10 questions to ask yourself before making a career in the money market
The money market stands out amongst all other markets in having no predetermined price. It is open to all individuals who want to invest their money or borrow and lend it at lower risks of paying high interest. The money market ensures investor safety and provides liquid assets to investors, making it one of the most lucrative job sectors. Money market careers come with high-paying and stable jobs that promise long-term career prospects.
Before making any career decision, one must address some fundamental questions to be clear about whether he/she is making the right decision towards choosing a career that is oriented to his/her liking or not. Here are 10 questions you should address before making a career in the money market.
Am I qualified to pursue a career in the money market?
The qualification for pursuing a good career in the money market can demand high intellect to deal with assets and liabilities swiftly and other skills encompassing financial management aspects. This requires having a minimum certification of an MBA or advanced certification in business, statistics, or economics. There are also a lot of career roles in this sector that do not require a college degree.
Does finance make a good career choice?
A career in the money market not only requires a passion for money making but also necessitates acquiring skills and passion regarding numbers, money, and mathematical problem-solving capability dealing with money. There are several benefits of working in the finance sector. One of them includes a high salary package and myriads of jobs at dispense suiting individual personalities and their skill sets.
Will the working ambience suit my liking?
A career in the money market is not all about money. It may call for working in stressful situations and tedious and long hours. Some job sectors also necessitate continuing their education and fulfilling the job requirements while still having limited job stability.
How tough is the competition in the money market jobs?
Jobs such as the investment banker career, which is one of the most sought-after opportunities in the money market, have a high competition level. Investment banking includes financial advising regarding mergers and acquisitions (M&A) and building capital for companies and other government bodies. On the other hand, financial analysts and financial advisors have much lesser competition which is why it is frequently chosen as a career. In general, most of the career options in this sector have on average a high competition level.
Do I have the right skill set to start a career in the money market?
Making a career in the money market calls for possessing some or all of the following skill sets -
- Knowledge of accounting
- Good forecasting skills
- A solution-oriented mindset
- Analytical skills
- Good presentation skills
- Strategic thinking capabilities
- Proficiency in Excel
With the above skill sets, one can ensure a sound profile for delving into a career in the money market.
Do I have the right mindset for pursuing a career in the money market?
There are broadly two types of mindsets when it comes to making a career choice in finance: a passionate mindset and a pretender’s mindset. If someone truly likes investing, deal-making, and dealing with the nuances of the industry, then he/she has a passionate mindset for finance sector jobs. Whereas, people who merely like to discuss bonuses and are interested in the money aspect are pretenders.
Will I be able to survive in the money market?
The finance sector requires high skill sets to stay relevant in the market. During a recession, banks and brokerages tend to dismiss many employees who lack to stay updated with their skills.
Will a career in the money market fulfil my long-term goals?
Certain finance jobs require working on the weekends and also hardly provide any vacation or leave. But, if someone has a long-term goal of retiring in their early 30s with a lump sum amount of assets or property, then he/she might be well suited to this career.
Which career to take up in the money market?
Some of the most opted career paths in the money market include –
- Investment banker career
- Financial analyst
- Financial manager
- Financial advisor
Notably, investment banking forms the most popular option amongst these career choices.
Do I need mentorship for a successful money market career?
Good mentorship is an important prerequisite for a successful money market career for the following reasons -
- One gets valuable professional advice
- It boosts confidence
- It provides ample networking opportunities
- Criticism and constant self-improvement
Making a career choice in the money market can be a pivotal decision in one’s life and requires addressing all of the above questions as a prerequisite. Choosing investment banking as a career is a wise decision, but it also requires thorough knowledge of financial markets. Imarticus is providing a Certified Investment Banking Operations Professional (CIBOP) course where you can learn investment banking. Here you will receive 180 hours of intensive training and acquire all other necessary skills.