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One of the reasons people choose a career in the finance sector is that there are many different fields and positions to choose from, providing scope to specialise in one particular area or develop skills and experience in a number of different areas.
Some of the most areas most popular with finance professionals are:
• Banking (both commercial and investment)
With these areas providing the widest range of jobs, you would be forgiven for wondering why anyone would choose to specialise in a different area of finance. There are many reasons people choose to follow alternative paths in the sector, such as wanting a job that is in line with their nature and personality, or a role that enables them to develop particular skills.
Some of the more unusual areas in finance are:
• Accounting for niche or specialist groups
• Accounting software development
• Budget creation and management
• Financial analysis for law enforcement agencies
Any one of these areas can provide a different career path for finance professionals.
Accounting software developer
In an increasingly digital environment, there is a growing need for automated accounting services and skilled accountancy specialists now play a role in developing software and applications. Accounting and finance skills can provide the know-how that underpins these, allowing small firms and individuals to get help with accounting without having to find the money to hire a professional.
As this role entails working with developers and software professionals, it can provide a different pace and focus from more conventional finance jobs, which accountants may enjoy.
Accounting for niche or specialist groups
While accounting is a common role, most people in the finance sector see it as being work undertaken by a large company or authority. However, accountants can also specialise in a niche area, such as entrepreneurs, environment, military or sports.
Developing experience in a niche industry will sees accountants classed as professionals working in a separate sector, as opposed to working in finance, which could be attractive for those seeking to work in a different environment.
Budget creation and management
The need for both individuals and organisations to have clearly-defined budgets and stick to them budgets is more important than it has ever been given both the recent financial crisis, the government’s austerity programme and now the financial fallout anticipated from Brexit. This has led to the emergence of new roles in budget development, creation and management services. This is an area that is growing, so it is a good option for anyone looking to develop their career.
There is also an increasing expectation of treating customers fairly (TCF) in the financial sector, and it finance professionals with an empathetic nature may find working in budget creation or management for an organisation like Wescot suits their outlook on life. The debt collection agency provides a varied, interesting environment in which to work, where two days are rarely the same, and customer focus is the priority.
With credit being an integral part of life for people and businesses, credit management is essential, and this is an area of the finance sector that is set to expand in over the next few years, and companies like Wescot, who are experienced and well-regarded in this area, look set to be at the forefront of this growth.
Financial analyst for law enforcement agencies
A post that may be of interest to many with financial skills is working with law enforcement agencies or major organisations in financial analysis. The position of financial analyst has long been associated with tracking the success or failure of a company, but it can also be used to track human behaviour and determine any wrong doing or criminality. Those with the skills to track movements of money could find themselves in great demand should they turn their hand to this type of role.
The finance sector is a large and varied one, with many career paths to choose from. While there are many popular career paths that those who wish to work in the sector are naturally attracted to, there are also many more unusual career paths.
Whether these paths are followed out of passion, for increased career development opportunities or because they better suit the personality of a particular individual, there is no denying there is a place finance sector for all skills and backgrounds. So, it may be that, even if you are not attracted to roles with which it is most commonly associated, finance is still the sector for you.