This is part of our Job Guide series — a collection of “real life” job profiles by experts in specific industries that will help you navigate your career path clearly. Since finance can unfortunately be a more difficult industry for women to break into and find success in, Darling Managing Editor Natalie Lynn Borton asked her husband Brian to share some insights for those considering a career in finance after completing their undergraduate studies. Brian has a degree in finance from The University of Texas at Austin. He has earned the Chartered Financial Analyst® designation, and has worked for several firms in private equity, investment management, and investment banking.

There are many different types of jobs in finance. Below I’ll share what they are, what you can expect on a day-to-day basis in that job, what type of people tend to be the most successful in each career path and examples of companies you would work for.

1) Investment Banking. You’ve likely heard the horror stories of the 80-100 hour work weeks investment banking analysts commit to. Though the workload is burdensome, know that banking and consulting are the two best platforms to quickly build marketable skills and get access to the most compelling senior-level finance jobs. Investment bankers operate as intermediaries between clients (i.e. Tiffany & Co.) and investors (i.e. private equity firms). When clients want to sell their business or need money to grow, they hire an investment bank to market their company and attract potential investors. On a day-to-day basis, investment bankers construct detailed financial models, assemble marketing presentations called pitch books, and meet with clients and investors. Great investment bankers are disciplined, driven, and have an intense attention to detail. Potential companies include Goldman Sachs, Morgan Stanley, and Greenhill.

2) Consulting. After going through the most strenuous and selective recruiting process among undergrads (just Google “consulting case studies” to see my point), consultants spend their days solving complex problems and recommending strategies to improve their clients’ businesses. Consultants are hired for their deep analytical skills and ability to think outside the box. Communication skills are also critical as consultants must develop and deliver recommendations to highly experienced top-level executives. Consulting can be a highly rewarding career for the intellectually curious. Consultants typically have rigorous travel schedules, which can vary from being on the road Monday through Thursday each week if working with a domestic client to spending months at a time away if working with an overseas client. Potential companies include Boston Consulting Group, McKinsey, and Bain.

3) Private Equity. Though a highly attractive career option, virtually no one starts out with a job in private equity investing straight out of undergraduate studies. This is one of the “compelling senior-level finance jobs” that I mentioned earlier. The usual path taken is two to four years in investment banking or consulting, two years getting an MBA from a top-10 program (i.e. Harvard) and then landing a job as a private equity Associate upon graduation. Private equity firms buy mature companies, improve them and then sell them later for a return on investment. Associates identify prospective investments, perform extensive company and industry research, build complex financial models, and provide strategic advice to management teams. Potential companies include Carlyle Group, Blackstone, and Kohlberg, Kravis, Roberts (KKR).

4) Venture Capital. Venture capital investing is very similar to private equity investing, but differs in that the target companies are startups. Investment decisions are usually made based on the reputation of the entrepreneur and the strength of the business plan. When compared to private equity, these are much riskier investments. Given the high-risk/high-reward nature of these investments, the majority of venture capital is focused on the technology and healthcare industry, which have greater potential to be disrupted through innovation. Venture capitalists tend to be visionaries. They usually help entrepreneurs with strategic advice and leverage their deep network to bring in new customers or suppliers. Venture capital is a difficult industry to get into, and the two typical paths look like this: 1) investment banking or consulting, an MBA, and experience in operations in a technology or healthcare company or 2) being an entrepreneur and building a successful company. Potential companies include Kleiner Perkins Caufield & Byers (KPCB), New Enterprise Associates (NEA), and Sequoia Capital.

5) Investment Management and Hedge Funds. This career category is a bit of a catch-all in that it includes the remaining opportunities to work as a professional investor. These roles are very research-driven, and depend on your ability to take in and analyze vast amounts of information to generate compelling investment ideas. For example, this could include reading macroeconomic reports on India, analyzing demographic data from the U.S. Census, and participating in conference calls with a German construction company management team. All of these sources of data must be analyzed and used to make profitable investments in company stock or debt or even in government debt (i.e. U.S. Treasury bonds). Successful investment managers typically enjoy learning and are able to analyze information and write intuitive, compelling investment reports. Potential companies include Fidelity, Franklin Templeton, and PIMCO.

6) Corporate Finance. A career in corporate finance is the largest category of finance jobs available, and is attractive to many due to its stability and typical work/life balance. Corporate finance is effectively the department within any business that is responsible for creating and maintaining the budget and analyzing the profitability of various projects. Your scope of responsibility depends on the size of the company you work for. Small startups may provide the opportunity to work directly with the senior management team (CFO), while larger companies might have you instead focus on managing and reducing the costs of a particular product. Successful corporate finance professionals enjoy predictability, have a strong grasp of accounting, and prefer to work in structured environments with a very specific job function. Potential companies include General Electric, Netflix, and Qualcomm.

7) Financial Advisor. Financial advisors are responsible for advising families on investments, life insurance, and saving for college and retirement expenses. Advisors are relationally-driven and are keen on client service. Launching a career as a financial advisor can be difficult given the lack of experience and clients’ unwillingness to trust a young individual with their financial future. To be honest, as a starting financial advisor, you spend substantial time trying to sell your services and generate a large portion of your income through commissions. This compensation structure is ideal for someone with excellent salesmanship, high emotional intelligence, and an entrepreneurial edge. Entering this industry alongside an established financial advisor increases your likelihood of success, but it is possible to thrive on your own if you are highly motivated and resilient. Potential companies include Ameriprise Financial and Edward Jones.

Now that you have a better understanding of the various careers within finance, the real question is, how you actually get the interview and land the job in the field you want? Here are a few practical tips for those still in college:

– Pursue relevant internships relentlessly, and if you are struggling to get interviews you should physically bring your resume into the company’s office and offer to work for them for free.

– Start a new student organization focused on the field you are interested in and hold a speaker series with industry professionals.

– Request informational interviews with professionals who are also alumni of your university.

– Cast a wide net during the recruiting process and pursue many more interviews than you can fathom. As a senior in college, I submitted my resume to over 80 different job postings, which led to eight first-round interviews, five second-round interviews, and two job offers. Persistence and diligence are essential for success in this industry.

– Sign up and study for Level I of the CFA program, which is a highly-respected professional designation for those pursuing careers in investing.

– When interviewing, make sure to over-prepare. Come up with answers to typical interview questions and practice them with your peers. Prior to an interview, spend two to three hours researching the company, come prepared with relevant questions indicating your interest in the position, and always send a hand-written follow up thank you note to your interviewer.

There are many exciting career options for those studying finance, and now you are better equipped to get into the one that’s best suited to you!

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