To some degree, getting a job in sports finance is not very different from preparing for any other job in the field of financing. However, one difference is that sports is a more glamorous field than many others, and this means there will be more competition. Therefore, it is important to be very well-prepared for the job search.
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Types of Jobs Available
A wide range of jobs is available in the field of sports financing. Like any other organization, a sports team needs someone to create a budget, manage the accounts, and make sure the team pays its taxes and is compliant with all state, local and federal regulations. Someone has to ensure that payroll is taken care of, and someone needs to oversee purchases.
In addition to a sports finance job in accounting, there are a few other types of finance-related careers in the field. A sports agent is in charge of things like reviewing contracts and setting up marketing deals for athletes, and they might also work as their clients’ financial managers. Some investment bankers might also have a sports finance specialty. This could involve being a consultant to sports franchises as well as working in areas such as financing for stadium construction or refurbishment, loan restructuring and other financial service areas.
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Education and Experience
As an article in Forbes points out, networking is critical to working in any position in sports. An internship is a great way to make connections, but it is also possible to do so through networking with people online, via sites such as LinkedIn and Instagram, as well as through personal contacts. Forbes also suggests taking some classes in psychology since understanding how and why people operate the way they do can be useful in many sports-related careers. According to the Bureau of Labor Statistics, people who work in accounting will need a bachelor’s degree at a minimum and might need a master’s. This degree should be in accounting or in a related field, such as business administration.
Like any other field, most people working in sports finance will work their way up from entry-level positions. One advantage of an internship is that if a person’s time at an organization is successful, there may be an opportunity to work there after college.
What to Expect
The Bureau of Labor Statistics predicts growth in the future in the area of finance, but sports will always be a competitive field. Jobs in sports financing could range from working for world-class athletes and teams to working for a local or college sports team. The position tends to be one of the better-paid ones among accounting positions, but there may also be some complicated demands. The job may involve a great deal of travel or may tend to be more seasonal in nature. People who work in sports accounting should be detail-oriented, well-organized and good at communication.
Sports finance can be a challenging field to break into. However, for people who are passionate about both sports and financial matters, a job in sports finance can be an excellent career path.