Sep 27, 2022

5 Myths around the Finance Industry

  • By Andrew T.,
5 Myths around the Finance Industry

There are numerous myths associated with every industry, but the financial sector seems to have most of them.

Myths are considered to be facts that keep away qualified professionals from a certain industry. You might want to dodge the financial industry because of fear. However, it is very important to be able to distinguish between fact and fiction in this field of the profession.

This article delves into the 5 most popular myths in the financial industry and also introduces new career possibilities in this area.

There has been constant growth in the financial sector as investors and staffs work hard to study and plan for retirement and inheritance. It’s time to shatter these myths more than ever to gain insight into the benefits.

1.    A finance or business management degree is required

A finance degree definitely gives your resume extra credits, but it is not a mandatory criterion. High-paying jobs usually, don’t demand this achievement. The most successful people in the finance industry hold a degree in sales, education, or communication.

Companies typically employ staff with a degree in computer science and other ancillary roles besides a degree in finance. The most important criteria to work in this industry is to have good social skills.

2.    Finance and banking industries are male-dominated

This was true in the past. But nowadays, maximum companies in this field are working hard to keep a diverse workforce. Over the years, more women have been encouraged and employed in their former male-dominated positions.

3.    Finance professionals are paid based on performance and commission

Regarding sales, commissions are widespread but financial professionals also make money through the standard wage system. Certain sales jobs are paid well by commissions, There also exist several high-paying jobs that are not covered by commissions to sustain the entire business and infrastructure.

4.    Working in finance means earning a lot of money

This is not true. The financial sector has many middle-income as well as high-income jobs. Not all people who work in finance are millionaires. To reach the level of a high-income financial expert, many years of experience are required.

5.    The financial industry is all about banks and Wall Street

The financial sector is developing rapidly with the growth in financial technology (fintech) companies. Major banks and Wall Street hedge-fund managers are no longer influential cooperate, actors.

Small businesses are entering the financial industry supporting budget, investment, and financial planning via smartphones.

Changing trend in the conventional finance industry

The financial sector is rapidly developing into a comprehensive business area. It now focuses on meeting customers wherever they are. Gone are the days when only Wall Street executives existed in the financial industry.

With technological advancement, people are now investing in stocks through phones, and through companies that use mobile applications like TD Ameritrade and Robinhood.

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