Article by Richard Poulton
I began my finance career as an ambitious 20-year-old. I’ve come a long way since then, and while I have no regrets, my career would have definitely been easier if I’d known a few key things from the beginning.
1. Start as soon as you can
I was 25 when I joined the finance industry, but I wish I’d started sooner. If you’re interested in this career path, start as soon as you can. You might not even need to go to university (I didn’t, and it worked in my favour).
2. Finance is not that complicated
Finance has a reputation for being overly complicated, but it’s not nearly as hard as the stigma suggests. You don’t have to be an A-grade maths student, you just have to be willing to learn. If I can do it, anyone can do it.
3. Develop your soft skills
Soft skills – such as communication, teamwork, and problem solving – will often get you much, much further than technical skills alone. Why? Because the better your emotional intelligence, the better you will be able to work as part of a team and be a good leader. Most of the successful leaders I know have higher EQ than IQ.
4. Choose a niche that suits your strengths
Consider which area of finance will play to your strengths. For example, if you’re adaptable, resilient, and a strong salesperson, you’ll probably thrive in a sales or client-facing role (even though these roles can be volatile at times). However, if stability is important to you, you might do better in a long-term compliance role. Compliance is experiencing huge growth at the moment, and there will always be compliance jobs even with the rise of AI and RegTech (read a little more about RegTech here).
5. Never stop learning
The industry is changing at a rapid pace; there’s no time for complacency. Always be on the lookout for learning opportunities and take an interest in new research and trends. Not only will this help you be better at your job, it’s also incredibly interesting. For example, it blew my mind when I understood the importance of the macroeconomic environment for the first time.
6. Expect the unexpected
It’s difficult to predict the future, but one thing is for certain: the future of finance will look different to finance today. Artificial intelligence is transforming the finance industry (and many other industries), and if you don’t keep up you risk being left behind. Read 5 Ways AI is Transforming the Finance Industry for a taste of what could come.
7. Prioritise networking
Take advantage of networking opportunities. Strong working relationships will become the backbone of your success. You won’t climb the career ladder alone; you’ll need mentors and advisers, people willing to share their knowledge and support your journey. In this industry, relationships are everything.
8. Be prepared to make mistakes
Accept that you will make some mistakes along the way. It’s impossible to be right all the time. You’ll get it wrong every now and then. It’s how you react to these mistakes that’s important: use your failures as an opportunity to learn, improve, and build trust with your colleagues. How well you work with those around you when things don’t go your way says a lot about your leadership potential.
9. Work hard, play hard (but don’t forget to rest!)
I’ve long lived by the mantra ‘work hard, play hard’. I work really, really hard so I can party hard, too – the best of both worlds. That said, I’ve also realised the importance of rest and mindfulness. If you don’t look after yourself, you won’t have the energy to work hard or play hard. After a brush with burnout, I prioritise my wellbeing now. For tips on how to do this, check out my articles ‘Why Wellness Matters to your Career’ and ‘Three Ways to Mindfulness’.
10. Keep asking: What’s next?
Always keep the question ‘what’s next?’ at the forefront of your mind. This will keep you fresh and engaged as you strive to reach the next level of your career and continue improving no matter what. Always challenge yourself to do better and be better. By asking ‘what’s next?’, you’ll be ready for whatever the future holds.