It is possible to land a job in finance without a finance degree. Although it may be more difficult, there are many strategies you can use to demonstrate to potential employers that you have the skills and passion necessary for a successful career in finance.

To get started, you can learn the financial lingo, round out your education with relevant coursework, or attend a financial boot camp. You can also expand your knowledge base through self-study, use a trading simulator, and complete industry courses. Other strategies include maintaining a financial blog, linking with a mentor, scoring an internship, and doing your best to get your foot in the door of a financial institution.

These strategies will help you get an entry-level job, and once you are in the field, there are many different areas in which you can specialize. Some common entry level jobs include bookkeeper, staff accountant, junior financial analyst, junior risk analyst, tax associate, personal financial advisor, credit analyst, budget analyst, and insurance claims adjuster.

Keep reading to learn more about each of these strategies and how they can help you achieve your goal of working in finance.

How to Get a Job in Finance: A Comprehensive Guide (Even Without a Finance Degree)

Many dream of a thriving career in finance, often picturing themselves navigating complex markets and making high-stakes decisions. The common perception is, that the industry is exclusively for those with finance degrees. However, a traditional finance degree isn’t always the golden ticket. Employers value skills like strong communication, problem-solving abilities, and effective time management, potentially more than just a degree. This article provides a comprehensive guide for breaking into the finance industry, even if your academic background is not in finance.

I. Laying the Foundation: Essential Knowledge and Skills

A. Learn the Lingo: Understanding financial terms and concepts forms a crucial foundation. You absolutely must know the difference between dilution and a dividend, or NPV and DCF. Websites like Investopedia or publications like The Wall Street Journal are excellent resources for expanding your financial vocabulary. Without this knowledge, passing the preliminary interview stage can prove nearly impossible. Interviewers will generally assume that a finance applicant, regardless of their educational background, possesses a working knowledge of finance.
B. Round Off Your Education: If you graduated with a non-finance degree, you can still bridge the gap. Taking relevant courses focused on finance or business is a great strategy. Undergraduate courses in economics, accounting, or financial analysis are beneficial. Many post-graduates pursue an MBA, because of its substantial finance component. This component can help level the playing field between finance and non-finance graduates.
C. Expand Your Knowledge Base: You don’t only gain relevant knowledge through a college degree. Many resources are available to deepen your financial understanding. They can be found at your local library or online, either free or paid. Being self-taught shows employers your initiative, passion, and drive.
D. Financial Boot Camps: Intensive courses offered by firms like Wall Street Prep and Training the Street teach valuable skills. Advanced spreadsheet techniques and financial modeling are often covered. These crash courses, while costly, offer a quick way to gain knowledge. Typically conducted over a few days, these courses often require some prior knowledge of basic concepts to maximize your benefit.

II. Gaining Practical Experience

A. Trading Simulators: Using a trading simulator helps you track the markets and develop practical market knowledge. Several websites, including Investopedia, provide trading simulators where you can create mock portfolios. This approach allows you to demonstrate your trading prowess or at least your market knowledge with minimal investment.
B. Industry Courses and Certifications: Completing relevant industry licensing courses can demonstrate your commitment to a finance career. The Canadian Securities Institute, for example, offers such courses. In the United States, the Financial Industry Regulatory Authority (FINRA) offers the Securities Industry Essentials Exam (SIE) which does not require sponsorship. The CFA Level 1 certification demonstrates your seriousness about a finance career and your understanding of investment principles.
C. Maintain a Financial Blog or share stock pitches: Starting a financial blog allows you to share your investment ideas and demonstrate various skills. Using social media platforms is also a great way to promote your financial ideas. Sharing stock pitches on platforms like Seeking Alpha or Value Investors Club can boost your credibility in the field.
D. Personal Finance Management: Do not overlook the value of managing your personal finances. Effectively handling your investments, savings, and budgets demonstrates real-world financial experience. Sharing your approach to these tasks with employers showcases your understanding of core financial principles.

III. Networking and Mentorship

A. Link Up with a Mentor: A mentor can provide invaluable guidance and support for your financial career. Look for potential mentors such as college professors, family friends, or supervisors from previous roles. Do not hesitate to reach out to contacts who can help you.
B. Networking: Networking is crucial in the finance industry. Reach out to people on LinkedIn, follow companies or recruiters, and join finance groups. Attend webinars and online events, and ask for informational interviews to learn about career paths and gain advice.

IV. Landing the Job: Internships and Entry-Level Positions

A. Score an Internship: Securing a summer internship is still one of the best ways to secure a full-time job in finance. Many Wall Street firms hire their new employees from their pool of summer interns. Consider unpaid internships or volunteer work, recognizing that the opportunity cost could lead to higher earning potential.
B. Get Your Foot in the Door: Target HR departments and use your network to find openings. Even entry-level roles in non-finance positions can open doors to future opportunities.

V. Tailoring Your Application

A. Tailor Your Resume: Emphasize transferable skills such as problem-solving, analytical thinking, and communication on your resume. Use action verbs to showcase a results-oriented mindset, highlighting experiences with data, budgets, and numbers.
B. Customize Applications: Avoid sending out generic resumes. Customize your resume and cover letter for every role, studying the job description and highlighting skills that match the employer’s needs. If a job posting emphasizes analytical skills or financial modeling, make sure those are prominent on your application.

VI. Exploring Entry-Level Finance Jobs

A. Common Entry-Level Positions:
- Bookkeeper: They maintain a company’s general ledger and handle payroll. The average salary in the US is $54,992.
- Staff Accountant: Staff accountants work on financial statements, payroll, taxes, and audits. The average salary in the US is $64,020.
- Junior Financial Analyst: They help with research to make informed investment recommendations. The average salary in the US is $71,110.
- Junior Risk Analyst: They help assess the financial risk of business decisions. The average salary in the US is $87,439.
- Tax Associate: They prepare tax returns and other tax documents for individuals. The average salary in the US is $60,145.
- Personal Financial Advisor: These advisors help clients manage finances and plan for the future. The average salary in the US is $94,222.
- Credit Analyst: These professionals assess individual’s financial data to determine risk in lending. The average salary in the US is $67,564.
- Budget Analyst: Budget analysts advise organizations on optimizing budgets. The average salary in the US is $88,987.
- Insurance Claims Adjuster: They evaluate claims, investigate circumstances, and negotiate payouts. The average salary in the US is $62,873.
B. Required Skills and Qualifications: Entry level positions typically require at least a bachelor’s degree in finance, accounting, data science, or economics. Skills in data analysis, statistics, and financial modeling are also important. Certifications like the CPA or CFP can be helpful.
C. Salary Expectations: Salaries vary by role, experience, and location. However, the average annual salaries for these roles are provided above.
D. Career Advancement: There are opportunities to advance into roles like Senior Bookkeeper, Accounting Manager, Senior Financial Analyst, and Tax Consultant.

VII. Job Search Strategies

A. Online Job Boards: Utilize job search websites like LinkedIn, Indeed, Glassdoor, eFinancialCareers, and BrokerHunter to look for suitable positions.
B. Networking and Informational Interviews: Use LinkedIn to connect with professionals and learn from informational interviews.
C. Resume and Interview Preparation: Take time to enhance your resume and hone your interviewing skills for the best results.

VIII. Addressing Common Questions and Concerns

A. Top College Majors for Finance Professionals: The top majors for financial professionals are finance, business/management, economics, accounting, and mathematics.
B. Non-Finance Degrees in Demand: Wall Street also seeks individuals with degrees in physics, mathematics, information technology, engineering, mining, and sciences.
C. Is a Finance Job Stressful? Stress levels vary based on role and responsibilities; investment banking roles can often be more high-pressure compared to accounting roles.
D. How Competitive is the Finance Industry? The finance industry is highly competitive, with many applicants competing for a limited number of positions and internships. In 2022, Goldman Sachs received a record 236,000 applications for student internships, accepting only around 3,500 (1.5%).

Conclusion

Breaking into the finance industry without a traditional finance degree is possible with the right strategies and approach. You can build essential knowledge, gain practical experience, and strategically present yourself to potential employers. By taking proactive steps, you can achieve your career goals in finance. Now is the time to explore all resources available to take the next step to advance your job search.

Frequently Asked Questions

Q: Is it possible to get a job in finance without a finance degree?

A: Yes, it is possible to have a successful career in the finance industry without a finance degree. While it may be more challenging, many strategies can help you demonstrate the skills and passion needed for a finance career.

Q: What are the main challenges to entering the finance industry without a finance degree?

A: The main challenges include a perceived lack of specialized knowledge like financial modeling and analysis, and employers often preferring candidates with traditional finance backgrounds. It can be more difficult for those without a finance degree to stand out in a competitive job market.

Q: What are some ways to demonstrate my financial acumen to potential employers if I don’t have a finance degree?

A: You can demonstrate your financial knowledge by:

Learning Financial Lingo: Familiarize yourself with finance terminology using resources like Investopedia.
Supplementing Education: Take relevant courses in economics, accounting, or financial analysis. Consider an MBA or a designation like the CFA.
Attending Financial Bootcamps: Enroll in intensive courses that teach valuable skills like spreadsheet techniques and financial modeling.
Self-Study: Utilize free or paid resources to deepen your financial knowledge.
Using Trading Simulators: Use trading simulators to track markets and understand market dynamics.
Completing Industry Courses: Complete relevant industry licensing courses or exams, such as the Securities Industry Essentials Exam (SIE).
Maintaining a Financial Blog or Social Media Presence: Share your investment ideas to showcase your knowledge.
Personal Finance Management: Highlight personal experience managing budgets, investments, or savings.

Q: Besides a finance degree, what other fields of study are valuable for specific finance roles?

A: Other fields of study that can be valuable for specific finance roles include:

Mathematics and Physics for quantitative trading, derivatives, and structured products.
Information Technology for algorithmic trading and platform development.
Engineering and Sciences for sector-specific research analysis and investment banking.
Data Science/Statistics for risk analysis and other analyst roles.

Q: What entry-level jobs are available in finance for candidates who are just starting out?

A: Several entry-level finance jobs are available. Some of these include:

Bookkeeper
Staff Accountant
Junior Financial Analyst
Junior Risk Analyst
Tax Associate
Personal Financial Advisor
Credit Analyst
Budget Analyst
Insurance Claims Adjuster

Q: What skills and qualifications are typically needed for entry-level finance jobs?

A: The skills and qualifications for entry-level finance jobs vary by position, but generally include:

A bachelor’s degree in finance, accounting, or a related field.
Knowledge of financial principles.
Experience with data analysis and software.
Strong analytical, problem-solving, and communication skills.
Industry-specific knowledge for certain positions.

Q: Is a Certified Financial Planner (CFP®) credential helpful for landing a finance job?

A: Yes, the CFP® credential can be helpful, especially for roles like Personal Financial Advisor. It demonstrates a commitment to the field and knowledge of financial planning.

Q: Is the Chartered Financial Analyst (CFA) designation important for a career in finance?

A: The CFA designation is highly respected in the finance industry. Passing the level one exam demonstrates a serious commitment to a finance career, and a solid understanding of investment principles. However, you must have a bachelor’s degree to become a CFA charter holder.

Q: How can I gain practical experience if I do not have a finance degree?

A: You can gain practical experience through:

Internships: Pursue paid or unpaid internships to gain industry exposure and connections.
Part-Time Roles: Seek part-time opportunities to gain practical experience.
Personal Finance Management: Manage your own investments, savings, and budget to demonstrate a practical understanding of financial principles.
Financial Blogging/Stock Pitching: Showcase your expertise by creating a financial blog or sharing stock pitches.

Q: How important is networking for getting a job in finance?

A: Networking is crucial, especially for those without direct experience. It involves building connections, learning from professionals through informational interviews, and attending industry events. Networking can open doors and provide valuable insights.

Q: How can I make my application stand out when applying for finance roles?

A: To make your application stand out:

Tailor Your Resume: Customize your resume and cover letter for each position, highlighting relevant skills and experiences found in the job descriptions.
Use Action Verbs: Use action-oriented verbs to highlight your accomplishments.
Highlight Transferable Skills: Showcase skills like problem-solving, analytical thinking, and communication.

Q: Are finance certifications crucial for getting a job without experience?

A: While certifications are not a guarantee of a job, they can demonstrate your commitment to a career in finance. The CFA Level 1 is particularly well-regarded.

Q: What are some good resources for learning about finance?

A: Good resources for learning about finance include:

Investopedia for financial terms and concepts.
Financial publications such as The Wall Street Journal.
Online courses and specializations such as those offered by Coursera.
Industry licensing courses from organizations like the Canadian Securities Institute.
Trading simulators.
Free or paid online resources.

Q: How competitive are finance internships, and what are my chances of getting a job after an internship?

A: Finance internships are highly competitive. For example, Goldman Sachs had a record 236,000 applicants for student internships in 2022, with only around 1.5% being accepted. Roughly 43% of finance interns who fulfill their duties are offered a job. Many firms hire from their pool of summer interns.

Q: What are some important things to keep in mind as I try to break into the finance industry? A: Keep in mind:

It is possible to break into the finance industry with no experience, especially with the right strategies and mindset.
The process requires time and persistence.
Emphasize your transferable skills like problem-solving, analytical thinking, and communication.
Customizing your resume and cover letter for each job is essential.
Be prepared to study and pass licensing exams on the job.

Breaking into Finance: A Comprehensive Guide for Non-Finance Graduates