The key to success in the finance industry is not always a title, but a relentless work ethic. So here are some tips on how to get into finance without a degree.
Starting a new career can be difficult, especially if you already have a degree in a different field. For many, the prospect of going back to school and completing another degree program can keep them from pursuing the kind of career they want. When it comes to financial careers, it is possible to enter the workforce without earning a finance degree.
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While a bachelor’s degree in finance is the standard prerequisite for financial management positions, there are steps you can take to start a career in finance without a degree that many employers require. While taking the path without a degree is much more challenging, relevant knowledge and experience can be acquired outside the university sphere. If you’re considering a career in finance but don’t have a four-year degree, stay motivated and work hard.
Can you get a job in finance without a degree?
While many finance jobs require a bachelor’s or master’s degree, there are several job options that don’t require a degree in a related field. Getting a job in finance can seem intimidating if you don’t have a formal education in finance or related work experience, but with some determination and patience, it can be done.
If you are dissatisfied with your current line of work or are still trying to figure out which career area is right for you, a financial advisor career might be something to look into. The financial sector is moving fast, is challenging and is expected to continue to grow over the next decade. The Bureau of Labor Statistics (BLS) estimates that demand for financial advisors will grow by 4 percent from 2019 to 2029. Job growth for more advanced finance jobs is even higher, and the BLS estimates that demand for finance managers will grow by 15 percent much faster than the average for all occupations.
How to get into a finance career without a finance degree?
Unless your career absolutely requires it, a finance degree is not always necessary. If you’re in your 20s and college didn’t work out, or you decided it wasn’t for you, but you want a career in finance, here’s what you can do.
Personal Bank or Main ATM
If you really like to offer solutions based on your customers’ needs, a personal banker role might be perfect for you! However, if you feel embarrassed asking a client if they’ve heard about your latest home loan promotion, you’ll probably want to pursue a different career path.
Personal bankers have less of a service role and more of a sales role. Your job is to retain and sell customers as many products and services as possible to keep them in the bank. The more products a customer has linking them to a financial institution, the harder it will be to leave and move on to the competition. If this is your way, go for it! If you prefer to manage a team of tellers, learn audit procedures, and enjoy the operational side of things, a head teller role would be best for you.
Obtain a License
As said before, you must be sponsored by a company to get your full accounting licenses.
If you can convince your employer that the exams are worth taking, it will prepare you for great potential jobs in the future and you can study finance while you work. Licensed bankers and managers may offer products, such as annuities, that can pay more than the average CD or money market account.
Decide Your Professional Career
At this point, you can choose from retail positions or move to work in a bank and it’s time to decide what you want to do with the rest of your life.
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