The world of finance does not always have the best reputation in the public eye. Thanks to movies and shows like "Billions" and "Wolf on Wall Street", not to mention the negative news brought about by pyramid schemes and wayward cryptocurrency companies, many have the impression that finance professionals are greedy, opportunistic, flashy, and dishonest.
In truth, many of those stereotypes could not be further from the truth. While you can certainly pursue a career focused on the corporate side of finance, there are also a slew of options in the public sector where you can play an important role investing public funds, helping families, or small businesses get their footing. 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.
Are a prospective finance student that is looking to see what possibilities exist beyond the stereotypes? You have come to the right place. In this article we will discuss finance careers in the public sector, where you can work in a field that supports the growth of public funds to support society. You don't have to be a Bay Street Banker to pursue your love for business and applied mathematics. Here is a list of some organizations with careers in the public finance sector:
- Federal Government
- Provincial Government
- Municipalities
- Parks and Recreation
- Education
- Public Universities
- Public Colleges
- Public Pension Plans
- Hospitals
- And so much more!
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 Start a Finance Career?
Your start in finance truly begins in your years of formal education starting from secondary school. To get a finance job in the first place, you will need a degree or diploma in an area like business, commerce or mathematics. This means that you will need to have the prerequisite requirements for program entry, in addition to a strong transcript and extracurriculars for your postsecondary applications.
Ensure you have all the secondary senior credits you need in math, business and English - and competitive grades to go with it. Have you already graduated, or did not do so great in these areas? Did you take applied credits instead of academic track credits? No need to worry, you can find private schools or even colleges that offer secondary credit upgrade options, though you may have to pay tuition. If you are still in secondary school, you are in an excellent position to focus on your academic performance. Talk to your school's guidance counsellor to find out what the best options are for you.
You will also have to determine whether or not you will pursue postsecondary studies in business at college or university levels. Generally speaking, university degree programs will be your best bet if you want to have the broadest range of opportunities available after you graduate. With a degree, you can access top tier finance jobs and even go to graduate school if you decide to earn a Master of Business Administration. College programs, however, can also lead to exciting and successful careers. College programs are typically shorter (2-3 years instead of 4+ years in university), focus more on applied uses of mathematics, and lead directly tot he workplace.
Whichever options you choose to start a finance career, remember that you are just starting your learning journey. There will be ample opportunities for you to enhance your skills, specialize in areas of your choosing and interest, and change career paths should you desire.
The corporate world brings to mind sharp suits, long hours, and greedy capitalists.. And while our impressions are largely drawn from fiction, there are elements of the corporate lifestyle that are certainly intriguing and appealing to those interested in business careers.
What are Public Finance Entry Level Jobs are Available?
In many cases, entry level jobs in public finance will start with internship work. As an intern, you will typically work for no pay but you will gain valuable experience that you would not be able to get otherwise. Interning is an excellent way to get exposure, gain references, and see exactly what the workplace might look like. You will also get time to network with other professionals and meet people that can offer insights into the industry.
Once you graduate your program, you can apply for assistant level jobs in areas like accounting, business analysis, data analysis, economics, or taxation. If you don't find your footing in a public institution at first, don't fret - this is your time to gain experience in the field and you can always apply to jobs in the public sector with a more stacked resume. Here is a list of some entry level jobs in finance:
- data analyst
- accounting assistant
- tax associate
- credit analyst
- Personal financial advisor
- actuary
- auditor
When you start in an entry level position, you may find that there is an expectation that you will start on the lower end of the salary spectrum, and work your way up with years of experience and promotion. In other words, it is your time to learn! Make the most of entry level work by meeting as many people as possible, making a strong impression, and being ready to jump on opportunities when they arise. While it may be lean times in terms of money, it will be one of the most exciting phases of your career.
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.
What Experience is Needed for Public Finance Manager Jobs?
Once you have put in time doing entry level work, you may start considering taking a leadership position in the organization you work in. Getting to a leadership position in finance will require you to have a strong resume with excellent references. Here are some tips.
Take Initiative
It goes without saying that you will need to stand out from the rest to get ahead. Take initiative in your workplace by capitalizing on new opportunities, supporting your current management however you can, attending events that will put you in front of the right people, and taking the lead whenever you can. When promotions open up, you'll be among the first to be 'tapped' to apply.
Take Leadership or Management Courses
While many of us have natural leadership abilities, management skills must often be learned. There are so many nuances of the job you need to learn about: organizational behaviour, psychology, organization skills, strategy, marketing, diversity and inclusion - just to name a few. Having a knowledge base in management will not only make your resume stand out, but help you feel more confident when you take up the role.
Find a Mentor
Having a mentor to guide you through your career is indispensable. A mentor is someone who gives you feedback, professional advice, and is someone you can call on when you have questions about how to navigate your role. They can give you insights about their own experiences, answer questions you have, and help you to make better decisions.
Focus on Professionalism
Looking and sounding the part of the leader matters, so make an effort to be professional in your interactions. Take the time to dress sharp for the job, keep your conversations focused on work and avoid office gossip, and adhere to deadlines and established processes in the workplace. Most senior level leaders want someone who can be an example for other staff, so keep this in mind every day you are on the job.
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.
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.
Where Can I get Help for Learning Finance?
Learning finance and business has its challenges: in many ways it is an interdisciplinary pursuit that brings together the areas of mathematics, psychology, commerce, and communication. As such, you may find that there are some courses you will be more successful in than others. This is where it is useful to have a tutor to help you through your courses.
Finance tutors have typically graduated from finance programs and understand exactly what it takes to pass courses in the field. They can help you prepare for exams, explain mathematical concepts you are having difficulty with, and give you feedback on essays and research papers. A tutor is a great person to have in your corner when the pressure gets high in school, and you are expected to deliver a lot of work in a short amount of time.
Finding a tutor couldn't be easier thanks to Superprof. Superprof Canada is a site that will connect you with tutors near you, or across the country if you want to cast your net wider and don't mine learning virtually. You can browse through tutor profiles, and message them directly to see if they will be right for you.
Get a Finance tutor on Superprof today!
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