Entry-level Positions For Aspiring Chief Financial Officers And Nonprofit Organization Founders
Gary emphasizes that while high finance roles like investment banking and PE firms are competitive and often require an MBA, there are many fulfilling entry-level positions like bookkeeping, accounts payable/receivable, and corporate accounting that provide a solid foundation, and even side hustles offer valuable real-world experience, demonstrating that one doesn't "need to have a lot beyond kind of the basics to... be successful in finance."
Entry-Level Finance, Accounting Basics, Corporate Accounting, Financial Literacy, Career Fundamentals
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Gary Lu
CFO / NPO Founder
Biomerica and Forge Optima
UCLA
Economics
Biotechnology & Pharmaceutical, Nonprofit, Foundations & Grantmaking
Finance
Worked 20+ Hours in School, Greek Life Member
Video Highlights
1. Entry-level finance and accounting offer numerous opportunities beyond competitive fields like investment banking or management consulting.
2. Bookkeeping, accounts payable, and accounts receivable positions provide fundamental experience for achieving higher finance goals.
3. Even side hustles involving sales or services offer real-world business experience, enhancing understanding beyond academics.
Transcript
What entry-level positions are there in this field that undergraduates and graduate students might consider?
There are so many options. The good part about finance and accounting is that you can do so many things. A lot of people get stuck thinking they want to be an investment banker, a managerial consultant, or join a PE firm.
Realistically, many of those paths are quite difficult. They often require an MBA, and the barrier to entry is pretty tough. However, there are many fulfilling jobs that provide the basics and fundamentals needed to reach those high finance goals.
Honestly, there's bookkeeping. There's also accounts payable and the payment side of things. Essentially, the payment side, the revenue side of the house, and general recording is what I mentioned with bookkeeping.
If you want to get more advanced, a corporate accounting job might be more suitable. You'd need a solid understanding of accounting basics. But again, if you studied accounting or had a minor, you should be fine.
There are a lot of elements here. Funny enough, even if you have a side hustle, selling things or offering a service, that's finance. Chances are, you're paying attention to how much you're making and spending. If not, it's not really a business; it's more of a hobby.
These are real-world, almost MBA-level scenarios that can really bolster your understanding of business generally, beyond the academic side. So, I think there are just so many opportunities. You don't need much beyond the basics to land a role and be successful in finance.