Many of us have ideas about what the corporate finance world is all about: sharp suits, long hours at the office, greedy capitalists, and risk takers that play fearlessly with large sums of money. And while our impressions of the corporate world are largely drawn from fiction and film, there are elements of the corporate lifestyle that are certainly intriguing and appealing to those interested in business careers.
Corporate finance professionals are in the business of helping companies or corporations generate and manage wealth. It addresses how corporations source funds, structure their capital and make investment decisions. There are many roles professionals can play in a corporate environment, such as capital investment and tax considerations. The field of corporate finance concerns itself with:
- how businesses fund their operations to maximize profit
- the daily operations of a business' cash flows and long-term financing goals
- monitoring cash flows
- accounting
- preparing financial statements
- taxation compliance
And while none of that may seem as glitzy as scenes from movies like "Wolf of Wall Street" or an episode of "Billions", working in the corporate finance field can certainly lead to a higher than average income, expensive suits, and of course, a fancy lunch.
Finance is a broad field of work that attracts thousands of Canadian students every year. Find out if the world of finance is right for you.
What does it Take to Get into a Corporate Finance Program?
Getting into the world of corporate finance takes planning and hard work starting in secondary school and continuing well into university, college, and possibly even graduate school. To get into a finance or commerce program, you will need secondary credits in business, mathematics, and English. To ensure you have all the credits to submit a competitive application to the university or college you want to attend, be sure to talk to a guidance counsellor or admissions department to ensure your application is as strong as possible.
If you have already completed a degree in business and are looking to achieve a graduate level degree such as a Masters of Business Administration, the application process can be even more complicated. MBA programs can be competitive to get into, with a process that involves the submission of scores like a math test (GMAT) along with application letters, statements and professional references.
Whatever program you are considering, take the time to do the research to learn all your options. Here is a list of degrees and certificates you can get in the area of finance.
- Bachelor of Finance
- Bachelor of Commerce
- Masters in Finance
- Masters in Accounting
- Bachelor of Science with a focus on finance, business or accounting
- Master of Business Administration
- Doctor of Business Administration
- Diploma in Accounting
- Diploma in Finance
- Advanced Diploma in Business Administration
- Certificate in Advanced Financial Planning
Public finance is an area of commerce that many often overlook because it often does not align with our initial preconceptions of what a finance career should look like. Learn more about the field of public finance.
How Can I Start Learning Finance for Beginners?
To learn the basics of finance, you don't have to be enrolled in a degree or diploma. In fact, learning finance can start with your own independent research and inquiry. Doing your own research is also useful so you can see if finance is indeed something you see yourself studying full-time or pursuing as a long term career.
There are dozens of websites that can give you a summary of financial basics, not to mention Youtube videos or social media posts. You'll even find free course modules you can explore at your own pace through different universities and colleges, also called massive open online courses, that you can complete for low or no cost. If you are weary of spending more time on a screen, consider picking up a book at your local library or bookstore on the topic of finance, personal finance, or whichever branch of finance you find intriguing.
Looking for the inside scoop on finance? Visit your bank and see if they can set you up to meet with someone who can tell you about the industry, pick the brain of someone you know that works in finance, or visit the admissions office of a college or university you are considering attending for finance.
Having knowledge of personal finance can be incredibly useful. Understanding how to manage your money will help you to make better decisions with your earnings, and you may even be able to help others with your skills.
Is it Easy to Get Finance Entry Level Jobs?
Getting an entry level job in the financial field will start with having the right diploma or degree under your belt, not to mention some workplace experience either from an internship or even working part time in a bank or company where you can get some basic skills.
Another factor that helps to get started in finance is to have a strong professional network. Networking can be critical to your success in business: the relationships you have early in your career can evolve into important business relationships as you move through your journey. While it may seem trivial, attending social events with others in your program can lead to strong professional connections, as will attending conferences and other related events. Make sure your LinkedIn profile is ready to go - you will be surprised to see how many other professionals will look for you once they know you are in the industry!
On the topic of LinkedIn, you will want to have a strong resume put together, both in print or PDF form and a version on your LinkedIn profile. Have cover letter templates ready to go - you never know when you will find the perfect job opportunity and need to send your documents to meet a hiring deadline.
Keep in mind that everybody has to start somewhere. While it would be great if we had a relative or friend that could connect us with the jobs of our dreams, that option is not always available and you may have to start with a pay that is well below what you would want to be making. Remember that there is a time to earn, and a time to learn - while some work experiences will be more about the learning, with focus and hard work you will eventually increase your income with experience and knowledge building.
Finally, don't fear rejection and go to every interview you can. Becoming a great interviewee is a skill, as you will often have to think of complex answers on the spot that hit the right notes. Make time to practice, and record yourself so you can gauge your expressions, manage any issues like fidgeting, and build your confidence as a speaker.
Learn all about finance careers - what they pay, what jobs look like right out of school, and how you can become a leader in the finance field.
What is Machine Learning Finance?
Technology has infiltrated nearly every area of the economy, and finance is no different. Artificial Intelligence or AI applications have started to make their way into the finance industry, sometimes known as fintech. Machine learning is an element data science that provides the ability to improve from experience without even being programmed. Machine learning in finance has become a key aspect of financial services and applications, and can be used to manage assets, evaluate risk, calculate credit scores, or even approve loans.
If you are looking to increase your value as a potential job applicant in finance, having a technology skillset with fintech tools can be a significant asset to employers. Enhance your work experience and background by learning some of the latest tools that fintech has to offer.
Finance is one of the most lucrative and rewarding professions in Canada. Those that work in finance may pursue a variety of different career paths in corporations, banks, government, and private firms.
Is it Worth it to Hire a Finance Tutor?
Students in or on track to take finance courses can get stressed while learning - mathematics can be rigorous, and there is a tremendous amount of pressure to get the best grades to get admission into college and university programs. And while study groups or family members can certainly help, it can be a huge advantage to have a tutor who is already familiar with the mathematics and business knowledge it takes to get admission or graduate from school.
Having a tutor means you will have someone on hand to help you with your courses, whether it is a math course in secondary school or an advanced level calculus course that you need to graduate your program. A tutor can provide you with feedback on papers and essays, help you prepare for major exams and tests, and review new concepts you are having difficulty with in class. All too often, teachers and professors simply don't have the time or interest in providing individualized support to their students. With a tutor, you will have someone who understands your needs and can help you be successful in your learning.
To get the best tutor for you, visit Superprof Canada. Superprof is a site that connects tutors and students in all areas including finance. You can use the site to browse tutor profiles, get program advice from a slew of articles, and explore different areas of learning. Find a finance tutor on Superprof today!
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