Photo: Prapass Pulsub
Each industry has a fair share of myths associated with it, but the finance industry seems to be one of the most prevalent.
Unfortunately, myths are believed to be the truth that keeps qualified and skilled professionals out of any given industry.
Before you avoid the finance industry from fear, it’s essential to know what is fact and fiction in this career field. This article will debunk some of the most common myths associated with the financial industry and open our eyes to the possibility of a new career in this field.
5 myths about getting hired in the finance industry
The financial industry is steadily growing as investors and employees attempt to navigate and plan for their retirements and legacies. It’s about time these myths were busted once and for all to shed light on the lucrative positions available.
1. You need to have a degree in finance or business administration
While a financial degree can undoubtedly give you extra points on your resume, many high paying jobs do not require this achievement. Realistically, some of the most successful people in the financial field have degrees in education, sales, or communications.
To work in the finance industry on the front end, potential employees need to have excellent interpersonal skills and communicate clearly.
In addition to a finance degree, corporations commonly hire employees with computer science degrees and other support role degree fields.
2. Finance and banking is a male-dominated industry
In the past, this was a true statement. However, most companies in the finance industry have been pushing hard to maintain a diverse workforce.
There is a large continued push for more women to be hired in previous male-dominated positions.
3. Finance professions are paid only by performance and commission
Commissions are prevalent on the sales side, but some financial professionals make their money on a standard pay scale.
While some sales jobs are well paid from commissions, there are many high paying back end jobs, not compensated by commission, to support the overall company and infrastructure.
4. Everyone who works in finance makes a ton of money
The truth is, not everyone employed in the finance industry is a millionaire. There are just as many median income jobs in the finance sector as there are high paying jobs. It takes years of experience to rise to the level of high-income finance professionals.
5. The finance industry means banks and Wall Street
With the increasing number of financial technology (fintech) companies, the financial sector is rapidly growing and evolving. Big banks and Wall Street Hedge Fund Managers are not the leading entrepreneurial players anymore.
Small startups and other mid-sized companies are moving into the financial world to help people with budgeting, investing, and overall financial planning from the comfort of their smartphones.
The traditional finance industry is changing
Evident from these debunked myths, the financial industry is quickly evolving into an all-inclusive business space focused on meeting clients where they are. The days of wall street executives being the only ones in the financial business are over.
With the rise of technology, people invest in stocks from their cell phones through companies with mobile applications like Robin Hood and TD Ameritrade.