Careers in finance appeal to students for many reasons: the competition, the intellectual challenge, and perhaps most importantly, the promise of an income that is well above the average. Not only will an academic background in finance enable you to apply for lucrative careers, you will also be equipped with the knowledge to grow your own wealth through your own investment choices. But how much do business and finance graduates actually make, and how do you go about navigating your career?
As with any career pathway, the answer can be complicated and dependent on a number of factors. Of course, many jobs in finance will certainly deliver on the promise of salary, but getting there is not as simple as submitting a job application. The first thing to consider is your education level. Finance can be elitist in many respects, and the top jobs will not only go to those who have attended the top schools but those who have built strong professional social networks. Who you know truly matters in this field, and you will need to regularly invest time after graduating building relationships with others. Another thing to consider is where you live. While living in an area with a lower cost of living will certainly enable you to make the most of your salary, many of the best opportunities in the field can be found in large, urban financial centres like Toronto and New York. You may be able to work remotely, but that may also restrict your ability to network with others.
There is also the element of good old-fashioned "elbow grease". Many careers in finance start with a lot of 'heavy lifting' and face time in the office, meaning that you may find yourself working long hours in the early part of your career. Of course, this is all part of the learning process, and as you continue on in your career and attain higher level positions you may find it easier to maintain a good work-life balance.
This brings us to the. big question: how much can you actually make with a background in finance? Will you need a university degree, or will a college diploma or certificate work? This article will aim to answer some of those questions so you can be better equipped to decide whether or not a career in finance is right for you.
What kind of academic background and professional experience will you need to navigate a successful finance career in Canada? Learn more.
What are the Top Finance Jobs Entry Level?
Getting a job right out of university can be tough, especially when you want to get started in a field where you may not have a lot of experience. Ideally, you will have served an internship in an organization before starting your job hunt. Some large companies, like TD, have programs for students or new graduates, where they may even be preparing you for a position afterwards. Here is a list of entry level finance jobs to help kickstart your career.
- Financial Service Representative
- Account Coordinator
- Trust Banking Officer
- Financial Analyst
- Investment Analyst
- Market Risk and Model Development
- Financial Administrative Assistant
- Private Banking Associate
- Risk Analyst
On average, entry level finance compensation for business and finance majors in 2021 was $60,000 USD a year. This is well above the average of most entry level careers.
Will I need a Degree in Finance to Be Successful?
Having a finance related degree is often seen as essential to a career in the industry. Many employers will expect applicants to come with a business or finance related degree, as there is a significant amount of knowledge you will need to have prior to starting your role. However, if you do not have an undergraduate degree related to finance, it is still possible to be successful in the field. It is highly common for graduates with engineering and mathematics to be successful in finance, for example, because they come to the job with analysis skills they can transfer to a business context.
If you have a degree in an area of the arts or social sciences and want to get into finance, you can prepare yourself for the job or build your capacity if you are already working by taking finance courses at a college or school of continuing studies. In continuing education programs, you can learn the basics of finance, investing, accounting, or management at a much lower cost than a regular graduate or undergraduate degree. In many cases, these courses take place during the evenings and are part time, so you can easily learn while working full time.
Whatever your academic background is, you can feel confident in being successful in finance if you are willing to learn new things and upgrade your skills as needed to continue moving forward in your career.
There are so many career pathways you can take in finance. Learn all about the finance careers Canadian graduates are choosing.
How Do I Start Learning Finance?
How you start learning finance will largely depend on exactly where you are in your current academic pathway. If you are in the process of completing secondary school and looking to apply for college or university, you are well positioned to learn finance as a focus in your undergraduate degree. Most colleges and universities have business, finance, or accounting programs that will focus or touch on the financial industry. At the university level, look for schools that offer Bachelor of Commerce programs, or even a Bachelor of Finance. In some schools, you may be able to take a finance major as part of a bachelor of science program. Undergraduate degree programs are a great place to start your finance career, as many employers will require applicants to have a degree in order to be considered. However, a college diploma may also be sufficient, depending on the employer and the nature of the career you are pursuing.
If you already have a degree or background in a non-finance area, there is no shortage of courses available you can take to update or upgrade your resume. Check out colleges, schools of continuing studies, and online certificates or programs where you can learn part time or focus on one area of knowledge, such as investing. Some jobs in finance, particularly those relating to securities, financial advising, or investing, may require you to acquire a professional designation. These designations will require you to complete specific courses and learning pathways. Some common designations in Canada include:
- Chartered Financial Analyst
- Certified Financial Planner
- Chartered Investment Manager
- Registered Financial Planner
It’s no secret that business professionals and executives spend years in training and getting the right work experience. Learn how many years it takes to get started in the Finance sector.
Are Online Finance Courses Worth It?
Online courses in finance are completely worthwhile, especially if you are working full time already or live in an area where getting to a top university is challenging. Online courses enable you to receive a high quality education in finance or business from the convenience of your own home. It is also worth noting that the quality of virtual learning has greatly increased since the COVID-19 pandemic. Educators are more comfortable and adept at teaching online, and enhanced live meeting platforms have made lectures accessible and largely glitch free. One thing you may find is that networking can be much more challenging in a virtual environment. However, you will be able to learn with some of the top educators in finance and business thanks to the convenience of online courses.
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 for Courses in Finance?
Courses in business and finance can be daunting, especially if you are new to business and finance jargon or do not feel confident in mathematics. Let's not forget that courses in this field can be incredibly expensive, and you do not want to spend the entirety of a course confused or feeling behind your peers. This is where hiring a finance tutor can be critical to your success.
A finance tutor can work with you to support your learning, reviewing new concepts, preparing you for assessments, or helping you to understand a new algorithm or math application. They can provide feedback on your assignments and help you prepare for major presentations. In many cases, finance tutors bring their own professional experience and expertise that they are happy to share with you.
Finding the right tutor is easy thanks to Superprof Canada. On the Superprof site, you can connect with prospective tutors and view their profiles to see their backgrounds and experiences. You can message them directly through the site to see if they will be a good fit for you, and if their schedules align with yours. Connect with a finance tutor on Superprof today!
Finance professionals need a unique skill set for success. Find out what it takes to work in the Canadian finance sector.
Did you like this article? Leave a rating!
Loading...
