If you have ever wanted to pursue a career in finance, you may have come across people telling you that it’s monotonous and quite underpaid. And it’s rightly said. Professionals don’t make money till 4 to 5 years of being in the business and they work for around a hundred hours a week. Let’s see why finance is boring and underpaid.
Just before we jump in, the purpose of this post is not to be negative and discourage anyone from being in that field. The purpose is to share the “bored employee” point of view.
Routine with Frustrating Challenges
For some jobs in finance, you will have to keep on doing the same boring things every other day. But every time, you will be faced with many fresh challenges that you have to deal with. The more you earn seniority, you will have the requisite experience in dealing with a variety of situations. With time, you can have the liberty to move into the direction and management of others.
But some jobs in finance may not be like that at all. Some finance tasks are project-based in which you work on a specific project for a couple of months to a year. Once a project gets over, you can move on to another new one which may be absolutely different from what you had done in the first. So it’s almost similar to beginning a new job every time to sign up for a project.
Moreover, if you think that having a job in finance is going to be something where you have to do the same old work without any variation, ask yourself if it is sensible for an employer to pay that level of salary for this? And if anyone could do the job without any special training or skills, then no employer would look for skillful and competent professionals for performing repetitive actions.
When you are a finance professional, time will be more precious than any other thing. Working in this industry and earning some success calls for an intensive time commitment. You will always be left with a feeling that you don’t have much time for yourself or your close ones. Many people working in this industry feel that they wouldn’t be able to live to their fullest until they hit superannuation and this is the last thing that you will desire.
Not Very Rewarding
In some industries, like sales or project management, celebrations are intertwined with success. But this is not the case with the finance industry. In this business world, you will hardly come across any occasion for success and there is no story of daily wins.
You may see certain spans of massive growth and then, there will be months or even years on end, when nothing remarkable happens. In those times of crisis, you will still have to pull yourself to work and every morning you will wake up with hopes that something exciting is going to happen but unfortunately, nothing startles.
Working in finance is extremely dry and lacks the hustle and enthusiasm of other industries. You may even have to wear a mask of happiness and normalcy and dress in the finest ensemble in moments when you have every right to break down. Like all other businesses, finance is also about people and in some instances, you will just have to be the sunshine to one another.
Bureaucracy and Conservatism
Financial services are highly regulated and everything that’s released to the public goes through several checks. Even if it is a simple design of an ad, then also it must be reviewed by a number of authorities.
If you cannot be patient, then pursuing a career in finance may frustrate you. Of course, the smaller the company you will work for, the lesser will be the level of bureaucracy. But it will always be there. When it comes to the promotion of financial products, you need to follow many do’s and don’ts, and this could be very challenging.
It is also regulated as very conservative which makes it unsuitable for everyone. You will have to wear the right attire and suit up. But this is gradually coming to an end with the development of new-age finance companies that are primarily start-up-minded.
Working in the finance industry is definitely a great opportunity but only when you have the right expectations. You cannot have the best experience just when you enter a company. You have to be patient and dedicate and always be prepared to give your best.
Also, it is not right to tag a job as disinteresting or monotonous as there are many other facets to this job as well. And when you keep on working in this industry for a very long time, you will adopt some key skills like risk management, pressure handling, and working under strict deadlines.
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