Is finance a good career?

Global Accounting Network
Global Accounting Network
Global Accounting Network
Is finance a good career?

A career in finance has always been a popular choice. 

According to UCAS course data for 2019, business and admin studies saw the highest number of new students with a 3% growth, increasing for the 7th consecutive year. 

This trend is seen in the US as well, with business degrees consistently ranking in the top 3 most popular college majors at the undergraduate level. 

Across Europe, it’s reported that more than 1.2 million European students are enrolled in degrees in the field of business, administration or law. 

There’s a reason these degrees are so attractive. 

The finance industry is one of the most resilient in terms of career prospects, with the total number of employed professionals in the business sector expected to increase around the world until 2030. While the Covid-19 pandemic had an undeniable impact on the hiring trends for the financial sector, there are clear opportunities for bright graduates looking to kick off their careers. 

If you’re ready to get started, we’re here to help. Contact us to discuss your financial career. 

How do finance careers compare?

Different sectors of the finance industry have their own sets of benefits and drawbacks. According to the 2021 Benify The Future of Work Report, the majority of employees in general rank financial benefits (including bonuses, shares and profit shares) as the most important perk they look for in a job. 

Starting salaries for graduates in the industry can vary vastly depending on the sector you decide to enter, where you live, and the level of competition within your chosen field. Significant increases can also be expected as you gain experience and professional certifications. 

As a benchmark, the investment banking sector offers starting salaries of around £50,000, while the banking and finance field starts at £32,500. Accounting and professional services expect to start at a salary of £30 600. 

One of the main advantages of a career in finance is how quickly you can increase your earnings. It’s also a versatile field, enabling you to diversify your skills. 

Making the most of the skills you learn as a finance professional

There are a few key skills you’re likely to develop in this industry. These include adaptability and agility in dealing with new challenges and market conditions; flexible and empathetic leadership abilities; and the capacity to clearly and effectively communicate and collaborate with others. 

As you may have guessed, these are also highly transferable skills. 

Transferable skills make you a sought-after candidate, no matter which industry you choose to enter. There are seven core skills that companies look for: being technologically savvy, communication skills, critical thinking, multitasking, teamwork, creativity, and leadership. By developing these, you open the door to advancing to senior positions in your chosen field. 

The dangers of a fast-paced career

The dynamic and exciting nature of the finance sector promises many opportunities for career development. While this can be thrilling, it’s important to look out for signs of burnout. 

Work and a work-life balance are increasingly becoming significant sources of stress, with nearly two-thirds of managers in the finance sector having experienced burnout during the Covid-19 pandemic. The work-from-home era has certainly played a big role in this, but it’s important to keep in mind that the professional services industry has long been plagued by imbalance.

A 2015 survey by Deloitte indicates that one-third of employees felt uncomfortable taking a holiday, while less than half of respondents felt that their company valued their lives outside of the office. These effects are seen across industries and around the world. The 2021 Gallup State of the Workplace Report found that employee engagement worldwide has decreased by 2 percentage points from 2019 to 2020. Employees also reported higher levels of worry, stress, anger and sadness. 

Emphasising your mental health and wellbeing is crucial to building a sustainable career in finance. Partnering with a reliable network of industry experts gives you the guidance and support you need to grow. Get in touch with us to discuss your career path today. 

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Is finance a good career?
Date: 01 November 2021
Author: Adrian O'Connor
Tags: finance career, career path, career advice