Entry-Level Positions for Aspiring Financial Professionals
Amanda suggests that a valuable entry-level position for undergraduate or graduate students interested in finance is working as a bank teller, as it provides a "clear cut understanding of finances" and valuable skills like customer service while being paid to learn. Gaining this understanding is especially important now, given that "financial education is at a downturn," and this role offers firsthand experience with the realities of personal finance, such as credit card debt and building credit.
Financial Education, Entry-Level Positions, Credit Unions, Banking, Personal Finance
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Amanda Garcia-Merz
Vice President, Education & Social Impact
California Credit Union League, Nevada's Credit Unions and the Utah Credit Union Association
Sacramento State
English, Writing & Education
Finance (Banking, Fintech, Investing)
Education
Worked 20+ Hours in School, Transfer Student
Video Highlights
1. Working as a bank teller or at a credit union during college provides a clear understanding of finances and can offer valuable life lessons in customer service and meeting deadlines.
2. Financial education is currently lacking, making it difficult for young adults to understand saving for a home, taking out loans, and understanding interest rates, so working in a financial institution can help.
3. Working at a financial institution can provide insights into the responsible use of credit cards and the importance of building a good credit score, while also understanding the potential pitfalls of debt.
Transcript
What entry-level positions are there in this field that an undergraduate or graduate student might consider?
I think if I had thought about this during my younger years in college, I would have taken advantage of the opportunity of being a bank teller. They're called different things at different institutions, but what a great way to work through college with a clear-cut understanding of finances.
Right now, in this day and age, financial education is at a downturn. Everyone is at various levels of understanding what they need to ensure they are financially stable and building generational wealth. It can seem very daunting for a young person graduating from college right now to know where to begin to save money for a home or to take out a loan for a car. Understanding compound interest and interest rates in general is also a challenge.
If that wasn't part of your family's discussion, which is not unusual for the majority of Americans, then you're coming out as a young adult with various degrees of understanding that might get you in trouble. If you're a college student right now watching this, there's a possibility that some bank or financial institution has offered you a credit card. You may have gotten that card and incurred some debt because it seemed very easy to spend.
But if you worked at a financial institution as a bank teller while you were in college, you would know and understand the problems that come with acquiring that credit card. On the flip side, you may hear that story from multiple people, and yet having a credit card is the best way to build your credit score. Using it responsibly is also critical.
So, I would really encourage anyone looking for an entry-level job while in college to work for your local credit union. Go to work for your local bank if you need to, but get that opportunity to gain financial education and have someone pay you while you're doing it. Your life lessons in customer service, understanding deadlines, and gaining personal education from it are a great opportunity. It can help get you through college and teach you valuable skills.