Financial services

Whether NGO, large corporation or public institution - the financial security of one's own organization plays an essential role in all industries and areas of work, as it is the basis for all further action in a capitalist society such as ours. Financial experts with industry-specific know-how are therefore welcome employees who can easily find employment across all sectors.

In principle, the term finance distinguishes between public finance, i.e. the management and (administrative) control of public finances (national budget, tax, interest and budgetary policy) and private finance, i.e. the finances of individual companies and institutions. The term "finance" in turn often covers all companies whose primary business area is finance, e.g. banks, insurance companies or credit companies.
Job advertisements in the field are therefore either located in the environment of the financial processes of individual companies, non-profit institutions, public institutions or the financial sector itself. Different industry logics sometimes lead to the use of different terms for similar processes, which is why it is advisable to familiarize yourself with these before looking for a job.

Classic financial activities are:

• Capital planning and fundraising in companies, fundraising or third-party fundraising and third-party fund management in non-profit organizations
• accounting and bookkeeping (accounting)
• the processing, management and optimization of individual financial transactions (often referred to as treasury management or treasury)
• the management, monitoring and optimization of financial processes (financial supply chain management) in general as well as liquidity planning and protection
• (Financial) controlling, which includes the control of expenses and income, but also market, trend and competition analysis, the collection, processing and evaluation of data and key figures and the subsequent derivation of strategic decisions (strategic controlling)
• Related to this, reporting (preparation of business plans, monthly, semi-annual and annual balance sheets as well as key figure systems and accountability reports or proof of use) and reporting or advice internally (e.g. to the management) and externally, e.g. to investors, lenders, clients and customers, but also to authorities
• financial risk management, i.e. the analysis of interest rate, currency and default risks
• handling any problems and disputes that arise (financial dispute management)

In addition, there are fields of activity such as tax advice, auditing or financial consulting, which are often outsourced to external service providers.

Define the degree of specialization and responsibility beforehand

The degree of specialization of activities within a company or institution varies depending on the size and structure of the institution. For example, smaller associations or small and medium-sized enterprises sometimes only have one person responsible for all finances, while larger institutions have a large finance department with a corresponding subdivision into sub-departments or divisions. The job titles therefore vary from more general titles such as consultant or finance employee to specialized titles such as controller, tax specialist or IFRS accountant (international accounting in accordance with the International Financial Reporting Standards). The level of responsibility and the associated qualifications required of applicants also vary from job to job. For example, pure accounting positions usually "only" require commercial training, but can also offer a good career start for bachelor's graduates. Jobs in monitoring, analysis or optimization of financial processes, on the other hand, usually require a degree, often at Master's level.
We are almost always looking for graduates from economics disciplines, preferably with relevant specializations such as accounting, finance or tax law. However, with the relevant knowledge and previous experience, it is also conceivable to join from other fields. It would be essential to gain relevant experience during your studies and to acquire the relevant knowledge through further training, for example. Graduates from other disciplines are also employed in interface areas. For example, they work together with computer scientists or technicians when introducing and developing new finance-related IT solutions. Lawyers come into play when it comes to tax law issues, the valuation of companies or the resolution of financial disputes as well as the preventive monitoring and adherence to applicable rules and laws (compliance).
Knowledge of databases and business intelligence solutions, i.e. business software applications, is a prerequisite for entry into many professions in finance. In addition, an affinity for numbers and analytical skills are a must. Dealing with large amounts of data should not scare you either. As you often have to work together with other departments or divisions, you also need good communication skills. Special knowledge such as tax law, contract law and specialization in individual areas are also welcome .