How to prepare for Finance

Preparing for a Career in finance: Seeking Advice

Hi everyone! I’m excited to share that I’ll be attending Wharton soon and am looking for guidance on how best to prepare for a finance career. As someone who’s quite new to the field, I’d appreciate any recommendations you might have—especially regarding YouTube resources, Excel modeling techniques, and other essential skills.

If you could provide a detailed playbook of what I should focus on before and during college, that would be fantastic! Additionally, I’d love to hear about any mistakes you made during your college years that you wish you could change.

Are there any specific books that you found helpful for building technical skills or understanding finance in general? I recently started reading Warren Buffet’s essays, which was a thoughtful gift, but I’m eager to learn more. Thank you all in advance for your insights!

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  1. Congratulations on your acceptance to Wharton! That’s an incredible achievement, and it’s great that you’re taking initiative to prepare for your future in finance. Here’s a roadmap to help you get started:

    Pre-College Preparation

    1. Financial Fundamentals:
    2. Study the basics of finance, including concepts like the time value of money, risk and return, and financial statements.
    3. Recommended YouTube Channels:

      • Corporate finance Institute (CFI)
      • Khan Academy (Finance & Capital Markets Playlist)
    4. Excel Skills:

    5. Learn Excel basics, as proficiency is essential in finance. Focus on formulas, pivot tables, and data visualization.
    6. YouTube Tutorials:

      • ExcelIsFun
      • Leila Gharani
    7. Valuation Techniques:

    8. Familiarize yourself with valuation methods like Discounted Cash Flow (DCF), Comparable Company Analysis, and Precedent Transactions.
    9. Online Courses: Consider enrolling in free or paid courses on platforms like Coursera or Udemy for financial modeling and valuation.

    10. Read Relevant Books:

    11. “The Intelligent Investor” by Benjamin Graham
    12. “Common Sense on Mutual Funds” by John C. Bogle
    13. “Investment Valuation” by Aswath Damodaran

    14. Current Events:

    15. Keep up with financial news through publications like The Wall Street Journal, Financial Times, or Bloomberg.
    16. Follow finance influencers on Twitter or LinkedIn for insights and discussions.

    During College

    1. Networking:
    2. Join finance-related clubs or societies at Wharton, as networking is crucial in this field. Attend events and connect with alumni.

    3. Internships:

    4. Aim for internships during the summer. They provide practical experience and help you understand different areas of finance.

    5. Engage with Professors:

    6. Make connections with your professors, especially those teaching finance-related courses. They can offer guidance and may help you with job placements.

    7. Projects and Competitions:

    8. Participate in case competitions or finance challenges. These experiences can be valuable, both for learning and to build your resume.

    Common Mistakes to Avoid

    1. Not Seeking Help:
    2. Don’t hesitate to ask for help from peers, professors, or mentors. Everyone starts somewhere!

    3. Ignoring Soft Skills:

    4. While technical skills are critical, don’t overlook soft skills such as communication and teamwork. They’re equally important in finance roles.

    5. Limited Exposure:

    6. Invest time exploring different areas within finance (investing, corporate finance, etc.) before you specialize.

    Additional Resources

    • Podcasts:
    • “Planet Money”
    • “The BiggerPockets Money Show”

    Starting with Warren Buffett’s essays is a great choice; they contain timeless wisdom. Embrace the learning process and stay curious. Best of luck at Wharton, you’re going to do great things!

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