Entry Level Positions in Finance
A junior finance employee works under the leadership of an experienced professional and helps a firm record transactions and prepare financial statements. An entry-level staff also may analyze a firm's operating data, compare past versus current information and highlight performing areas, or review a firm's procedures under the guidance of a senior auditor.
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Responsibilities
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An entry-level finance employee records a firm's economic transactions by making journal entries in accounting ledgers. For example, an accounting associate may debit accounts receivable and credit sales when a customer receives goods shipped. An internal audit trainee works under the leadership of a senior auditor to review corporate policies and ensure they conform to laws and regulations. A corporate finance junior analyst reviews a company's funding sources (for example, internal funds or debt) and highlights cash needs to a supervisor.
Education and Training
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A junior role in finance typically requires a two-year college degree in accounting, finance or tax. Most finance trainees generally hold bachelor's degrees in a business field. A finance position candidate also may have a liberal arts background but can receive on-the-job training before performing his duties. Some entry-level occupations require an advanced degree, such as a master's, particularly in scientific fields. For instance, a quantitative risk manager at a bank may hold a master's or doctorate degree in math or financial engineering.
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Salary
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Salary levels for junior finance employees depend on the company size, academic credentials and the industry. The Bureau of Labor Statistics reports that median wages of bookkeeping, accounting and auditing clerks were $32,510 in 2008, with the top 10 percent earning more than $49,260 and the bottom 10 percent earning less than $20,950. The same government report indicates that average wages, excluding bonuses, of financial analysts were $73,150 in 2008, with the lowest 10 percent earning less than $43,440.
Career Development
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A junior finance employee may increase chances of career growth by seeking a bachelor's, or higher, degree in a business field. A finance trainee also may be promoted faster by seeking a professional certificate. For example, a financial accounting clerk holding an associate degree may enroll in a bachelor's accounting or finance program or a master of business administration (MBA) in investment analysis. Alternatively, she may seek the certified public accountant (CPA) designation. A competent finance trainee moves to a senior role after two to four years.
Working Conditions
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A junior finance employee works a typical 8 a.m. to 5 p.m. standard shift. However, he may stay late at the office if business conditions require it. For instance, an accounting trainee may work late nights during the month-end close process or help senior auditors file quarterly reports to the Internal Revenue Service (IRS) or the Securities and Exchange Commission (SEC).
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References
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