Careers in Finance / Where to find an internship or a job in NYC

Hi everyone! Today I’ll talk about an exciting topic! At least for me 🙂

A lot of people talk about “Finance” but Do you know what it really means?

According to (internationalstudent.com) the definition of Finance is  the allocation of resources. Today, people might most commonly think of finance as money management, but let’s take it back a step further.

The word “finance” has its roots in Old French dating from around 1350 (about the time when European markets began to use money more heavily for trade instead of bartering), connected to the idea of“finishing” or settling a debt by making a payment. To have the financial means for something, is to have the ability to finish or settle the matter (like, for instance, an international student financing their degree). Finance in the sense of “managing money” was first recorded in English in 1770. Money was created as a tool that made trading less complicated between people with very different resources and needs, that didn’t always match up.

Considering a career in finance?  let’s take a look at positions and salaries first; then I will show you some companies that recruit interns and talk a little bit about requirements for these jobs.

Salaries (lowest to highest)

1. Bank tellers
Cash checks, accept deposits and loan payments and process withdrawals. They also may sell savings bonds and travelers’ checks, accept bill payments and process paperwork. Most tellers have at least a high school diploma, but people with bachelor’s degree in business, accounting or liberal arts may get jobs as tellers to break into banking with the hopes of being promoted.
Average salary$28,000/year


2. Collectors
Keep track of accounts that are overdue and attempt to collect payment on them, making computer literacy and good communications skills a must in this job. Most collectors are required to have at least a high school diploma; however, employers prefer workers who have completed some college or who have experience in other occupations that involve contact with the public.
Average salary: $34,000/year

3. Buyers 
Buy the goods and services a company needs either to resell to customers or for the establishment’s own use. Educational requirements vary with the size of the organization, but many manufacturing firms prefer applicants with a bachelor’s or master’s degree in engineering, business, economics or one of the applied sciences.
Average salary$40,000/year

4.Accountants
Analyze, plan, evaluate and advise on matters of accounting theory and practice. A bachelor’s degree in accounting or a related field is usually required, but those with a master’s degree or experience to boot will have better job opportunities.
Average salary: $59,000/year



5. Treasurers
Direct an organization’s financial goals, objectives and budgets. Their duties may include overseeing the investment of funds and executing capital-raising strategies. Employers require a bachelor’s degree in accounting, finance, economics or business administration; however, employers increasingly are placing emphasis on advanced degrees in these fields.
Average salary$86,000/year


6. Auditors

Examine and analyze accounting records and prepare financial reports for clients. Auditors usually need a bachelor’s degree, but as with accountants, experience and advanced degrees increase their chances of getting hired.
Average salary: $92,000/year

7.Financial analysts
Work for businesses to help them or their clients make investment decisions. Analysts must have a bachelor’s degree, often in business administration, accounting, statistics or finance, analysts with a master’s degree in business administration will find themselves among the most desirable employees.
Average salary: $100,000/year



8. Budget analysts
Provide analysis and assistance to help companies develop their annual budgets, decide how to allocate current resources and estimate future financial requirements. A bachelor’s degree – often in finance, economics, accounting, business, statistics, political science or sociology – is the minimum requirement for most employers, but an advanced degree is often preferred and sometimes required.
Average salary$112,000/year



9.Loan officers
Assist individuals and organizations in applying for loans, assess the individuals’ creditworthiness and help them determine the most appropriate type of loan for his/her needs. Employers usually require loan officers to have a bachelor’s degree in finance, economics or a related field. Loan officers will find experience in banking, lending or sales and knowledge of computers to be huge assets in their job search.
Average salary: $126,000/year


10. Personal financial advisors – use their knowledge of investments, tax laws and insurance to recommend financial options that help individuals meet their short- and long-term goals. Advisors with a bachelor’s degree in accounting, finance, economics, business mathematics or law will have the best opportunities for jobs in their field.
Average salary: $140,000/year


Keep in mind that financial jobs are highly specialized, so generic job boards are not the best places to seek such positions. Instead, consider niche sites, such as Job Search Digest. When looking offline, specialized executive recruiters (a.k.a. headhunters) can be excellent resources for both financial job opportunities and career advice. Your university’s alumni association can also be very helpful by putting you in touch with industry insiders who are willing to provide some insight and sometimes job leads.
Industry conferences and other networking events are also great places to look for financial jobs. Concerning networking, never forget the value of personal interaction – everyone you meet could know someone who knows of a job opening. Keep your avenues of communication open by following up in a professional, yet personal way, such as a hand-written note or forwarding an article of common interest.

Choosing the Right Direction for You
It is always wise to consider the direction of the market before seeking a financial job. To effectively pursue jobs with the highest probability of success, you must measure the demand for the position. Different financial jobs require different skills and present vastly different work environments, so it’s wise to select one that aligns with your long-term interests and abilities. Someone with solid interpersonal skills, for example, might do well as a financial advisor, while someone who enjoys crunching numbers might do better in public accounting. Do the research first to discover your options. The time spent uncovering the most interesting possibilities to you can be time saved working in a job that just doesn’t fit.  

What Majors are appropriate for a career in Finance?

Accounting, Business, Finance, Economics, Engineering, Physics, Math, Corporate Communications, Computer Engineering, Statistics, International Relations, etc. The field is so broad that a lot of majors can fit it. But definitely having a background or a lot of classes finance- related help you in your application!

Companies/Organizations that recruit students for summer internship programs:

UBS


CITIGROUP


GOLDMAN SACHS


FEDERAL RESERVE BANK OF NY


MORGAN STANLEY


JP MORGAN


CREDIT SUISSE


WELLS FARGO


BANK OF AMERICA


BARCLAYS


DEUTSCHE BANK

Good luck and hopefully you enjoyed the post today 🙂 If you have any questions, don’t hesitate to leave a comment on this post.

Li



sources: internationalstudent.com, http://jobs.aol.com/articles/2009/01/26/top-10-jobs-in-banking-and-finance/, http://www.investopedia.com/articles/financial-careers/08/financial-career-options-professionals.asp,

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