Career opportunities in the financial industry: 5 job and entry opportunities

A job in the financial sector promises variety and, above all, a lot of money. We show 5 entry options.

What is a Financial Expert?

Many people believe that working in the financial sector is a guarantee of a high income. Financial experts work in banks, in the lending industry or speculate on the stock market. What requirements do applicants have to meet in order to pursue a career in finance? And even more important: are the earning prospects really as rosy as is generally assumed?

As a financial expert, every person can choose to be a financial expert, regardless of their Education, qualifications or professional experience because the term is not a protected job title. Exceptions apply to auditors, tax advisors, insurance advisors and bank clerks.

Financial industry – a profession with high prestige

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The clichéd image of capitalist financial sharks and dubious advisors has changed significantly in recent years: At a time when the financial markets are becoming increasingly complex and investors are looking for reliable information, financial experts have become important advisors.

Companies, investors and private individuals rely on sound financial advice in order to achieve their financial goals and minimize risks. Financial experts can help you understand complex financial instruments, develop investment strategies and make the right decisions. Their expertise and experience in investment, asset management and risk management are more in demand than ever.

The reputation of financial professionals is also shaped by their ethical standards and professionalism. They are subject to strict regulations and must meet high requirements in order to receive their approval and carry out their activities. This creates trust among investors and strengthens the reputation of the entire industry.

The 5 top professions in the finance industry

We would therefore like to briefly introduce the best-known professions in the financial sector, the professional opportunities and training paths below:

1. Bank advisor

Bank advisors advise the customers of a credit institution on financial issues. They typically work for banks and help private or business customers select financial products and services. The consulting activity serves to sell products. Ideally, both the bank and the customers benefit from this.

Bank advisors work as private customer advisors or corporate customer advisors for banks, savings banks and cooperative banks. In order to work as a bank advisor, a completed commercial training is usually required.

2. Credit brokers

Loan brokers support their customers in finding suitable loans. You work for credit brokerage companies or freelance on a commission basis. Your main task is to advise customers on the different types of loans. Loan brokers take the individual life situation of potential borrowers into account.

Even though credit brokers usually work on a commission basis, spiegelThe ever-increasing accusations that the industry is deliberately pushing private individuals into excessive debt do not necessarily reflect the reality of the credit brokerage companies and their employees. Rather, professional credit brokers take into account all the factors that speak for or against certain loans and base their recommendations on the customer's financial situation. It is in the brokerage company's own interest if the borrowers can service the installments until they are fully repaid. Credit brokers require a trade license in accordance with Section 34c of the Trade Ordinance. Completed training or proof of qualifications are not required.

3. Financial Advisor

Financial advisors carry out personal financial planning on behalf of their clients. They are usually employed by financial advisory firms. In collaboration with customers, they create financial plans that take personal goals, needs and individual economic performance into account. They also support their clients in investing money and selecting suitable investment products. The tasks of financial advisors also include covering risks such as occupational disability, illness and death.

Depending on the employer, the requirements vary career entry: Some financial advisory companies require completed commercial training or a degree in economics. Occasionally, proof is also required that the applicants themselves live in financially stable circumstances. Many financial advisory companies also require a clean police certificate.

4. Investment banking

Investment bankers advise companies and institutional investors on capital market transactions, such as initial public offerings, mergers and acquisitions. They also develop and market investment products for other banks and institutions. The fate of companies depends on the actions of investment bankers, so possible wrong decisions can have drastic consequences.

The job of an investment banker is therefore extremely demanding and requires, in addition to completed training or a degree in economics, various personal skills, in particular a high level of motivation and resilience to stress. Working in the investment industry is considered dream job, but is far more demanding than many career starters expect.

5. Auditor

Auditors are independent experts who audit the financial statements of companies and other organizations. They determine whether the balance sheets meet both the company's internal and legal requirements. As part of their work, they determine whether the annual financial statements presented correspond to the actual assets, finances and earnings. The work of an auditor is of utmost importance for the trust of the population and especially investors in companies.

The requirements to work as an auditor are therefore high: a university degree is usually required, and an applicant must also pass an extensive admission test, which consists of three written parts and an additional oral test. Auditors must provide evidence of an impeccable criminal record.

How and where do financial experts work?

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The potential field of activity of a financial expert is far more extensive than many laypeople might think: They deal with the financial aspects of companies, organizations or private individuals and have in-depth knowledge of accounting, controlling, financial analysis and planning as well as risk management. Financial professionals today have the opportunity to work both online and offline. Advancing digitalization has had a major impact on the financial industry and opened up new job opportunities.

The Internet allows financial professionals the flexibility to work from anywhere. By using online platforms and tools, they can communicate with customers and colleagues, conduct financial analysis and process transactions. This enables them to work independently of a fixed office location and to organize their working hours flexibly. In addition, working online also offers the opportunity to access a wider client base. Financial professionals can offer their services over the Internet and reach customers from different parts of the world. This is how you can, for example Credit brokers are at finanzcheckPRO. And those who love risk gets into online stock trading .

However, despite the advantages of the Internet, there is still a need for offline work in the financial industry. Face-to-face meetings with clients, especially when dealing with complex financial issues, can be of great importance. Personal contact allows financial professionals to build a trusting relationship and better understand individual needs. Additionally, certain tasks in the financial industry still require a physical presence. For example, on-site risk assessments or attending financial conferences and events may be required to stay abreast of developments and build networks.

Study, training, further education: What entry opportunities lead to the financial industry?

There are various training paths to work in the financial industry. A completed training or degree in finance is an advantage, but is not absolutely necessary to take up many jobs. Many workers who previously worked in other professions successfully work as financial experts. Due to the diversity of the industry, there are opportunities for people of all types.

One of the most common paths is to study finance, economics or business administration. These degree programs provide a broad foundation in the areas of financial markets, corporate finance, investments and risk management. There are also specialized courses such as Banking & Finance or Financial Engineering, which provide in-depth knowledge of certain areas of the financial industry. Studies can be completed at universities, technical colleges or private educational institutions.

In addition to studying, there is also the option of completing training to become a bank clerk or financial assistant. These professions offer practical training in various areas of the financial industry, such as customer service, payment transactions, lending and securities trading. In addition, many companies in the financial sector offer trainee programs, which give graduates the opportunity to gain practical experience and further development. These programs often offer rotation opportunities in different departments and allow participants to develop a broad understanding of the different areas of the financial industry.

The salary prospects as a financial expert

The financial sector is considered one of the most profitable sectors of the economy. Although salaries are often reasonable, working as a financial expert does not necessarily lead to wealth. Dream salaries in the seven-figure range are mainly possible in investment banking, but are the exception.

The starting salaries for bank consultants are between 35.000 and 45.000 euros per year. After three to five years of professional experience, up to 60.000 euros per year are possible. Auditors who have been in the profession for around ten years can expect a generous salary of around 160.000 euros per year.

However, the good earning potential does not fall from heaven: regardless of the training path you choose, it is important to continue your training and stay up to date with the latest developments in the financial industry. Certifications such as Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) can help increase expertise and credibility as a financial professional.

Does the job of financial expert have a future?

The financial industry is an essential part of any economic system. Although digitalization and technological progress are changing the industry, the bottom line is that this does not lead to a decline in employment, at best to a relocation of jobs to other areas. Given increasing globalization, it is to be expected that the complexity of the financial markets and international economic ties will continue to increase. Financial experts help companies and individuals in this challenging environment to keep an overview and find suitable solutions for their financial requirements and objectives.

Increasing specialization is also to be expected: in order to differentiate yourself from other applicants, completed courses of study or vocational training are already hardly enough. Digitalization in particular opens up new opportunities for the financial sector, which benefit people who not only have in-depth business knowledge, but also qualifications in the IT sector.

Furthermore, in the globalized world, it is an advantage to be able to communicate fluently in as many languages ​​as possible. English skills at the level of a native speaker have long been one of the basic requirements for gaining a foothold in the financial industry. Global developments indicate that in the coming decades the focus will increasingly be on the Arab and Far Eastern regions. Aspiring financial experts who can confidently navigate the local culture and language will benefit from this.

Conclusion: The financial industry is diverse, responsible and future-proof

The job profile of a financial expert is diverse and allows applicants to find a job that matches their own preferences. Salaries are often generous, mainly for auditors with professional experience or in investment banking. Globalization and increasing digitalization mean that additional qualifications will play an important role in the application process in the future.

Financial experts also have the opportunity to participate in developments in the global economy and to support companies and private individuals in their financial decisions. The industry offers attractive career opportunities, both in traditional financial institutions and emerging fintech companies. With in-depth specialist knowledge, a strong analytical mindset and the ability to understand complex relationships, professionals in the financial industry can make significant contributions and develop professionally.

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