Securing a job in the equity industry is highly competitive, especially considering the depth of private equity interview questions. Private equity firms assess candidates based on more than just their intelligence. They look for individuals who can navigate situations, understand the value of assets, and think strategically, skills that are often tested in private equity interview questions. Therefore, preparing for the interview is crucial to stand out as a potential candidate.

Private equity interviews are like evaluations that require you to showcase your ability to analyse financial strategies, demonstrate familiarity with various valuation methods, and discuss strategies aligned with the company's goals. Adequate preparation involves acquiring knowledge about finance and understanding the characteristics and driving forces of the private equity firm you aspire to work for.

Preparing for an equity job interview requires proficiency in financial discourse and understanding the unique aspects of the company you're interested in. Learn more about key strategies for acing your private equity job interview with our top 7 preparation tips. Master equity interview questions, case studies, and more.

1. Research The Firm and The Position

Before your interview, dedicate some time to researching the equity company you will be meeting with. Gain an understanding of their investment strategy portfolio companies and recent transactions. Gathering this information demonstrates your enthusiasm for the organisation and allows you to tailor your answers to their specific focus areas. 

Additionally, dive into the details of the position you're applying for. Understand the responsibilities, required skills, and qualifications. Anticipate relevant interview questions that may come up. This could cover technical, behavioural and strategic aspects of the role. This understanding will enable you to discuss how your expertise and abilities align with the role, creating a positive impression on the interviewer.

2. Enhancing Technical Skills for Equity Interviews

Private equity interviews often include modelling, valuation and investment analysis questions. Therefore, it's crucial to review these areas before the interview. Take time to revisit concepts like discounted cash flow (DCF) analysis, valuation methods using multiples and analysing statements. Be prepared to discuss investment strategies such as buyouts, growth equity investments and distressed investing. Understanding these concepts will give you an edge during the interview.

3. Prepare for Case Studies

Case studies are commonly used in equity job interviews. These assessments analyse your ability to evaluate investment opportunities and make decisions. You should practice solving similar case studies to excel in the interview. Finding case studies covering various industries and investment scenarios would also be beneficial. 

It is essential to take note of the factors that influence investment decisions and various valuation methods. Additionally, practising how to present your analysis and recommendations in an organised manner is crucial. The more you practice, the more confident you will become during the interview.

4. Be Ready to Discuss Your Experience

During equity interviews, interviewers want to understand your experience and how it relates to the position you are applying for. Being ready to talk about your achievements and contributions in positions or internships is important. 

Highlight situations where you have demonstrated skills, financial modelling expertise and due diligence abilities. Share examples of transactions you have been involved in or instances where you have added value to portfolio companies. By emphasising experience, you can showcase your skills. Convince the interviewer of your potential for success in the private equity industry.

5. Develop a Compelling Story

Interviewers often ask candidates about their backgrounds and career aspirations. Crafting a story that connects your experiences and interests to the equity industry is important to differentiate yourself from others.

Consider the reasons that have driven you towards pursuing a career in equity, such as your involvement in deal-making, your fascination with analysing business opportunities or your keen interest in the markets. Present your narrative concisely and engagingly, showcasing your passion for this industry.

6. Network with Industry Professionals

Networking plays a role for those aspiring to enter the equity field. Building connections with established professionals can provide insights and potential referrals. 

Attending industry events using networking platforms and conducting interviews with experts are effective strategies to expand your knowledge and demonstrate your commitment during interviews. Learning and advancing your career can be achieved through networking and insightful discussions.

7. Showcase Your Deal Experience

If you have experience working on deals through internships, academic projects or previous positions, be prepared to explain them. Emphasise your contributions throughout the deal process, mainly focusing on diligence, financial modelling, and effective execution.

Make sure your contribution is clear by demonstrating how your efforts improved the team and ultimately led to the deal's success. Use examples to demonstrate your problem-solving skills and ability to overcome challenges.

Final Thoughts

Combining analysis, technical expertise, practice, and networking in the private equity field is crucial to preparing for an interview effectively. These seven suggestions will increase your chances of leaving an impression on interviewers and securing your desired position in the equity sector. Best of luck!

For the latest finance trends, news and advice, visit https://www.finance-monthly.com.

In the next material, we will take a more in-depth look at the career path and future stages of a research analyst.

The process of acquiring knowledge via practice

Positions at the entry-level (also known as an internship) in fields like market research, financial analysis, and data analysis may help you build up the experience and contacts you need to succeed in the long run. The experience you get in these roles, despite their lower pay, is invaluable, and you may even make connections with future coworkers who might assist in your professional advancement. Beginning with research initiatives and establishing data-driven insights might help you make better decisions. 

Thereafter, you may work with senior analysts (here's where your connections will pay off) and participate in internal training and development programs to enhance your existing abilities and acquire new ones.

Gaining expertise (gradually and slowly over time) allows you to take on more difficult tasks, such as creating and conducting research studies, analyzing huge data sets, and presenting results to stakeholders. After that, you'll specialize in a subfield, such as market research or financial analysis (both of which are important to consider). If you're an expert in your field, you may concentrate on better-paying jobs and more fulfilling work. In the long term, it's important to zero in on activities that excite and motivate you. It's not reassuring to hear, but it's simpler than it seems.

Training and instruction

The cornerstones of a successful career as a research analyst or any other professional are education and training. Entry-level occupations often need at least a bachelor's degree in a related discipline such as mathematics, statistics, economics, or finance. For higher-level or specialized employment, however, some companies may insist on a master's degree in a relevant discipline like business administration or data science.

Strong analytical and problem-solving abilities, as well as familiarity with data analysis tools and software like Microsoft Excel and SQL, are often required of research analysts in addition to formal schooling. If you're interested in how to become a research analyst but have questions regarding the process and requirements, you can always do some research online. Building a solid foundation for your profession and being prepared to take advantage of opportunities when they arise requires getting the education and training you need and actively seeking out learning and development experiences. Having a certain educational background is, therefore, essential for advancement in the long term.

Advancement in one's career

Those individuals who display great performance and the aptitude to lead may have the opportunity to rise into senior-level jobs such as manager, director, or vice president of the organization if they so choose. Although understandably, some people might be concerned about the changing economy and how it might affect their career progression, in general, such statements can be made about any profession as well as those individuals who are consistently working toward opportunities for advancement. 

You may also pursue promotion by increasing your knowledge and abilities via continued education and professional development, as well as by looking for chances to be mentored and to network both inside and outside of your business.

Certifications and professional development 

These programs help individuals demonstrate their expertise, stay current with industry trends and advancements, and enhance their professional skills. Many organizations require research analysts to have certain certifications or training to ensure that they have the necessary skills to perform their job effectively. A common certification in the field is the Chartered Financial Analyst (CFA) designation, which is a rigorous program that tests candidates on a range of topics such as ethics, investment management, and financial analysis. Of

Another well-respected certification is the Certified Market Research Professional (CMRP) offered by the Marketing Research Association, which is focused on marketing research practices, methodologies, and techniques. In addition to certifications, continuous professional development is crucial, as you can imagine, as the industry changes and advances each day. 

No worries, this can be achieved through attending conferences, participating in workshops, and taking online courses. Professional development not only helps you stay up-to-date with the latest research practices and tools, but also allows you to build relationships with others in your field, expand your knowledge base, and increase your marketability. 

Developing knowledge in a certain field

Acquiring in-depth expertise in a certain profession or course of study by the accumulation of specialized information in that arena. This not only improves your comprehension of the topic at hand, but it also raises your worth to future employers and makes you more marketable to them. Individuals may gain domain knowledge by concentrating their study efforts on certain subject areas, going to industry events and conferences, becoming members of professional organizations, and looking for chances to be mentored.

In addition, building domain knowledge may be aided by activities such as reading periodicals specific to the sector, keeping up with relevant news and trends, and networking with other professionals working in the area. Simply said, this indicates that you will need to commit to continual reading and trend monitoring. Working on a problem with many people from different departments on the same team may give not just useful information but also a wider perspective on the issue at hand.

Therefore, when your level of skill increases, you should also explore the possibility of writing papers or speaking at industry events to further establish yourself as an expert in the relevant subject. Developing domain knowledge demands a major investment of time and effort, but the potential benefits are enormous: better job stability, higher wages, and more prospects for career progression.

Developing a solid network

Developing a substantial professional network is an essential component of job advancement. Having a network of professional connections inside the sector may be of great assistance while looking for employment, provide useful insights, and open the door to new chances.

Attending industry events, becoming a member of professional organizations, taking part in online forums and discussion groups, and reaching out to colleagues and mentors are all excellent ways to build professional connections and networks. It is also crucial to preserve and improve current connections, which can be accomplished by keeping in contact with one another and providing aid and support when it is required.

Through networking, research analysts may better keep up with the latest developments in their sector, receive access to innovative resources and technologies, and cultivate connections with people who can provide them with guidance and assistance. You may acquire a competitive advantage, broaden your knowledge base, and develop your professional reputation by cultivating and maintaining excellent professional relationships.

It will require a significant amount of time, patience, and effort, just as it does with any other line of work, to ultimately achieve real success and develop a reputation. You will, without a doubt, be required to hold a variety of positions, maybe switch employers, and consistently put in the effort to increase your level of knowledge and skill.

In the end, the outcomes will prove to be satisfying, and the effort that you put in will prove to be pretty fulfilling.

The digital revolution has touched many aspects of people's lives, particularly education. Transformations that inspire learning have occurred at all levels of erudition. Gone are the days when students solely relied on classes for their education. With the current surge of smartphone and computer use, the majority of them now have access to a plethora of learning tools online. Learning has become easier. This article will reveal several great platforms for students. These websites and apps significantly help students with academic or career information. 

To survive in this world, one has to gain all the knowledge he or she can get. Similarly, one should acquire all possible help. A simple “write my essay” search on Google will offer students the assistance of a professional essay writer. College life can be a lot easier if one has the right resource at their disposal.

Khan Academy

Khan Academy is a web-based application that promotes learning for everyone across the globe. On the site, there is a dashboard that enables individuals to study at a steady pace. Students have access to instructional videos and practice exercises. Khan Academy covers a wide range of subjects, including but not limited to

• economics;
• mathematics;
• history;
• art;
• computing.

Students can also be prepared for exams, such as the SAT and LSAT, to mention a few. Khan Academy allows educators to take a glimpse into their student's performance. There is a teacher dashboard that reveals the overall performance of individuals and a class.

Essay Writer Service

Every student has been through the pressure of keeping up with assignment deadlines. This happens when there is a lot of school work to be covered or when the tasks are too difficult to finish in time. The essay writer service helps students across all majors with their homework. 

When a student approaches a professional writer and says "write my essays for me," they get their task done in no time. In the process, they will also learn the best way they could have written the work. The Essay Writer Service is flexible with all topics and levels of academics. 

Edgenuity Pathblazer

This platform is intended for students who have challenges in specific areas. It leverages two "learning intervention" programmes to first identify their weaknesses before providing specialised help. The two programmes, which are MyPath and Pathblazer, can be found online.

After finding the weaknesses of a student, Edgenuity Pathblazer reveals a specialised way of dealing with the problems at hand. After that, the student will catch up and start to perform better in their weak areas. The data produced by Edgenuity Pathblazer is also helpful to educators.

MyOn Reader

This platform is designed for those who want to improve their literacy in a language. Students who go to study at international schools in foreign countries may find this useful. They can accelerate their process of learning a foreign language. Language barriers should be dealt with as they can affect a person's education and social life.

Students on MyOn Reader can have full-time access to books, fiction and nonfiction, as well as news articles. In addition to accessing readable content, one may use its multimedia tools to enhance the learning process.

TED

TED is a platform where all curious minds may spend their time. It has an endless library of transformative videos. One can learn interesting information from various topics, such as food, culture, science, philosophy, politics, history, and religion among others. 

The information presented at TED can be applied by students in their studies. The speakers are experts in their professional fields. The website is a commendable way of killing time.

LinkedIn Learning

The platform includes much information regarding career paths and business opportunities. Over 5,000 courses can be found on LinkedIn Learning. These courses cover a wide variety of fields. A student can also upload their information to begin to form a network of individuals related to their area of interest.

Open Culture

This platform offers educational materials from universities around the world. A student can benefit from over a thousand podcasts, videos, and lectures that relate to their field of study. Information is perfectly organised into easy-to-read categories. Thus, one can find data on any subject provided by a specific university without leaving the site.

Coursera

Coursera is another platform that can be used by students for learning. It has a searchable database where one can easily browse for information. The content is collected from a variety of universities and organisations across the globe.

Since Coursera provides in-depth information from a wide range of courses, individuals can use it for their school projects. While the free online courses may be limited, a student would benefit a lot from subscriptions on the platform.

Lifehack

Students who would like to spend their time productively can benefit a lot from Lifehack. It offers courses that improve a person's skills in life. A person using Lifehack can learn the following:

• how to focus and avoid procrastination;
• how to boost motivation;
• how to become more efficient.

More courses are available on the site. They apply to all life aspects. This sort of information is the best foundation for success in future careers.

Wrapping Up

Regardless of your major, you can gain insights into the areas that interest you most or improve your knowledge in the sphere that is difficult but necessary for you. The availability and versatility of the discussed platforms make learning enjoyable. Just choose the one that suits you best at the moment and invest in your future right now.

Investment Advisor

The stock market operates just like any other industry. This means there are buyers and sellers, competition, investment opportunities, and the like. So, these markets need both traders and investors to be accurate in making decisions for there to be profits in their way. It implies that consultations are much pivotal in the overall progress. This opens doors for investment advisors as their input will help the investors and traders superb in purchasing and sales.

Being an investment consultant in the stock market will make you ever busy as many clients will come your way. Despite the high demand for your services, you still need to sharpen your craft hence become more competitive. Consider having the correct documents, such as licenses.

This accreditation will solidify the confidence of many in you. There are different Financial Industry Regulatory Authority (FINRA) licenses for the different career paths. A review of FINRA licenses online can help you decide which one fits your career as an investment advisor. Strive to make your profile captivating.

Investment Analyst

The stock market offers opportunities for anyone wishing to specialise more in specific fields. One of them is being an investment analyst. Hard-earned money requires an investor to make the best decision on the investment idea. Thus, there will be accurate timing and connection with the right people. Successful stock investors understand this more than anybody else. Being an investment analyst allows you to study investment ideas and already to work investments. It’s through the evaluation that you confirm whether the investment has good prospects. It becomes easy to advise on the proper adjustments to make though an advisor hugely does this role with your knowledge.

Analysis of financial statements and dividends valuation models will be part of your daily work. You’ll also need to do common stocks valuations using different ratios, such as the P/E ratio.

Stockbroker

A stockbroker is an essential person in the stock market. It’s through the brokerage that buyers and sellers meet more coherently. As a broker, you’ll act as the connector between the traders and investors. Your wide connection is of many benefits to your clients as it makes you swift in linking, making the sales and purchases happen. This job needs a person who is well-updated with the market fluctuations.

Since the stocks go through different stages in the market, you ought to analyse the patterns well. It makes you much more resourceful when helping your clients through guidance on buying and selling the stocks. It allows your stock trading company to generate profitable revenue.

Acquiring the proper training is vital; hence enrol in programmes to sharpen your skills and knowledge. These days, there are online courses that are specific for anyone in the stock markets. Through the learning, you get the know-how and a certificate to add to your profile.

Stock markets are ever-changing due to the high volatility of the stocks. Starting a career in the field is promising, especially if you follow the right path. There are different career opportunities to consider, such as being a stockbroker, investment analysis, or advisor. Due to the high competency levels, it’s crucial to add value to your profile. This is where undertaking some part-time courses is fundamental.

It requires resilience, patience, willingness to learn, and a proper understanding of technological advancements in the industry. Unfortunately, not many people are willing to make this sacrifice, so only a few manage to make it to the very top of the corporate finance ladder. You can use the following tips to your advantage and get a step up on your peers.

1. Get an MBA

Educational qualification is the first thing potential employers look at when recruiting new employees. Regardless of your talent and industry knowledge, competitors with papers will most likely get the nod ahead of you. A bachelor’s degree in finance coupled with a Master of Business Administration (MBA) or doctoral degree can level the playing field for you and allow you to showcase your aptitude. There are many affordable online MBA programs to consider if you already have a bachelor’s degree. Most of these programs have been tailored to suit busy people and will most certainly fit into your tight work or school schedule.

2. Grow your network

The idea of growing a network may seem drawn-out, draining, and time-consuming, with only a few people having the time and zeal to attend industry conferences or meet up with strangers for coffee. The good news is that building a professional network is a lot quicker these days, as you can do it almost entirely online. Renowned corporate finance experts and industry influencers are on LinkedIn and other social networking platforms waiting to connect with like-minded people. You just need to set up a professional profile yourself and request to connect with them. You might also want to join online communities where you can engage in forums and learn from potentially more experienced individuals.

Renowned corporate finance experts and industry influencers are on LinkedIn and other social networking platforms waiting to connect with like-minded people.

3. Use digital tools

The work of a finance expert is mostly analytical, and although traditional analysis techniques work just fine, you can take some workload off your shoulders by incorporating software into your operations. Common systems include financial planning and analysis tools, expense management tools, cash-flow and balance sheet management tools, CRM software, and revenue and profitability tools. Some systems offer several functions in one, so make sure to check online reviews before installing one on your work computer. Consider factors such as user interface, scalability, and reliability as well to ensure the software you choose is easy to use and will serve you for the longest time possible.

4. Hone your communication skills

Finance is a tough field that even people in related subjects may not understand. It deals with data and heavy jargon that needs to be broken down and interpreted before being given to a non-expert. This is where communication comes in. You need to know how to explain the patterns, trends, and forecasts in a simple and understandable manner. Good communication skills will also come in handy when handling projects in groups as miscommunications can lead to mistakes and undercut the power of teamwork.

5. Go freelance

There is nothing wrong with working in an organisation as an employee, but if you feel you are being restricted by your job description or simply aspire to set up your own financial consulting firm, then going independent might prove to be more rewarding. Some of the benefits of freelance financial consulting include schedule flexibility, control of workload, exposure, freedom of choosing clients, and better pay. It also allows you time to enroll in higher-education programs and take other career enhancement steps.

6. Earn your promotion

Promotions are not given; they are earned, and to merit promotion, you must be willing to do more than you are charged with. Start by doing what the company wants and expects from you before deciding on where else you can be helpful. Expose yourself to more company activities within and outside your department to bolster your knowledge and skills and become more valuable to your company. Pay attention to senior executives and people who have been promoted recently and take note of their standout personal traits. Check if there are things you can learn from them and try to emulate.

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Endnote

The road to the top is long and arduous. You will bump into all sorts of obstacles and be forced to stay up to date with market trends and technologies. However, with a well-thought-out strategy, the journey should have fewer hurdles. The above tips are a great place to start for any corporate finance professional whose career is still in its infancy. You might want to consult a career expert if you want to make a big move, such as leaving your job for a freelance career or switching careers to corporate finance.

So, how can you stand out from your competitors? The answer is simple: an MBA. A Master of Business Administration will help ensure that a graduate enjoys a successful career in finance and will virtually guarantee increased earning potential. Additionally, this specialised degree will offer a wide array of career options and train the financier in the pertinent subject matter.

Once you receive your MBA, doors to new career opportunities will swing open in rapid succession. Those entertaining a career in finance should remember that this sector offers unparalleled job security, room for growth, and a desirable work-life balance.

However, to fully capitalise on these benefits and avoid stagnation in your professional growth, financiers must consider pursuing an MBA. Are you wondering where to get started? Consider a college net price calculator to help you total out-of-pocket expenses required for your top-choice university.

If you’ve accrued student debt from your undergraduate degree, you may be wondering: isn’t the MBA cost astronomical? You will indeed incur further college fees by pursuing an MBA. However, given that an MBA gives you access to a better pay package, you will recover the additional expenses within a short period.

Still doubtful that an MBA is worth the incurred student debt? Data shows that MBA holders in finance earn an annual median salary of $129,000. This figure is approximately $30,000 more than those financiers holding a bachelor's degree only. This disparity could even be more widespread, depending on the position.

Why you should consider an MBA for your finance career

Most professionals want to earn an MBA for some of the following reasons:

• They want to relive their college days
• Their employer offers MBA tuition reimbursement
• For an added sense of achievement

While the above reasons are permissible, you can derive other incredible benefits from venturing down the MBA path.

A Master of Business Administration will help ensure that a graduate enjoys a successful career in finance and will virtually guarantee increased earning potential.

Expanded career opportunities

An MBA in finance introduces you to a world of vast opportunities. This degree will grant you access to nearly every level of public and private companies. To put this degree’s usefulness into perspective, CEOs of S&P 500 companies hold more MBAs than all other undergraduate degrees combined.

Therefore, many professionals pursue MBAs to gain promotions that they wouldn’t qualify for with an undergraduate degree alone. An MBA prepares financiers in the following positions:

• Financial manager
• Chief Finance Officer (CFO)
• Financial analyst
• Finance controller
• Financial consultant

As you can see, an MBA in finance gives you a head start in one of the most versatile careers. If your career goals point towards executive positions, an advanced degree is non-negotiable.

Business skills

An MBA in finance gifts you with invaluable finance management skills that prepare you for business management in the real world. An MBA hands you skills that help you navigate personal and business finances, ensuring success in both realms.

Examples of marketable business skills include delegation, time management, networking, negotiation, customer service, organisation, leadership, and decision-making skills.

Despite popular misconceptions, these skills aren’t exclusively demonstrated by managers and business owners. Remember, companies value employees that think like business owners and factor the big picture into their everyday tasks.

An MBA in finance gifts you with invaluable finance management skills that prepare you for business management in the real world.

Networking

Networking is a direct channel to optimal career growth. However, the harsh reality is that it's challenging to meet business professionals in your current job position who can connect you with new opportunities. However, when studying for an MBA, you get to connect with like-minded individuals with similar career ambitions. Should you succeed in nurturing long-lasting bonds that can last for a lifetime, these fellow graduates can refer you to high-paying position openings.

Though you can still network and develop lifelong connections during your undergraduate career, it often limits you to the student level. With an MBA, you interact with people from different professions with diverse business experience.

Better pay

While increased earning potential is an obvious advantage of earning an MBA, it’s essential to understand the reasoning behind these increased opportunities for pay raises. Finance is a critical function in many organisations. As a result, employers generously compensate financiers for their skill sets.

Better yet, with an MBA, you are likely to earn as follows, depending on the position you hold.

• Finance manager: $126,000
• Financial analyst: $57,000
• Chief Finance Officer: $313,541
• Account manager: $102,982
• Corporate controllers: $95,000
• Management consultant: $86,000

Note that with a management consultant salary, yearly pay will depend on the consultancy and the nature of the organisation. When projecting your earning potential, the above figures could be 25% less if you only have a bachelor's degree.

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How do I gain admission to an MBA program?

Typically, admission to MBA in finance is comparable to the admission process of other MBA programs. While there could be some variations here and there, below are the general requirements for an MBA admission.

• A bachelor’s degree from an accredited university
• A GPA above the specific requirement of the program (often a 3.0 or 3.25 GPA)
• Glowing references from past employers, mentors, advisors, etc.
• A GMAT score above the recommended level
• Completed FAFSA forms for the purposing of accessing federal loans

Having fulfilled the above, you can submit online or physical applications just like the undergraduate programs.

Final word

The world revolves around the financial sector. From our morning coffee to the late-night TV commercials we watch, finance departments have a say in it. You could say that finance is one of the disciplines that run the world. With this in mind, finance professionals should recognise that they’re immersed in a career with limitless possibilities. To enlarge this sea of opportunities, an MBA will come in handy. Don’t stunt your growth. Strive for greatness, and shatter your self-constructed ceiling of opportunity.

]A survey of 600 financial services professionals commissioned by KPMG and the Financial Services Skills Commission, and carried out by Savanta, showed that 44% of respondents were considering a career change.

31% of those surveyed said that they planned to hunt for a new job within the coming 12 months in spite of the dire impact that the COVID-19 pandemic has had on the UK job market. A further 13% were looking to quit the sector altogether – a figure that rose to 16% for 18- to 30-year-olds.

The respondents’ stated reasons for wanting to change career paths included excessive regulation in the sector, in addition to overly long hours and commuting times.

Karim Haji, head of financial services at KPMG remarked in a statement that it “made sense” for workers in the financial sector to be reconsidering their roles as they spend more time at home, away from their colleagues and offices.

“With so many considering a career change, financial services must take this time to promote itself positively and wipe the slate clean when it comes to the associations people make with it, if it is to be genuinely competitive for talent,” he said.

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Haji also emphasised the importance of dispelling myths around the financial services sector, including its supposed “conservative employee policies”. Much of this work, he said, has been accelerated by the COVID-19 pandemic.

Savanta’s findings in the financial services sector were largely consistent with the wider economy. The firm polled more than 1,500 people across various industries and found that around 46% were contemplating new careers.

Do you have an equal passion for both justice and crunching numbers? You undoubtedly know what economics is and you’ve likely heard of forensics, but do you have any idea what forensic economics is? Who knows, maybe this is the career path you were meant to take. Let’s find out.

What You Need to Know About Forensic Economics

According to the National Association of Forensic Economics (NAFE), forensic economics is classified as the application of economic theories and methods to legal matters. It’s a scientific discipline and those who work in the field are almost always master’s degree or PhD holders.

Someone who works in forensic economics is called a forensic economist. Economics and accounting are completely different as are forensic economists and forensic accountants. Though the roles are similar in nature, there are a number of factors that differentiate one from the other. Two of the biggest differences are the scope of work and the salaries associated with each.

What do Forensic Economists Do?

While of course it can differ from industry to industry, a forensic economist is generally tasked with conducting research, preparing reports and formulating plans that are aimed at specifically addressing economic problems relating to monetary or fiscal policies.

Forensic economists are well versed in services such as economic damage calculation and litigation consultation. They are often called upon to act as expert witnesses in a court of law. Their common areas of practice include:

• Toxic tort
• Accident claims
• Employment
• Medical claims
• Business
• Real estate

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How Much do Forensic Economists Earn?

Now, onto the good stuff. How much do forensic economists earn? Considering the scope of their work and the academic credentials behind their names, it should come as no surprise that forensic economists earn a pretty penny. The average salary of a forensic economist in the US is around $124,430, which is approximately $60 per hour, with an average bonus of $4,405 per year.

The entry-level salary for those with one to three years of experience is $86,457 while those with eight years of experience or more behind their name can earn up to $154, 814. Again, much like the scope of work, the salary of a forensic economist largely depends on the industry in which they work and the company or organisation that employs them.

A forensic economist can work anywhere from smaller organisations or cottage businesses to one of the Big Four firms. This is also one job that accommodates remote working—unless your presence is required in court of course—so it’s a career path that caters to working mothers and those that prefer working solo.

Final Thoughts

Forensic economists are remarkable people who can take numbers on a piece of paper and paint a picture of a hard-done-by single parent who struggles to make ends meet. They’re people who can review pre-incident records and come up with accurate figures that represent a business’s loss of earnings. They fight for the little guy and big guys alike, so whoever hires them benefits from their expertise and they leave a positive legacy.

That's because both corporate and personal finance jobs call for people with diverse skill sets, varied backgrounds, and open minds. So, if that sounds like you, find out how to break into this rewarding, growing segment of the modern economy. Here are three points to keep in mind before making the leap into the world of numbers, metrics, money, and all things financial.

You Should Enjoy Working with Numbers

In addition to being the type of person who pays attention to details, you should have a facility and at least a modest level of enjoyment when it comes to working with numbers. That doesn't mean you need to be a math genius or statistical expert, but if quantitative and math-related subjects are not your cup of tea, then this field is probably not for you. However, if you did well in high school and college math courses and have even a passing interest in banking, business, the stock market, economics, or similar subjects, then you'll easily find a home in the wide world of financial careers.

Degrees are Worth the Effort

One of the traditional aspects of the financial services sector is that college and graduate degrees are highly valued. There aren't a lot of freelancers for one very simple reason in that many state and federal laws regulate who can offer services as accountants, analysts, consumer counselors, and loan advisors. If you want to rise quickly in this area, it only makes sense to obtain a college degree. Even if you decide later on to go in alone as a sole proprietor, most of your prospective clients will want to know about your academic credentials.

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Getting a student loan to pay for your undergrad or graduate education is a wise investment. People who hold MBAs, master's degrees in business administration, CPAs, certified public accountancy licenses, and CFPs (certified financial planning certificates) all need to have college diplomas, at least, to get jobs in their line of expertise. But pay rates are high and opportunities are many, so it's no surprise that student loans are the primary way many of these skilled folks begin their educational journeys.

Government Work is Always Available

The organisation known as the IRS, or Internal Revenue Service, is a part of the US Treasury Department and are charged with seeing to it that working adults pay the right amount of taxes each year. Of course, the IRS gets its share of negative media attention every April, when the majority of citizens have to settle their tax bills. The good news, for working professionals anyway, is that the IRS regularly hires thousands of people with financial skills. The jobs offer very good pay, the chance to travel, excellent benefits, and one of the best retirement plans around. If you are averse to corporate or solo work, the IRS might be the place to ply your skills.

The finance sector has traditionally been perceived to be male-dominated, so robust D&I strategies are essential to ensure a career in the industry is appealing to the next generation of professionals – no matter the individual’s gender, background or ability.

According to Kyra Cordrey, Director of Michael Page Finance , the drive to attract a more diverse workforce, including women and people from BAME backgrounds, is a positive step in the right direction. In fact, around 93% of our clients are now actively seeking advice on how to improve diversity and inclusivity within their teams.

Typically, the larger, regulated firms have led the charge on diversity in financial and professional services industries and have for many years driven an inclusion agenda. As a result, they have made more creative hires and through resetting their values, which is having positive impacts on their company culture. When compared to other industries, the finance sector is in some senses, relatively balanced and displays a high level of willingness to embrace diversity and inclusion. Implementing D&I is essential to addressing the under-representation of minority groups and to ensuring that a career within the industry can continue to appeal to the next generation of financial professionals.

This trend of underrepresentation in the financial services sector, particularly at senior level, is also backed up by research. According to the Financial Conduct Authority (FCA), gender diversity is low within the finance industry with women making up just around 17% of FCA-approved individuals. Despite several senior management regime changes, this figure has remarkably not changed since 2005. Currently, there is a slightly higher share of women employed at larger firms (23%) compared to smaller ones (17%).

Promoting a clear D&I programme

Finance professionals need to ensure their departments are on board with the vision and strategy set by the firm. It is important for HR managers to embed a robust D&I strategy for the business which facilitates a positive direction of movement for the company. If their company strategy has been put in place and the business is at the point at which they are publishing and celebrating their D&I success, it will become a virtuous circle of success.

It is important for HR managers to embed a robust D&I strategy for the business which facilitates a positive direction of movement for the company. If their company strategy has been put in place and the business is at the point at which they are publishing and celebrating their D&I success, it will become a virtuous circle of success.

PwC's Female Millennial Report also highlights that 85% of respondents believe that an employer’s policy on diversity, equality and workforce inclusion is an important factor when deciding whether to join a company. From this you can derive that a clear inclusion programme is essential factor for attracting high calibre candidates. It is also productive to have a dedicated senior team responsible for promoting this programme. For example, Heather Melville OBE is the Head of Business Inclusion Initiatives for RBS and has established the RBS Women’s Network, which aims to attract, retain and develop talented female members of staff, as part of the bank’s strategy to have a fully gender balanced workforce by 2030. She has been recognised as a leader who has made a difference to the economic empowerment of women worldwide and is now a patron of Women in Banking & Finance.

Supporting women in finance

As an employer or hiring manager, there are several improvements that can be made to the culture, hiring processes and mentoring programmes within an organisation which can better support and encourage women to strive for higher leadership roles. It goes without saying that these challenges cannot be simply solved by telling women to stop deselecting themselves. Rather, companies need to work better with aspiring women to progress their career journeys by encouraging them to share ideas and take on leadership tasks, while helping them recognise their strengths.

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Recognise strength at all levels and highlight to all that out of the box thinking and fresh ideas are welcomed, as well as respected. Such inclusive cultures encourage everyone within in an organisation to put themselves forward confidently, without the fear of failure or discrimination, which in turn ensures that women feel they can contribute their ideas and that they will be heard and valued by the business.

Men and women aren’t just different in the workplace but also during the interview stage. The interview process is a two-way evaluation. If companies do not convey the right impression to female candidates about the career progression, support, and the inclusive environment the business provides, the company runs the risk of missing out on valuable talent. We’ve also seen more organisations including both men and women in their hiring processes, for all roles.

Mentoring programmes

Mentorship is also a key tool for encouraging more women into leadership roles. Mentoring not only allows experienced senior leaders to share their knowledge, but it also affords those in junior positions the opportunity to explore their potential, as well as seek guidance on how to progress their career. Many businesses have internal mentoring programmes, but the key is to assess out how many were developed with female career progression as a key priority? The most crucial aspect of such a programme is support. A strong leader or successful role model in a senior position within the organisation can provide a wealth of insight, advice and encouragement to anyone looking to advance their career in finance. With a good mentorship programme in place, aspiring leaders benefit from fresh perspective, inspiration and the guidance needed to keep pushing themselves to reach the top.

If your organisation doesn’t have an internal mentoring programme, there are a lot of external examples which could support your business’ D&I strategy. For example, Women in Banking & Finance’s programme offers an opportunity to connect one-on-one with a fellow WIBF member. Mentees are matched to more senior mentors within WIBF and can seek career guidance, advice and support.

Diversity needs to be the tone at the top of any large business and attracting a diverse candidate pool is the start. However, to create a truly inclusive environment, providing the correct internal support is key to driving behavioural change.

These two fields of study fall under the economy category. By choosing a major in each, you’ll get the chance to study many interesting things from blackchain to the real estate industry economics. But, how do you make the choice that best fits your skill set?

Difference Between Accounting and Finance

Before you make your choice, you should differentiate between the two fields of study. Some of the accounting and finance topics from topics mill can help you better explore the fields once you know the difference.

Accounting is narrower than finance. It involves the financial statements’ preparation process. Basically, it explores where money come from, where they’re spent, as well as focuses on making cash flow plans and budgets.

Finance is broader. It doesn’t focus on making statements, but on evaluating the existing statements. The task you’ll have in this field is to understand the financial situation and make important financial decisions, such as where the money should be invested or how they should be spent.

Accounting vs Finance: Choosing Between the Two

In order to choose the right major, accounting or finance, you need to pick what you want to be studying and what you’d be good at.

If you choose to study accounting, you should know that this field is broken into three main categories: tax accounting, auditing, and public accounting. On the other hand, finance is divided into: financial planning and traditional finance.

If you choose to study accounting, you should know that this field is broken into three main categories: tax accounting, auditing, and public accounting. On the other hand, finance is divided into: financial planning and traditional finance.

This decision is a grand one, so naturally, you are spending a lot of time trying to figure things out. It’s wise if you use the best essay writing service in Great Britain to reduce some of the workload while you’re exploring the fields, maybe even volunteer in a company to see what you’re more interested in.

Now, let’s dig deeper into the specialization paths that these fields offer you.

Specializations for a Major in Accounting

Public accounting involves keeping and preparing financial statements and records. It’s the perfect job for those who are detailed and persistent in doing everything perfect, as well as the ones that don’t mind the idea of constantly having to create detailed and accurate statements.

Tax planning involves preparing tax returns, providing tax consulting services, as well as doing tax planning. That being said, such a job requires a lot of learning even after you graduate, since regulations change very often. It’s perfect for those who enjoy research and have highly developed research skills.

Auditing involves evaluation of financial records. Your job in this career will be to check if records are accurate. Most of the time, you’ll be auditing other people’s work, which makes this the perfect task for those who are detail-oriented and enjoy the opportunity to investigate and dig in.

Specializations for a Major in Finance

Traditional finance requires deep knowledge of both economics and finance. If you can’t decide between the two, this is the perfect combo of both fields. It requires knowledge of global markets and an understanding of investments. The perfect person for this job is one with leadership skills, ready to take over the most important and difficult decisions. These are usually the highest paid people in the company, since the entire company or big teams rely on their input and their expertise.

Financial advisor/ planning include helping people by checking their financial statements, income, taxes, insurance, and investments. It requires a great deal of financial planning and knowledge of many fields, as well as great communication skills.

How to Finalize Your Decision

Now that you know what each field expects of you, it should be easier to finalize your decision. As I said, you can get the best picture of how each career path works by shadowing someone who does this, or volunteering in companies that work in the field of finance and accounting.

Also, you definitely want to consider your personality. As you can see, every career path requires a specific personality from the person who does it. Therefore, do your research thoroughly and pick the one that fits you best.

In the world of finance and accounting, things are similar. But, this doesn’t mean that you can change your mind constantly and easily switch from one career to the next one. Both fields require a lot of constant work, practice, and knowledge.

Moreover, for most of the careers in this field, you’ll have to get a degree, certification, or a title that allows you to do that job. It takes some time and a hefty investment to get the education you need to thrive in this field. So, take your job of choosing a major seriously since you’ll probably have to stick with it.

Yes, it is possible to change careers, but it will require an even bigger financial investment and will waste a lot of your time.

Join the World of Finance or Accounting Today!

These two career choices are of high influence and importance in the world. They’ve always been in high demand and this isn’t about to change any time soon. So, whatever you choose, make sure that you study a lot – it will definitely pay off for you!

Author’s Bio

Bobbie Sanchez is a financial advisor. He works privately as a contractor who helps small businesses and business people in keeping their finances organized, spending them wisely, and tracking their money. In his written work, you can read very useful advice in terms of your investments.

Negative interest rates and a slowing economy are forcing lenders, in this case banks, to reduce costs. In a new four-year strategic plan UniCredit has announced it will be cutting back 8,000 more bank jobs as chief executive officer Jean Pierre Mustier rewards investors with EUR 2 billion (£1.7 billion) worth of share buybacks.

UniCredit plans on boosting shareholder remuneration via dividends and share repurchases. The job cuts, which make up around 7% of the bank’s entire workforce, will happen through the closure of around 500 branches worldwide.

In a statement, Mustier said the plan's targets are "pragmatic and achievable… They are based on a realistic set of macroeconomic assumptions, being more conservative than those assumed by the market."

According to Bloomberg’s recent report, these job cuts push the overall banking job losses worldwide, this year, past 73,400, most of which have happened/will happen in Europe (86%).