Many people are attracted to money. Not just to get more out of it (who wouldn’t?), but to actually get involved in the finance industry and make a career out of it.
Did you know that some of the most successful people in finance and investments never practiced finance in college? Did you know that many never go to college? There are people who have built successful careers in investments or grown in the financial industry and learned on the job.
As I said, there are many branches to this tree. Accountants, accounting professionals, and analysts must pass important educational requirements before finding finance jobs. While these professions are built on heavy education and commitment, there are other areas of finance that do not require rigorous or specialized education before entering the job market.
Stockbroker and financial advisor jobs
Stockbrokers, registered representatives, and financial advisors are primarily salesmen in the finance industry. This is not to diminish what they do, it is actually true. Once you become a licensed stockbroker and work for a company, you are working as a telephone broker. Many large companies will need to have 2- or 4-year degrees before hiring you for a job, but a degree related to finance or investment is usually not required. Many small businesses do not require college at all. They are looking for mediators with talent, drive, and the ability to communicate and persuade. If you can convince the company that you can make money, you can get in. There are successful brokers and consultants making $200,000 or more and many of them are car salesmen, insurance agents, collection salesmen, real estate agents, and so on. The training is ongoing and most of them must decide after 6 months or 1 year if this is the finance job or the job they want.
The downside to this profession is the pay you earn. It depends largely, if not exclusively, on commission or fees. It’s a sink or swim financing career. It’s not for everyone, but the requirements are easier, so if you’re good at it – you’re all set!
Job mortgage broker
When Wall Street began losing jobs in the late 2000s and for several years thereafter, many brokers and advisors began their careers as mortgage processors or mortgage brokers. The mortgage industry was booming. With interest rates low and the economy slowing, homeowners have been looking to take advantage of equity in their homes or are looking to refinance. The people who were in these jobs at the 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 they are a very cyclical business and depend on new business and constant referrals of brokers to make money. If I had a choice overall, a career in mortgage brokerage would be one of my last choices. The good times are really good. Bad times are very bad.
Insurance jobs and retirement finance professions
As the nation’s population is living longer and the trend of major corporations offering attractive retirement plans is in decline, insurance agents, retirement planners, and real estate are doing well. Building a financial career and getting jobs in these fields can be very rewarding and the trends are on your side.
There are many areas of financing and investments. You could end up becoming a bond broker, trader, mutual fund broker, or something else. The quickest way to get a good investment or finance job or job is to get a job as a financial advisor or broker. You have to put in the time and effort, but the opportunities are there, and the experience you gain working with client investments will serve you well in the future. Either you’re doing a great job by doing exactly that, or you’re pitching that job to another field that’s a better fit for you.
The finance industry can be tough, it’s competitive and it has to stand out, but it’s better than digging trenches – usually!