# Entry level finance positions?



## Buy low. sell high (31 January 2007)

Hello all,
I'm about to start study of a bachelor of Business - Financial Planning, through open university (online), because I can't afford not to work and study full-time, and in the end I'll have a degree through RMIT anyway.
I'm very keen to start working in the finance industry, to build up the resume and work my way up a company while I study. 

So what kind of entry level jobs are there in the financial services industry? Should I try and get a job in a large international business? or a mid-sized or small local company.

Can anyone help?


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## TheRage (31 January 2007)

HI,

Are you trying to become a financial planner? If so I wouldn't waste your time doing a bachelor of business as well. You could look at doing a Tribecca or Finsia diploma of financial planning which you can study at you own pace and after 4 subjects your will be PS146 compliant which means you can start giving financial advice. While I personally think this system stinks it will be the quickest way into the finance industry. Most of the big banks will take you on after doing this course but you will essentially be a salesman. Banks pay more to start with but if you want a job that will be satisfying maybe look at doing the diploma and get involved with a boutique financial planning firm that specialises in direct equites etc. You will love the job but the pay to start with is usually pretty low. However after a short period and if you become a certified Financial planner the money creeps up to a very decent amount. Anyway if you don't want to be a financial planner ignore my post.

cheers
Ryan


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## Buy low. sell high (31 January 2007)

Thanks for the response Ryan,
I'm not really interested in becoming a financial planner, I chose the degree because it is the only one that is related to finance that is offered online, and I can choose electives that will round out my education. I definately don't want to be a glorified salesman pushing cetain options on clients for commissions.
I am interested in working in a position related to the stockmarket but I am fairly ignorant to the specific jobs out there  and the if any entry level jobs exist that I can do while I study.


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## fleathedog (31 January 2007)

I'm in a similar situation to you, though about 2-3 years down the track (I have a B.Arts and a Grad. Dip. Applied Finance). I have been working for NAB for 2 years, 1 year full time through 2005 and 1 year PT for about the past year to finish my Grad Dip.

Getting into financial services is not at all hard. Getting a good job that pays well takes a lot more time and effort. 

Having been in your position and having spoken to a lot of other people, all I can say is that any entry level job will likely involve lots of paper shuffing, unless you have any other marketable skills (something EXCEPTIONAL that not many others have, like a 2nd language). This is especially so since you don't seem to have any formal qualifications yet. 

Some specific jobs you should consider: 

-settlements (liasing with brokers and clients to ensure equities and other securities settle properly, among other duties)

-customer service (telling people about the company's products and any other enquiries - crap job from what I'm told, but good experience)

-processing/data entry/administration (these jobs are plentiful but mostly suck ****)

-collections (recovering overdue debts - not as bad as it sounds - looks excellent on a resume for negotiation/people skills)

As for the large business small business question I would say they each have their advantages and disadvantages. 

Small businesses have less beaucracy and more contact with the top people, so more mentoring oportunities (a massive plus IMO), but big companies have huge resources, much more varied career opportunities, and several years of big company experience looks much better on a resume.

Basically for your first job I wouldn't worry too much. Just get in there and see what's around for yourself. After your degree and a few years experience you'll have a much better idea of what you want to do.

Anyway I hope that all helps. Good luck!


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## Buy low. sell high (2 February 2007)

Thanks a lot, that was a huge help. I've seen a few job ads for 'collections' and avoided them like the plague, but you make a good point.
'Settlements' sounds good to me though.


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## son of baglimit (3 February 2007)

CONSIDER THE TAX OFFICE - good place to gain knowledge thru access to ALL THAT DATA.

pays very good early on, then when you have your certificate, move on to a real job - but in the interim a very good place to learn - if you can put up with the 'strange' culture.


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## Buy low. sell high (4 February 2007)

son of baglimit said:
			
		

> CONSIDER THE TAX OFFICE - good place to gain knowledge thru access to ALL THAT DATA.
> 
> pays very good early on, then when you have your certificate, move on to a real job - but in the interim a very good place to learn - if you can put up with the 'strange' culture.



Thanks for the tip. I checked out the ATO website but I'm not eligible for either of the "cadet" or "graduate" programs. 
Do you know if they offer entry level type jobs?


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## BlingBling (7 February 2007)

fleathedog said:
			
		

> I'm in a similar situation to you, though about 2-3 years down the track (I have a B.Arts and a Grad. Dip. Applied Finance). I have been working for NAB for 2 years, 1 year full time through 2005 and 1 year PT for about the past year to finish my Grad Dip.
> 
> Getting into financial services is not at all hard. Getting a good job that pays well takes a lot more time and effort.
> 
> Having been in your position and having spoken to a lot of other people, all I can say is that any entry level job will likely involve lots of paper shuffing, unless you have any other marketable skills (something EXCEPTIONAL that not many others have, like a 2nd language). This is especially so since you don't seem to have any formal qualifications yet.




Fleathedog, you say 2nd language? What languages are in demand?
I'm about to finish my FP diploma through Tribeca (asnd return to OZ early next year). I've been doing the FP course in Japan and am at a very high level in Japanese.

hope japanese is in demand!

cheers


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## tybutler (8 February 2007)

BlingBling said:
			
		

> Fleathedog, you say 2nd language? What languages are in demand?
> I'm about to finish my FP diploma through Tribeca (asnd return to OZ early next year). I've been doing the FP course in Japan and am at a very high level in Japanese.
> 
> hope japanese is in demand!
> ...




Hey BlingBling, and others on this thread,

I'm in a similar situation where I'm considering more study to get into the Financial sector. Can anyone tell me what would be more desirable by employers in the market, a 'Grad Dip of Applied Finance and Investment', or a 'Grad Dip of Financial Planning'? I guess my preference would be to end up in some type of funds management position.

BlingBling: I'm in Korea and considering doing a FP diploma with Finsia. Why did you go for Tribeca over Finsia? And what was your experience in doing it long distance? PM me if you have any advice at all. It would be much appreciated.

Thanks in advance for any comments or suggestions,

Ty.


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## bvbfan (8 February 2007)

Tribeca exams are open book, FINSIA are not. 

Of the people I've spoken to in regard to job interviews they have preferred FINSIA over Tribeca.

If you're looking for Financial Planning side then do the Financial Planning,
if you already have a degree then the Applied Investment one would probably be better.


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## Knight Trader (8 February 2007)

Hi, 
I'm fairly new to this forum and have noticed this very interesting thread.
I'm in similar situation, looking for an entry level position in Finance.
Where would you use a second language in finance?
Settlements are good only if you have some experience (min1 year).
Otherwise what other avenues exist for entry levels?
I have completed Diploma of FM in Dec 06. Planning to do PG diploma in Applied finance and Investment.
How tough is it? Anyone out there who just completed the PG?

K.T


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## rwkni1 (8 February 2007)

Finance is a pretty broad subject, but i'm assuming if you're posting on this site you are probably interesting in doing something to do with equities, either buy-side or sell side. 

On the broking side, while settlements may be an easier entry point, you are really not dealing with stocks and companies on a daily basis, just settling trades. If you have an undergrad degree and are genuinely interested in the stockmarket, look for assitant reasearch analyst, or dealer's assistant roles. These are much more hands on, and in my opinion far more interesting roles.

If you want to work on the buy side as an analyst for a fund, you'll probably have to do your CFA or Finsia equivalent, which is quite a lot of work, but will put you in good sted to get a job.


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## BlingBling (9 February 2007)

tybutler said:
			
		

> Hey BlingBling, and others on this thread,
> 
> BlingBling: I'm in Korea and considering doing a FP diploma with Finsia. Why did you go for Tribeca over Finsia? And what was your experience in doing it long distance? PM me if you have any advice at all. It would be much appreciated.
> .




Hi Ty,

I chose Tribeca because they were recommended the most when I was asking other planners which might be best.
Another big point that was good for me was that I could start & finish a Tribeca course at my own pace. Finsia's course's are set dates which didn't fit in with my schedule.
I wasn't aware that Finsia was open book, actually I didn't know that Tribeca was too. (how's that for research!) 
Finsia have some pretty good points too that tribeca don't have like online lectures etc (if I remember correctly) so check them out and go for the one which suits you best.

Tribeca also has a pathway with Curtin Uni. As I want to get my CFP I'm going to have to go back to Uni so that I can do that. Curtin have a BA of Commerce # Financial Planning Major & BA of Commerce -Accounting and Financial Planning Double Major.
I want do the double major then I'll be able to advise on things such as tax and estate planning, which I am really interested in.


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## BlingBling (2 June 2008)

Well time to dig up this thread!

I'm now back in Oz with my Dip in FS (FP) in hand and no industry experience.
Seems even for entry level positions they want industry experience!!!     
Maybe I'll have to get a job as a secretary in a FP firm!

Anyone here had any luck in breaking into the Industry as a Fp or PP with no previous experience? aAny tips or suggestions would be greatly appreciated.


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## prawn_86 (2 June 2008)

Gday Bling,

Welcome back. 

I am studying both a bachelors degree in finance and my DFS. From what i have heard from people within the industry, they are screaming out for FPs as the average age is now over 40. I have been told by a few different companies that i could step into a grad FP role no worries, so if i choose to take that route then it is just a matter of deciding who i want to work for.

Perhaps you should send your resume off to a heap of firms and surely one of them will be looking for people. Also, i would still apply for those that say they require industry experience, as if you can demonstrate your financial nouse in an interview there may be other roles available

Hope that helps

prawn


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## bkstone (4 June 2008)

BlingBling said:


> Well time to dig up this thread!
> 
> I'm now back in Oz with my Dip in FS (FP) in hand and no industry experience.
> Seems even for entry level positions they want industry experience!!!
> ...




I am also studying my diploma in FS (FP) after completing 1 module I got a job in a financial planning department as customer service rep. 

 I did have approx 4 years experience from being in a financial services call centre (big 4) other than that i didnt have any other experience.  After 4 months being in the job I am about to move up to paraplanning in 1 month which is great,  just need to get your foot in the door. I got the job through a recruitment firm so give them ago, link recruitment is good if your in melbourne.

Cheers.


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## bergers_n_fries (4 June 2008)

do firms take notice of one's grades either at uni or getting ones diploma(s)

just wondering...what are people's gpa's on here??

cheers in advance


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## MRC & Co (5 June 2008)

bergers_n_fries said:


> do firms take notice of one's grades either at uni or getting ones diploma(s)
> 
> just wondering...what are people's gpa's on here??
> 
> cheers in advance




It's funny, everyone at Uni says "Ps get degrees", but mark my words, WORK YOUR AZZ OFF AND GET THE BEST GRADES YOU CAN!!!!!  Some firms won't even look at you if you have less than a credit averge, others will not give you a second glance if you have less than distinction average (this is right where I ended up, scraping a distinction average after being very lazy).  Get's me into most interview rooms, but some still only want the HD averages!  

Best to work for great branded firms when you are young and then you can walk in just about anywhere!  Or so I am told 

Good luck!


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## bergers_n_fries (5 June 2008)

great thanks for the info regarding gpa's etc

my goal is to become a stockbroker for a major firm, i would need a pretty good gpa + the additional accreditations in financial planning/invesment yes?

im doing a business and law duel however my business major is banking and finance with an exended major in financial economics

am i on the correct path??

what modules would i look to do in finsia to best suit me as i don't want to waste time doing ones that aren't obviously

thanking you in advance, dan


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## blinkau (8 June 2008)

Starting in a firm at the bottom can lead to good opportunities. The company will usually pay for your education and give you time off provided you pass the subjects. You won't have the highest paid job but you will get a few years experience and a good education to help set yourself up. I would recommend looking into companies that need staff for client accounts (cash side), settlements and portfolio administration. You will probably do alot of reconciliation work etc but you will get to know the company/market well and what you want to do. 

The only thing I think that will make it difficult is the current state of the market. I know where I work they are not looking to add any additional staff during the market volatility. Getting into the broking side of the industry will prove more difficult then it did 12 months ago.


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## happyjack (8 June 2008)

BlingBling said:


> Well time to dig up this thread!
> 
> I'm now back in Oz with my Dip in FS (FP) in hand and no industry experience.
> Seems even for entry level positions they want industry experience!!!
> ...





Hey Bling

 Have you thought about the Government? they have finance at a number of levels, you would normally start at taxation and then it is a matter of watching the gazette and getting into something more interesting where you take less abuse.


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## MRC & Co (8 June 2008)

Actually, if you want to get into Governmental finance, there are a multitude of positions in just about every single Department.  You will not have a problem if you have the skills.

Finance and Deregulation alone has many positions.  I also know a few people who work for Tax with no problem.  You don't actually collect the tax, so you won't cop abuse unless you are in a customer service role. 

Finance jobs are in abundance at the moment.


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## 200-25 (8 June 2008)

Hi mate, please ignore whoever said don't waste your time doing a B.Bus. Qualifications become gold in a tighter economic environment, my advice is to pack as much study in as possible over the next couple of years, but also as you have suggested gain complementary work experience.


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## bergers_n_fries (9 June 2008)

i am currently studying (obviously) and working in retail although i want to begin employment in an area a little closer to what i would like to do as a career

where can i find employment opportunities being a uni student still???

im really not bothered as to where i would work...i just want experience and the ability to work my way up in a firm and to improve my skills

cheers


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## BlingBling (12 June 2008)

I'm pretty much applying for any entry level position now in a Fin services company. Even if I get 6mths -1 years exp, it will make the transition into PP or FP much easier.


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