When you visualize finance, you might think about sitting in a suit all day working in an Excel spreadsheet. However, that stereotype is only part of the picture. Finance is one of the most influential fields in the business world. Every decision that’s made, whether you’re launching a new product or buying another company, has financial implications. Finance and accounting are the core of any business, and to be able to understand and explain them sets you up for success in any business.
Key skills of professionals in finance include being an analytical thinker, communicating clearly, paying close attention to small details, building relationships, and, of course, understanding the technical and financial aspects of the business.
Networking: The Hidden Key to Finance
Networking plays a crucial role in building a career in finance, especially when pursuing internships.
One of the most effective strategies is the “coffee chat,” an informational interview with a professional to learn more about their career path and day-to-day responsibilities, and to leave a positive first impression on the company. These typically begin with cold outreach through platforms like LinkedIn or email. When reaching out, students should introduce themselves, explain their interest in the career,and politely request 15-20 minutes to connect.
In addition to coffee chats, recruiting events are another valuable opportunity to engage with employers. Most companies host both virtual and in-person recruitment sessions where representatives share insights about their roles and upcoming internships. Colleges also organize career fairs and information sessions throughout the year with recruiters ready to answer questions.
Recruiting Timelines
One aspect of finance that surprises students is how early recruiting begins.
For example, investment banking interns typically recruit sophomores for internships the following summer. Public accounting firms often recruit during junior year for internships in the following winter or summer.
Because timelines vary by industry and company, it is important for students to research recruiting cycles early in college or to contact recruiters.
Interview Preparation
Once you secure an interview, preparation is key! Finance interviews typically include both technical and behavioral questions.
- Technical questions assess your understanding of key financial concepts, such as accounting basics, reading financial statements, valuation methods and general market trends.
- Behavioral questions evaluate your past experiences and how you approach challenges. Many behavioral questions begin with “tell me about a time you…” requiring clear examples that demonstrate leadership, problem-solving and creativity.
Types of Finance Careers
- Investment Banking: Help companies raise capital and execute major financial transactions such as mergers and acquisitions. Their work usually involves financial modeling, valuation analysis, and the preparation of presentations for clients.
- Wealth Management: Advise individuals and families on managing their money. Usually focus on investments, retirement planning, budgeting, and managing personal finances.
- Accounting: Help organize and track financial performance, ensure compliance with laws, and maintain an accurate financial record. Roles may focus on auditing, tax, or financial reporting.
- Financial Planning and Analysis (FP&A): Manage budgeting, forecasting, and financial planning for their company. Their work helps leaders make informed decisions.
- Commercial Banking: Provide loans and financial services to businesses. They evaluate credit risk, analyze financial statements, and work closely with clients to meet their fundraising needs.
Overall, Finance is not just a boring behind-the-desk job but can be a rewarding career where you meet and work with teams, help clients reach their goals, and develop personal skills that will last a lifetime.
