Though it begins with money, a career in finance is more than that. Earning a degree is only the beginning for a business graduate. Consider your interests and talents while choosing a job you’ll enjoy and be successful in what you do. To report some forms of non-employment income to the IRS Form 1099 is utilized.
The financial service industry
There are a wide variety of positions in the financial services industry that attract a wide range of abilities, also sub-industries. Investigating your options in the financial services industry will assist you in securing a position that is best appropriate to your interests and talents. The same is true for professionals who wish to make a career shift and try out a new field.
Financial planning
Financial planners assist clients in developing strategies that will secure their financial security in the present and future. Standard practice is to look at the goals and create a plan suited to their unique situation. As well as estate and tax planning, the approach may focus on wealth preservation or investment growth. The strategy might be centered on asset preservation or investment growth and also estate and tax preparation. Certain non-employment income is reported to the IRS using IRS Form 1099.
The majority of financial planners work for large, national businesses or smaller regionally-based organizations. Some planners charge a fixed fee, while others take a percentage of the client’s assets under management (AUM), which includes payment on products such as mutual funds.
Corporate finance
Corporate finance roles include locating and managing money for a firm. It gets accomplished while increasing business value and lowering financial risk.
You might work in a company’s corporate finance department and:
- Plan the company’s long-term financial plan.
- Profits and losses get projected.
- Negotiate credit lines
- Financial statements should get prepared
- Outside auditors must consulted.
Commercial banking
Commercial banks, ranging in size from more corporations to small businesses, provide a wide range of financial services, including checking and savings accounts and IRAs and loans. Tellers, loan officers, operations, marketing, and branch managers are all jobs in the commercial banking industry.
Talented individuals can progress from a local branch to a bank’s corporate headquarters position, where they will get exposed to various aspects of commercial banking, such as international finance.
Investment banking
Investment banking positions are among the most glamorous—and demanding—financial occupations. Jobs in investment banking help companies issue new securities and bring them to the market for investors to buy. Investment banks also trade securities and provide financial advice to companies and high-net-worth individuals.
Investment banking businesses often feature several divisions and groups, each with its own set of goals and duties. Working at a typical investment bank would provide you the opportunity to connect with securities issuers and mergers and acquisitions experts. You might even work on a trading desk, where you’d trade stocks, bonds, and other secondary market instruments.
