The financial industry is interesting and lucrative. It’s for this reason that the industry attracts so many young college graduates who are looking for a stable and rewarding career that could potentially earn them a very high yearly salary. Top figures in the industry, such as Ian Mackechnie, do quite well for themselves in the finance game.
However, for as lucrative as the industry is, there are many myths about just what it’s really like to work in the world of finance. To help you get some perspective, especially if you’re considering a career in finance yourself, here are some of the main myths about working in finance, debunked.
Myth: It’s Impossible To Get Hired
Many young people don’t even consider trying to enter the world of finance because they have mistakenly heard that only the cream of the crop, such as the Ivy League graduates, stand a chance of getting a lucrative job. While the world of finance is certainly a competitive one, that doesn’t mean that those who are starting from humble beginnings but who are ready to work hard don’t stand a chance. Anyone can get into the financial world, provided that they’re willing to put the work in.
Myth: The Entire Financial World Is Corrupt
When people watch the news, they frequently see stories about corrupt people within the finance industry. While it’s true that there are some bad apples out there, it’s not fair to say that the entire industry is corrupt. There are still plenty of great people working in finance who are honest and maintain their integrity. They sell financial products like income annuities that help people live comfortably. For ever negative story you see, there are thousands of honest people whom the news never talks about on their nightly broadcast.
Myth: Everyone Working In Finance Either Is Or Becomes Insanely Wealthy
Not everyone who works in finance is a billionaire. Many of the people working in finance bring home average, middle-class salaries. While those working in the financial arena certainly do stand to make an extremely generous yearly income, there is no guarantee that you’ll make millions. Just because you have a working knowledge of profit margin ratio, it takes years to experience to land higher paying finance jobs. However, if you’re willing to work very hard and put the time in, there is much potential to earn a quite lucrative salary.
Myth: The Finance World Is Dull And Boring
The world of finance is exciting and interesting. While it might seem like a bunch of boring numbers at first, once you learn how to understand how the economy and finance works, it all becomes incredibly interesting. Training as a business analyst, you have the opportunity to gain insights that others may never know. Despite how it may seem, the world of finance is anything but boring.
Myth: Everyone Wants To Be An Investment Banker
When thinking about finance careers, everyone thinks of the definition of an investment banker. They have misconstrued images of what a professional in finance does. Well, it’s nothing like the Wolf of Wall Street, if that’s what you’re thinking of. Finance careers offer a wide range of career paths that you can pursue. Obviously, you can become an investment banker, but there are many more positions that require a variety of strengths and skill sets.
Myth: Finance Careers Have No Life Style
Actually, there are many different financial careers. You can work in finance while still having a good work-life balance. There are so many finance jobs with different roles. You can be a banker, trader, portfolio manager, compliance analyst or research specialist. Finance jobs available to you depend on your education and credentials. After that, the lifestyle is heavily dependent on the financial institution or organization that you’re working for.
These persistent myths are anything but true. Despite what you may have heard, the world of finance is a fantastic career path for young people and college students. It has the potential to be an incredibly lucrative and interesting career for those who are ready to learn and, more importantly, put in the work. The harder you work and the more you apply yourself, the more successful you will be in the world of finance.
Image from http://thefootnotes.com.au/day-in-the-life-of-a-senior-financial-advisor/