Working in finance can sound like a dream come true, which gives you a great opportunity to make money. The finance industry has seen many inspiring movies but is it all true. The lifestyle the passion the stress that is seen in these movies are more believable. Here are certain facts which can make working in finance a task.
It will take time
Most people think that one can get fancy cars and private jets when they get started in the finance industry. But the average starting salary for a person who is a finance major is $57,300, which can take a while to increase.
Investing in working hours
The work in investments are very long, and this can be seen that according to a report 75% of employees working at Goldman Sachs are reportedly working for more than 10 hours a day. The average work can increase with the day and time, which build a lot of stress.
The job market is very competitive
This is no secret that the finance industry is very competitive and finding the right acceptance rate for job applicants in the year 2015 is reported to be less than 2%. This can lead to a cut-throat battle between the people seeking a job in the field. It is also important that one understands the time and the efforts you invest will help you grow, or this can lead to you not being able to have a career fulfilling enough to stay in business.
The industry is male-heavy
A recent survey concludes that women make up 17-23% of the employee in venture capital, real estates, etc. This means that women have to work harder to reach their way onto the top, which can be a challenge but not impossible.
The industry is rapidly changing
The world of finance is constantly changing with the increase of digital payments and AI financial advisors. It is easier than ever to get started in the industry, but with the changes, it is difficult for humans to adapt to it. According to 32% millennials, the future if the world cashless and the implications are very unpredictable as well.
People filing for bankruptcy
According to a survey, up to 13 million adults have been contacted to pay their debts, and they are considering filing for bankruptcy. Also, with 41% of people giving themselves a low grade when it comes to personal finance, one can be sure that they have no knowledge of how to save the right finances. Up to 93% of people actually admitted to the fact that they are dealing with their finances well enough to meet their needs.