There are many lines of work one can do in business, but the most popular job that people go into is investment banking. Banking can be a very intense job and people often think that it is the only job when going into the finance industry. There are many different opportunities to work in business that aren’t just investment banking like finance, risk, compliance, and operations.
Finance can often be split into treasury and tax subdivisions in many companies. Treasury involves analyzing the company’s finances and looking at how the company is doing in terms of debt, equity, and general financial health. It is a very important job because they regulate the company’s budget and collaborate with other divisions. The tax subdivision makes sure that the company is following tax regulation and analyzes the profit and losses of the company. They are responsible for making sure the financial statements that are prepared are up to par for external and internal purposes.
In some companies, risk is a part of finance while others have it as a separate division. In this division, you do a lot of risk modeling where you look at lending structures and measure liquidity and credit risk. A lot of the work in risk requires data analysis and research skills. Doing work in the risk division will give you a broader understanding of how the company runs and give you a chance to work with different people and on different projects.
Compliance often has risk modeling aspects to the job but also deals with regulations and the law. They make sure that the private wealth management, securities, investment banking, and other divisions are following SEC regulations and that there isn’t any insider trading going on. Compliance can have various jobs within it like anti-bribery units as well as teams assigned to look at cryptocurrency markets and cyber terrorism. It is a very broad division with many different job opportunities, so depending on what you are interested in, compliance could be a good option for you.
Operations makes sure that day-to-day functions of the company run smoothly, so people in this division work with employees from many different lines of work. They focus on efficiency and streamline various business processes so that divisions can do their work. This job will be great if you want to have a wide variety of responsibilities from financial analysis to designing processes.
These are just a few of the jobs that exist in the finance industry that aren’t investment banking. Although investment banking is a great opportunity to work on deals and learn more about mergers and acquisitions, there are also other amazing jobs out there that will let you work in the finance industry.
Megha Karthikeyan is from Vienna, Virginia and attends the University of Virginia. She intends to double major in Economics and Commerce at the McIntire School of Commerce with finance and information technology concentrations. Megha will graduate from UVA in 2020. She hopes to work in the finance industry as a finance or risk analyst, but is also looking at working in investment banking.