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Starting & Advancing a Career

By Mark Kolakowski, About.com Guide to Financial Careers

Here's the A to Z of launching and advancing your career. It runs the gamut from career choice to getting ahead to preparing yourself for the possibility of layoffs. And, of course, we also give you the scoop on pay.

  1. Education, Training & Experience
  2. Career Choice
  3. Support Careers
  4. Career Development
  5. Pay Plans

Education, Training & Experience

Here's a survey of the education, training, prior experience and certifications that are most in demand within the financial services industry. We also cover what career paths they help open up for you.

Career Choice

Task one is deciding which career specialty is most suitable for you. Here we present some of the most basic job types within the financial services industry, focusing on those that are unique to the industry. Note that there are extensive variations in precise job descriptions and duties from firm to firm. Remember that this is only a selection of the career profiles that we have developed for this guidesite.

Support Careers

Here we discuss non-producer, or support, careers that are important within the financial services industry, but not unique to it. Accordingly, if you have prior experience in these fields within other industries, you have readily transferable skills. The reverse also holds true, if you work within these areas in the financial services industry then seek to move elsewhere. Note that, while jobs within the producer tracks tend to be the most highly compensated in the industry, support functions also can be very well-paid and highly respected.

Career Development

Strategies for career growth may involve changing direction and expanding your base of expertise. Along the way, you have to become skilled in cultivating and working contacts, and learn the importance of building up your own financial reserves. Lastly, the mercurial nature of the industry means that layoffs are always a possibility. Setting a personal plan for dealing with this eventuality is yet another critical objective for you.

Pay Plans

The financial industry is noted for generous compensation plans, including large payouts of profits in the form of bonuses. No surprise that this is a huge reason why so many talented and energetic people are attracted to this field. Here's a rundown of the key elements of pay plans, as well as a look into the future, in light of the 2007-08 industry crisis.

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