Breaking into your first role in the finance industry can seem daunting and quite hard if you’re trying to start out with just your degree and no direct experience. This is where finance internships and work experience can help you get that real-world experience to add to your CV. While competition is still fierce for finance internships and work experience programs, here are some tips to help land that all important work experience and take that crucial first step in your finance career:
1. Understand Your Why
Before you start applying, take a moment to think about why you want to intern in finance. This will not only help you target your applications more effectively but also prepare you to answer key interview questions. Whether it's your interest in financial markets, investment banking, or personal financial planning, clearly understanding your motivations will guide your journey.
2. Develop Relevant Skills
While you're learning about finance, also focus on acquiring skills that are valuable in the industry. Proficiency in Microsoft Excel is often essential, along with analytical abilities and attention to detail. Consider also learning some basics of programming languages relevant to finance like Python or R, especially for more quantitative roles.
3. Create a Strong Resume
Your resume may not showcase direct experience, but you can highlight relevant coursework, projects, and skills. Include any school projects or case competitions where you've used finance-related skills. Also, emphasize transferable skills from other experiences, such as teamwork, leadership, and analytical abilities. Being a treasurer for a uni society or helping with data related tasks in your current job is a great way to start to develop some all important finance skills that you can add to your CV for example.
5. Network, Network, Network
Networking is key in the finance industry. Attend industry conferences, seminars, and networking events. Engage with professionals through platforms like LinkedIn; reach out to alumni from your school who work in finance. Express your interest in learning about their career path and seek advice. Often, opportunities come from people you know, and networking can sometimes lead directly to an internship offer.
6. Apply Widely but Thoughtfully
Apply to many internships but tailor your application for each. Use your cover letter to make a compelling case for why you’re interested in that specific company and how your background, although not directly related to finance, can bring value to their team.
7. Prepare for Interviews
If your efforts pay off and you land an interview, preparation is key. Be ready to discuss your understanding of the finance industry, your specific interests, and how you can contribute to the company. Practice common finance interview questions and have a clear narrative about your career aspirations.
8. Consider Related Opportunities
If direct finance internships seem out of reach, consider positions in related fields like business analysis, data analytics, or even administrative roles in finance companies. These can provide valuable exposure and experience in the industry. Another related opportunity is, of course, our work experience program here at F3, which is another great way to add some experience to your CV! It’s free and you can gain some experience working at some amazing finance firms across Australia. It’s also incredibly easy to apply to as well (hint hint!)
9. Stay Persistent
Persistence is crucial. The finance sector is competitive, and not every application will result in an interview. Learn from each experience, refine your approach, and keep applying.
Conclusion
Securing a finance internship without direct experience is challenging but entirely possible. By understanding the industry, enhancing your skills, effectively networking, and applying strategically, you can significantly increase your chances of success. Remember, every finance professional started somewhere, and an internship is just the beginning of a long and fruitful career in finance.