Reasons to Choose a Financial Career

Reasons to Choose a Financial CareerReasons to Choose a Financial CareerThe financial services industry, as well as financial disciplines common to all industries (such as accounting), have long histories of attracting energetic and ambitious people who are looking for the best career opportunities. Focusing on the financial services industry, here are a few of its most significant selling points for prospective employees. Compensation The financial services industry is noted for compensation structures that are, overall, much more generous than in other sectors of the economy. In particular, successfulfinancial services sales professionalstend to be especially well paid, both relative to other employees in this industry and especially in comparison to salespeople in other industries. Advancement Compared to other industries, the financial services firms tend to place less weight on seniority in judging the readiness of employees for advancement. High performers can move ahea d regardless of age, making this industry particularly attractive for ambitious young people in a hurry. Getting Started Breaking into the financial services industrypresents increasing challenges today due to theconsolidation of financial firmsand the scaling back of traditional entry points such as financial advisor training programs and the renowned Goldman Sachs Junior Analyst Program. Nonetheless, financial internshipsare growing in importance as avenues to the best jobs in the industry. Bureaucracy Many of the leading firms tend to be relatively thinly-staffed. There are comparatively few layers of management. Decision-making tends to be rather quick. Your opportunities for getting face time in front of senior management also tend to be excellent. That is, these firms do not normally operate in a highly formalized, chain of command fashion which is more typical of slower-footed traditional industrial companies. You also are more likely to juggle multiple responsibiliti es within a given job category, often ranging far beyond the official job description, compared to the norms in other companies. Bureaucracy should be an important consideration in choosing employers. Pace A premium is placed on quick thinking, quick acting, and constant production of results. This can be trying for some people, exhilarating for others. The thin staffing and comparative lack of bureaucracy require exceptionally hard work, focus and commitment to stay afloat, let alone to succeed. For those who do, however, the rewards are commensurately great. Caveats As a general rule, the banking and insurance sectors of financial services tend to be rather more bureaucratic, more deeply staffed and less remunerative at all levels than firms whose principal lines of geschftsleben are in (for example) securities brokerage (or financial advisory services), investment banking, securities trading, investment management (or money management), and/or securities research. These l atter types of firms include what is commonly called Wall Street.