How to gain knowledge in finance
28 October 2019
If you’re thinking of starting a career in finance, you’re in good company. According to Statista, an estimated 1.1 million people in the UK were working in the financial sector in 2018. However, finance encompasses a wide range of disciplines and job roles, so it can be difficult to know which area would suit you best. Another consideration can be how to start learning the basics of finance, especially as there’s so much to digest before taking on an apprenticeship or a similar method of financial education.
Banking, accounting, insurance, tax, pensions, investments and financial planning are just a few of the professions that are directly linked to finance. A lot of the people who choose to study finance are likely to end up in one of these fields. It’s important to understand these different areas and roles adequately before choosing a career direction.
After reading up on the various subjects involved in the financial sector to gain an understanding of the basic framework, it’s a good idea to involve yourself in publications and regular newsletters that are closely related to finance. By remaining connected to the sector, you should be able to harness a more fluent understanding of it, as well as a more usable knowledge of the terminology.
How to learn business finance
Similarly to finance, business encompasses a wide range of professions. As both are relevant in many different fields, it’s also the case that they can intersect with each other. In many cases, this means that it’s important to understand one to the same extent as you understand the other.
Business finance refers to the activity of managing a company’s money in a calculated manner. As the financial side of business is so important, being responsible for it comes with a lot of important considerations, such as taxes, ongoing accounts and long-term investments. Financial education has matched the demand for business, leading to a lot of apprenticeships with business included, as you’ll see with a corporate finance apprenticeship.
A course such as this one would be suitable for someone looking to start a career in corporate finance, and many people benefit from the hands-on approach that comes with an apprenticeship. Alternatively, many of the financial publications, newsletters and websites also tie into business, so the same sources for financial knowledge could be used for business finance, as long as there’s some consideration for identifying appropriate areas.
How to learn about personal finance
If you’re interested in starting a career in finance, the first step to take would be to learn about personal finance. Personal finance is something we deal with every day and includes things like managing the financial situation and decisions of individuals or families as well as things like investments, pensions and general daily budgeting.
Personal finance is involved in every financial occupation, even affecting business finances in cases where you need to keep the private accounts of company directors separate from business accounts. Elsewhere, people who require help with managing their money will refer to a financial adviser, where a course would be appropriate for anyone looking to get into this field.
Mortgages are another private financial concern that affects a lot of people due to the demand for mortgage advice. In the process of learning more about this subject, apprenticeships once again prove to be one of the most beneficial methods of education, with CeMAP courses teaching people how to provide the appropriate guidance and advice to those who need it.