Tips for Breaking Into Finance and Banking


31 January 2019



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.

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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.

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The 7 Habits of People Who Live Debt-Free Lives

What does it take to live debt-free lives? It’s not cutting up your credit cards or refusing to use credit at all. Credit can be a useful tool at times for building the life you want to live. But there are certain habits that people who never carry a credit card balance tend to practice.To get debt-free lives here're few essentials to flesh a glance over: #1 They Pay Their Bills in FullOne of the best things you can do for your finances is to pay your credit card bill in full every month. The same goes for utilities and other expenses, but your credit card is usually the only one with the option to pay less and carry a balance.You’ll save yourself hundreds (if not thousands over a lifetime) by treating your credit card like any other bill and always paying the full balance. #2 They Make Long-Term Plans People who live free from debt have long-term goals, and that gives them the motivation to save more. It’s much easier to delay immediate gratification because they have a greater goal in mind.It’s not about refusing to ever treat yourself; it’s about balancing your present wants with your future wants. You’ll be more likely to save when you can clearly see what you want to do with that money. #3 They Get Help When They Need ItThe first habit of people who want debt-free lives is getting out of debt in the first place. The smartest way out of debt isn’t always to pay it all back yourself. High-interest rates are expensive and cut into your payments.Don’t be afraid to get help with your debt so that you can save more money and pay it all back sooner. You don’t have to be stuck with debt for years to come. #4 They Automate Their Savings If you want to make sure you’re saving, put it on automatic. It’s easy to set up automated withdrawals from your bank account into a savings or investment account. Set it up with every paycheck, monthly, or on whatever basis works for you. When you automate everything, you won’t even be tempted to spend the money. #5 They Have an Emergency FundToo often, people wind up in debt because they faced an unexpected expense and didn’t have the money for it. An emergency fund is what bridges the gap. These are some of the best reasons to use an emergency fund:Bridging a period of unemployment; Paying for car repairs or medical expenses that you didn’t expect; Emergency home repairs; Essential travel that you weren’t expecting; Other unanticipated situations.It’s important to note that it shouldn’t be for recurring expenses. Those should be built into your budget. #6 They Live on Less Than They Make One of the toughest things you can do for your finances is to cut your expenses. It’s easy to get used to a certain lifestyle, whether it’s a bigger or more central apartment or dining out a certain amount.It’s much easier to never get started in the first place. The next time you get a raise or a new job that earns more money, put all or most of the new money into your savings without changing your lifestyle. Otherwise, you get what’s known as lifestyle creep. #7 They Say No Sometimes, debt-free lives mean passing down opportunities, especially the most expensive ones. Whether it’s a dinner date at a restaurant outside of your price range or a destination wedding you don’t have the money for, sometimes you have to say no for your own benefit.Read Also:Debt Management: Why It Pays To Seek Help From The Experts? Dealing With A Debt Relief Officer For A Better Assistance Debt consolidation plans for your debt relief


How To Make Money From Bitcoins In 2020

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Loans Faster

8 Simple Tips To Pay Off Your Loans Faster

Many people consider taking out a loan when they don't have the necessary funds to pay for something upfront. This allows them to make big purchases or investments without missing out on limited-time opportunities like discounts or promotions. For other reasons, people may also take out a loan for personal emergencies like paying medical bills or investing in a new business that can help them achieve their goals.No matter the reason, borrowers are still obliged to pay back the same amount of money within a period of time, with designated interest rates. To enjoy a debt-free life faster, here are some tips on how you can pay off your loans faster: 8 Simple Tips To Pay Off Your Loans Faster: 1. Arrange your debts:Create a spreadsheet or a list of every single debt you have and arrange it based on whether it is outstanding or not. Include details like how much cash you borrowed as well as the payments you have made so far. This allows you to keep track of your progress and give you a visual motivation to get things done. Remember to always pay on time to avoid increasing your debt further.Read more: Eight Essential Tips For Getting Out Of Debt 2. Ask help from an expert:If you need help managing your debt or are looking for expert advice, consider contacting the nearest expert financial group in your area. Many of them offer consultation or debt relief services that help manage complicated loans. For instance, Check Into Cash offers various solutions at affordable rates and have several locations within the United States. You can also visit finance advice blogs and social media websites for industry tips from experts. 3. Create a budget plan and stick with it:Creating a budget allows you to allocate your finances into segments. This includes dividing your monthly pay into equal portions sorting your expenses according to the following:Bills and important payables Grocery budget Food and transportation allowances Loans and debts Savings Miscellaneous and emergency expensesKeep this data in a logbook or in your personal spreadsheet to track your progress. 4. Pay off the most expensive ones first: Not all debts are created the same, if you haven't been paying your credit card loan then you might want to start now. The reason for this is because credit cards have the highest interest rates compared to other lenders. However, depending on your loan you can also pay off the ones with the smallest balance first and use the debt snowball method.The snowball method is done this way:List all of your loans from the most to the least Make the minimum required payments for each loan Try to allocate as many resources possible for the loan with the least balance Do it every month until all balances are clearedRead more: Using Short-Term Loans To Help Rebuild Your Credit Score 5. Pay more than the minimum: If you have extra money, consider paying it directly to your loans to help pay off your debt faster. Make sure each payment you make is up to date so a portion of it won't go to interest. If you don’t have any extra money, look for a side job like doing paid online surveys or driving for Uber and Lyft. If you’re creative, you can also freelance part-time and create content for clients on various websites. 6. Sell items you don't need:Many of us can live without a few extra items in our house. Sell off some items like electronics, art, and furniture on a garage sale or online shops like eBay. If you have items that may need refurbishing, try getting them repaired before selling them off. You'll be surprised how much people are looking to buy things on a bargain! 7. Lessen your spending habits: Learn to live frugally for a while. Instead of paying for gas, use public transportation or walk to your destination. Make home-cooked meals instead of ordering out, and as much as possible try to limit your shopping habits except for necessities like groceries. If you must buy something like a dress or a pair of shoes, consider waiting for a sale or look for bargains online. Every little act counts. 8. Refinancing:Refinancing your loans might seem counter-intuitive. But it's a smart way of transferring your loan with high-interest rates to another lender that offers affordable loan interest rates. Some examples of these are student loan refinancing options, home loan refinancing, and auto loan refinancing. It's a great way of saving money since you're able to remove yourself from high-interest debts which take a long time to repay. Final Thoughts: Paying off your debt faster allows you to enjoy your life without worries, providing you peace of mind while also ensuring financial strength. For the latter, paying off your debt as soon as possible allows you to have better credit scores, which provides you with more financial opportunities in the future. Learning how to live life frugally while paying off a debt can also be a great learning experience since it helps you learn to value every penny you earn.While it may seem overwhelming at times, learning how to be financially responsible for making a plan and sticking with it will help you become more responsible in the future. If you need any help, contact your local bank or nearest financial group and see whether they have offer consultation services that can help you formulate your own plan.for personalization Manager: I can't access the website to check the link. it says that it's blocked in our country.Read Also:Debt Consolidation Plans For Your Debt Relief Are Payday Loans Really As Bad As People Say? 5 Questions To Ask When Deciding On An SBA Loan The 8 Smart Tips To Get A Smart Repayment Plan Home Sweet Home Improvement: How To Find The Best Home Improvement Loans