The Downsides of Working in the Financial Industry
From a young age, we have known exactly what we want to do with our lives. As time passes, these can change. Every professional path has its pros and cons; nevertheless, if we are considering a career in finance, for example, we need to weigh the pros and cons.
Why is financing a bad idea? Given that it is a legitimate profession offering substantial compensation, the answer is obvious: nothing. You should consider the benefits and drawbacks because not everyone can remain here permanently.
Before anything else, can you picture yourself advising someone who is likely making more money than you are while completing complex mathematical calculations? Well, the truth is that it’s not possible for everyone.
Your performance in rigorous academic courses, such as economics and calculus, will serve as the ultimate evaluation tool. You should have no trouble grasping these ideas and putting them to good use. However, some people may do well in only one or both topics, while others will likely thrive in a variety of disciplines.
Mastering abstract ideas is easy compared to actually carrying out one’s work on a daily basis. A smart move would be to network with people currently working in the financial sector to get a feel for the ropes. Get down some questions in case anything is unclear, and don’t be afraid to ask for clarification.
In preparation for your life after college, it is wise to familiarize yourself with the financial sector. This will help you make an informed decision in four years.
The following are some of the drawbacks you might encounter or hear about a profession in finance, should you decide to pursue it nonetheless. As you embark on your career in finance, you should not let these things discourage you, but rather remember them.
Earnings in investment banking and consulting far outweigh those of certified public accountants who enter the field with a CPA designation. In addition, they work overtime to complete all of the projects they take on at once, which is particularly common toward the end of the fiscal year or when filing income taxes is due.
The fact that you are dealing with the money of other people while playing a fast-paced game adds further pressure. You will be employed immediately without a second thought because a mistake on your part may put them out of business. But if they do well, they can advance in their careers, increase their income significantly, and even have the opportunity to go overseas.
Any job or line of work you choose will have its pros and cons, if you give it any thought. The difficulty you’ll have to overcome on your own will depend on your resilience. The people that are able to handle the stress will likely remain for the long haul, while the others will likely find something else to do with their lives.
Getting your feet wet in the field and conducting some research should give you a good picture of what it’s like to work in finance. To gain a feel for the actual world, this is where internships and on-the-job training come in.
You may use this data to determine whether a career in finance is right for you by comparing the pros and cons.