Financial Career As An Option

Tuesday, February 10th, 2009 John

We are all drawn to money one way or another, right? These days, because of the financial crisis we are in, a career in Finance may not be that popular even for among those surviving job loss. But do you know that if you are financially inclined, now is the right time to enhance your skills? Once the economy recovers, you can then be ready for your next career. Did you know that many of the most successful people in financial industry never had financial degree? Yes, many even never even went to college and got formal education as we know it. There are many people who have built winning careers in financial industry. They developed and learned while doing it on the job.

Unlike CPAs and CFAs, there are other areas of finance that do not require demanding or specialized education before you can enter the job market. Here they are:

1. Insurance and Retirement Fund Management
With the population in many developed and developing countries living longer and with growing number of companies cutting on retirement plans because of cost optimization, insurance agents, retirement and estate planners are doing well. Building a finance career and getting jobs in these areas can be very gratifying and the trends are on your side. Consider this in your planning for your next career.

2. Stockbrokerage and Financial Advisory
Stockbrokers and Financial Advisors are the fronliners in the finance industry. If you enjoy talking to different people, this can be a good choice for you. Once you are a licensed stockbroker and working for a firm, you are a phone broker. Many of the top firms will require some college degrees before hiring you for a job, but a finance-related degree is usually not required. Smaller firms may not require college degree at all. They are looking for brokers with natural endowment, drive and the ability to communicate. If you can convince the firm that you can sell, you can get in. There are flourishing stockbrokers and advisors who make $200,000 or more and many of them were car salesmen, insurance agents, collections salesmen and real estate agents before. Just realize that compensation is largely commission-based so it is practically a sink or swim finance career. It is by no means for everyone, but if you are good at it, you should go for it.

3. Mortgage Brokerage
When Wall Street began losing jobs in late 2000 and for several years after, many brokers and advisors began careers as mortgage processors or mortgage brokers. The mortgage finance industry was booming. With interest rates low and the economy slower, homeowners were looking to take advantage of the equity in their homes or looking to refinance. People who were in these jobs at mortgage companies made a lot of money. People had needs and the environment was ripe for big business. The problem with mortgage finance jobs is that it is a very cyclical business and it relies on constant new business and referrals for the brokers to earn money. Good times are real good. Bad times are real bad.

There are many areas of finance and investments. You may end up being a bond broker, a trader, a mutual fund broker or something else. The quickest way into a good investment or finance job or career is to get a job as a financial advisor or broker. You have to put in the time and effort, but the openings are there and the experience you gain working with client investments will serve you very well going forward. Either you make a great career doing just that, or you platform that job into another area that better suits you. The finance industry can be tough, it is aggressive and you must stand out, for you to make it. I will leave it to you which one to choose while you are surviving a job loss, but your choice should really be those areas where you know you can excel and will have fun. All the best!