A finance or business degree is a prerequisite for most jobs in the financial industry, but what if you don't possess oneand want to work in this field? While it is more difficult for someone with a non-finance degree to secure a job in finance, there's still hope.
Every employer wants smart, committed, and motivated employees who can do the job well. A finance degree will impart skills such as financial modeling and analysis, but may not do much to provide other skills required for success in almost any profession, such as communication, problem-solving, and time management.
The following are 10 ways to demonstrate to potential employers that you possess the skills they desire in an employee, as well as the passion necessary for a successful career in finance.
We will rate each of these by the degree of difficulty to achieve (for example, signing up for a financial course is easier than obtaining an internship) as well as the positive impact it may have on your objective of embarking on a career in the finance industry.
Key Takeaways
- It is possible to have a successful career in the finance industry without an MBA or having been a finance major.
- Taking relevantcourses in finance or economics will help your endeavor.
- An internship witha reputable company will often improve your resume.
- You may also want to consider non-finance degrees that are in-demand on Wall Street, such as information technology, mathematics, and platform development.
1. Learn the Lingo
- Difficulty: Low
- Impact: Low
If you are interested in a career in finance, there's no excuse for not knowing Wall Street lingo. If you don't know the difference between dilution and dividend, or between NPV and DCF, consider learning financial terms and concepts by browsing the extensive dictionary of terms at sites like Investopedia or by reading The Wall Street Journal.
Not knowing the financial language may make it almost impossible to pass the preliminary interview stage for a non-finance graduate. An interviewer will generally assume that an applicant for a finance position is knowledgeable about finance, regardless of his or her educational background.
2. Round off Your Education
- Difficulty: Low to Moderate
- Impact: High
What if you graduated with a degree in a subject other than finance? You can always redress the situation by taking relevant courses with an emphasis on finance or business at the undergraduate or post-graduate level.
At the undergraduate level, courses in economics, accounting, or financial analysis are great options. Many post-graduates go for anMBA since its substantial finance component serves to level the playing field between finance and non-finance graduates.
If theMBA's stiff costis a deterrent, other options such as enrolling in the Chartered Financial Analyst (CFA®) Program are certainly worth exploring. The CFA is awarded after passing a series of three rigorous exams that test a graduate-level of financial theory and practical knowledge on one's own time.
3. Enroll in a Financial Boot Camp
- Difficulty: Moderate
- Impact: Moderate
Intensive courses by firms like Wall Street Prep and Training the Street can teach you valuable skills that are essential for a career in finance, such as advanced spreadsheet techniques and financial modeling.
These crash courses are quite expensive, typically a few thousand dollars, but have the advantage of not requiring a long-term time commitment since they are typically conducted over a few days. One drawback is that, due to these programs' intensity, you may need to be already familiar with basic financial concepts to derive the maximum benefit.
4. Expand Your Knowledge Base
- Difficulty: Moderate
- Impact: High
Relevant knowledge is not obtained only through a college degree. There are plenty of resources available, either through your local library or online, to deepen your financial knowledge. These resources may be free or available on a paid basis from course providers.
Being self-taught in a difficult field like finance demonstrates a number of desirable attributes to an employer, such as initiative, passion, and drive.
5. Use a Trading Simulator
- Difficulty: Moderate
- Impact: Low
A number of websites—including Investopedia—have trading simulators that can be used to construct mock portfolios. Using a trading simulator will force you to track the markets and keep abreast of market developments. This is a great way to impress a potential employer with your trading prowess, or at least your market knowledge, with very little investment on your part aside from a time commitment.
6. Complete Industry Courses
- Difficulty: High
- Impact: High
Completing a relevant industry licensing course, such as that offered by the Canadian Securities Institute, not only demonstrates your commitment to a career in finance but also gives you an edge on the competition in terms of job readiness.
This option may not be available in all jurisdictions, of course; for instance, inthe United States, one has to be sponsored by a member firmor a self-regulatory organization to take most licensing exams.
However, the Financial Industry Regulatory Authority (FINRA) has created a new test called the Securities Industry Essentials Exam (SIE), which can be taken without sponsorship.
7. Maintain a FinancialBlog
- Difficulty: High
- Impact: Moderate
Starting and maintaining a financial blog is a great way to communicate your investment ideas to the world. It is an opportunity to convey to a potential employer a favorable impression of your diverse skill set, including financial acumen, communication skills, and technological dexterity. This mode of self-marketing is most suitable for those who already possess a measure of these skills.
Increasingly, individuals looking to promote financial concepts and investment ideas are using social media platforms like Instagram, X (formerly Twitter), and TikTok to become "finfluencers."
8. Link Up With a Mentor
- Difficulty: High
- Impact: Moderate
Linking up with a mentor is another way of jump-starting a financial career. A mentor can be anyone in a position of influence who thinks highly of your capabilities and is willing to help you achieve your goals. Possible mentors include your favorite college professor, a family friend or relation with a successful career in finance, or someone you know in a professional capacity, such as a supervisor during a previous internship. Don't hesitate to approach a contact whom you think could help you in your job search.
9. Score an Internship
- Difficulty: Very high
- Impact: Very high
Scoring a summer internship still remains one of the best ways to lock in a prestigious full-time job in finance, as many Wall Street firms pick their new hires from the ranks of their summer interns. An estimated 47% of MBA students go to work for their summer employer after graduation.
Since obtaining a paid internship in finance is likely to be very difficult for a non-finance graduate, one must consider other options, such as an unpaid internship or volunteer work with a broker. The opportunity cost that arises from doing unpaid internships or volunteer work may be offset in due course by the higher earning potential of a finance career.
10. Do Your Best to Get Your Foot in the Door
- Difficulty: Very high
- Impact: Very high
Target HR departments for resumes, expand your job search to other locations, and use your network to check for openings—in short, do everything you can to get your foot in the door of a financial institution. Scoring an entry-level position with a financial company, even in a non-finance role, may open doors to other career paths in finance down the line.
Can You Earn a CFA Charter Without Holding a College Degree?
No. The CFA Institute requires that charter holders have at least an accredited bachelors degree (in any field). However, you can apply as a candidate and begin the CFA program when you are still an undergraduate student, provided that you will successfully graduate within 11 months.
What Are the Top College Majors for Financial Professionals?
According to a recent survey, the top college majors among global financial professionals were:
- Finance (23%)
- Business/Management (19%)
- Economics (14%)
- Accounting (11%)
- Mathematics (7%)
Together, these five majors accounted for nearly 75% of all financial professionals.
How Many Banking Interns End Up Getting Hired?
According to industry research, roughly 43% of finance interns who fulfill all of their requisite duties will be offered a job.
That may seem like a favorable statistics, but keep in mind that just landing an (often unpaid) internship at a financial firm is highly competitive. In 2022, investment bank Goldman Sachs had a record 236,000 people apply for student internships globally, including 79,000 in the Americas. Only around 3,500 (1.5%) are accepted.
The Bottom Line
Some non-finance degrees are certainly in demand on Wall Street for specific tasks, including:
- Physics and mathematics for structured products, derivatives, and quantitative trading
- Information technology for algorithmic trading and platform development
- Engineering, mining, and sciences for sector-specific research analysis and investment banking
However, for the vast majority of non-finance degree holders, securing a job in finance is likely to pose a significant challenge. This is more so because thousands of positions were eliminated by banks and financial institutions in the aftermath of the 2008 global recession. Using a combination of the tips discussed above should enable a non-finance graduate to substantially improve his or her chances of launching a career in finance.
