How to launch your career in the finance industry

The finance industry in Canada is exploding, offering those interested in a career in this area significant and diverse opportunities.  Not only is this area growing, but it continues to adapt to the changing landscape that includes technology innovation and changes in demands from customers both internal and external.

Back in 2018, the Conference Board of Canada highlighted Canada’s finance sector as a source of growth for the economy,  directly accounting for over 831,000 jobs and 7.1 per cent of GDP in the country.

Meanwhile, Financial Manager made the list of Top 25 Best Jobs in 2019 at number 20. But that’s not the only type of job you can land in the finance sector. Jobs in the finance sector encompass everything in the non-insurance sector of financial firms, which could include working in banks, as investment brokers, accountants, auditors or financial advisors, or financial administrators within other companies.

But just how do you break into the finance industry, especially if you didn’t major in a finance-related field in your undergrad degree? Often the go-to idea is to take a Masters in Business Administration (MBA) program. The good news is you don’t need an MBA to work in finance – meaning you don’t need to spend the next 2+ years and often times many tens of thousands of dollars to break into the field. The bad news is, the field is competitive, so you’ll have to work hard, target your studies, and make yourself standout.

Target Your Studies

While you may not need an MBA to break into the finance industry, consider targeting your studies towards disciples in business, economics, or applied mathematics, if you are working on an undergraduate degree. But if you have already earned a degree in say, Humanities or Liberal Arts, don’t despair! Consider a targeted post-degree diploma, like our Financial Management Diploma.

Our Financial Management Diploma is a two-year program that provides a foundation for students to be in a position to take advantage of the varied career opportunities in the finance industry, without the price tag of an MBA. Students are exposed to a wide variety of courses, including accounting, audit, taxation and finance courses, positioning them well to launch a career in the financial sector. While this diploma provides the technical courses required to start a career in the financial industry, students also earn a Management Certificate that emphasizes skills that include leadership, motivation, communication and problem-solving and an accelerated path to the Certified in Management designation.

Those aspiring to a career in this industry have many options when choosing a career path. They include financial planning, accounting and financial analysts, banking, payroll, accounting, auditor, customer service as well as middle and senior level management or director positions where they are playing a significant role in the strategic direction of an organization.

Land an internship

We can’t say enough about the importance of internships for gaining hands-on experience in a new field. Not only is it the perfect testing ground for learnings from an academic program, but it is also an opportunity to make important industry connections and, at a minimum, obtain a reference from the internship employer.

Internships are part of the program structure at PACE, but if you’re trying to break into the finance sector on your own, look for summer internship postings if you’re still in school, some may also be open to recent grads.

Getting all that internship experience helps fill in for the lack of full-time experience in the field. Another way to obtain experience, while attending school is to look for part-time work that is aligned with your studies. Consider trying to find opportunities in the finance sector rather than flipping burgers, bagging groceries, or making coffee.

In any internship or related work experience you land, make sure you work hard! Put in your best effort, even if some tasks are routine or basic. Getting the experience under your belt and making a good impression on co-workers and supervisors could be the key to landing a full-time gig.

And once you graduate, be willing to gain experience in entry-level positions. Regardless of whether you’re entering the field with an undergraduate degree, diploma, or MBA, be willing to put in the time at the bottom and work your way up the career rungs. Your education will position you to perform well and having the willingness to take an entry-level position demonstrates commitment to your career as well as an opportunity to showcase your skills to a new employer.

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Build your credentials

If you’re in an academic program, you’ll earn your degree or diploma(s). The Finance Management program at UWinnipeg earns you not only the Financial Management Diploma, but also a Management Certificate. But some roles in the finance sector may require additional certifications or professional designations.  For example, you may want to consider earning your Chartered Professional Accountant (CPA) designation, or Chartered Financial Analyst (CFA).

Often professional designations will require a combination of professional work experience as well as sitting for knowledge exams. However, earning these additional credentials demonstrates your commitment to building your career in the industry, as well as adhering to the industry standards.

Also, consider getting involved in associations that oversee the certifying process where they exist, or joining other professional bodies. Some associations may have student groups you can join while completing your studies. Getting involved helps build your network and sets you apart from others trying to break into the field.

Use your background

While you might be new to the financial industry, if you’re an early- or mid-career professional who decided to switch lanes, don’t be afraid to highlight the skills and experience you bring from your previous work background.

Likewise, if you are new to Canada or belong to minority group, don’t be afraid to highlight what you have to offer. The 2019 Diversity Disclosure Practices Report still shows a significant gap in the representation of women in leadership positions in the finance industry, but as diversity and inclusion policies make their way into finance industry, progress is being made. The finance industry was well represented in the 2019 Canada's Best Diversity Employers showing a commitment to change.

“The advantages of bringing in a broad variety of fresh voices to spark innovation and energize a company are already well established,” says Diane Jermyn in the official announcement for Canada's Best Diversity Employers (2019), published on March 1, 2019 in The Globe and Mail. “Planning a more inclusive approach to hiring allows organizations to tap into the best talent Canada has to offer.”

So when you head into the workforce, don't be afraid to tick the boxes and talk about how your unique set of skills, experience, and background can bring something new to the table for a prospective employer.

The take away

The finance industry continues to grow and is emblematic of all strategic decisions made in businesses. To be part of those boardroom decisions, you need the educational foundation, experience, and work ethic. There isn’t a shortcut, but there are steps you can take to launch your career in the finance industry armed with the knowledge and skills to innovate and affect change.