Copyright Forbes
The finance sector sometimes gets a bad rap with perceptions about long hours, limited creativity or intimidating entry barriers. While the notion of finance as rigid and inaccessible may have been rooted in the reality of decades past, the industry is evolving. Modern financial organizations tend to embrace technology, innovation and purpose-driven work that appeals to a broader range of professionals. Below, Forbes Finance Council members share some common myths about finance careers that may deter young professionals from pursuing this field. They also offer insights on how today's leaders can make the path more engaging, inclusive and rewarding for the next generation of finance talent. 1. The Field Is Still Like It Was 20 Years Ago A misconception that the average young person may have about establishing a finance career is that the terms of such a career are as right as they were 20 years ago. This is no longer the case. Even some Wall Street banks are leaning into work-life balance, and paths seen as non-traditional, such as launching your own firm, are more possible than ever before, thanks to technology and social media. - Logan Allec, Choice Tax Relief, Inc. 2. Finance Is Solely About Profit Maximization Many young people assume finance careers are solely about profit maximization, overlooking how banking can be a force for good. Leaders can shift this perception by highlighting examples of banks having a positive community impact by expanding financial access, investing in underserved communities and supporting mission-driven organizations. - Monique Johnson, Beneficial State Bank 3. Manual Work Is The 'Price Of Entry' One misconception is that manual work is the price of entry for a finance career. Today's leaders can make the path more appealing to the next generation by embracing AI to automate repetitive tasks. This will significantly reduce burnout and allow employees to focus on meaningful, high-value advisory work. This shift redefines accounting roles from "number cruncher" to trusted strategic advisor. - Paul Peterson, Wiss Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify? 4. Finance Is Boring, Manual And Unrewarding Gen Z misconceptions are that finance is boring—until you see M&A, PE, VC and markets where strategy meets speed. It’s manual drudgery—until the AI handles the grunt work so you focus on insight. It’s unrewarding—until you see that most fortunes were built on finance. And no influence? Meet a CFO/treasurer steering capital, risk and policy. - Amit Jain, Dhruva Advisors (USACFO) 5. You Can't Get Started Without A Finance Degree Go out and get as much experience as you possibly can, as early as you can. In my opinion, college degrees are not as important as they used to be. Today's industry leaders can offer more roles for individuals looking to get into the industry, so they can start gaining early career experience. - Zachary W. Herzog, Wolfgang Capital LLC 6. You'll Be Fully Proficient In The Field With Just A Bachelor's Degree Young people establishing a finance career often underestimate how long it takes to accumulate the knowledge to be proficient, often requiring education beyond a bachelor's degree. Leaders can encourage people to prepare early and well, and to stick with their goals when the going gets tough. Sacrifice for education early so you have choices later in life when you have other obligations. - Justin Donald, Lifestyle Investor 7. There's Not Much Tech-Driven Innovation Many think finance is just crunching numbers, but it’s strategy, growth and now tech-driven innovation. With evolving tools like AI and analytics, young professionals can solve problems in dynamic ways. Leaders can attract them by mentoring, showcasing real impact and connecting their work to innovation, teamwork and meaningful outcomes. - Cynthia Hemingway, Fourlane, Inc. 8. Success Only Depends On Hard Work And Technical Competence One common misconception is that success in finance depends only on hard work and technical competence, but those are table stakes. What’s often overlooked is language and its mastery. Effective communication using precise and compelling language can distinguish skilled professionals from great advisors. Leaders should model and mentor those skills alongside technical ones. - Neil Kawashima, McDermott Will & Schulte 9. It Takes Decades Before You Have Real Influence They assume finance means decades of grinding before having real influence. Break this by giving responsibility early—let them lead small deals, present to boards and own P&L for micro-segments. Create entrepreneur-in-residence programs within traditional firms. The next generation grew up as creators; they need ownership and visible impact from day one, not promises of future partnership tracks. - Gary Allen, LeanLaw 10. Finance Follows Fixed Old Rules And Systems Many young people see finance as a “finished field” with old rules and systems. In truth, it’s more like open-source software—constantly rewritten by those bold enough to disrupt it. Leaders can enhance its appeal by providing young professionals with an opportunity to design new models of inclusivity, sustainability and digital trust, transforming finance from a profession into a frontier. - Neil Anders, Trusted Rate, Inc. 11. Finance Doesn't Have An Impactful 'Human' Side Young professionals think finance is just numbers, but it’s about changing lives. Today’s leaders must show the human side of money: impact, freedom and legacy. When we mentor with purpose and make finance feel meaningful, passion—not pressure—pulls the next generation in. - Karla Dennis, KDA Inc. 12. You Have To Be Good At Math To Succeed The biggest misconception is that you have to be good at math to be good at finance. The best finance people are storytellers and not calculators, especially since machines do more of the calculating and measurement. Leaders need to demonstrate that these careers are not leading down the path of obsolescence, and that the future is human-centered understanding, not calculating, and then enable that future. - Marko Horvat, ELB 13. It's Demanding And All About Crunching Numbers A career in finance is often advertised as demanding, high-earning and mostly about crunching numbers. But those are not necessarily true. There are plenty of finance roles, especially in startups, where finance professionals don’t just crunch numbers, but also strategically work side-by-side in the operations of the business. A finance career can be a great stepping stone for entrepreneurship. - Eyal Lifshitz, Bluevine 14. There's No Creative Or Advisory Work In Finance One big misconception is that a finance career is rigid and purely numbers-driven. In reality, great finance professionals are strategic storytellers—they turn data into decisions and forecasts into growth plans. To attract the next generation, leaders need to spotlight that creative, advisory side of the work. Show how finance shapes vision, not just spreadsheets. - Alexander Ronzino, Rework Capital LLC 15. The Field Doesn't Change That Quickly Many early-career finance hires underestimate how rapidly the field evolves. The most important skills are understanding finance's role in companies and in the market, strong communication, mastering current tools and embracing the habit of lifelong learning. Adapting to change is key, as future finance jobs may not even exist today! - Bryan Lapidus, Association for Financial Professionals 16. Finance Isn't Purpose-Driven Work Building a career in finance is less about the degree you hold and more about how you think, learn and adapt. The field is evolving toward purpose-driven work where curiosity and problem-solving matter as much as technical skills. Leaders can inspire the next generation by showing that finance is a tool for impact, not just income. - Nike Ajao, OneBarrow Corporation 17. It's A Dry, Rigid Career Field Many young professionals still picture finance as a dry, rigid field filled with cubicles, spreadsheets and identical suits. That image is outdated and modern finance is deeply intertwined with emerging technologies like blockchain and crypto, transforming it into a space where innovation and impact actually matter. - Jake Claver, Digital Ascension Group The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
