Tips for Breaking Into Finance and Banking

by

31 January 2019

Finance

Finance

Many people with an interest in money find it quite rewarding (and profitable) to pursue a career in finance and banking. But not everyone gets there on the same path. For one thing, there are many careers in the industry, such as management, financial advising, auditing, and lending.

So, depending on what field you want to pursue and where you hope to work, your career path may look a lot different than someone else’s. With that in mind, there are a few tips you need to know to help you break into almost any field within this sector.

Majors are less important than you think:

Many college students get hung up on narrowing down their major in college to match the specific career they currently want. But the truth is that while you do need a degree, the major can vary quite a bit. In fact, many people start out with a major in accounting and end up with economics degree jobs. Or they might start with a major in finance and end up in economics.

Some people even break into the field with unrelated degrees, like psychology or communication. The point is that most managers in the money field know that the skills and knowledge you obtain from any area in business can translate to the others.

You might start at the bottom:

Not all fields are the same, but certain ones (such as banking) rely more on seniority than your level of education. In fact, many people in the banking industry started out years ago with very little education and worked their way up. Other fields also require working your way up, but they may not require you to start in the lowest positions available.

Some sectors in finance and banking will allow you to work your way up very quickly or even start out in management or mid-management positions. Just remember to stay humble, learn all you can, and work hard on even the small jobs you’re given.

Your resume needs to stand out:

While this is true in any industry, employers in the finance and banking industry are looking for specific skills. And depending on where you live and work, your resume could find itself at the bottom of a very big pile. Aside from a simple, professional format, you need to use the right lingo to get your resume seen. Each industry has its own set of particular skill sets that make someone a quality candidate. And banking and finance are no different.

In fact, because the applicant pool is so educationally diverse, your skill set may be the only thing that matters. The ability to communicate well, for example, is at the top of the list. Hiring managers also look for analytical ability, problem-solving skills, and capacity for innovation.

Networking should be your priority:

Networking isn’t just for business professionals looking for more client leads. It’s also one of the most effective ways to land your first job. About 70 percent of job seekers are hired by companies with which they have connections. And networking doesn’t have to be as hard as it sounds: it’s simply connecting with people in the industry.

You can do this by reaching out on social media to individuals or groups in the field you want to work in. You can amp up your LinkedIn profile to appear as an active job-seeker in the industry. You can take advantage of all the college events where professionals in your degree field will be meeting up. And you can simply ask people you know about their careers and connections in banking and finance. You’ll be surprised at how willing most people are to help you out.

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Credit Report

How to Dispute an Error on Your Credit Report

Your credit score is one of the most important numbers as far as your finances go. It dictates the rates you get when borrowing a personal loan or line of credit. But it doesn’t stop there; it may have sway over your next job, apartment, or auto insurance policy.When it has so much power over your life, finding an error on your credit report is scary. Something outside your control could impact your score and stand in the way of getting a loan or a new job.With this in mind, it’s prudent you act fast as soon as you spot something wrong. Here’s what to do if you find an error on your credit report: Start a Dispute Each of the three major credit reporting agencies makes it easy to file a dispute. You can go online to start, or you may send a letter in the mail. In either case, you must tell them (in writing) what information is inaccurate.Equifax: Submit a dispute onlineExperian: Disputes onlineTransUnion: Start a new disputeUnder the Fair Credit Reporting Act (FCRA) you have a right to contest any entry in your report. This means a major credit reporting agency must accept and investigate any complaints filed over inaccurate information. What Do You Need to Send? Before submitting your online dispute or letter, you need to make sure you can prove that inaccurate information doesn’t belong to your file.Check-in with this list to make sure you have everything you need. Personal Information: You’ll need to share identifying information like your name, address, date of birth, and Social Security Number (SSN) to create an inquiry. Disputed Information: You’ll need to explain clearly what items are inaccurate. The Federal Trade Commission recommends enclosing a copy of your report with the wrongful items highlighted. Proof: Perhaps the most important part of your dispute is proof. It can make or break your investigation. Make sure you send anything that supports your case. This may include emails from financial institutions acknowledging payments or a personal loan or line of credit report statement. Just make sure you send copies only, so you can keep the originals for your files. Send a Copy of Your Dispute to Your Furnisher A furnisher is a company that supplied your reporting agency with the faulty information. One example is your personal loan or line of credit report financial institution. Or it could be a utility provider or cell phone carrier. Be Patient It may take a reporting agency between 30 and 45 days to complete their investigation. After this, they’ll let you know their verdict within another five days.If they don’t agree with you, they’ll explain why. If it’s because your dispute is frivolous, it means you didn’t send enough proof to show the items are inaccurate.If they agree that the items are inaccurate, they’ll reach out to the financial institution that furnished them with the information in the first place. This may take another month or so before you see changes in your report.All in all, it can take a while before your report goes back to normal. With this in mind, it’s key to send your dispute off as quickly as possible. Follow these tips above and visit IdentityTheft.gov. These resources will help you handle your error to the best of your ability.Read Also:Are Debt Consolidation Loans Recommended for Credit Card Consolidation Panini Spa: The Importance of Secure Transactions and Identity

READ MOREDetails
Invest in Gold

Smart Ways to Invest in Gold

Gold has been in existence for many years and its market has been quite stable. Unlike other assets, it is not volatile and doesn’t fluctuate. It can also give huge returns when held for a long time. In this article, we will explore the benefits and methods of investing in yellow metal. Benefits of Investing in GoldThe benefits of investing in gold are: 1. It Holds Value Unlike paper assets, gold is an age-long method of storing wealth. It maintains its value for a longer period. It is the complete physical qualities of Gold that make it highly esteemed. For instance, it is resistant to corrosion. Goldsmiths can work on the metal and turn it into different articles. 2.  Serves as a Hedge Against Economic Instability Gold is well known to protect wealth against inflation. During periods of economic downturns, currencies might be devalued but with gold, things are different. Its value will never become zero. In the past, we saw stocks rise and fall, but gold prices soared because people buy more gold when they anticipate economic instability. 3. Protects Against Political Instability When there is a political crisis, governments place stringent measures to increase revenue. For example, they may stop people from accessing the money in their accounts. But if you own physical gold, you can always collect it and move to another country. How to Invest in GoldThe following are smart ways to invest in gold: 1. Physical Bars and Coins Unlike other commodities, investors can easily access gold in the form of bars and coins. They can buy them from brokerage firms, banks, or online bullion dealers. Bullion bars come in a brick of 400 ounces or a quarter of an ounce wafer.When buying coins, you need to be sure of what you are purchasing. There are regular coins and vintage numismatic commodities that are priced based on how much gold they contain. However, if you intend to sell your assets quickly, stick to coins that are in circulation. These include the Canadian Maple Leaf, South African Krugerrand, and the American Eagle.Another important point to note when buying physical bullion is the dealer. Whether you want to buy from an online dealer or a physical store, ensure the dealer is reliable. Also, make sure you get insurance for your bullion because you need to keep them safe. You can read this article to learn how to secure your bullion.Additionally, you can invest in jewelry. Many people enjoy wearing gold jewelry, so they can show off their wealth to friends and onlookers. These pieces of jewelry could be combined with silver, platinum, or precious gems to improve their aesthetics, making them more valuable.In some families, pieces of jewelry are passed down from one generation to another. As a result, the sentiment that family members attach to the pieces increases down the line even beyond the real value of the jewelry. If you are looking to invest in gold jewelry, make sure you know the purity level of the commodity.For instance, if you are paying for 24 karats, be sure that the dealer is not selling 18 karats pieces to you. Many insurance policies cover jewelry. So, make sure to insure your precious pieces in case they go missing. 2. Gold Funds If you do not want to go through the stress of owning physical bullion, you can invest in gold funds. These include ETFs (exchange-traded funds) and mutual funds. These funds follow the price movement of the metal and are traded on the Stock Exchange like stock.Some ETFs offer shares that are equivalent to a tenth of an ounce of gold. So, if the yellow metal trades at $1200 per ounce, each share will be approximately $120. Some ETFs invest in physical precious metals on behalf of investors, giving them exposure to gold’s price movements. Others invest in both bullion and shares of companies involved in mining and refining precious metals.Usually, stocks fluctuate faster than gold’s spot price. Also, companies may be affected by political, economic, and environmental problems that are not related to the price of bullion. However, these should not discourage you from investing in gold funds.ETFs have the potential to appreciate than when you invest in physical bullion. You can check out https://www.thebalance.com/ to get more information about ETFs. 3. Stocks of Gold Mining Companies Investors who cannot access physical precious metals can invest in stocks of gold mining companies. However, you should know that these stocks do not move with the prices of gold. This is because the success or failure of a mining company depends on its management. This affects how the company utilizes funds and makes profits. Therefore, if the company is unsuccessful, you can’t lay claim on the metal. Which Gold Investment Method is the Best for Beginners?There is no best way to hold gold because each method has pros and cons. However, you may want to consider investing in physical gold through a self-directed individual retirement account or a precious metal IRA. This gives you a tax advantage because you won’t pay income tax on your assets until you want to withdraw. Usually, distributions are allowed during retirement or as soon as you attain fifty-nine and a half years.Precious metal IRAs are good for long-term holdings, thereby, increasing the value of your investment. For instance, if you purchased bullion at $1000 per ounce before you retire, the price may have tripled.  But you must make sure the IRA custodian you choose is reliable. Reading reviews like the USAGold review will help you make the right choice when selecting a company to invest with.Gold investment is purely based on speculation, which is not outrightly bad. But you do not need to fill up your portfolio with only one type of asset. It is advisable to have about 4 to 5 percent gold investment in your portfolio to balance the other classes of assets you may already own such as stocks, bonds, and mutual funds.Read Also:Mutual Funds Vs Stocks: Which One Is The Best Option For You How To Start Your Investor Journey: 5 Credible Options To Explore Which Type Of Portfolio Might A Young Investor Who Is Not Afraid Of Risk Choose? What Investors Should Know about Investment in Gold and Silver Assets

READ MOREDetails
Bitcoin

Is there a Place for Bitcoin in the Fashion World?

When Satoshi Nakamoto's whitepaper for a new cryptocurrency was given a life, many expected Bitcoin to be adopted by nerds or enthusiasts who live by their own rules. But Bitcoin secured a permanent place in history as the world's first cryptocurrency. From its humble beginnings, it established applications that have disrupted politics, media, finance, governance, and more. Fashion and cryptocurrencyIt's a popular myth that Bitcoin's (and the other altcoins) only purpose is to make traders money on the cryptocurrency market. But not everyone checks up the Bitcoin price because they want to invest in cryptocurrency.Luxury brands can benefit from blockchain because it helps authenticate items and prevent counterfeiting, thus earning them an honorable reputation. Blockchain can also act as "social tokens" that build community among crypto-enthusiasts, making luxury brands more desirable for their exclusivity. Practical uses of blockchain and Bitcoin in the Fashion WorldAuthentication of goods A new wave of companies is using the blockchain to certify that their products are authentic. The seamless integration of the blockchain into e-commerce platforms allows shoppers to get more information about a product, including its provenance and how it was made. A QR code may be used on the packaging of authentic designer products, which can be scanned by smartphone users to verify their authenticity. Cryptocurrency payments Blockchain technology can be used to improve the efficiency of payments between parties at different stages of the supply chain. Bitcoin's blockchain was designed with the goal of creating an entire financial system that is decentralized without having to trust any third party. Using blockchain, fashion brands can receive payments internationally quickly, securely, and economically. Product lifecycle tracking As more luxury brands adopt digital solutions, it is becoming increasingly necessary to track product life cycle events. With blockchain ad authentication, brands can better understand how their product is affecting the environment and manage the full life cycle of their goods. Tackling ethical issues in Fashion With the rising public consciousness about ethical issues related to apparel, blockchain technology will be able to address these concerns in a more elegant way that will allow brands to be more aware of their manufacturing practices. This will further encourage manufacturers to be more conscious of their ethical responsibilities. The Future of NFT in Fashion What is NFT? It is a digital-only item that can be traded much like a real-life artifact. Unlike images that can be endlessly broadcasted online without belonging to anyone, NFTs are carefully curated into an immersive experience that gives you the impression of owning something physical. NFT's are seen as the future of Fashion In March 2021, street lifestyle brand RTFKT sold more than $3m worth of new season sneakers in just seven minutes through an NFT.As the debate about the value of digital goods continues, consumers are starting to use cryptocurrencies to acquire luxury products. A new class of customers is paying for luxury items upfront, with cryptocurrencies tied to the value of a real-world property. Nike, Burberry, and Louis Vuitton already have NFTs for their brands, and many others follow. Fashion fans paying with Bitcoin While the majority of fashion brand clients do prefer to pay with a traditional method, there is a growing demographic of individuals who enjoy cryptocurrency, especially those who have made money from it. These crypto enthusiasts want to buy Bitcoin with Paybis and purchase their fashion goods with it. Some watch brands (like Hublot) are already embracing the change and will allow purchasing with Bitcoin on their online store. Bitcoin loyalty points Cryptocurrency can be implemented into a loyalty or rewards program, offering users incentives for purchasing from brands that accept cryptocurrencies. The amount in Bitcoin can be stored in the crypto wallets of the customers if they want to trade it at a later stage for a higher amount.Merchants that accept cryptocurrencies as a form of payment may also benefit from the advantages traditional customers have. In aggregate, 36% of customers that use cryptos to make purchases have average incomes of over $100k and purchase amounts of around $450 per order. This is compared to about half that ($200) for customers who do not use cryptos. Summary Bitcoin and non-fungible tokens have a decisive role in the fashion world because they allow consumers to buy goods from faraway places as well as verify their authenticity. Fashion items can be costly, so these two technologies will prevent the industry from taking advantage of scammers and counterfeiters. Not only that, reward systems and loyalty programs can save customers a ton of money, given the fact they already save from the cheaper transaction rates.Read Also:Why Entrepreneurs Should Pay Attention To Cryptocurrencies In 2021 What Is The Concept Of ‘HODL’ Which Everyone Is Talking About In Bitcoins Types of Bitcoin Trading with Parameters Bitcoin’s 10th Birthday: Does Satoshi Nakamoto’s White Paper Still Hold Relevance?

READ MOREDetails