CAREER IN CORPORATE LAW VS. CAREER IN FINANCE – WHICH IS BEST?

If an occupation in the Square Mile seems appealing, should you opt for finance or law?

Law and finance are both extremely respected career options in the market today. Because these career paths extract from the same broad talent pool, many students find it challenging to make a pick.

One on hand, finance requires fewer years of school, which may seem like an upside because it translates to fewer student loans. On the other hand, the law is a significant field. The opportunities available to young attorneys are better and more generous in number than those for finance.

Before you take any step further, we recommend you sit down and give your two options (law vs. finance) some deep thoughts. Don’t consider the “convenience” of each degree; think of how it will help you in the future. And most importantly, which field piques your interests.

We know it’s a real crux of the matter, but with a little guidance, you can clear your doubts. Thankfully, we’ve gathered some data that’ll help you in making an informed decision.

Note: it won’t be easy, but it will be worth it!

So let’s get to the bottom of this – finance or law?

Finance

Not going to lie, but the banking sector has a lot to offer than the legal industry. Most law firms have the same work, but prospective bankers can pick between working in a wealth management firm, investment bank, or a retail bank. Still, that doesn’t mean finance is an easy field.

A summer internship is necessary for would-be bankers, similar to vacation schemes for potential lawyers. To get training in the second year of school, you must book an Easter scheme for the first year. As investing and banking firms are increasingly using summer internship plans for penultimate-year candidates as the primary method of sourcing full-time employees.

Indeed, there are many hoops to jump through when getting work experience in finance. However, luckily, potential bankers can get a more relaxed approach to attending their professional exams.

Furthermore, if you are looking for a recommendation, then consider a master’s in taxation. Working with taxes is an ever-challenging and unique experience. After all, the American tax infrastructure is quite complicated. It demands high-qualified candidates to run it and make it even better. A masters in taxation salary is about $60,000 per year – so don’t overthink it!

As tempting as it can be to learn new skills, most investment and banking firms do not demand candidates’ specific qualifications. They will often shortlist students who haven’t even studied an economics-related or finance degree. Hence, proving the fact that finance is both a lucrative and comfortable field.

Law

The solicitors’ occupation has one of the most tricky and nerve-racking recruitment processes of any industry. You probably already have an idea that it shortlists two years in advance. It demands additional exams and former work experience, such as vacation schemes.

Suppose you are in hysterical need of a training contract. In that case, you won’t get any far without finishing at least one vacation plan in your second year. However, work experience schemes are available for first-year students. People do not consider it a critical step in the recruitment process. However, if you have made up your mind, you will be a lawyer and prepare to spend your holidays in an office.

City firms underwrite their intakes’ supplementary assessments, although not every establishment can afford to do this. Law candidates must verify the Legal Practice Course, LPC, between the two-year gap of recruiting and giving their training contact an initiative.

The eligibility criteria demanded by firms are strict as well. Graduates must have a decent 2:1 at degree level, with every module at an even standard. That is not all; in every law sector, be it politics or history, knowledge tests are challenging. On the other hand, there is one lawful profession that will never go out of style; paralegal. How to become a paralegal is not complicated. It is the same as lawyering, but the course criteria are different. Nevertheless, it is a smart move!

Finance vs. law – the real deal

• In terms of skill set, both law and finance require the same skills, like strong work ethic, high emotional intelligence, good teamwork, and a focused personality.
• These fields require strenuous working hours and pressurizing peers.
• However, among the two career choices, finance requires more quantitative acumen.
• As mentioned earlier, the law industry is comparatively broader. So, various skillsets can be useful in multiple law fields – all according to the candidate’s strength.
• Starting salary of a banker is higher than that of a lawyer.
• Lawyers should be more updated with the resolutions as the amendments in the law, particularly corporate law, frequently happen compared to the modifications in finance aspects.
• There’s a good chance both bankers and lawyers may get stuck in their fields. However, the recovery route for lawyers is more comfortable than that of a banker.

Conclusion: Who won?

That answer lies with you – we can’t force you to make a decision, but we can bring a list of facts to your table!

It all depends on the student. On a lighter note, one learns a lot more in the legal field than in investment. Still, most of the well-known people in world history who shifted the course of politics of their country were primarily lawyers. That is mainly due to the broad-based knowledge they get while working in unique prospects.

Overall, it is your call. Corporate law or finance? Because a skillset is mandatory, no matter where you go!