When working with the government on a federal level, financial majors are often tasked with the preparation of policies and are called in to offer advise to regulatory agencies that manage national economic issues.
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Saurabh Tyagi, a writer on education, technology and career advice, gave us his advice for Finance majors, specifically the skills you will need to get hired and grow in your career:. Individuals who possess strong learning agility, can easily thrive in demanding and challenging situations, which are common occurrences in these sectors. Adaptability: The banking and finance industry continuously explodes with new trends, deals, opportunities with new markets being founded and old markets being relinquished to history.
As such, it needs people who can deal with these fast-paced changes and deliver results quickly even in unfamiliar situations. Inquisitive personalities, curiosity, asking good questions at the right time are all good qualities to stand out in your job search. Innovative : You may not expect this to be in the skill set of successful financial professionals.
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In fact, being innovative is a highly prized trait for this career path. The ability to create or identify new opportunities to develop the business, generate new ideas, and approach a problem with a new and refreshing perspective is one of the key requirements to thrive in the age of cut-throat competition. Show recruiters how you can think out-of-the-box and how you seek opportunities for improvements.
Mathematical aptitude : Your number crunching ability should be second to none. Performing tasks like creation of financial reports, balance sheets, income statements and budgets requires you to have excellent quantitative ability. You should be able to read financial reports and explain it to clients or colleagues.
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A banking job will require you to deal with loads of money daily. Communication : Your ability to communicate verbally and in written form is essential.
Finance professionals have to deal with the communication of lots of important policies and procedures to their clients. They have to communicate budgetary concerns of management, along with redressal of consumer complaints.
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Many banking positions will require you to communicate with customers on a regular basis, answering their queries. Meetings, presentations and conferences are an important part of most managerial roles in these sectors. Also read: Communication skills factor into who gets promoted. Resilience : There are plenty of stories about the notorious pressure-cooker situations experienced by professionals in banking and finance.
With aggressive deadlines to meet, and a highly pressurized working environment, you need to prove recruiters that you are resilient. Many higher education courses fail to focus on the key skill that can make or break you career. Economics majors are known for their analytical and critical-thinking skills.
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They're adept at manipulating data, recognizing linkages between trends, producers, and consumers, and understanding how daily transactions contribute to overall economic trends. Such skills are applicable to a wide range of jobs. The type of job you find will depend somewhat on the kind of degree you get. Most entry-level jobs in economics require at least a bachelor's degree, but you can choose to get either a Bachelor of Science B.
And while a bachelor's degree can open a lot of doors, advancing to more senior positions might require a master's degree or even higher credentials. If you're thinking of going down that road, be sure to read our tips on how to decide if you need a graduate degree. We've put together a list of both entry-level jobs and those that require something beyond a bachelor's degree, so check those out below.
And if you're trying to decide if economics is right for you, you might find it helpful to read our section outlining some of the benefits of an economics education. Jobs for economics majors right out of college run the gamut from banking and finance to research and sales. Some of the best entry-level jobs for economics majors in this section come with high salaries and solid employment outlooks.
Keep in mind that unless otherwise noted, the average salaries listed here are averages across the entire occupation and do not necessarily reflect what you would earn as a starting wage. Providing advice about investments, insurance, mortgages, taxes, and more can be a rewarding way to put your economics education to work. With training in financial planning , financial advisors work with clients to set financial goals and figure out how to achieve them. They educate clients about anything from budgets and savings plans to investment and tax issues.
This career is expected to see a faster-than-average job growth between and An actuary uses numerical analysis to calculate and manage risk.
Your job is to analyze the likelihood of future events and identify ways to minimize the risk of negative outcomes. A bachelor's degree will get you in the door; you will likely be partnered with more experienced actuaries who can guide your development. You will have to apply for membership in a professional actuarial society and pass a series of exams to be certified. You can start that process in your senior year of college; in fact, many employers expect students to have passed at least one of the qualifying exams before they graduate.
Many informatics companies need healthcare analytics specialists to study the performance patterns of different hospital departments and recommend ways to streamline and improve processes. These professionals analyze data from patient files, billing records, and hospital inventories to make projections and find inefficiencies. A bachelor's degree can get you an entry-level position, but a master's will help you advance.
Once you have at least three years of experience, you can apply for certification through the American Health Information Management Association. Guiding companies' investment decisions is the job of financial analysts. They use their skills in quantitative analysis to assess financial projections and evaluate investment proposals.
You have to be skilled at deriving meaning from economic and business trends to be successful in this field. Some positions require that you get a license from the Financial Industry Regulatory Authority FINRA , but employers don't generally expect you to have that before you start. As a financial examiner, you can help keep the world's financial systems on track by making sure that banks, credit unions, brokerage firms, and other financial institutions comply with applicable laws and regulations. Part of the role involves ensuring that borrowers are treated fairly and that the financial institutions are prepared to handle any unexpected losses.
A bachelor's degree in economics that includes some accounting courses is a good foundation for this career. Do you have a love of number crunching? Statisticians gather and analyze data to detect trends and relationships. They design surveys, collect data, and communicate the results to policy makers and others.
And they're in demand: This field is expected to grow by 33 percent between and Most positions require a master's degree, but some entry-level jobs are available to those with an undergraduate degree in economics. Operations research analysts examine data to help organizations solve problems like how to use resources, manage the supply chain, and set prices. They use sophisticated statistical modeling software to assess the likely consequences of process or organizational changes. Their work influences company policy decisions.
A bachelor's degree is enough for entry-level positions, but you will need an advanced degree to move up in this field. When a company or an individual needs a loan, it's up to credit analysts to assess the risk involved in lending the money. They analyze credit histories and financial statements to calculate the likelihood of a borrower being able to repay his or her debts. They also determine the appropriate terms for each loan. You need to be a whiz with spreadsheet and database programs and have top-notch math skills for this job. A bachelor's degree is the normal starting point, though some employers also require industry certification.
Manufacturing firms, retail businesses, and transportation service providers rely on supply chain analysts also known as logisticians to make sure the process of getting products from warehouses to end users operates as efficiently as possible.
These professionals collect data on costs and productivity to evaluate shipping processes and identify problems. You need to be good at strategic planning and resource allocation to succeed in this field. A common fixture in government departments, research firms, and higher education institutions, budget analysts help large organizations keep their financial house in order. They study the costs of policy or program decisions and recommend funding levels.
They also analyze revenue and expenses in order to project future financial needs. You need solid communication skills in order to explain and defend your recommendations.
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