If a job in finance is something you have ever considered pursuing, you have probably run across individuals who have warned you about how tedious the work is and how little it pays. This is a valid point to make. The average professional will put in one hundred hours of effort each week and won't start seeing a profit for another four to five years after entering the industry. Let's look at the reasons why working in finance is dull and underpaid.
Before we get started, I want to make it clear that the intention of this essay is not to be negative or to persuade someone not to work in that industry. The point of view of the "bored employee" will be discussed for this reason.
Combining tedious tasks with sometimes difficult ones
There are certain positions in the financial industry in which you will be required to repeat the same mundane tasks every other day. However, each time will provide a new set of difficulties for you to overcome, and there will be a lot of them. The more seniority you achieve, the more experience you will have in dealing with a range of different scenarios. This experience is essential. Over the course of time, you will earn the right to advance into the role of directing and managing the work of others.
However, certain positions in the banking industry could not be at all like that. Some of the responsibilities involved in finance are project-based, which means that you will work on a particular project anywhere from a few months to a whole year. When one project is finished, you may go on to another new one, which may be completely unrelated to what you did for the previous one. Therefore, starting a new job each time you sign up for a new project is virtually exactly like how it feels.
Ask yourself whether it makes sense for a company to give that amount of money for this kind of work if you believe that having a career in finance would be something where you will have to perform the same old work without any change. And if it were possible for anybody to do the work without the need for any training or skills in particular, then no employer would search for skilled and competent individuals to conduct the repeated operations.
Restricted Timetables for Completion
When you are working in the financial industry, time will be more valuable to you than anything else. To be successful in this field and make a living here, you will need to devote a significant amount of your time. It is certain that you will be left with the impression that you do not have enough time for yourself or the people closest to you. There are a lot of individuals who work in this field who believe that they won't be able to enjoy their lives to the fullest until they reach retirement age, but this is the very last thing that you will want to do.
Not Very Rewarding
In other fields, such as sales or project management, parties and festivities are almost inextricably linked to achievements. On the other hand, this is not the case with the business of finance. In the realm of business, opportunities for success are very rare, and there is no record of anyone consistently achieving their goals on a daily basis.
There may be particular time periods of tremendous expansion, and then there may be extended periods of time—months or even years—during which nothing extraordinary occurs. During such moments of crisis, you will still have to force yourself to go to work, and every morning when you wake up, you will have the expectation that something interesting is going to happen, but unhappily, nothing startles you.
Working in finance is very boring compared to working in other businesses, which are full of excitement and bustle. In circumstances in which you have every reason to cry, you can find that you have no choice but to put on a smile, act as if nothing is out of the ordinary, and put on your best outfit. Just like in any other industry, people are the most important aspect of the financial industry, and there will be times when you just have to be each other's ray of sunshine.
The combination of Conservatism and Bureaucracy
The provision of financial services is subject to stringent regulations, and each and every item that is made available to the general public must first pass many inspections. Even if it is only a basic design for an advertisement, it still has to be looked at by a number of different authorities.
If you have trouble remaining calm under pressure, a job in finance may not be the best choice for you. Naturally, the amount of bureaucracy at the firm you will work for will be lower in proportion to the size of the organization. But it won't disappear any time soon. When it comes to the marketing of financial goods, there are a lot of rules that you should and should not follow, and sticking to all of these guidelines may be quite difficult.
Additionally, it is governed in a very conservative manner, which renders it inappropriate for use by anybody and everyone. You will be required to dress appropriately and put on your best suit. The emergence of new-age finance organizations whose primary focus is on entrepreneurship, on the other hand, is putting a stop to this practice in a slow but steady way.
A Few Parting Thoughts
Working in the financial sector is an undeniably rewarding opportunity; however, this is only the case if you go into the job with the appropriate mindset. When you first go into a firm, you cannot expect to have the finest experience possible. You must have patience and dedication, and you must constantly be ready to provide your very best effort.
In addition, it is not fair to characterize a work as being uninteresting or repetitive since it has many other sides as well. There are numerous facets to this profession. In addition, if you continue to work in this sector for a significant amount of time, you will develop essential competencies such as risk management, the ability to perform well under pressure, and the capability to meet stringent schedule constraints.