A successful business venture is not a single action or an individual departmental effort. It is a grand puzzle solved on multiple fronts in the form of different departments functioning and fulfilling their responsibilities. No matter how fantastic your idea is, how cost-effective your production method is, no single pursuit without other various departments supporting it, can do wonders. However, every single department in itself is a whole world. Sales Department doesn’t just have to sell it to customers but to set competitive pricing, dueling with competitors, and convincing customers to stick around. Similarly, the Human Resources department has its own set of responsibilities and challenges to cater to simultaneously. And it goes on for every other department.
However, there is one department in the business sector, which experts regard as the backbone of the company. We are talking about the finance department here. Finance Department is the one that is what concerns the owners the most. It covers every aspect of the business in terms of money. And profit and wealth are the leading indicators of the market. Finance Department overviews the business performance, handles the numbers with accounts, and provide insights that are crucial for the strategic decision-making in the business. It can provide simple, understandable information of a business to detailed analysis and recommendation of product portfolio and overall business performance. The Head of Finance or the CFO is equally responsible as the CEO of a company before shareholders and owners.
Therefore, the finance department or finance professionals have their influence and credibility in the business. Similarly, finance careers are comparatively brighter than other mainstream career options. After getting enough experience and skillset, a lot of finance professionals start their consultancy service businesses. This trend has been emerging as it is lucrative for companies too. They can engage such financial consultants on a need basis without affording and maintaining them in the business as a department.
There are no pre-defined steps to becoming a financial advisor or consultant, but getting a bachelor’s or master’s degree, along with substantial experience in a top-notch finance department, is essential now. As discussed, finance careers are conventional, but they offer lucrative attractions as career options still. Let’s take a look at some of the perks of pursuing a career in finance.
- STABLE CAREER OPTION:
No matter how much technological revolution we are observing, or automation becomes a norm, a business would still need finance professionals to conduct financial proceedings. On the other side, the global financial markets are also expanding as there are disruptions, and new business models are entering now and then. Hence the demand for competent finance professionals is also increasing with the same magnitude. Therefore, one should not feel threatened with the number of emerging financial professionals entering into the market.
Additionally, the stability of the finance job is higher in a typical corporate as compared to other departments as this job role is not associated with the bottom line performance or revenue growth. Hence they don’t need to face the music of bad performance reviews.
- FORWARD THINKING INDUSTRY:
In the last five years, due to the emergence of Fintech businesses, the finance sector has evolved as one of the most dynamic industries in the world. Due to new business models, new service business offerings, new laws, and legislation, the finance industry is moving towards mediums of continuous growth, and hence the demand of finance professionals with tech skills is massive than before.
- VARIETY OF CAREER PATHS AND OPTIONS:
Finance Professionals are trained and worked with certain skill sets that are transferrable and required in other fields too. With a finance background, there are always more than one different career paths, and options are available for them. There are many industries like Investment Banking, Retail, Financial Services, Law, etc. that demands analytical skills, problem-solving techniques, strategic decision making, that are acquired by finance professionals.
- WORLDWIDE OPTIONS:
There are very few industries that remained in a world where human interaction is irreplaceable, and the finance industry is one of them. As the world has become a global village and businesses are expanding internationally, worldwide opportunities are unlocking for the finance professionals. With the upgrade in communication skills along with local language skills, a finance professional can thrive in any part of the world.
- BETTER COMPENSATION:
Due to its nature of staying high in demand in any business, finance professionals tend to attract and make more money than other conventional departments. Such numbers get even better if we can look at financial services firms. As per recruiter.com, a financial services sales agent makes between $72,000 to $108,000 in the USA. Additionally, higher pays allow them to invest in further high-income generation ventures. Such numbers can get extrapolated to consider the pay scales of finance professionals on steeper grades and positions.
- SPECIALIZED TRAINING:
As the financial sector is evolving and newer tools are getting introduced in the business; companies need to adapt quickly to such developments. Therefore, they focus on training their financial professionals to get the most out of such advancements, for example, any new tools introduced in stock market trading or SAP variant in the finance function, etc.
In this way, finance professionals get best-required training, which enhances their skillset and understanding of the business. This technique ultimately improves value in their resume, which eventually results in better future career paths.
As discussed, finance careers are one of the most rewarding careers today due to the complex skillset they possess and comprehensive training. However, all the career breakthroughs and advancements depend highly on further certifications and qualifications. Therefore, it is essential to keep the future in mind, thinking ahead, and acquire skills that belong to the future and provide value to the employer. Hence, the Fintech sector and technologies like blockchain, data analytics, cloud computing, etc., should be learned that can be high in demand and pay well.