It is a good time to be working in the financial services industry.
Technology advances, demographic shifts, regulatory changes and work style revolutions are likely to give the financial services landscape a new shape in the coming future.
It is important to be future ready in such a scenario so as to identify the key growth opportunities and turn them into financial rewards for yourself.
Global Financial Investments Increasing in 2019, Offering Better Prospects for Finance Employees
As we proceed into this decade, it is heartening to see that the global economy is finally on the road to recovery.
Professionals are looking for better opportunities, from changing companies to changing job locations, doing it all so as to get the maximum financial compensation for their job.
The finance industry itself is undergoing a rehab after the drubbing it received in the past few years. Global financial investments are increasing and so are the revenues.
Japan is a perfect example of the same, as its aggressive economic policies have helped them to rise from the recent sloppy market conditions that were affecting the national economy.
Europe’s stock markets are expected to improve in 2019, as signaled by a 33.6% stock market growth percentage of Ireland and 28.1% hike in Greece stock market.
The US economy also looks stable with a consistent rise in the GDP growth of 2.5%.
According to the official research of CFA Institute, most of its 100+ member countries (63%) believe that global economy will expand in 2019. This is a significant increment from the previous year figure of 40%.
Thus, the picture of the growth of financial investments in 2019 looks sustainable for the coming year, ensuring better growth prospects for those engaged in financial jobs.
Better growth is inclusive of higher salaries.
However, if you also want to enjoy these benefits, it’s essential to add some extra skills to your professional quiver. Here are some secrets to help you maximize your salary in a finance role:
5 Insider Secrets to Higher Salary in Finance Role
1. Gain more relevant experience
Typically more experience leads to higher salaries, at least up to a point.
When looking for a finance job, your experience would be one of the first factors that the prospective employer will watch out for.
If the position calls for a professional who has preferably 10 years of experience and you do not fit that criteria, you are likely to end up with a lower end of the pay scale.
However, plain experience won’t work as your experience should be relevant to the job. For instance, a finance job would require experience in either BFSI sector, or financial services and investment.
2. Continuing education is the key
For every professional who wants to make it the top of the ladder, remaining updated with the latest trends and changing skill requirements is quite necessary.
This not only means that as a finance aspirant you would have to follow all the latest developments in the financial world but also keep yourself equipped with added knowledge through certifications.
While most would start their career with a MBA degree with specialization in Finance, if you top up it with some popular certifications like Chartered Financial Analyst or Chartered Financial Consultant you will definitely become one of the most sought after professionals for any finance role.
These certifications will have a high positive impact on your salaries propelling it to greater figures.
Even when you are applying to jobs that do not place any strict requirement of these certifications, your candidature will be in greater advantage than your competition.
The Chartered Financial Analyst exam is held by CFA Institute, a globally acknowledged, non-profit organization of investment professionals from over 100 countries worldwide.
The certifications are recognized as one of the best RoI amongst all.
While the America-based CFA Institute charges $2,500 or INR 146215, the average salaries are in the range of INR 5,00,000 as per PayScale.
3. Be ready for travelling
Although most finance roles wouldn't require much travelling, there are certain jobs which do need frequent travelling and such jobs obviously pay better than those do not.
The reason being you will be sacrificing a lot of your personal time that should have been dedicated to family, goes into travelling for work, and hence the company feels compelled to compensate better.
Hence, if you really want to maximize your salary be ready for travelling.
4. Take up harder assignments and deliver them successfully
The company has complete faith in your abilities and that is the reason that you were hired in first place.
However, if you really want to get in the favorable books of managers and bosses, you need to give extra efforts and take up harder projects voluntarily.
This will not only exhibit your ability to take up initiatives, but also establish your superiority amongst the peer.
These harder assignments, if completed and delivered successfully will also help you in gaining new jobs with less difficulty.
5. Make the most of your expertise
Your professional development shouldn't be limited to your company itself.
In fact, you should look for avenues outside your current job to market and use your expertise so as to earn yourself some extra income.
This can include working part time as financial consultant to other firms or taking up some short term financial assignments.
In addition to provide you with an extra stream of income, this would also help you stay current and showcase your expertise.
This extra source of income will also help you shield from the downturns of your main industry.
While money is and always will remain an important part of life and decisive factor, you shouldn't be focusing too narrowly on money.
If you are trustworthy and competent enough to handle complexities associated with a finance job, money will automatically follow.
Therefore, concentrating on being good at their job is the right approach for anyone looking to achieve growth in this profession.
Saurabh Tyagi is a professional writer and a passionate blogger. Currently he is writing content for several websites such as Naukri.com, that cover latest trends related to jobs and work related issues in the world and India in general such as these as well as other fields.