There’s plenty of room for advancement within the finance industry. With advancement comes higher earnings. As high salaries are one of the main attractors when young professionals choose their career path in finance, it’s important to strategize around the ways you can bolster your wages. From degree concerns to certifications, licenses to communication skills, there are numerous routes to consider on your path to more money. Consider the following tips and tactics and make your career as lucrative as possible.
- Pursue an MBA
While certain niches in the financial sector don’t require a master’s degree in business administration, there are some training programs and positions that will necessitate your MBA. If you plan on becoming a financial analyst, it’s almost guaranteed that you’ll need to earn your MBA because of the job market’s competitive nature. With every degree and certification you have to your name, you improve your chances of excelling in the field. If you plan on immersing yourself within money management or financial planning, an MBA is a must.
- Obtaining Securities Licenses
In order to advance further in the financial services, you’ll likely need a variety of securities licenses depending on your desired position. Any finance professional hoping to acquire a supervisory position will be required to obtain a Series 24 license, known more commonly as a principal’s license. If you’re looking to become a stock broker, you’ll need both the Series 7 and Series 63 licenses. As you become situated in a company or firm, chances are they will sponsor your exam fees and study materials. Certain licenses will require you to achieve the Chartered Financial Analyst designation. This exam is made up of three different tests that examine candidates on a wide variety of topics. Extremely rigorous and time intensive, most companies will fund your CFA online courses and test fees, but it depends on your rank in the company and relationship with your employers.
- Expand Your Portfolio
In order to attract high-paying clients, you’ll need an illustrious history of success. For some finance professionals, this is found through freelance work. Working as a remote financial advisor or accountant for a company can prove to be a flexible way to make more money and expand your client base. Remote employees can connect with companies through sites like Remote.com; take a look at the bevy of finance professionals already offering their freelancing services—it’s a lucrative option that pays off both now and in the long run.
- Get to Know Your Peers
Connections are everything, and making more in your finance career means finding better employment opportunities. One of the easiest ways to do this? Network as much as possible. Join local finance associations, attend meeting and networking events, and consider joining meetup groups with like minded professionals. You never know who might have a fantastic career opportunity perfect for you. Check out educational seminars, foster relationships with peers and superiors, and put your greatest efforts into staying on top of all of the trends in the field.
- Success Is About More than Finance Training
Don’t ignore your soft skills. You can have the academic acumen and all applicable certifications available, but if you aren’t able to communicate well or lead others, you won’t move as quickly or as easily up the ladder. Even the most knowledgeable financial advisors or analysts won’t advance as quickly or as far as those that spend time cultivating great soft skills. Setting yourself apart means advancing in all aspects of personal development. If you find it difficult to speak publically and communicate effectively, consider joining an organization like Toastmasters. Meet up with individuals from all walks of life and profession and stand up once a week to give a speech on the topic of your choice. It may be nerve-wracking at first but could significantly improve your communication skills down the road.
Looking for ways to improve your salary in the finance field? Consider incorporating these strategies and tips into your life. Whether you invest in your future by pursuing certifications or obtaining your MBA, there are plenty of ways to advance your employment opportunities in the financial sector.
About Carson Derrow
