There is something intriguing and exciting about the world of finance: the suits, skyscrapers, competition, and obviously the promise of generating wealth for yourself and others. Of course, working in finance goes far beyond wearing a slick business suit and dining in 5 star restaurants. It takes a whole lot of hard work, networking, business and math skills to be successful in the financial industry! But if you do acquire the right skills and experiences, you can certainly live out the dream of working in this exciting field.
The finance sector is a large and expansive field with many different entry points and levels of success you can achieve. It can be lucrative and competitive, and the rewards can be huge if you can make the right decisions and connect with the right people. Most workers in this field have advanced degrees in business and mathematics, and tend to be highly skilled and driven. You can expect to have times of high stress, days where you will work long, and moments where you need to upgrade your skills to advance your position. You can also expect to see your hard work pay off, and that your experience and knowledge is highly valued and sought after.
If you excel in math and are fascinated by money, you may be seriously wondering if you should pursue a career in finance. But what does it take to prepare for work in this dynamic field? What kinds of options are available for graduates of college and university? What can you expect to earn in this field?
This article will focus on answering the essential questions you may have prior to starting a career in finance and how you might plan your own career pathway.
What kind of academic background and professional experience will you need to navigate a successful finance career in Canada? Learn more.
How Many Years Will it Take to Work in Finance?
The amount of time it takes for you to work in finance largely depends on what your academic and professional goals are. Finance professionals that work in fields such as investment banking or portfolio management will have completed additional qualifications on top of an undergraduate degree in commerce, business, or mathematics. For example, a Masters of Business Administration (MBA) is a popular graduate degree that many business students take to be competitive in the field they choose to work in. In general, you should expect a minimum of 3-4 years of postsecondary training to work in the field of finance, with 2-3 additional years of continuing education or graduate study to access more specialist or elite roles in the industry.
What Kinds of Finance Jobs are Available for College and University Graduates?
Like the fields of Law, Education or Medicine, Finance is a complex system of different jobs and careers. Let's take a closer look at some of the more popular positions in the finance industry.
Investment Banker
Investment banking is one area of finance that is known well as being intense and financially rewarding. Investment banking firms will hire people for different divisions and objectives. As an investment banker, you may work with companies to raise money through different financial products like stocks and bonds, joining different business ventures, or mergers and acquisitions. To get into investment banking, you will need a high level of education such as a Masters of Business Administration (MBA) or a four year degree. Key areas for investment bankers include Mergers and Acquisitions (M & A), underwriting, private equity, and venture capital.
Finance professionals need a unique skill set for success. Find out what it takes to work in the Canadian finance sector.
Portfolio Manager
Actuary
Actuaries do the work of analyzing risk and the monetary consequences that come with making different financial decisions. Actuaries gather data to estimate the probability of future events, such as injury, death, illness, and property loss. They play a key role in any. financial institution or company (typically insurance) and must pass a professional exam to assume the role.
Securities Trader
In this line of work, you might be employed by a hedge fund, an asset management firm, or an investment bank. As a securities trader, you will buy and sell securities on behalf of a firm, specializing in a specific field like stocks or crypto. If you perform well, you will likely be allocated higher amounts of capital to work with, or consider forming your own hedge fund.
Financial Planner
A financial planner does the work of helping individuals plan for present and future financial stability. They may work for large banks, or local firms. To become a financial planner, you must have an educational background in economics or finance and pass a certified financial planner exam.
There are so many career pathways you can take in finance. Learn all about the finance careers Canadian graduates are choosing.
What are the Best Paying Jobs in Finance?
As you might have guessed, finance is a lucrative industry where professionals can command a salary well above average. In addition to the salary that comes with a finance job, you will also have the skill set to grow your own wealth through different financial products. Let's take a quick look at what you can expect to make in the finance sector.
What kind of salary can you expect to make as a finance major? The answer might surprise you.
What do Finance Jobs Pay?
The following are the average salaries of a handful finance jobs in Canadian dollars. Keep in mind that salaries will vary from one city to another, and will also change based on your years of experience and educational background.
- Account Executive: $108,000
- Derivative Trader: $148,000
- Finance Executive: $184,000
- Finance Officer: $79,700
- Investment Fund Manager: $193,000
- Vice President of Finance: $228,000
- Securities Trader: $148,969
- Actuary: $109,370
Which Finance Courses are Best to Take?
Choosing your finance courses will largely depend on what your academic and career goals are. If you are in university or planning to apply, you will need to be in a business or commerce program. Your course pathway will be largely determined by the type of degree you are looking to earn. For example, schools like the University of Waterloo have a Bachelor of Accounting and Finance Management program, and other universities will offer a Bachelor of Commerce or Business Administration program.
Alternatively, you might also consider studying finance at the graduate level. Masters of Business Administration programs are incredibly popular and valued by companies, as well as Master of Finance programs. These programs are great places to learn and network with other aspiring business professionals that may benefit and enrich your working life.
If you are already in the working world and do not want the added pressure of a degree, you can find plenty of continuing education programs that focus on finance and business. The University of Toronto, McGill, the University of Calgary, and Athabasca are just a handful of schools across Canada where you can get a certificate in Finance related fields.
Is an Investing Course Worthwhile?
Investing courses are certainly worthwhile, both for managing your own personal finances or if you would like to work in a role where you can invest the funds of other individuals and organizations. An investing course will ensure that you understand the best strategies and practices for investing, the legal elements of finance, and how you can get started investing through financial organizations.
Interested in starting a career in finance? Find out what it takes to work in the financial sector in Canada.
Where Can I Get Help in my Finance Courses?
Needless to say, business and finance programs can be challenging and highly competitive. Entrance into top programs can be tough, not to mention costly. To support your academic success, it may be worth it to hire a tutor for your subjects.
Having a tutor in finance can be one of the best decisions you make as a student. Remember that finance is highly interdisciplinary, with connections to mathematics, English, business, politics, and economics. Your course pathway may take you to learning that isn't your strongest suit, so having a tutor in your corner to review learning and new concepts can give you the edge you need to be successful. Sure, you may have tutorial sessions for your courses, but in many cases there is still a high ratio of students per Teaching Assistant. Having a tutor will ensure that you get one-to-one attention in your learning, and that you can get much needed practice and review with a knowledgeable educator.
Finding a tutor for your finance courses is easy thanks to Superprof Canada. Superprof connects students and educators in a broad range of subjects, so you can easily connect with someone with expertise or experience in the area you are learning. You can work with a prospective tutor to determine a schedule and rate that works for you both, and schedule sessions for as little or as long as it makes sense. Simply use the search tool to find tutors near you or with the type of background you want in a teacher, and message them through the site.
Find a finance tutor on Superprof today!
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