Impossible deadlines, late hours, and demanding workloads are some of the major causes of stress in the workplace. Couple this with millions of dollars and a high stakes game of cat and mouse in an unpredictable financial market, and you will get the feeling of what stress can feel like.
Indeed, a recent survey of finance workers in 26 countries, carried out by UNI Finance, found that more than 80% of banking unions in Europe reported deteriorating health as a major problem for union members. It’s important for industry professionals to consider the role stress plays in their career. Some people thrive in stressful situations, while others do not; and before taking on a stressful position consult with your family, colleagues, or finance recruitment professional on whether the role is right for you.
That said, here are the top demanding and stressful career paths.
1. Investment Banker
Generally regarded as the most stressful job in the whole financial services industry, investment banking is a gruelling career. Bankers not only have the unenviable responsibility of managing the financial future of companies and individuals in their hands, they must also understand that one bad decision can put them out of a job. Often the hours are incredibly demanding and while the weighty pay cheque is some reconciliation for the stress, a career in investment banking means you will be indefinitely tied to your work.
To beat back the stress and avoid burnout, many investment bankers ensure they keep a regimented fitness regime and dedicate some alone time away from the office.
2. Finance Management Consulting
Financial management consultants are continually on the move, putting in long hours away from home, at airports or in drawn-out meetings that involve juggling a variety of complex business issues. While some employees can thrive on the fast pace and variety of challenges, others can find themselves quickly worn out by the constant travel and pressure to generate new business and results. Keeping fit and sleeping well are essentials for management consultants on the road.
Any position that revolves around sales can be a stressful one, especially, when you couple this with job security and a slow pool of buyers in a shrinking market. Moreover, financial sales roles are increasingly becoming obsolete or replaced by technology meaning that jobs are becoming fewer. However, those that excel in the Sales arena often earn a robust living and enjoy what they do.
4. Financial Advisor
Financial advisors also work in a sales-based job, and their only way to generate an income is through sales results. Unlike institutional sales, however, financial advisors and wealth managers deal with “bread and butter” clients that can tend to be friends and family. This means that employees have relationships, not just money, on the line with each investment, something that adds to the level of stress for anyone in this kind of role.
5. Financial Risk Management And Compliance
Risk and compliance staff members work in a pressure-ridden environment just like investment bankers, but don’t get paid anywhere near as much. These employees need to deal with, and stay on top of, the ever-increasing level of new regulatory requirements and scrutiny, while generally also being considered the “enemy” by colleagues who are pushing for transactions to be approved.
In order to ease workplace stress, finance industry employees should look at taking a break to recharge, look into outsourcing work or hiring an assistant.
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