We all want the best for our children. As parents, it is our duty to foster their dreams and to provide them with the necessary guidance along the way. While some children hope to become doctors or lawyers, others are nurturing the dream of becoming an investment specialist. Is this a good career choice? What are the associated pros and cons? What do you need to know in order to offer up quality advice? Considering that the youth are the future of this planet, these are all very realistic questions. Let’s take a closer look.
What are the Career Prospects of an Investor?
Parents will be happy to learn that the sky is literally the limit in reference to employment within the investment sector. Depending upon the unique desires of your child, there are a number of lucrative roles. Some examples can include (but are not limited to):
- Personal financial adviser.
- Corporate wealth manager.
- Forex (currency) trader.
- Commodities expert.
Please note that it is also possible to take on these positions to gain personal wealth as opposed to work for a large corporation. As Graduate Prospects Limited observes, major companies such as HSBC, Lloyds Banking Group and Santander UK are always looking for good entry-level prospects.
What are the Main Advantages and Possible Disadvantages?
We would be remiss if we failed to mention that much like any career, there are potential upsides and drawbacks associated with the financial sector. The most obvious benefit of choosing to specialise in the world of investing is that financial success is a very real possibility. Advanced traders and highly trained specialists are often able to earn six-figure incomes on a yearly basis. There is also a great deal of room for upward mobility for those who possess the motivation. Of course, parents will also be happy to learn that their children will be capable of providing them with sound investment advice!
Still, there are a few possible drawbacks. The hours can be long and demanding; particularly when interning with a larger firm. Pay grades are frequently based off of commissions and the environments themselves are highly competitive (such as when trading Forex pairs). Stress is a constant factor and this emotion is present on a daily basis. Children who appreciate these observations should go far within the industry.
How Will the Digital Age Impact this Career?
We are undergoing an unprecedented amount of digital transformation. Investors will rely heavily upon mobile computing and the Internet. Thankfully, the average child is already very familiar with this sector. Those who are able to hone basic skills at a younger age should be able to fully leverage the benefits associated with the digital age.
How Can You Encourage This Dream?
A dream could very well die on the vine if it is not nurtured by the parent. First, encourage your child to manage his or her personal finances at the appropriate age. This might consist of opening up a junior ISA or simply setting up a roadside lemonade stand (as simple as this may appear). They should also begin to focus their studies upon finance-related sectors such as business and mathematics. Above all, expect your child to become discouraged from time to time. This is when you need to step in and play the role of the mentor. Remind them that any worthwhile vision takes effort to realise. Above all, always tell your soon-to-be adult that you will still love him or her no matter what career path they choose in the future.