4 Misconceptions About A Career In Finance
There are so many misconceptions about finance careers and finance professionals, to the point where people avoid it as a career altogether! But more and more people are seeing the benefits of a finance career, as well as the endless opportunities.
So if you’re debating on going for your first finance job – here are 4 misconceptions to help you make the right decision.
YOU HAVE TO BE INCREDIBLE AT MATHS TO BE AN ACCOUNTANT
Many people have an interest in working in finance but never pursue it because they think they have to have a brain like Einstein's. This is far from the truth.
Naturally, a basic level of maths skills are required to be successful in accounting. However, just because you didn’t excel at maths in school, doesn’t mean that you need to rule out accounting as a career!
You’ll always have a calculator on hand when performing calculations, so it isn’t important to have super quick mental maths. Plus, the vast majority of accountancy software help extensively with complex calculations, so learning how to use the software and check your calculations is far more important than being a maths genius.
Not to mention, there’s a lot more that goes into being an accountant than simply doing calculations so soft skills like organisation, analytical thinking, and punctuality are far more important.
ACCOUNTANTS DON’T HAVE PEOPLE SKILLS
To put it bluntly, accountants are boring… don’t worry if you thought it, lots of people do.
If you’re someone who likes the idea of working with numbers and finances and you enjoy socialising, a career in finance might seem mentally stimulating but also really lonely, (not to mention the stereotype that you’d be viewed as boring).
But the reality is, being a skilled communicator is perhaps the most underrated skill when it comes to being a successful accountant. A big part of your job would be to liaise with clients and internal stakeholders; whether it be to make strategic recommendations or to translate the business’s financial position.
Accountants can be fun! Finance professionals are a huge part of an organisation and so they’ll be expected to interact with all aspects of the business. It’s actually fair to say that accountants are expected to be the most communicative in a business as all other departments will be interacting with the finance team due to their essential service.
So if you enjoy socialising, you can very much use a career in accounting to your advantage to get to know and speak to plenty of people, both inside and outside of your organisation.
Plus, we haven’t met any boring accountants either. It’s just a stereotype.
YOU NEED A DEGREE TO START YOUR FINANCE CAREER
This is probably one of the biggest misconceptions about a finance career in the UK, to the point where people don’t even give the option a thought.
To get started in accountancy, you’ll generally require GCSEs and potentially A-Levels or an apprenticeship depending on the firm. A degree can certainly give you an advantage, particularly as it allows you to skip some of your account exams (ACA/ ACCA)
If you’re getting into practice, most firms will fund your AAT, ACA, or ACCA studies, so it isn’t essential that you’ve studied this in advance of starting your career.
It’s also important to note that a lot of accountants can quickly become ‘qualified by experience’ within a few years of working in finance. However, if you want higher chances of negotiating higher salaries and positions, it’s generally advised to undertake qualifications but again, not essential.
YOU SPEND ALL DAY SITTING BEHIND A DESK CRUNCHING NUMBERS
In many people’s minds, finance professional’s days are pretty much identical and there’s no real variation to the role.
Naturally, some of your time will be spent crunching numbers, but accountancy can also involve:
Visiting and liaising with clients
Discussing strategies
Making recommendations to improve a business’s financial position
Or implementing new software and technologies
There’s plenty of progression in finance as well as plenty of different avenues that require different soft skills and have different responsibilities that go beyond Microsoft Excel.
A good example would be a Finance Business Partner.
They would be expected to travel quite a bit, especially within a large company with several finance teams and offices. They would be a visible presence across different offices as they work closely with department heads and senior finance members across the organisation.
They’d also be involved in identifying trends within markets, partnering with business leaders and stakeholders, as well as establishing ways to market for a new product.
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