Tag: Business

6 Things to Do in Your First Week at a New Job

The first week of any new job can seem a little overwhelming. It’s probably the one week where you’ll have the most “ramping up” to do throughout your time at a company. Here are a few tips to make sure you nail that week, no matter what the job entails.

1. Ask lots of questions

Don’t hesitate to ask questions. This isn’t the only week you’re allowed to ask questions, but it’s the week when everyone will want to help. Don’t worry about being annoying; you’re expected to have a lot of questions, and asking them shows that you’re eager to learn. Just make sure you ask things that will help you learn and keep track of people’s answers so you won’t be asking the same questions over and over again. Most importantly, if you have a question that isn’t specific to the company, be sure to Google it first so that you’re not asking obvious questions.

2. Don’t be the last one in, or the first one out

The first week is all about first impressions, so it’s important to demonstrate your commitment by being in the office as much as possible. Being one of the first people in and one of the last to leave is a great way to show everyone that you’re a hard worker. It also shows that you are eager to learn and participate. You’re not just there to clock in and clock out, you want to show you’re dedicated and willing to go the extra mile to be a valuable team member.

3. Learn the office

Figure out where everything in the office is. Where’s the bathroom, printer, kitchen and coffee machine? You should definitely try to figure things out on your own before tapping someone on the shoulder, but don’t be afraid to ask about how the bathroom situation works or which snacks are on- and off-limits.

4. Pay attention to people’s routines

Pay close attention to your co-workers’ daily routines. This applies especially to your boss or supervisor and other people in your position who have been there for a while. Learn what the high performers in your role are doing well and incorporate that into your new routine. Don’t be afraid to ask what makes people successful at the company. This is the best way to get a sense of what you can do to succeed in your own position.

5. Get to know everyone

Most importantly, make an effort to get to know all your co-workers. If you work for a big company or have a huge office, focus on the people you actually work with. Set up a meeting outside the office, like a coffee or a lunch, and do a little research on what that person’s role is and what he or she does on a daily basis. Use these meetings as a chance to ask questions, and more importantly, build relationships.

Not only will your days be more enjoyable if you have good relationships with the people you work with, but your co-workers will be more open to helping you if you’re on good terms with them. You will be spending a lot of time with these people, so it’s best to build those strong bonds from the beginning.

6. Send a status update at the end of the week

Sending an end of week update to your manager is a great way to wrap up your first week. Be sure to include everything you’ve accomplished during the week, any questions you may have and a plan of what you intend to do the following week. This will show your manager that you’re organized and proactive about succeeding in your new role.

Next, get more career tips for internships and entry-level jobs such as How to Be a Team Player, and find answers to common interview questions such as, What Gets You Up in The Morning?

What Types of Skills Are Best for a Marketing Major?

Being a marketing major is a great way to develop your knowledge of the marketing industry and to discover what’s involved in promoting brands and products. As a marketing major, you’ll be doing things like understanding the psychology behind consumer behavior, designing marketing campaigns and learning about social media trends. To accomplish these things successfully, you’ll need to develop a strong and diverse skill set.

Here are the five skills you’ll need to succeed as a marketing major:

Creativity

Since marketing campaigns often require unique approaches, creativity is a prerequisite for anyone thinking of taking on a marketing major. During your time in college, you’ll be able to put your creativity to use by coming up with ideas for marketing campaigns in your classes and then determining the best ways to test them out.

Communications skills

Being able to communicate effectively is a crucial part of any job and this is especially true when it comes to marketing since this field is all about making a particular message or idea engaging to an audience. Having strong verbal and written communication skills is extremely important for those who are thinking of taking on this major.

Analytical skills

Since marketing is heavily driven by data and metrics, having an analytical mindset is a key component of succeeding in this major. From understanding the science behind a particular marketing strategy to being able to quantify results and demonstrate the value of a particular campaign, putting your analytical skills to use will help you understand the true power of marketing and give you insights into how you can improve on each campaign.

Organization skills

Whether you end up working for a marketing agency or as part of an in-house marketing team, once you leave college you’ll likely be in a role that requires you to do several things at once such as managing social media accounts, coming up with new campaigns and creating reports to track the performance of those campaigns. To do these things effectively, you’ll need to be able to organize your time effectively and to prioritize new tasks as they come up.

Knowledge of media trends

Since marketing requires you to capitalize on media trends in order to develop successful campaigns, having a solid understanding of those trends (and why they matter) is an important aspect of being a marketing major. In addition to being interested in media trends and marketing campaigns, marketing majors will also benefit from having a sense of why certain strategies work when others don’t.

By knowing what to expect from a marketing major and developing the right skill set, you’ll be able to maximize the impact of your studies and to set yourself up for success after graduation.

Next, learn more about this college major such as the Career Opportunities for Marketing Majors and get more career tips for internships and entry-level jobs such as the Top 10 Things You Should Look For In an Internship.

What Types of Skills Are Best for a Finance Major?

Studying finance is both challenging and rewarding and when preparing to do so, it’s important to assess your skill set and understand whether the major is a good fit for you. You should also ask yourself these important questions: What types of abilities will I need to possess to be successful if I pursue a finance degree? Are they inherited or acquired? Can I get better at these skills through time?

Here are some of the most common skills you’ll need as a finance major:

Problem-Solving Skills

As a finance major, you’ll constantly be asked to change the status quo of a situation given a set number of variables. Companies often ask, “How do we enhance performance and minimize resources within this period of time?” To answer these questions, you’ll need to assess what can be done differently, spot trends within industries and evaluate potential opportunities.

Quantitative and Statistical Analysis Skills

Finance is driven heavily by numbers. If math and statistics have been areas of strength for you in the past, you’re likely to thrive as a finance major. In order to understand and analyze data, link concepts and derive conclusions based on these findings, you will need a strong mathematical foundation.

Microsoft Excel Skills

Having strong Microsoft Excel skills goes hand in hand with analyzing data. This is because working in finance involves putting together financial models that can be used to test out an investment strategy or financial decision. To build up your Excel skills, you’ll need to spend time learning the various features and functions of the program and then practice creating models, charts and pivot tables.

Creativity

Creativity is often an underrated skill when it comes to finance. This skill is often thought of as something that’s prominent in the arts, but it’s also a common trait of those who succeed as finance majors. In your classes, you’ll be asked to come up with unique solutions to problems or even implement proven solutions in unique ways. You’ll showcase your creativity through how you report the data you study and how you answer any pushback you might receive on concepts your present.

Communication Skills

The ability to communicate your analysis, findings and conclusions is really important as you head toward a career in finance. This is because in any finance-related position, you will need to effectively talk through complex data to show how various aspects of the business may be impacted. As a finance major, you’ll be put through a series of different projects, both individually and in group presentations, to hone your communication skills and prepare you for a potential career path within the industry.

While there are other traits to being a successful finance major, these are a few that you will need regardless of what specialization or industry you end up pursuing.

Next, learn more about this college major such as What is a Finance Major and is it Right for Me? and get more career tips for internships and entry-level jobs such as Top 10 Things You Should Look For In An Internship.

Career Opportunities for Business Majors

Few college majors are as in demand as a business major. This is because the skills you develop through this major are applicable pretty much everywhere, from a small tech startup to a Fortune 500 giant. While studying to become a business major, you’ll learn all sorts of things including how to manage operations, assess risks and transform work environments. It’s a career that can be as laid back, as fast-paced and as financially rewarding as you’d like it to be, depending on what type of environment you choose to work in. Career opportunities for business majors include business management, operations, e-commerce, finance and hospitality.

Here are some of the many fields where you can use your business degree:

Business management

Business management is a broad field that involves various managerial responsibilities and can apply to any number of industries including technology, retail and the nonprofit sector. Business management roles usually involve the day-to-day management of a company and the implementation of processes designed to improve how a company operates. They can also include human resources management, where you manage employer-employee relations and take a hands-on approach to recruiting and training. This is a great career for anyone who is interested in all the elements involved in running a business and helping it succeed.

Operations

Similar to business management, a role in operations involves handling the logistics involved with running a business. This can be anything from handling financial assets to developing and streamlining processes designed to keep the business functioning optimally. This career path is best suited to business majors who are interested in coordinating various departments and ensuring that everything runs smoothly.

E-commerce

Another popular career for business majors, especially in today’s tech-heavy globalized society, is e-commerce. This career path puts your creative and analytical skills to use by tasking you with creating and implementing strategies designed to increase a company’s revenue and customer base. It’s a wonderful opportunity for anyone interested in developing strategies designed to drive sales.

Finance

Your business skills are just as useful in the world of finance where you can be a financial analyst, account executive or accountant. Working in finance will give you hands-on experience of working with clients and coming up with financial solutions designed to meet their needs. This is a great career path for those interested in investing and asset management.

Hospitality

Business majors can also be found in the hospitality industry where they are often responsible for the day-to-day management of both boutique hotels and major hotel chains. As hotel managers, they are responsible for everything from hiring hotel staff to ensuring customer satisfaction. Similar to business management and operations, this career path is best suited to those who are interested in coordinating different departments and ensuring that everything runs smoothly.

One of the best things about a business major is that it can take you anywhere, allowing you to contribute to the productivity and efficiency of all sorts of businesses. The best way to find out which type of business is right for you is to take on an internship in a field that interests you. This will give you the hands-on experience you need to find the perfect job.

Next, learn more about this college major such as the Types of Internships for Business Majors and get more career tips for internships and entry-level jobs such as 6 Ways to Impress Your New Boss.

What is Technology Sales?

If you’re interested in the innovation going on in the tech world — like big data and the Internet of Things — you may wondering what career opportunities are available in the industry and whether they might be a good fit for you. One of the rapidly growing areas of technology is sales and it’s a great chance for recent grads to get their foot in the door while learning all about the industry. To find out more about it, we asked the team at Dell to tell us what you can expect from working as part of a technology sales team.

Here are some of the key things you need to know about the field.

What is technology sales?

Focused on connecting consumers with innovative tech products, technology sales is all about identifying the customers who can benefit from a particular solution and showing them how that solution can meet their needs. Encompassing hardware (computers, servers, networking devices), software (operating systems) and services (applications, big data and cloud computing) technology sales can vary greatly depending on the particular company you work for and the type of sales you do. At a company like Dell, which offers solutions across all three of these areas, there is also a lot of potential to learn about different types of technology sales and broaden your understanding of the field as a whole.

What do technology salespeople do?

From learning the ins and outs of the particular technology they work with to researching potential clients and putting together packages to meet their needs, technology salespeople have two main goals: 1) Promoting the products of the company they work for and 2) Making sure that their customers are getting as much value as possible from the technology solution they are buying. And while you might think that you need to major in a technology-focused subject to work in tech sales, that’s not always the case. At Dell, many employees in tech sales started with a strong interest in tech and learned the rest on the job.

What are the challenges of working in technology sales?

A fast-paced field, technology sales does have a few challenges. These include staying on top of ongoing product updates, sourcing and connecting with potential customers, ensuring that customers are satisfied with their purchases and problem-solving the issue when they’re not. Although these challenges are part of the day-to-day life of almost everyone working in technology sales, they’re also fairly straightforward to overcome, particularly when you work for a company that offers great customer support and a whole range of resources for their sales team. At Dell, this means being part of a team that sees problem-solving as one of the key components of their work and aims to provide the best experience for both their customers and their employees.

What are the benefits of working in technology sales?

While there are certainly a few challenges to overcome in technology sales, there are even more benefits. These include working with cutting edge technology, meeting talented and innovative people across a broad range of industries and having the opportunity to learn and grow with others on your team. In fact, working in sales is a wonderful way to expand your professional network both within the industry and beyond, which can help you grow your sales business or move into other sectors of the tech world.

What is a typical salary for a technology salesperson?

Another benefit of working in tech-focused sales is the high earning potential. With a base salary between $40,000 and $92,000, and bonuses and commissions that can range from hundreds to thousands of dollars, technology salespeople are often high earners, with many earning upwards of $100,000 per year.

An exciting field with uncapped potential, technology sales has a lot to offer recent grads. By knowing what to expect and what skills you need to succeed, you’ll be able to decide if this career is right for you.

Types of Entry-Level Jobs for Business Majors

Being a business major opens up doors to all sorts of professional opportunities. In fact, business majors are among the most employable groups of recent grads. But with so many opportunities, picking a career path might seem a bit overwhelming. One way to narrow your focus is by taking on a paid or unpaid internship during your time in college. This will help you build some great skills while also helping you identify the type of career that’s right for you. In the process, it will give you a better idea of what type of entry-level job to apply for.

Here are some of the most common entry-level jobs for business majors:

Financial analyst

If you’re a business major with an interest in finance, a job as a financial analyst could be a great fit for you. This position is one of the most popular entry-level roles in the financial services industry and one that exists at any number of organizations including banks, security firms and even insurance companies. By becoming a financial analyst, you’ll get a chance to look into the performance of stocks, bonds and other relevant investments.

Sales representative

If you’re a pro at understanding the needs of a customer and turning that into a sale, a career as a sales representative might be right up your alley. Depending on the type of company you work for, you’ll be responsible for selling products to individuals, other companies or government organizations. From seeking out potential customers to closing sales and fostering long-term relationships, you’ll be making the most of your people skills while helping the company to increase its revenue.

Human resources assistant

As a human resource assistant, you’ll assist with hiring and onboarding employees as well as troubleshooting issues between managers and employees. In this role, you’ll be responsible for ensuring that employers and employees have a good working relationship and that the company is operating smoothly. You’ll also help out with preparing and conducting training programs.

Marketing coordinator

As a marketing coordinator, you’ll be making a product or company more marketable by highlighting its value to potential customers and to the media. In this role, you’ll be preparing marketing materials, assisting with marketing campaigns and helping to coordinate publicity events. This is a great opportunity to learn all about how marketing works and to develop strategies to market a company or product effectively.

Assistant buyer

As an assistant buyer, you’ll be evaluating suppliers, purchasing supplies, obtaining price proposals and ensuring that products arrive on time. You’ll also be expected to balance product quality with company budgets and to have a clear sense of how purchasing decisions fit into the company’s overall operations.

Brand marketing assistant

As a brand marketing assistant, you’ll learn to be savvy about current market conditions by reviewing reports and studying market trends. You’ll also prepare presentations and reports detailing the performance of a brand as well as its design and marketing strategy.

Operations research analyst

As an operations research analyst, you’ll be involved in various parts of the organization and will be using statistics, mathematical modeling and other analytical techniques to solve emerging problems and help senior management gather the information they need to make operational decisions.

As a business major, your career options are both extensive and exciting. In order to ensure that you pick a position that’s right for you, it’s important to figure out where your interests lie and to pursue a role that you’re passionate about. Whether that ends up a financial analyst or a marketing coordinator, the skills you’ve developed as a business major will definitely help you shine.

Next, learn more about this college major such as the Types of Internships for a Business Major and get more career tips for internships and entry-level jobs such as Top 10 Things You Should Look For in a Company.

How to Become an Investment Banker

If you’re a business or finance major who is interested in investment banking, then you probably already know what investment banking is and are curious to find out how you can get your foot in the door of this exciting industry. Although investment banking is certainly competitive, it’s also filled with rewarding opportunities, especially for those who are curious about market trends and passionate about helping clients meet their financial goals.

Here are the steps you need to follow in order to become an investment banker.

1. Know the investment banking career track

One of the keys to developing a successful career in investment banking is knowing the path to follow and making the most of each step along the way. Although most entry-level investment bankers start as financial analysts, the investment banking career track really begins with an internship. In fact, both large banks and smaller boutique banks recruit entry-level employees from their yearly crop of interns, so securing an internship during college is key to setting yourself up for success. This will typically be a summer internship during your junior or senior year and (if successful) will lead to an offer for a full-time financial analyst role. Financial analyst roles are typically two-year positions that provide you the with the bulk of your investment banking training. During this time, you’ll learn about financial markets and the factors involved with advising clients about potential investments. After this two-year period is up, you will likely move on to an associate role for another two to three years before becoming a VP and eventually a managing director.

Pro Tip: In addition to knowing the career track you’ll be following, it’s also important to know the timeframe for hiring in this industry. For those not going directly from an internship into a full-time position, the application process for a full-time role typically starts in early September of your senior year and takes anywhere from six weeks to two months. Throughout this time, you’ll be invited for a few different rounds of interviews (between two and three) and, if successful, you’ll receive your offer by the end of October.

2. Develop your knowledge of the financial services industry

Having a solid understanding of the financial services industry will benefit you not only at the start of your career but also as you move up the ladder into your next role. This means knowing all about past and present market trends and also having more specialized knowledge such as understanding how new generations of investors differ from previous ones. For example, having some great insights into investment trends for millennials is likely to impress potential employers and show that you’re well-informed about changes in the industry. The best way to develop this knowledge is by reading trade publications like DealBook and MarketWatch and keeping up-to-date on emerging trends.

3. Take relevant classes

Taking a broad range of business, finance and even math classes during college can be a practical way to build your knowledge base. This is especially true if you’re coming to investment banking from a non-traditional major like English or history. To find out which classes would be most helpful for you, talk to your academic advisor and ask for recommendations based on your interests and your goals.

Pro Tip: Although doing a double major or minor in one of these subjects isn’t necessary, being able to show recruiters that you’re a well-rounded candidate is a great way to get noticed.

4. Know what recruiters look for

Although traditional recruiting for investment banking typically focused on business and finance majors from top-tier schools, in more recent years the recruitment process has become increasingly focused on diversity and on finding talented candidates from a broad range of schools and majors. That said, candidates still need to be able to demonstrate both a solid interest in financial services and a thorough understanding of the field, so your resume will need to reflect classes or projects you’ve worked on that would be relevant to an investment banking career.

Pro Tip: When talking to recruiters, don’t be afraid to highlight areas of your background that are unique and show that you have a well-rounded background. For example, if you don’t have internship experience in the financial services industry but you interned in the finance department of a startup, you can mention what you learned from the experience and how your skills could transfer to investment banking.

5. Take on an investment banking internship

Although knowledge and direction are both key parts of starting a career in investment banking, having experience on your resume is even better. This is where an internship comes in. An internship is a fantastic opportunity to build your skill set and get on-the-job training. This is especially important in a field like investment banking which is both technical and specific. By taking on one or more internships during your time in college, you’ll gain exposure to many facets of the industry and be able to find an entry-level investment banking job that’s right for you.

6. Build your network

Investment banking is as much about who you know as about what you know so building your professional network is crucial to landing a great job after graduation. An effective way to do this is through internships and networking events, particularly those aimed at college students and recent graduates. Attending recruiting events can also be particularly helpful since you’ll be able to meet with recruiters in person.

Pro Tip: Reaching out to members of your school’s alumni network is another effective way to build your network and this is an especially common networking strategy in the financial services industry. As an added bonus, you might come across a professional opportunity you weren’t even aware of or get a personal recommendation from someone already in the field.

Becoming an investment banker might seem a bit intimidating at first since the field is notoriously competitive and fast-paced. However, by following these tips and building up your experience and your network, you’ll be sure to find an opportunity that’s right for you.

Next, get more career tips for internships and entry-level jobs such as 7 Phone Interview Tips That Will Land You a Second Interview and find answers to common interview questions such as Where Do You See Yourself in 5 Years?

Top Investment Banking Interview Questions

If you’re interested in a career in investment banking, then you know that it’s a competitive field with plenty of challenges and opportunities. In order to prepare yourself to become an investment banker, it’s important to know not only what your career path will look like but also how to prepare for the interview process. The hiring process for investment banking typically consists of two to three rounds of interviews, with each round focusing on both technical questions and cultural fit questions.

Here are the top questions you’re likely to encounter during an entry-level investment banking interview.

1) Tell me about yourself.

This is often the first question in any interview and one you should always be prepared to answer. When interviewers ask this question during an investment banking interview, it’s because they want to know that you’re passionate about the field and that you can bring something unique to the table. The key to answering it well is to talk about your academic and personal background in a way that shows that you’d be a good fit for the position. For example, if you’ve been interested in finance for a long time and have been reading The Economist since middle school, you should mention that. Or, if you’re an English major with a newfound passion for financial markets and a minor in business, you should talk about how your diverse skill set can help you succeed in the industry. No matter what your background, being able to present yourself as a well-rounded individual with a genuine interest in finance will go a long way towards impressing the interviewer and helping you stand out from the crowd.

Pro Tip: Since banks are increasingly interested in hiring candidates with diverse backgrounds, don’t be intimidated if your background doesn’t include a business or finance major. Instead, focus on the skills and experience you can bring to the position and demonstrate how these will make you stand out.

2) Why do you want to work in investment banking?

When an interviewer asks this question it’s because they want to find out how passionate you are about becoming a banker. Since investment banking is a notoriously fast-paced and challenging industry, showing that you’ve done your homework and are truly interested in the field is a crucial part of convincing the interviewer that you’re aware of the challenges and willing to meet them. One of the keys to answering this question well is to show that you have a working knowledge of financial markets and a genuine interest in how deals get done. For example, if you recently read about an interesting technology merger in DealBook, be sure to mention why the merger piqued your interest and how that specific deal fits in with your more general interest in finance.

Pro Tip: Knowledge of financial markets and trends is particularly important when answering this question so being up-to-date on industry news and having two to three examples of relevant deals will show that you’re genuinely curious about the industry and well-prepared for the interview.

3) Why do you want to work for our bank in particular?

This question is designed to test your knowledge of the company you’re interviewing with and its position within the industry. The key to answering it well is to show that you know general financial information about the firm such as where their stock price is trading and what industries they focus on. The best way to find out this information is by reading through marketing and press materials on the company’s website and then doing additional research in trade publications such as American Banker and MarketWatch. If you’re interviewing for a position within a specific division, such as the natural resources group, it’s also important to talk about past deals that the firm has done and to mention how these deals have impacted the industry as a whole. Trade publications like the ones mentioned above will also come in handy here, helping to spotlight relevant deals that you can use as examples.

4) Where do you see yourself in five years?

Another question you’re likely to encounter in almost any interview, this question aims to find out more about your career plans and to determine how committed you are to a long-term career in banking. When preparing to answer this question, focus on how the role you’re applying for aligns with your future goals and explain why becoming a banker is a crucial part of your career path. For example, if you want to continue on the investment banking track and become a VP or managing director, talk about how the entry-level role you’re applying for will offer you the opportunity to advance in your career and achieve your goal within five years.

5) What are the ways of valuing a company?

This is one of the most challenging questions you’re likely to encounter during the interview process because it’s designed to test your technical knowledge of the field. In order to answer this question successfully, it’s important that you have a working knowledge of banking and understand valuation methodologies. The best way to develop this knowledge is by taking a business or finance class during your time in college and doing additional reading on sites such as Investopedia. By showing the interviewer that you understand the technical side of the position, you’ll also be demonstrating a willingness to learn and to become an integral part of the industry.

6) How many golf balls can fit in a Boeing 747 jet?

Another type of question you’ll encounter during the interview process is a brain teaser.
These questions are designed to test your critical thinking and problem-solving abilities and are often unrelated to the actual field of banking. In order to ensure that you’re not stumped by any of the brain teasers a hiring manager might throw your way, it’s important to practice several of these as you prepare for the interview. Luckily, sites such as Investment Banking Brain Teasers offer sample brain teasers and tips for coming up with solutions.

Pro Tip: Hiring managers are less interested in the answer itself than they are in seeing how you think through a problem. To demonstrate that you approach problems thoughtfully, be sure to ask follow-up questions and to “show your work” as you come up with your answer. For example, when answering the golf ball question, you could ask the interviewer whether the 747 is empty or full, or whether the cabin is pressurized. By showing that you’re able to come up with thoughtful solutions to problems, you’ll also be demonstrating your ability to understand complex ideas and business models, a crucial skill in any investment banking position.

Although the interview process for investment banking can be a challenging one, it’s also a wonderful opportunity to show potential employers that you’re enthusiastic, curious and knowledgeable about the field. By knowing what questions to anticipate and preparing your answers, you’ll be sure to impress the hiring manager and get one step closer to landing the job.

Next, get more career tips for internships and entry-level jobs such as 6 Ways to Impress Your New Boss and find answers to common interview questions such as Tell Me About Yourself.

Career Opportunities for Finance Majors

Being a finance major presents you with plenty of interesting opportunities to learn about business models and financial markets while also building new skills. But with so many opportunities, you may be wondering what kind of job you can get with a finance degree. With finance being such a broad category, there are many career paths you can choose.

Here are some of the most common career opportunities for finance majors:

Investment Banking

Investment banking is often regarded as one of the more prestigious jobs you can get with a finance degree, especially from a compensation standpoint. In this role, you’ll be working on financial modeling and valuation analysis, helping companies decide on business opportunities that are right for them. These decisions can range from whether a company should merge with one company, acquire another or raise additional funding for a strategic initiative. This is a great role for someone who is interested in helping companies make strategic decisions about their assets and someone who is comfortable working long hours. This is because investment banking analyst hours are known to be quite grueling, especially for entry-level roles.

Management Consulting

Management consulting is also highly regarded as one of the more prestigious careers to embark on after pursuing a finance degree. Management consultants usually have project-based work where they analyze certain situations their clients are facing and advise those clients on what business decisions they should make. Most of this advice comes from extensive financial analysis based on the client’s current situation, similar situations previous clients have faced and current market opportunities. This is a great career path for someone who is interested in making recommendations on business decisions but not necessarily being a part of the implementation of those decisions.

Investment Management

Investment management analysts often deal with the markets and managing their client’s assets. These opportunities could range from managing the assets of wealthy individuals (through private wealth management) to managing a company’s retirement plans, pension plans or even foundation plans (which is known as asset management). Analysts in these roles often act as the support role for more senior advisors, where their tasks could be researching different investment decisions, preparing pitch decks or formalizing performance reviews. This is a wonderful opportunity for someone who is very numbers-drive and passionate about helping clients reach their financial goals.

Corporate Finance

Corporate finance roles vary widely depending on the company and division you’re in. Frequently, corporate finance jobs deal with analyzing financial decisions that affect the company internally. For example, offering advice on whether the number of employees in a company should be increased or decreased, strategizing how to decrease a company’s operational costs or determining the return on investment (ROI) of certain proposed initiatives. This is a great role for someone interested in helping with the inner working of a company and contributing to the decision-making process.

Risk Management

When firms think about maximizing return (or increasing investment), they must do so while minimizing risk (or loss). This is where risk management teams come into play. They offer advice on maximizing returns by forecasting market risks, assessing probability of bad investment outcomes and using statistical analysis to ensure that the business side of the company is acting and implementing their strategy within reason. This role is a perfect fit for someone interested in statistics and analysis.

Next, learn more about this college major such as What is a Finance Major and is it Right for Me? and get more career tips for internships and entry-level jobs such as How to Get a Mentor at Work.

How to Become a Financial Analyst

The financial services industry is a broad field with lots of career opportunities. If you’re a business or finance major, or just interested in exploring this field, you might be thinking about becoming a financial analyst. What is a financial analyst? It’s someone who carries out financial analyses and makes business recommendations based on these analyses. Although analysts typically work for banks or insurance companies, this role can be found in almost every industry so it’s a great way of combining a numbers-driven skill set with some of your other passions.

Here are the steps you need to take to become a financial analyst.

1. Know the different types of financial analyst positions

Your day-to-day activities as an analyst will vary greatly depending on what industry you choose to work in. For example, analysts working in investment banking will largely be reviewing financial statements and creating financial models while analysts working for an insurance company might be more focused on creating and analyzing budgets. By knowing what industry you want to work in, you’ll be able to get a better sense of what the position will look like and the unique challenges and benefits associated with that particular kind of role.

Pro Tip: Even within a particular industry, there are different kinds of analyst roles. For example, if you’re working as an analyst in investment banking, you could be working for a buy-side firm (where you’ll be doing research on stocks owned by the company) or for a sell-side firm (where you’ll be evaluating securities for a particular industry). In order to find a role that fits you, it’s important to know not only the specifics of the industry but also those of the firm you’ll be working for so be sure to do some extra research on any company you’re applying to.

2. Take relevant classes and read as much as you can about the financial services industry

Building your knowledge of the financial services industry is not necessarily difficult, but it will take some time. If you’re a business, finance or accounting major, you’re likely already taking classes that will be directly relevant to this industry but it’s important to supplement this knowledge with additional reading on sites like DealBook and Investopedia. This is especially important if you’re not currently majoring in a related discipline since it will give you a good overview of the industry and help you decide whether it’s something you want to pursue.

Pro Tip: If you’re not a business or finance major, don’t worry. You can still build up your knowledge base by taking some accounting or economics classes to supplement your education. This is a great way of learning more about the field while still primarily focusing on classes related to your major.

3. Develop your skills by taking on an internship

Doing an internship is important for several reasons such as building relevant skills and gaining professional experience. It’s also a great way to learn more about a particular industry and to get a sense of whether you want to continue working in that industry after graduation. Since analyst roles vary depending on the field you choose to work in, having hands-on experience of a particular role will go a long way towards helping you pick an industry that’s right for you.

4. Build your professional network

Having a strong professional network is important in any field but it’s especially important in the financial services industry which relies heavily on networking throughout the recruitment process. To build a solid network that will serve you well throughout your career, it’s important to attend networking events, stay in touch with managers from your internships and to develop strong bonds with peers in your intern class.

Pro Tip: Another great way to build your professional network is by reaching out to alumni working in your field and setting up an informational interview. Most alumni are very happy to set time aside to have these meetings with students and recent grads from their schools and as an added bonus, you’re likely to find out about additional job opportunities.

Being a financial analyst can be as wonderful as it is challenging, giving you the opportunity to learn a lot very quickly and to gain a big-picture understanding of how businesses function. The best way to find out if being an analyst is right for you is by doing an internship and testing out the role first hand. And if you want to build some skills and confidence before applying for that internship, we recommend diving right in by looking at the quarterly earnings of several public companies and seeing how they’re performing. Even better? If you’re able to do so, we recommend putting aside a small amount of money and investing in some stocks. This will help you get your feet wet in the world of finance and it will also help you talk about investing like a pro.

Next, get more career tips for internships and entry-level jobs such as 6 Things to Do in Your First Week at a New Job and find answers to common interview questions such as If You Could Invest in One Stock, Which Stock Would it Be?