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Tips
How To Transition
Into A Finance Career
By Martha V. Shelton | Investopedia – 6 February 2013
Transitioning into a finance career after you've spent many years in
another industry may seem exciting to some and daunting to others.
The world of finance may offer a greater challenge as well as
potential improvements in compensation, among other benefits. If you
are pondering a midlife career change that involves a transition
into finance, then here are a few tips that will help you make the
transition.
Take an Assessment of Personality Traits and Professional Skills
A career in finance requires quite a few professional skills, such
as a working knowledge of finance and accounting, as well as comfort
with a computer and various software programs (Excel is a good
example). Those who successfully transition into finance also
possess certain non-financial skills, such as the ability to
communicate well and good interpersonal skills. To ensure that a
career in finance is right for you, a great first step is to assess
your skill sets and personality traits.
This step can be accomplished by completing an online career
assessment or by contacting your alma mater's career services
office. You may even wish to engage a professional career
consultant, who should be able to point you in the right direction
when it comes to sizing up your strengths, weaknesses and
personality traits. Whichever method you decide to pursue, the goal
is to determine how well your knowledge, skills and abilities match
the requirements of a finance career.
Perform Research and Conduct Informational Interviews
The next step in your transition into a finance career is to learn
as much about your field of interest as possible, ideally by
speaking with somebody who has the career that you are interested in
pursuing. These conversations, also called "informational
interviews," help you to learn more about the options available to
you, given your experience and your area of interest.
You may be wondering, "How do I find somebody with whom I can
conduct an informational interview?" Start by asking people within
your existing professional and social networks, and expand your
circles from there. Rest assured, most people enjoy speaking about
their professions and are happy to help if they can. Other options
that may lead to informational interviews include becoming a member
of a career-specific organization, networking through your alumni
association, attending a business networking meeting or cold-calling
professionals. Networking is as important as everyone tells you. The
more people that you talk to, the more well-informed you will be
regarding your options.
Prior to conducting an informational interview, it is important to
do as much research as possible so that you can demonstrate your
knowledge by asking intelligent questions during the interview.
Online resources are aplenty, as are career libraries at
universities and public libraries. A little bit of due diligence
goes a long way in terms of credibility. A well-conducted
informational interview may turn into a job - you never know!
Another important "must do" prior to conducting an informational
interview is to craft a professional resume that showcases your
knowledge, skills and abilities. Again, there are several online
resources that can guide you through this process. Be sure to have
your resume ready, just in case the informational interview results
in a request for your resume.
Remember: Patience and Perseverance Pay off
Today's job market presents challenges, so do not get discouraged if
your efforts to transition into finance do not immediately bear
fruit. Continue to network, conduct informational interviews and
apply for relevant positions. Solicit feedback from everyone who
speaks to you, as their feedback may help you to adjust your
approach as needed.
Finally, You're Hired!
Getting hired is probably the hardest part of transitioning into the
world of finance. Once you are hired, ensure your success by working
hard, being proactive and engaging in appropriate networking
activities. To that end, be sure to find a mentor once you arrive in
your new career, perhaps a senior person who can relate to your
experience, either personal or professional. This person can guide
you in regards to the the ins and outs of your new career and offer
pointers regarding how certain situations should be approached.
The Bottom Line
Though transitioning into a finance career is exciting to some and
daunting to others, particularly if such a transition is executed in
midlife, rest assured that it is doable. Careful research and
effective networking are crucial to a successful transition - just
remember to be patient. Finally, once you make the change, be sure
to find a mentor who can guide you as you move up on your career
ladder.
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