How to Transition Into a Finance Career From Another Industry

We all know the saying ‘money makes the world go round’, and this could not be more true in the context of daily life. Think about how many times you use finance on a day-to-day basis, whether it's budgeting for your weekly groceries or helping your child(ren) with the latest math problem, we all need to have a basic understanding of numbers. Some become so passionate about finance that they even make a full-time career of it. This article will explore ways in which you can transition from non-financial sectors into a finance role.

Challenges of switching careers 

It goes without saying that any type of change comes with a unique set of challenges. Transitioning from school to university and even to a first job is often met with mixed feelings, such as excitement and nervousness. 

Changing careers, however, is in a league of its own. Not only does the concept present a whole new environment in terms of colleagues and work culture, but also a whole new way of thinking and learning new processes and systems - ways of working in general.

Some challenges involved in switching careers include having to build new networks, age barriers, ‘starting from the bottom’ in terms of job responsibilities, and in some cases, even salaries. How to overcome obstacles 

Now that we've touched on the hard stuff, let's move on to the more exciting aspects of starting a career in finance. Some benefits of working in the financial sector include having a good understanding of how to manage finances which can be carried through into your personal life, like being able to do your own taxes for example.

It may take a while to reap the benefits of having a career in finance, but with a little bit of dedication, patience, and perseverance, anything is possible. Here are a few things that you can do to get your foot in the door before even trying to land your first job in the finance sector: 

• Explore specific roles you think you'd enjoy and do your homework on financial firms or companies you think you'd want to work for. Researching these beforehand will allow you to set a clear path for moving forward and reaching the goals you set for yourself. 
• Consider developing your theoretical knowledge in finance by taking a few online courses. You could even take it a step further by pursuing a recognised program such as a Master of Applied Finance or a related qualification to enhance your understanding of core financial principles, ensuring you stand out when you're ready to enter the job market in your new field.
• Last but not least, network, network, network - put yourself out there, whether it's with people you already interact with daily (such as the financial team at your current employer) or strangers on professional platforms like LinkedIn. It is crucial to grow your network.

Leveraging transferrable skills

Starting a new career in finance doesn't necessarily mean that you need to unlearn all of the knowledge and skills you've acquired and groomed throughout your professional career. On the contrary, you should take these skills with you and use them for marketing yourself when you get to the application and interview stages.

Soft skills such as organisation, time management, effective communication and attention to detail for example could count highly in your favour when chasing a finance role as these are all essential characteristics to have. Be sure to identify your soft skills and think about how they can contribute to your success in a finance role. 

The most crucial aspect of changing careers is doing thorough research to understand what the change involves and to help effectively prepare for it. This article has highlighted common challenges associated with transitioning to a career in finance, discussed ways in which to overcome said challenges, and methods of effectively utilising transferable skills to successfully transition from a non-finance to a finance career - hope it helps with your next big career move.