FEBRUARY 11, 2022 – Are you a former service member looking to build a long-term career in the finance or financial services industry? If so, you’re doing so at a good time because the field is growing faster than it ever has. With the advent of the digital age, there are dozens of new niches and types of services for eager, hard-working ex-service members who want to leverage their leadership skills.
Some of the most active areas for new entrants include investment advising, day trading, brokerage services, tax preparation, and becoming a full-fledged CPA. Each path comes with its own pros and cons, but they’re ideal choices for ex-military personnel who want to sharpen their financial skills and earn a decent living in the process. Here’s how to get started in five of the top finance-related fields.
Investment Advisor
If you’re willing to earn a credential by taking a specialized test, working as an investment advisor can be a lucrative way to gain a foothold in the securities industry. What kind of advice will you be giving to your clients? There’s almost no limit, but the majority of freelancers in this field help individuals choose stocks for portfolios, build diversified retirement accounts, acquire precious metals and cryptocurrency for long-term holds as well as speculation, and much more.
Day Trader
People with military experience often have a much higher tolerance for pressurized situations than others. That’s just one reason ex-service members tend to thrive as day-traders. The job is fast-paced, comes with its own kind of stress, offers the chance to earn sizeable profits, and includes the risk of loss. What makes day traders unique? The central characteristic of the job is that practitioners never hold a position overnight. They go to cash before the closing bell of each market session. Learn more about how day trade by reviewing a comprehensive guide that explains how to get started and includes all the pertinent information about learning how to day trade for full-time or part-time income.
Securities Broker
If your tastes are more traditional, explore the brokerage field. After passing a rigorous test, you need to connect with a licensed dealer who employs you to trade on behalf of their clients. The career route is similar to real estate in this regard, as you must work under a larger entity for the first year or so after passing the licensing exam. Most brokers work on a hybrid commission-salary basis, keep regular hours, and slowly build up their client list. Successful brokerage professionals tend to be adept at networking, staying on top of economic developments, and understanding their clients’ unique financial situations.
Tax Preparers and CPAs
Breaking into the tax prep career path means taking at least one certification test, applying for official status from the IRS, and finding your own customers. The first several months can be slow, but once you acquire several regular clients and invest in local advertising, it’s possible to earn full-time money working just four or five months per year. CPAs (certified public accountants) hold college degrees in accounting and must pass a two-day examination. After that, prospective CPAs must accumulate two years of relevant job experience before gaining a full-fledged license. Pay rates are high, but it takes several years to qualify for certification.