0: Hey everyone. My name is Kyla. Welcome to my channel, where I talk about stock market

4: in the economy amongst other things.

8: Today I wanted to mix it up a little bit and talk about careers.

13: A lot of people just graduated from college. I graduated from college three years ago now,

17: and I just. Talk about what it looks like to work in the finance industry and different

21: jobs that are out there. I really wish that I had had a video like this, around August

26: of my senior year. So if you're going into your senior year, if you just graduated or

30: if you're like, Hey, I'm pretty interested in the financial industry and what those jobs

34: are looking like. this is the video for you. This video is in

38: partnership with Kaplan because as we all know, there are many jobs in the finance industry

42: and it can be really confusing to figure out the path that's best for you. Also, a lot

45: of them require credentialing because in personal finance, you're oftentimes a fiduciary. it's

49: pretty important that you're able to proof that you can do different things, and manage

53: people's money in a safe and effective way. Kaplan is a helpful resource to launch or

57: advance your career in finance. Learn more about the career pathways discussed in this

61: video here. so let's talk about what those careers could look like. So what types of

65: career. Are there. A lot of people don't really know what finance is partially because it

69: is gate kept, but also because it's confusing. Let's talk about what some of the different

73: jobs are. And specifically in the personal finance space, what they look like, what you

76: might want to consider. And more, there are a lot of different types of careers

79: out there. A lot are insurance. So an insurance agent,

82: a brokerage, an insurance investigator, you can do sales management and insurance as well

86: as actuary work and more. You can also do investment advisory work.

90: So security sales, commodity sales, financial advising, being a broker, an investment advisor,

94: a trader, a financial manager, or a financial planner.

97: Also you can do CFP work, financial planning, wealth management, and portfolio management.

101: When I worked in the industry, I worked at a mutual fund company and I was in an early

105: career rotational program there where I sat on a high yield credit desk, but was working

109: on an operational team. I also helped to support our macroeconomics team. And then I also helped

114: to support an equity portfolio manager. So I did a lot of modeling and basically I had

118: a lot of jobs during the time that I was in my personal job in the mutual fund industry,

122: but that was a really small slice of the pie. there's a lot to talk about. So let's talk

126: about it. Insurance. So this is one of the most important

129: fields because everybody needs insurance. You need insurance for a lot of different

132: things, health insurance. So if you get sick, you don't have to, you know, give up your

135: entire livelihood. and then property insurance for homes and then different personal lines

139: of insurance, like renters insurance. If you have an apartment.

142: There are a lot of different types of insurance, including

144: life insurance. These are policies and annuities that help people out when the insured individual

148: passes, there's health insurance and that's medical disability, Medicare long term care

152: policies, property insurance. So homeowner commercial property, inland Marine

156: policies, casualty insurance, and that's auto workers comp crime coverage, professional

160: liability, variable products, insurance. So selling. Insurance products with an investment

165: element. And we'll talk a little bit more about that later, and then personal lines

168: insurance. So auto insurance, homeowners, insurance,

170: renters insurance, and then different policies for your boats, for your snowmobiles and your

174: motorcycles. And there's a lot of different jobs in the

176: insurance field. I'm not gonna talk about all of them because I would take a long time,

179: but I'm gonna talk about a few of them. So an actuary is a pretty common job. Their

182: math brands. They help to quantify broad uncertainties to help companies minimize their risks. They

187: come up with numbers for insurance companies to quantify the risk, to come up with the

190: premiums of different insurance plans and basically any risk that exists.

193: So fires, accidents, tornadoes, they help to price that risk out for the insurance company.

197: There are a lot of different types of actuaries, including health insurance, actuaries. So

201: they price out insurance policies based on things like where you live, your job and your

204: family history and that D. The freedom of your health insurance

207: and then property and casualty insurance actuaries, those help to quantify the risk of things

211: like natural disasters accidents, and they use different variables to come to a policy

215: decision. actuaries have different licensing requirements

217: than other insurance roles with a series of actuary. Science exams that are administered

222: from a professional entity, depending on the type of actuarial work that you want to do.

226: So if you want to work in life insurance, health, insurance, retirement, or the finance

229: and investment space, the society of actuaries is the entity that you're going to test through.

234: And then the casualty actuary society covers the property in casualty field. So auto homeowners,

238: medical malpractice, workers comp, and personal injury liability. And it takes a long time

242: to get certified like six to nine years for the entire thing. But you can start the process

247: when you're an undergrad. Passing the first two exams is important and

250: you can usually get a job in the field after you're passing those two exams. Your employer

253: usually helps out with the rest of the process as.

255: And then there are other jobs like insurance agents, insurance, brokers, insurance, investigators.

259: these are people who might like sales a little bit more, might like talking to people.

263: I used to sell cars and I'm definitely not one of these people, but there're definitely

266: people out there who are so personable and would do well in sort of these types of roles,

270: there's a lot of different licenses that these roles require, which can vary from state to

274: state. The state insurance licenses normally include life health, property, casualty adjuster,

278: and personal lines. So in the state of Colorado, for example,

281: the path could look like complete an insurance pre-licensing course.

284: So this is required in Colorado. If you don't have a college degree with coursework and

287: insurance, and it requires. Lot of hours of life, health, property, casualty, property,

292: and casualty, personal lines, and then 10 hours of training and principles of insurance,

295: legal concepts, and regulations you can take the class live or online.

298: But the main thing is that you have to get that 70% or greater to get the certificate

302: of completion. And then you go and pass a Colorado licensee exam. Within a year of passing

307: the pre-licensing course, you should set for your licensing exam and you can take accident

311: and health, casualty, life, personalized property credit, crop hill adjuster, public insurance

316: adjuster, surplus lines, and title. then you can apply for your insurance license

319: and finally you have continuing education requirements that you have to meet in Colorado.

324: 24 hours every two years. So that does vary from state to state, but you can kind of see

328: that the process is pretty in depth. It's pretty technical, which is why it's good to

332: have different resources out there. they can be tailored to your sale of learning

335: and consumption. Then there's securities licensing. So a lot

338: of jobs require some sort of interfacing with financial products. There are special licensing

342: that this requires too. , if you want to be an investment advisor, a broker or a trader,

347: or any of these jobs that sort of. Sales within the investment space. You're

350: going to have to pass some of these tests. There's a lot of sales jobs in the security

354: space, including commodity sales agents, financial services, sales agents, and general security

358: sales agents. Most of the time, these people work with people. So talking about different

362: securities, watching markets and contacting different clients.

364: investment. Bankers are another job that is in this. Base or their connectors. They help

368: to connect businesses that might need money for certain things.

370: With those interested in providing that funding. Most of the time investment bankers work on

374: initial public offerings. So if a company is going public on the stock market and mergers

378: and acquisitions, so if another company is buying up another company, they do a lot of

381: work with valuing companies, building out investment explanations and more.

385: You could also become a financial advisor or a financial planner. . A financial planner

389: is somebody that helps people path out their financial goals and do things with budget

393: savings, investing and retirement. An advisor is somebody who more helps manage money. They

397: usually have to hold a series 65, and that includes things like insurance agents, money

402: managers, estate planners, and more an advisor is more of the money management

405: and products. Whereas planners are more holistic and focused on things like retirement, host

409: payments, et cetera. Both require an element of certification, usually through becoming

413: an investment advisory representative, which requires a series 63, which I'm gonna talk

417: about and then series 65, they do things like make recommendations about different securities.

421: So you really have to make sure that you're providing the proper fiduciary duty to your

425: clients. FINRA is normally the regulatory body that is in charge of securities licensing

430: and the licenses depend on what you want to sell the north American securities administrators

434: association Also administer some of the securities licensing two, including the series 63 and

439: the series 65. And now there's also the securities industry in centrals exam that is required

444: for anybody who wants to earn some of these licenses. Exam. you don't need to be sponsored

448: by your work to take the S I, but you do need a work sponsor for the series six and the

453: series seven. So, what am I saying? What are all these numbers?

455: So what are the different series? So the series six is if you want to be in

458: mutual funds, variable annuities, or other investment packages, you'll need this license

462: for packaged products. if you're an insurance agent that wants to sell variable products,

466: like I mentioned earlier, You'll also need this license.

468: The series seven is stock brokers. So that allows you to sell virtually any type of individual

473: security, such as preferred stocks, options, bonds, and any other individual fixed income,

477: investment, and packaged product. Basically you can sell everything except commodities

481: features real estate and life insurance. the series three is if you want to sell commodity

485: futures contracts, and the series 31 is an offshoot of the series three. If you want

489: to sell managed futures, which are pooled groups of commodity futures, the series 63

494: is if you have a series six license or a series seventh license, and you want to do business

498: as a stock broker or sell mutual funds and any state you're gonna need that license.

502: The series 65 is if you want to be a financial planner or an advisor who works for an hour,

506: Fleet fee rather than commission. if you want to be a stock broker or another financial

510: representative who deals with managed money accounts, the series 66. So if you already

514: have the series seven, you already have answered a good portion of the series 65.

519: So instead of earning the series 63 and the 65 separately, you can choose to do the 66.

524: Instead this series 79, if you want to do debt or equity offerings, mergers or acquisitions,

528: tender offers, restructuring asset sales. Et cetera. You're gonna need this license

532: in the series 99. If you want to be a senior manager or a supervisor in operations, and

536: we'll have the authority to commit capital and back office functions, you're gonna need

540: that license. And so basically, yeah, it's super confusing.

542: , uh, there's a lot of different ones, but it'll mostly depend on your job and your individual

547: firm, but those are sort of like the path that you can take. And they oftentimes overlap

550: with each other. There are a lot of different combinations

552: of the above. And most of the time, the company that you work for will make it pretty clear,

556: like which one you're supposed to be taking. in 2020, the NA SAA adopted a continuing education

560: model for investment advisors that is required. If you plan to hold licenses from that, which

565: is. Is like some of the main licenses. So you do also have continuing education requirements

569: here, which also requires, you know, an element of education and resources and finally financial

574: planning. So this is sort of a subset of the previous

576: thing that I talked about, but this is more specific than just securities license.

580: A lot of people end up getting the certifi. Financial planner credential, which is really

583: well suited for complex financial planning issues. My best friend is actually a CFP and

589: it does require a significant amount of prep and credentials across taxes, insurance estate,

594: planning, retirement. You gotta know a lot of different things and

596: you have to have a college degree as well as coursework in financial planning to your

599: CFP. And you need three years of professional experience and you gotta adhere to a code

602: of conduct. but it's a great credential to enhance your financial planning path.

606: And a lot of firms actually. Require it, if you do planned work in financial planning

609: and want to be a financial planner, there are a lot of different credentials that you

612: can do to level up your career as well. Including accredit asset management, sports and entertainment,

617: accredited wealth management advisor, and master's degrees in things like financial

621: analysis. So conclusion, there are a lot of different

624: avenues in finance, including taking the CFA and other credentialing exams. Basically,

628: if you're handling other people's money, it's pretty good to have some sort of credentialing

632: and you're actually going to need it. And if you take a test, you're going to require

635: some sort of resources in order to pass it. And there's a lot of different things out

639: there that can help you pass these different exams. The good thing about this is. There's

643: a lot of like lateral movements. So if you take one of the tests, it kind of crosses

647: over to one of the other tests, especially and across a series exams. So you get to learn

651: about the nuances of the entire industry, which can help.

654: If you choose to pursue a different path. One day Kaplan has a lot of great resources

658: out there and help you get from point a to point B easier education is super important.

662: especially if you're doing the sort of stuff that does require credentialing. the markets

666: are ever changing, but it's always good to have some book knowledge as well get experience

669: on the ground as well as in the books, in the pages.

672: there are a lot of cool plastic. Floor. And hopefully this video highlighted some of the

675: many avenues that you can take in the industry. I'll leave links to the Kaplan products below

679: if you're interested in exploring any of those more.

682: and if you have any questions, feel free to leave them below, but thanks so much for hanging

684: out and I'll talk to you all soon. Bye.