07 August 2024
In the dynamic world of finance, theoretical knowledge has its limits. To excel, practical experience is essential. Immersing yourself in real-world work provides invaluable insights and a deep understanding of the financial landscape. Employers highly value relevant hands-on experience, making it crucial for securing a key position in finance.
Why work in finance?
Working in finance has numerous advantages for a person's present or future career because it immerses them in the world of business and teaches them important skills for their profession and daily life. Finance enables you to use analytical and problem-solving skills that can be transferred to various fields of work.
Finance degree positions also provide excellent pay, stability, and numerous prospects for progression within the sector. Having a finance career also means that you’ll often have more flexibility as an employee to work remotely or in a hybrid environment depending on the company.
The average pay for a finance graduate is £26k - £35k based on 450 salaries across the UK (Glassdoor,2024). Finance professionals can advance their careers by taking on greater responsibilities and earning higher salaries. Professionals with further education, experience, or certification in specific areas of finance can work as portfolio managers, chief financial executives, and senior financial analysts, making this a highly rewarding career path.
The importance of work experience in finance
Individuals with hands-on industry experience gain a better knowledge of the complexity and nuances that create the financial landscape. By immersing themselves in the day-to-day operations of financial institutions, aspiring finance professionals get important insight into the critical decision-making processes, risk management measures, and problem-solving approaches required for success.
This practical experience not only improves their technical capabilities, but also helps them develop critical thinking, communication, and interpersonal skills, all of which are essential in the fast-paced and dynamic world of finance.
Furthermore, real-world work experience provides opportunities to gain a professional network in the field which may be helpful in the future when landing your first finance job. This is essential for building a valuable CV to show your personal skills and eagerness to get involved, as most finance employers require some sort of background experience to land the job.
In simple terms, by tapping into the knowledge and networks of seasoned professionals, aspiring finance professionals can gain a deeper understanding of the industry landscape, identify potential career paths, and develop the necessary skills and connections to excel in their chosen field.
Applying real-world finance knowledge to personal financial decisions
By applying the principles and strategies learned in the industry, finance professionals can make more informed and strategic choices when it comes to their own financial well-being. From budgeting and investment strategies to risk management and retirement planning, finance professionals who have immersed themselves in the industry can utilise their practical knowledge to make more informed decisions about their own financial goals and objectives.
This deeper understanding of financial concepts and their practical implications can lead to more effective personal financial management and the achievement of long-term financial security.
Pursuing further education and certifications in finance
Real-world work experience in finance not only enhances an individual's practical skills and industry knowledge but also often inspires a desire for further education and professional development. Aspiring finance professionals who have immersed themselves in the industry can leverage their hands-on experience to identify areas for growth and pursue additional qualifications that can propel their careers forward.
One of the key benefits of real-world work experience in finance is the ability to identify specific areas of interest and specialisation. By gaining exposure to various aspects of the industry, finance professionals can pinpoint the domains or specialties that align with their strengths, passions, and career aspirations.
Furthermore, real-world work experience can also inspire finance professionals to pursue industry-specific certifications, such as the Chartered Financial Analyst (CFA) or the Certified Public Accountant (CPA) designation. These certifications not only demonstrate a deep commitment to professional development but also signal to employers and clients a level of expertise and credibility that can be highly valued in the finance industry. These certifications may increase earning potential and work opportunities, although they are not usually required by companies.
In conclusion, in the dynamic and ever-evolving world of finance, the mastery of the art of finance requires a delicate balance of theoretical knowledge and practical experience. While academic coursework provides a solid foundation in financial principles, it is the real-world work experience that truly transforms aspiring finance professionals into industry leaders.
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