However, getting your foot in the door as a financial analyst or another entry-level role can be daunting.
In this blog post, we will cover tips on how to get into finance and share 8 Finance Entry-Level Jobs – from internships to resume optimization and interview preparation. We’ll also offer advice on soft skills such as communication (both written & verbal) negotiation & problem-solving tactics – all important for success within any finance sector occupation. Read on if you’re eager to start your career as a finance professional.
In this Article:
What do finance jobs pay?
Finance jobs can be lucrative. Investment banking, for example, compensates entry-level associates with average salaries that range from $65K to $95K (including bonuses). Chartered Financial Analyst roles can pay even more, with salaries in the six figures. According to the US Bureau of Labor Statistics (BLS), financial institutions paid a medium salary of $76,570 higher than the national average of $45,760. Those occupying advanced roles in the financial sector, such as chief financial officers with 15+ years of experience, may earn up to around $308,231 each year.
What skills are required for finance jobs?
The skills required to enter the finance industry depend on the role. Finance is an ever-evolving field, so it’s important to stay up-to-date with the latest industry trends, regulations, products, and services.
Basic requirements for finance jobs in 2023 include strong analytical skills and a deep understanding of financial markets, securities, and investments. Financial analysts must also be able to interpret data and reports quickly, as well as possess excellent communication skills so they can explain their findings to clients.
Portfolio Management and Investment Banking roles require an in-depth knowledge of financial principles, such as financial modeling and risk management. Other essential skills for success in this field include applied mathematics, accounting, economics, and business.
Additionally, knowledge of the industry and its regulations, access to professional networks, and portfolios of past experience are all fundamental traits that employers look for in potential candidates.
How to get an entry-level job in finance
Pursuing a finance career in the fields of accounting, investment management, banking, and insurance provides countless opportunities. Here’s how to take advantage of these possibilities.
1. Get a finance education
To land entry-level positions in the finance sector, a bachelor’s degree in finance, business administration, or other relevant subjects is essential. As part of their curriculum, universities offering such degrees cover topics like accounting, macroeconomics, and microeconomics. They also acquire relevant skills such as financial reporting, analysis, and forecasting.
2. Build your network
Building a professional network is an invaluable asset to anyone looking to enter the field of finance. Connecting with industry professionals and getting involved in related activities like internships and workshops can open doors to job opportunities.
3. Gain experience in finance
If you’re looking to break into the world of finance, having some experience beforehand would be an invaluable asset. You could use your degree or coursework knowledge in a professional setting while developing and refining relevant financial skills – plus stand out from other candidates.
To gain this crucial experience, search job sites and reach out to those who may have internships, volunteer roles or contract positions available in finance. For instance, imagine mentoring a startup entrepreneur with their budgeting needs or providing educational sessions on personal finances at schools and organizations alike – it all counts as a beneficial experience for entry-level employment.
4. Develop your skillset
As you gain knowledge in finance and develop your experience, be sure to hone the essential skills that employers are seeking. A great way to stay up-to-date on the most sought-after abilities is by going over job postings for the role you hope to receive. Make a list of qualifications that appear numerous times across different listings for similar positions – these will surely give you an edge when applying for jobs.
If you want to excel in the financial sector, then enrolling for extra classes, getting a certification like CFP®, and refining skills such as data analysis can be highly useful. This is now more important than ever before. With the vast majority of employers looking for applicants with a college degree, gaining professional qualifications and transforming skillsets to meet industry standards could be just what you need to increase your chances of success.
5. Start applying for jobs in finance
Once you have gained the required qualifications and built up enough experience, you can start applying for jobs in the financial sector. Job postings for such positions can be found in a variety of sources: online job search sites, company websites, job fairs and through networking – don’t forget to leverage your professional network!
When applying for a job, customize your resume and cover letter to the specific position you are applying for, highlighting your most relevant qualifications. Personalize each application and make sure to include how your experience and qualifications can positively impact the potential employer.
6. Stand out from other applicants
As competition for entry-level finance jobs is high, it’s important to stand out from other candidates and make sure your resume stands out from the crowd. To do this, focus on how your skillset can positively impact your potential employer and take any opportunities you can to demonstrate your capabilities. For example, leveraging your communication skills to articulate a well-thought investment strategy or demonstrating analytical skills when preparing financial models for clients may be just the thing to help you land your dream job.
8 entry-level finance jobs
Are you searching for an entry-level finance job? This section will provide knowledge of the average total pay (base salary + additional pay) within the US, required skills and qualifications, typical duties associated with this role type, and potential advancement opportunities.
1. Investment Banking Analyst
Average Total Pay: Between $95,000 and $125,000 (Yearly)
Typical Duties:
- Construct financial models to assess the potential success of an investment.
- Analyze data and trends in order to make informed decisions.
- Participate in the structuring and negotiation of deals.
Required Skills: Getting into investment banking requires a combination of skill sets and qualifications, especially if you want to stand out from the competition. Business knowledge, analytical skills, and aptitude for problem-solving are all essential traits employers seek in potential applicants. A college degree is only sometimes necessary; however, it can prove beneficial as there are plenty of relevant courses available.
2. Financial Analyst
Average Total Pay: Between $69,000 and $75,000 (Yearly)
Required Skills:Â Financial Modeling, Microsoft Excel, Accounting Principles.
Typical Duties: Analyze financial data and create reports to help organizations make informed decisions, develop financial models to forecast future performance, monitor and evaluate the performance of investments.
3. Certified Financial Planner (CFP)
Average Total Pay: Between $78,000 and $90,000 (Yearly)
Required Skills: Financial Planning, Investment Management, Retirement Planning.
Typical Duties:
- Create financial plans tailored to the needs of clients.
- Develop strategies for tax minimization and asset protection.
- Analyze data and trends in order to make informed decisions.
4. Budget analyst
Average Total Pay: Between $74,000 and $83,000 (Yearly)
Required Skills:Â To excel in this role, one must possess a Bachelor’s degree related to finance or accounting and demonstrate proficiency in mathematics and statistics. Additionally, experience with budgeting is advantageous.
Typical Duties:Â Research and analyze data to determine the most effective budget allocations, maintain financial records and develop budget reports, monitor and evaluate the performance of investments.
5. Insurance claims adjuster
Average Total Pay: Between $50,000 and $55,583 (Yearly)
Required Skills: For certain roles, a high school diploma may be adequate; though other positions will necessitate a bachelor’s degree in the domains of business, finance, or associated fields. Strong communication skills, the ability to negotiate, and critical thinking are essential.
Typical Duties:
- Handle customer inquiries and complaints.
- Investigate claims by gathering evidence.
- Review medical records or police reports as applicable to the claim in question.
- Negotiate settlements with claimants.
6. Credit analyst
Average Total Pay: Between $58,000 and $63,998 (Yearly)
Required Skills:Â A bachelor’s degree in an associated field of accounting, business, or finance is required. Additionally, experience with R language and spreadsheets is essential for this position. Furthermore, a comprehensive understanding of Generally Accepted Accounting Principles (GAAP) must be demonstrated to qualify as the ideal candidate.
Typical Duties:Â Analyze financial data and credit reports in order to determine the ability of customers to repay debts, review loan applications, issue credit approvals, monitor and review credit limits.
7. Personal financial advisor
Average Total Pay: Between $75,600 and $83,000 (Yearly)
Required Skills: A Bachelor’s degree in Finance, Accounting, or Financial Literacy is essential to success in this role. CFP® certification can be beneficial but not required. Additionally, extensive knowledge of financial liabilities and assets will prove a valuable asset for the successful candidate.
Typical Duties:
- Create financial plans tailored to the needs of clients.
- Manage and invest portfolios of clients in accordance with their objectives.
- Provide advice and make recommendations on investment strategies.
8. Tax associate
Average Total Pay: Between $55,862 and $63,000 (Yearly)
Typical Duties:
- Prepare tax documents and returns for individuals, businesses, and organizations.
- Provide advice on the implications of specific taxation laws.
- Review and audit financial statements.
Required Skills:Â A Bachelor’s degree in Finance, Accounting or Business is essential for this role. To work as a Tax associate, you’ll need a solid understanding of accounting principles and policies. Knowledge of taxation laws, regulations, and filing requirements is essential to the job. You should also possess excellent communication skills with an ability to explain complex information in easy-to-understand terms.
A word from SublimePeople
Getting into finance requires a combination of education, experience, and skills that play an integral role in gaining industry knowledge and obtaining job opportunities. With this guide, you can learn how to get into finance by studying the right courses and gaining experience through internships or volunteering. Developing your skill set is also key to staying competitive and taking advantage of open doors that can lead to a successful career.
With the right job and a few years of experience, you’ll be on your way to a lucrative career in finance. While it may seem like a lot to handle at first, remember that plenty of resources are available to help you succeed. Use the tips we’ve provided here, and you’ll be on your way to a successful financial future.
