Finance Related Jobs

[Golden_6]

3rd year Finance, Accounting and Financial Planning student due to graduate in 2016.

Just looking at any and all advice on the sector. I'm basically at the time of my degree where I need to start gaining practical experience to be seriously considered for graduate jobs in the future. I'm looking at vacation work but I feel it would be difficult to secure a spot due to hand picking the best academic students. I still average a distinction (71) but it may not be good enough. Any advice on how to go about getting some experience?

Also what areas of finance/accounting do you guys work? I havnt narrowed down a specific area I'll head for but investment banking has always stuck out to me.

 

[slashin_velvet]

Hey mate - I'm happy to help out and give you any advice you need - but you're better served being more specific about the subjects and areas of your degree that you enjoy before asking people about what you should do.

The main peice of advice id give to someone in your position is to put in an application anywhere and everywhere when it comes to vac work. You may only get one or two offers from 20 interviews, and then you can try them and see if thats something you can see yourself doing.

I went to uni with a bunch of people who only applied to the top tier firms for vac work - but they werent top of the class students. When they missed out, they didnt have a fallback plan, and had to wait until grad positions opened up. Their lack of vac work made them less attractive to mid tier firms and they had to take what they could get (this was back in the middle of GFC mind you).

 

[bombersfan4000]

3rd year Finance, Accounting and Financial Planning student due to graduate in 2016.

Just looking at any and all advice on the sector. I'm basically at the time of my degree where I need to start gaining practical experience to be seriously considered for graduate jobs in the future. I'm looking at vacation work but I feel it would be difficult to secure a spot due to hand picking the best academic students. I still average a distinction (71) but it may not be good enough. Any advice on how to go about getting some experience?

Also what areas of finance/accounting do you guys work? I havnt narrowed down a specific area I'll head for but investment banking has always stuck out to me.

the misses old man has a few smallish financial planning businesses. superannuation, accounting & insurance brokering. the employees that work there all do very well for themself financially

 

[Teagueeee15]

Financial planning was a great area to study, but just a horrible industry to work in. When it comes to keeping your job, all that they really care about is if you are meeting your sales targets and bringing the revenue into the business, so most of your day will be spent acting like a used car salesman trying to get somebody to commit their life savings into a product that you know deep down isn't right for them. Usually you are restricted to only selling products off a product list that are exclusive to a certain dealer even if there are better products out there. If you have any sort of moral compass like I did you will find yourself chewed up and spat out of the industry very quickly.

If you do have the gift of the gab and are an excellent used car salesman, you will find yourself making excellent cash very quickly and the way commissions are (or maybe we're now) you can set yourself up for life very quickly. I know a planner who claims to still be earning $1500 a month in trailing commissions despite being out of the industry.

 

[Golden_6]

Financial planning was a great area to study, but just a horrible industry to work in. When it comes to keeping your job, all that they really care about is if you are meeting your sales targets and bringing the revenue into the business, so most of your day will be spent acting like a used car salesman trying to get somebody to commit their life savings into a product that you know deep down isn't right for them. Usually you are restricted to only selling products off a product list that are exclusive to a certain dealer even if there are better products out there. If you have any sort of moral compass like I did you will find yourself chewed up and spat out of the industry very quickly.

If you do have the gift of the gab and are an excellent used car salesman, you will find yourself making excellent cash very quickly and the way commissions are (or maybe we're now) you can set yourself up for life very quickly. I know a planner who claims to still be earning $1500 a month in trailing commissions despite being out of the industry.

I've found financial planning subjects to be quite interesting but like you said I've heard from a few different individuals (including teachers) that it isn't a great career option. The work can apparently be very mundane and the sector is now extremely regulated compared to the past so all signs are pointing away from that industry.

 

[Golden_6]

Hey mate - I'm happy to help out and give you any advice you need - but you're better served being more specific about the subjects and areas of your degree that you enjoy before asking people about what you should do.

The main peice of advice id give to someone in your position is to put in an application anywhere and everywhere when it comes to vac work. You may only get one or two offers from 20 interviews, and then you can try them and see if thats something you can see yourself doing.

I went to uni with a bunch of people who only applied to the top tier firms for vac work - but they werent top of the class students. When they missed out, they didnt have a fallback plan, and had to wait until grad positions opened up. Their lack of vac work made them less attractive to mid tier firms and they had to take what they could get (this was back in the middle of GFC mind you).

In terms of subjects I've found investment based subjects to be the most interesting, specifically shares. Always been interested in the growth of businesses and how to achieve value out of them as well.

Do you think it would be a viable option to cold call (or email) a bunch of smaller or mid tier firms that don't offer formal vacation work on their websites and see what they might be able to offer? Obviously if you don't have a standout resume its hard to get through the online application stage.

 

[slashin_velvet]

In terms of subjects I've found investment based subjects to be the most interesting, specifically shares. Always been interested in the growth of businesses and how to achieve value out of them as well.

Do you think it would be a viable option to cold call (or email) a bunch of smaller or mid tier firms that don't offer formal vacation work on their websites and see what they might be able to offer? Obviously if you don't have a standout resume its hard to get through the online application stage.

That last part certainly wouldn't hurt. I'd probably avoid direct phone calls unless you get desperate - most people don't want to be bugged in the middle of the day, but may respond to an email. At the very least, you can offer to come in and do a little bit of work for free - most will say no to this, but may agree to have a chat with you and give you career guidance. If you show them you are keen, you may at least get your name out there and form some connections....then if they are looking for someone when you graduate, your name may pop up, and may save them money and time hunting for someone.

I did this myself at the end of 1st year knowing they would only take vacs from 2nd year.....I didn't get any work from it, but got 2-3 meetings which then led to locked vac places the following year. One of those became my grad position. Turns out I hated it, and quit after 18 months.....but it was a good starting workplace, which made it easy to switch into something I enjoy more.

Even if you resume sucks - try to spruce it up, and apply everywhere. Whats the worst that could happen?

 

[Teagueeee15]

I've found financial planning subjects to be quite interesting but like you said I've heard from a few different individuals (including teachers) that it isn't a great career option. The work can apparently be very mundane and the sector is now extremely regulated compared to the past so all signs are pointing away from that industry.

I wouldn't say working as a financial planner was mundane. Accounting and paraplanning are more mundane than financial planning. Financial planning is like working in retail, except you are wearing a suit and calling people clients instead of customers. it suits those who would describe themselves as people persons as a typical day would involve meeting with clients and trying to get them to commit to going forward with a statement of advice. If you have the gift of the gab then it is a very lucrative career. My personality didn't suit financial planning at all, so I attempted to look for opportunities as a para planner. If you are already established as a paraplanner then there are numerous opportunities out there. It's really difficult as a graduate to find an opportunity where a firm is willing to train you up to be a paraplanner only. They will expect after three months that you will want to work as a financial planner as they are the ones who bring the $$$$ into the business, not the paraplanner and you will work out quickly that unless you can bring the $$$$ into the business and constantly hit your sales targets, then you will be cast aside and they will hire somebody who sells used cars and did an 8 hour course at Kaplan to get their RG146 qualification.

Unfortunately the mooted changes to the regulations via the future of financial advice reforms doesn't seem to be going ahead. These reforms would have helped to rid the industry of the sharks that currently dominate it.

 

[demondavey]

3rd year Finance, Accounting and Financial Planning student due to graduate in 2016.

Just looking at any and all advice on the sector. I'm basically at the time of my degree where I need to start gaining practical experience to be seriously considered for graduate jobs in the future. I'm looking at vacation work but I feel it would be difficult to secure a spot due to hand picking the best academic students. I still average a distinction (71) but it may not be good enough. Any advice on how to go about getting some experience?

Also what areas of finance/accounting do you guys work? I havnt narrowed down a specific area I'll head for but investment banking has always stuck out to me.

A distinction average is very good mate. A lot of people fall well below that mark. It makes a significant difference from a credit and looks much better. Don't drop that levels. I would apply to everyone and for VAC work, the top firms are harder to get into obviously, but the mid tier firms are just as good and at the end of the day, all you need is a start. Apply everywhere and be confident with yourself. I'd say you'd be ok and you'll get something.

 

[Banker]

3rd year Finance, Accounting and Financial Planning student due to graduate in 2016.

Just looking at any and all advice on the sector. I'm basically at the time of my degree where I need to start gaining practical experience to be seriously considered for graduate jobs in the future. I'm looking at vacation work but I feel it would be difficult to secure a spot due to hand picking the best academic students. I still average a distinction (71) but it may not be good enough. Any advice on how to go about getting some experience?

Also what areas of finance/accounting do you guys work? I havnt narrowed down a specific area I'll head for but investment banking has always stuck out to me.

You're no chance for Investment Banking, most IB students have vacation work under their belt in 1st year.

Though your average is good enough for every other job and big 4 banks/accounting look at more than grades alone. You have to pass psych test and group assessments basically about 'personality'.

 

[Hamingja]

If you don't mind doing it I would try to go down the accounting path in your situation.

A lot of finance is sales based as Teague covered. I have an analysis role but it was damn hard to get and I really feel with no direct customer contact the role will eventually end up outsourced overseas as India and the South East Asian countries get progressively more sophisticated with graduates that have completed the same qualifications at the same Australian University as me.