They say money makes the world go round, and we couldn’t agree more. Whether we like to admit it or not, money and finance are one of, if not the most important things holding society and the economy together. Therefore, it would be trivial to debate how important it is or what other factors can make for a meaningful life. Ask a finance expert, and they will categorically explain just how vital cash flow is for the economy, company, family, and an individual.
People who have made their careers in finances are worth their weight in gold for the companies that hire them. Even the entry-level accountant job is one of the essential roles in business that some people fail to acknowledge. Most accountants make it up the ladder quickly, but what does it take to do so. With so much competition, arguably one of the most challenging educative degrees, and general uncertainty in the market, what does it take to become a successful finance professional?
This article will look at that and highlight how you can grow within your finance career. Then, read till the end for five tips on how to make it big in finance.
Table of Contents
1. Score high on your exams
The world of finance is at technical as it gets. Therefore, many companies will refer to your academic credentials to gauge your knowledge about certain topics. Consequently, having an excellent graduating GPA on your transcript would be great. However, that’s easier said than done because finance is a challenging field of study.
If you have difficulty prepping and scoring for an exam, consider platforms like Wiley Efficient Learning. Sometimes you need extra support, and the online aid might be just what you need. They claim that through their help, 90% of their students passed their exams on the first try.
It may sound like a drag to hear how critical academic credentials are, but it’s true. Likewise, it’s better to hear about the reality of the market rather than have a false sense of expectation.
2. Find a mentor
Finance is one of those fields where experience plays an enormous role in your career progression. There are some things that books simply can’t teach you. It would be best to align yourself with a mentor who gives you little doses of wisdom throughout your career.
A mentor helps you navigate some tricky situations. For example, an audit is usually one of the most stressful times in a financial analyst’s year; therefore, learning and understanding how to traverse these events are key factors that will help you grow in your career.
You might be surprised to learn how open some people are to teaching you. You may see a seasoned financial professional and feel a sense of intimidation; however, that might not be the case. Consider striking up a conversation and taking it from there.
3. Follow the economic trends
Knowing what’s going on in the economy is essential to progress in your financial career. There are so many fluctuations from time to time that you need to be on top of things. Forecasting the future economic and political environment is a skill that might help your company keep its head above water in trying times. Budgeting, cutting costs, and preparing for economic downturns are extremely important if this business is going to survive and eventually grow.
Besides the economy, you also need to know what’s happening in the market. For example, are competitors coming in and consuming your market share? Moreover, are the trends in the market changing? Will you need to talk to the marketing department to launch new services/ products?
If you don’t look at the bigger picture, you won’t be able to effectively budget and forecast the future. Knowing your surroundings and pre-empting a negative situation is always better than getting caught off-guard.
4. Coordinate with other departments
This may sound like a no-brainer, but you must communicate with senior officials in other departments within the company. Finance is probably the most crucial department for any company. They are the ones that keep the company going and manage the liquidity of the entity.
Managing budgets, explaining expectations, and generally drawing a future course of action can only be done if all the company’s senior officials are in the loop.
Doing so also gives each department head perspective about where the department is coming from and what the future of it looks like. Sometimes these could be real eye-openers; other times, They could be grounds for praise.
5. Adopt technology
If you are still using traditional bookkeeping methods in 2022, you’re already fallen behind; you need to get with the times and add technology to your repertoire. Although human beings can make mistakes in books, technology will rarely let you down unless the information is added incorrectly the first time. Moreover, errors in record-keeping can have colossally negative ramifications for the company. Other than the fact that you are relying on incorrect information, it could get you in trouble with the authorities as well.
Technology is more efficient, cuts costs, and is generally a more reliable way to manage the company’s financial position. We understand that the switch to modern software may seem significant, but it’s hard to go back once you make the shift.
The drawback to this is that some employees within the team might be made redundant. It’s the sad truth, but this is a fact of the times and something we must come to terms with. Perhaps they could be moved around within the organizational structure if not entirely redundant.
Conclusion
There we have a brief insight into a career in finance. This is just the tip of the iceberg; there is so much more to the job, and it would be best if you read up a bit yourself as well. Working in finance is far from a cakewalk. It may be a financially rewarding career, but it is also an extremely demanding one.
This article was aimed to make things easier for your career progression. We talked about factors ranging from your education to finding a mentor and adopting technology.
You will have to make decisions on how to traverse the road ahead. These points are mere suggestions you can consider when entering and growing the job.
We hope this article has been helpful; good luck with your career ahead!