Finance career strategies is our topic for this post. The standard career path for a finance employee isn’t as straightforward as it once was. Today’s skilled professionals have more opportunities to explore new avenues, experiment with different roles, and develop new skills.
Being open to exploring different career paths or moving to new companies can be an excellent way to access better job satisfaction and potentially earn a higher salary and better overall package.
You can move into new roles and search for a more diverse, inclusive, and equitable company culture or use the skills you develop to apply for more lucrative, engaging positions.
The fast-moving nature of finance, combined with the rapid rise of new technology in the industry, means the number of available roles is constantly growing. Some experts predict that up to 85% of the jobs that will exist in 2030 have yet to be invented.
However, moving roles and companies can be challenging. You need a clear strategy to ensure you’re pursuing the right opportunities. Here’s our detailed expert guide to taking the next financial career step.
1. Setting Your Finance Career Goals
Setting clear goals is the key to ensuring you’re moving in the right direction throughout your career. Clear, achievable goals help you decide which roles to pursue based on your priorities, interests, and personal vision of career success.
A few key steps can help you develop your goals and define your next steps. Start by conducting a self-assessment. Look at your strengths and weaknesses as a finance professional and what you like and dislike about your current role.
Ask yourself what interests you in the evolving finance space. Are you drawn to roles connected to financial analysis or investment banking? Are you interested in using AI and cutting-edge technology to help formulate business budgets and complete accounting reports?
What current trends appeal to you in the finance industry based on your passions and potential to earn excellent compensation?
For instance, digital literacy has become increasingly crucial in the finance industry, and 76% of executives think knowledge of AI is essential to ensuring their professionals are resilient enough to thrive in the industry.
Based on your self-assessment and insights into industry trends, set SMART targets (specific, measurable, achievable, relevant, and time-bound.)
Your goal might be to move into an executive-level accounting position in the next five years, and you could accomplish this by taking on new responsibilities in your current workplace and earning new certifications.
2. Evaluating Your Current Situation
Evaluating your current situation is important in setting clear, relevant goals for your future. Looking at what you like about your existing role and what you dislike will help you identify what to prioritise when searching for a new position.
For example, are you currently unhappy in your workplace because you feel you’re not being paid what you’re worth? Does that issue stem from the company being unwilling to increase your salary, or is the problem that you’re currently in a role that doesn’t fully utilise your skills? Moving into a position that allows you to take on more responsibility could lead to a higher salary.
Alternatively, you might love your current work but feel your company’s culture doesn’t fit your needs. Maybe you want to work with a business focusing more on employee well-being, diversity, equity, and inclusion.
Once you’ve identified what you like and dislike about your current work situation, ask yourself what you must accomplish before moving somewhere new. Do you need to develop new skills to move into an executive-level role?
Even if you have the skills required for your ideal role, could you improve your employability by focusing on certain areas, like building new technical skills or enhancing your resilience?
3. Crafting a Compelling CV, Cover Letter, and Brand
Once you’ve established what you want to accomplish in your finance career and why you want to move to a new position, the next step is setting yourself up for success. The first thing you’ll need is a strong CV and cover letter.
Even if you’re a master at interviewing, you still won’t get to show your skills to potential employers unless your CV stands out. Review your CV and ask whether you’re drawing attention to the right attributes based on your desired role.
Suppose you’re looking for an executive-level accounting position.
- Do you draw attention to your certifications, knowledge of cutting-edge technology, and what you’ve achieved throughout your career so far?
- Does your CV include keywords and statements to capture a hiring manager’s attention and pass the ATS (Applicant Tracking System) screening processes?
Once you’ve updated your CV, look at your cover letter. Think about highlighting your commitment to continuous learning and development, showing resilience and adaptability, and tailoring each letter to the company you want to work for. Remember, your CV and cover letter should always be customised to focus on the specific role you’re applying for.
Finally, think about the other elements of your employee brand. Do you have a strong LinkedIn profile that hiring managers and recruiters can review to learn more about you? A professional social media presence can be an excellent way to boost your chances of being offered an interview.
4. Building and Leveraging Your Network
Great networking is essential to success in the finance industry. This is particularly true now that businesses are looking for ways to overcome skill shortages by asking industry leaders for referrals and working with specialist recruitment teams.
Some of the best finance opportunities are never advertised on common job boards. Connect with the right people, including sector-specific recruitment companies, to access these roles.
Connecting with thought leaders and professionals at industry events, workshops, and seminars is a great way to show your commitment to continuous learning and development. It can even help you to uncover some great opportunities before they’re advertised elsewhere.
5. Preparing for Job Interviews
If you’ve stayed in the same position or company for a while now, you might be surprised at how much the interview process has changed in the finance industry. Increasingly, to improve their chances of making the right hiring decisions, business leaders are leveraging new interview strategies, such as psychometric testing and skill assessments.
There’s also a growing focus on behavioural questions in interviews, such as “Tell me about a time when you needed to complete a task with a tight deadline.” Learning how to answer these questions effectively, drawing attention to clear examples and evidence of what you’ve accomplished with statistics, and engaging stories will help you stand out when you apply for a new role.
You may also need to prepare for new interview styles, such as group interviews, where you’re asked questions alongside other potential candidates, or panel interviews.
Virtual interviews, such as asynchronous and synchronous video interviews, are becoming increasingly common, making it crucial for finance candidates to become familiar with conferencing software.
Conducting mock interviews with the help of a colleague or friend and asking for feedback about your answers, body language, and overall performance can help you approach each interview with a higher level of confidence.
6. Working with a Recruitment Company
While there are various ways you can boost your chances of getting the role you want in the finance sector, few strategies are more effective than working with a financial recruitment company. Professional recruitment teams can increase your chances of success in various ways.
They can offer a behind-the-scenes insight into current market dynamics and the skills you should draw attention to in your resume. They can also help you identify your priorities and connect you with employers offering the salary, company culture, and benefits you seek.
Great recruitment companies can help you access exclusive opportunities you wouldn’t find elsewhere, tell you how to improve your marketability, and prepare you for upcoming interviews. Plus, they can deliver long-term support throughout your career, helping you continuously take positive steps towards your career goals.
The key to successfully working with recruiters is knowing how to collaborate. During initial conversations, be clear about your goals and preferences. Regularly communicate with your recruitment team and take advantage of their feedback and insights.
7. Final Steps and Considerations
Once you’ve prepared to take the next step in your finance career path, with the right goals, research, and support from a recruitment team, there are a few final points to consider.
First, you must ensure you have a plan to initiate a smooth transition between roles.
Work with your recruitment team to create a plan for how you’ll negotiate job offers with a new employer. They’ll help prepare you for salary and benefit negotiations and ensure you get the best possible offer.
Finally, make sure you’re set up for success in your new role. Learn as much as possible about the company, how your performance will be evaluated, and how you can thrive as part of your new team. Show a commitment to continuous learning by constantly planning how to upgrade and improve your skills.
Take the Next Step in your Finance Career
Moving into a new role or company in the finance space can be an exciting step. It can help you develop new skills, unlock exciting opportunities, and achieve your long-term career goals. However, it’s important to have the right strategy in place.
Set clear targets for your future, constantly review your strengths and weaknesses and the trends in finance, and adapt accordingly. Build your network and professional Brand, and work with finance recruitment companies to boost your chances of success.
These steps will ensure you have the best chance of getting the job you want and getting as much satisfaction out of your finance career as possible.
Thanks
Rachel
MD Rebus Recruitment
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.