Working in the financial industry can be an appealing prospect, especially if you like working with numbers and money. Yearly pay is usually pretty decent, and the skills you use are ones that can be applied to managing your personal finances as well. One common misconception is that you need to have an advanced degree in order to get a good career in the finance industry. That's not necessarily the case. There are some careers in finance that don't require you to have an advanced degree.
Bookkeepers are primarily responsible for maintaining business expense records. This includes duties such as managing accounts payable and receivable, checking financial records for accuracy, and preparing financial reports. To become a bookkeeper, you need a minimum of a highschool diploma or a GED. A bachelor's degree is a good idea as well, specifically one focusing on finance. Many employers offer on-the-job training, which is great if you don't have any experience. If you want to get a competitive edge without getting an advanced degree, consider becoming a certified bookkeeper through the American Institute of Professional Bookkeepers. According to Pilot, income varies from state to state, but the average income for a bookkeeper is around $20 per hour.
Mortgage Loan Officer
Mortgage loan officers are responsible for helping prospective homeowners find the mortgage that is right for them. To become a mortgage loan officer, you don't need to have a bachelor's degree, but it will help if you do. You will be required to get a mortgage loan originator license, regardless of what state you live in. Before you get your license, you'll have to complete pre-license education. According to MEC, all states require a minimum 20 hours of pre-license education before additional state hours. After completing the education requirements, you'll have to pass the SAFE MLO test and pay the state fees. You'll also need to obtain a state-approved sponsor and an NMLS Unique Identifier. The average MLO salary as of 2018 was $63,040 per year.
Tax accountants can serve anyone who needs help with taxes, which means pretty much everyone from individuals to big corporations. Their responsibilities include things like preparing and filing taxes, as well as advising on tax liability. You'll need a minimum of a bachelor's degree in accounting to be a tax accountant. Upon completing your degree, you can apply to become a CPA. There is additional coursework that may be required to become a CPA, but it's different from pursuing a master's or other advanced degree. Finally, you'll need to take and pass the CPA exam. According to the Accounting Institute of Success, the average CPA salary is $62,410 per year, but can change depending on factors such as experience, where you live, and what your specialty is.
The finance industry is full of lucrative careers. One of the great things about it is that although advanced degrees can be beneficial, landing you better jobs and higher pay, they aren't necessarily a requirement for success in the industry. You can make a successful career for yourself as a bookkeeper, mortgage loan officer, or a tax accountant. If you have a head for numbers and the drive to succeed, you can make it in the finance industry.
Read this next: How to Grow in Your Career During the COVID-19 Pandemic
What if rather than a hobby being your escape, it was what you did for a career? Here's how to make that dream a reality.
(BPT) - A beloved hobby can feel like a mini vacation from everyday life. Whether it's gardening for relaxation, photography as a creative outlet or computer coding to exercise the brain, hobbies serve as an escape from stress and boredom.
What if rather than a hobby being your escape, it was what you did for a career?
"When you do what you love, it doesn't feel like work. However, people are intimidated by the idea of transitioning a hobby into this type of dream," says Jim Salmon, vice president of business services at Navy Federal Credit Union. "Becoming a successful entrepreneur doesn't have to be difficult with the right drive and passion."
Navy Federal Business Services has helped thousands of people turn their dreams of owning a small business into reality by providing expert guidance and financial support through Business Services products. Here are some of Salmon's expert tips based on best practices he's observed through his close relationship with entrepreneurial clients:
1. Take your time.
Becoming a successful entrepreneur doesn't mean you have to drop everything and devote all your time to starting a business. In fact, research shows the opposite: People who keep their day jobs while starting companies are a third less likely to fail than those who abandon their full time jobs. Instead, they're tinkering, researching and cautiously testing things out to see if their idea is a viable business venture and if there is a market for their product or service.
2. Set a timeline.
Is there a season where it would make sense to test out your business venture? Or perhaps there's a transitional time in your life where you'll be looking to open a new chapter. For example, transitioning your hobby into a viable business venture a great option for active duty military personnel and veterans because they naturally begin to think about what their second career will be after retiring or leaving the Armed Forces.
3. Decide on time commitment.
Decide how much time you are willing to dedicate to your new venture in the beginning. Being an entrepreneur means being your own boss which affords you unprecedented flexibility, but the effort you put in directly effects what you get out. Keep in mind, entrepreneurship isn't just for full-time professionals. Turning a hobby into a career is a great option for military and stay-at-home parents who require flexibility in regards to working hours and location, but they may have more open time to dedicate to the transition.
4. Create a business plan.
Transitioning a hobby into a profession is a lot of fun, but it's also serious business if you want to be successful. That means creating a business plan that includes goals and plans for attaining them. This will serve as the foundation for how you strategize and build a successful business today. Plus, when it comes time to finance your budding business, a solid business plan will give you a leg up and direction for the future.
5. Find financial backing.
Depending on what type of business you want to pursue, you may need some additional funding beyond what you can afford. Establishing a relationship with a financial institution like Navy Federal Credit Union will help you learn more about small business loans and lending products that will help your small business grow. Bring your passion and your business plan - potential investors and financial institutions alike will want to see both before they make a decision.
Interested in Publishing on The Career IDEA?
Send your query to the Publisher today!
Get this content for your website with our RSS Feed below!