7 steps to break into finance industry for non finance graduates

In spite of all the downturn and a sever threat of double dip recession, finance jobs are still very high in demand. One of the reasons for this popularity is that the finance industry continues to be among the best paying and hence a lot of talent wants to be here. Every year many students graduating from non finance background dream of landing up in financial services industry. Unfortunately very few are able to make it and the simple reason for this is that for a single position there are hundreds of applicants. Apart from this such students face a stiff competition directly from graduates with CA, MBA and other relevant degrees in finance. This further reduces their chances to enter into the industry.

However, one of the best and perhaps the most unique thing about the finance industry is that it is virtually open to graduates from any background. Ten years back this trend was more prominent in USA but it is becoming increasingly popular in India. Today many financial firms in India are willing to give opportunity to graduates with non finance background to work in finance sector. And with the changing trend and increasing job opportunity, it is important for every student to keep pace with the market and start early if one is willing to make his or her career in finance.

We propose a structured approach that can increase your chances to break into finance industry.

1. Start Early

It is always beneficial to start early in the career. It gives you more time to understand the nuances of the industry and allows you to work towards acquiring the relevant skill set. Another advantage of taking an early lead is that it provides you sufficient time to explore career and job opportunities available in the industry and thus helps you to plan accordingly and focus on to the area of choice. Having said this it is never too late to enter into the industry if you are really passionate about finance.

2. Opt for relevant academic courses

Once you have decided that you want to work in finance industry and perhaps would like to make a long term career in it, the next step would be to consider opting for some of the suitable courses related to this field. The choice of courses could vary and can be directly or indirectly related to this profession. Students can opt for subjects ranging from economics to mathematics to statistics or perhaps any business related courses.

3. Do an Internship

Internships in finance are one of the best ways to get an early exposure to the industry. In general getting an internships (paid or unpaid) is much easier than finding a job. Students during their vacations should try to look out for such opportunities in local brokerage houses, insurance companies, and other financial research houses.

4. Undertake Ad hoc Projects

Sometimes it might be tougher to find a suitable finance related internship. In that case we would suggest students to take up a project related to this field under professors from relevant departments. Some of the relevant subjects may include economics, econometrics, company specific financial research etc. Student should keep in mind that the whole purpose of doing this activity is to showcase their general understanding about economics and money to the employer. This is sometimes highly saleable when looking out for a job. Similarly, we also encourage students to take part in business plans, stock market competitions, and other related events.

5. Pursue Certification Programs

Like in any other industry certifications bring a lot of credibility to ones profile. It is also one of the most effective ways to develop your knowledge in finance and showcase employer that you are committed towards professional excellence. There are ample number of certification exams available nowadays in India and one can choose depending on his or her capability, commitment and financial constraints. Certification course from NSE and BSE exchanges could be one of the most economical ways to get started. Apart from that there are a few specialized certifications which are recognized globally such as CFA, FRM, CQF, CPIM, etc to name a few. It takes multiple years to pass each of these certifications and these programs are comparatively more expensive than the Indian ones. Some of these are very specialized and one must do a thorough research before registering for these certifications.

6. Follow the market

Finance industry is market driven and one of the fastest evolving and dynamic industries. Every day there are some or the other latest development happening in this industry and therefore it is highly advisable to all the students to keep themselves updated with current economic issues, global as well as those related to the Indian market. It is always good to have some knowledge about the stock market and particular industry of choice. You can perhaps take up a company and try to understand its business model, financials and build some investment rationale around that company. There are plenty of articles available on web, informative and interesting books by notable authors, blogs which you should read to enrich your knowledge base.

7. Work on your technical and financial skills

Technical skills may give a great edge to someone who is from a non finance background. Programming knowledge, familiarity with tools like MATLAB, Advance Excel, and VBA are some of the important technical skills which may come in handy many times in your day to day job in finance especially in quant. based profiles.

Though there is no specific requirement to have any specific skill set for non finance undergraduates, one is expected to be good with numbers, attention to details, and ability to think analytically. Corporate expect graduates to be familiar with the certain tools but it varies from one job profile to other. However, it would add a real value if one demonstrates such skills through project works or academic courses.