We all know that jobs in finance are the hottest on the market. They pay well, offer amazing upward mobility and are among the most recession-proof. They're not hard to come by, either. After all the education a finance student undergoes, those perks are well deserved.
Now that you're established in your career, isn't it time to help finance students with their education? Or maybe you're still in school, wrapping up your graduate studies in Finance... Either way, you're in a position to help others understand math and accounting. If only you knew what certifications you needed! That's what we discuss today.
Why Tutor in Finance?
As mentioned in this article's introduction, jobs in finance are among the best compensated and most secure. Career finance professionals do not need to worry about seasonal layoffs as construction workers do. Nor do economic downturns cause them any woes. Indeed, thanks to their training, they are at their most active and vital during recessions and other economic upsets.
The finance industry drives fully a quarter of Australia's mixed-market economy. Our stock market has one of the largest interest rate derivatives (IRD) markets in the Pacific region. But all that money doesn't move by itself. All of that stock market action doesn't happen perchance.
The Australian economy needs a vast league of accounting and finance professionals to keep every aspect of our financial services sector humming. As our various industries expand, we'll see more financial specialist jobs in each sector. Also, the Australian economy is an active participant in the Association of Southeast Asian Nations (ASEAN) economic group. We need ever more people to learn about international finance to protect our interests and ensure fairness in all trade endeavours.
Do you have any education or practical experience in any of these finance initiatives? If so, you're uniquely suited for training a student in these subjects. Do you remember how steep your learning curve was when you started your career? Imagine how much steeper it will be for newcomers even five years from now.
But what if you're still at university; a finance student yourself? There are plenty of reasons for you to consider tutoring. You might recall how tough it was to revise for your Australian Tertiary Admissions Rating (ATAR) exams. Maybe you, too, gave a private tutor the job of guiding your exam revision.
Now that you have a bit of education in these subjects, you might find the time to help finance students master their subjects. In fact, you may be better qualified to help Year 12 students ace their exams. Your exams aren't so far behind you that you don't remember what they were like.
Finance Jobs: a Tutor's Profile
You may be a few years into your career in finance or a student hoping for a bit of cash. You may even be a teacher. Plenty of teachers moonlight as private tutors during evening hours and on weekends, No matter your status, you need to know if you have the skills and training to be a finance tutor.
First, you need to know about financial economics. That should go without saying. You also need a host of personal and professional skills. The former skill set includes patience, empathy and the ability to communicate ideas clearly. The list of professional skills is a bit longer so let us touch on the highlights.
To tutor a student, you have to be sure your presentation skills are top-notch. Even if you speak to an audience of one - or maybe you'll tutor a small student group, your presentation should be flawless. You'll need to engage your students and interact with them. You'll present new information in a variety of ways. Sometimes, that may be a simple explanation; other times it helps to have visuals to make your point.
Thus, you'll need to have a working knowledge of computers and the various platforms you can use to teach. You might create PowerPoint presentations your student can learn from. If you plan to offer lessons online, you should get familiar with web-based teaching tools like interactive whiteboards and document-sharing platforms.
And you'll need to be organised. Often, your students will look to you for guidance to set up their exam revision schedule. Or they may just need someone to understand them and all the work they have to do. Thus, you should maintain a neat appearance when you show up (on time!) to tutoring sessions. Your materials should be well-organised. At the end of every learning session, pull out your planner (or open your planning app) to make a note of the next lesson.
Tutors should lead by example. Every student, even those enroled in the best finance courses in Australia need a private tutor who demonstrates these best practices. Later, when your student enters the workforce, they will copy the leadership and professional skills you display.
Qualifications Needed to Tutor in Finance
As stated above, you need education in finance before you can help others learn about it. You need to know about the three sectors of finance: personal, public and corporate finance. You have to know how to explain the difference between money and currency, and which one is considered an asset. You should know all about financial instruments and the level of risk inherent in each of them.
It may be enough for you to have plenty of academic knowledge about accounting, finance, financial systems and financial theory. It would be nice to have some experience working in the finance industry. Have you ever worked or interned at an accounting firm, bank or insurance agency?
These days, the best private tutors set up a profile page on a tutoring platform. The Superprof tutor exchange is a fine example of such. Each tutor has an entire page to build their profile. They list their educational background and teaching experience if they have any. They may also post their schedule of fees and whether they give lessons online or in person.
That's also where they list their experience working in the finance industry. As you build your profile page, remember to be as detailed as possible when describing your work experiences. Be sure to specify whether you worked in a bank, brokerage firm or investment house. If you worked full-time in a business's finance and accounting section, mention which aspect of that business' finances you managed.
Prospective clients prefer tutors who market themselves well. Thus, you're more likely to help those who want to study finance if they view your profile as favourable. They'll be further impressed if you can provide a National Police Check (NPC).
Currently, you don't need any qualifications to become a private tutor in Australia. And you don't have to provide an NPC. However, understand that many people view tutoring as a position of care, particularly if you work with younger children. Obviously, those who learn finance are well beyond the primary school stage. Still, proving that you're aboveboard in all of your dealings is a good move.
And besides, you may tutor in other subjects. How about math, science or economics? As you launch yourself into tutoring, you only need to remember the 'two level' rule. It states that you should be at least two full levels more advanced in your subject matter than your pupils. So if you're studying finance at the undergraduate level, you may tutor Year 11 or 12 students in math or English. If you're applying to graduate school, you may tutor undergraduates in science and economics.
Find Students for Your Finance Lessons
So now, you're all set. You've earned your degree in finance and understand financial theory. You have a bit of practical experience through an internship or actual work in finance; maybe even in finance management. You've applied for your NPC and verified that you need no other qualification or certification to tutor. Now you just have to find a student.
Or you could let them find you. As mentioned above, online tutoring platforms are the way to go. You create and post your profile. Students view these profiles and choose the private tutor whose particulars best match the subjects they need help with.
You may also advertise your services on social media. Beware that such adverts won't yield the results that a tutoring profile will. That's because those platforms advertise nothing but tutor profiles. Social media amplifies all adverts. Your tutoring initiative risks being drowned out by everything else promoted on those sites.
That is unless you combine social media with word-0f-mouth advertising. Tell your friends, family, neighbours and everyone else in your part of the city that you've set up shop as a private tutor. One who specialises in finance but can tutor in other subjects, too. You might have to answer bemused questions about whether studying finance is worth it. But, in the end, they'll be happy to help your tutoring business achieve liftoff. Especially if you have a few fliers to hand out or post.
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