If you wish to work in finance, it is essential to remember that the process can be daunting and challenging. Remember that financial companies are most likely to conduct a background check beforehand compared with other private-sector industries.
Therefore, they will conduct an analysis that will allow them to check out your credit scores, criminal records, work history and education verifications, and drug screenings, among other things.
If you wish to learn the overall background check process, we recommend you to visit this guide: https://www.wikihow.com/Do-a-Background-Check to learn everything about it.
The main idea is that you need to be as honest as possible throughout the evaluation to get the job you wanted in the first place.
The regulations are strict, so financial companies have to conduct a criminal background check. They wish to detect whether a potential employee had prior crimes related to moral turpitude and dishonesty.
Of course, everything depends on an institution you wish to work for, but generally, they all happen to become employees.
Some of them will require you to conduct a drug screening, which is problematic, especially since weed has been legalized for both recreational and medicinal purposes all across the US.
Simultaneously, some of them may run a credit check and academic verification, among other things.
When it comes to credit score checkup, you should know that it is unnecessary for other industries. However, financial businesses have to determine whether you are a conscious spender.
The main problem lies with young candidates that do not have prior experience with pre-employment processes. They may think that employer will not conduct a background check and investigation beforehand.
However, if you lie on your resume, you should know that it could affect your potential career. Instead, we recommend you talk about red flags upfront, which will help prevent surprises that may happen afterward.
The more honest and open you are, the greater your chances will be to land a particular job.
Criminal Background Checks
You probably understand by now that background checks depend on where you wish to work. Some small companies tend to be more subjective, while federally insured banks will not be.
You should know that most federally insured banks could not hire anyone with a history of money laundering, embezzlement, theft, and dishonesty. This is the regulation that falls under the FDIA or the Federal Deposit Insurance Act.
According to FDIA, some minor offenses can only enter the exception if they happened at least one decade ago.
When it comes to companies that trade and sell securities, they cannot hire anyone who has criminal convictions, felony issues, or had misdemeanors such as acts of dishonesty, among others.
Of course, everything depends on the company you wish to work for, especially if you had a history of DUI or small drug arrests.
However, the larger an institution you choose, the fewer chances they will employ you if you had prior convictions, and that is something you need to remember.
It is vital to be honest and forthright about past convictions, which will help you get a chance to become an employee. It is much better to be as honest as possible and explain the situation that happened back in the day
We have mentioned above that financial businesses will conduct credit checks to see how you handle money and revenue-generating activities. However, if you have forgotten to pay a few bills on time, that will not be a problem at all.
Remember that most problems lie in case you had issues with severe and significant debt or bankruptcy issues. Therefore, if you are in serious financial trouble, banks will think about whether you will enter the point to steal money from them.
Education and Work Verification
Finally, the education and work verification depends on the institution you wish to work for. Most of them tend to hire third-party companies for background checks to verify every detail on their CV or resume, including GPAs and employment dates.
The worst thing you can do is provide inaccurate employment dates, which will affect your chances of landing a job you want. We recommend you to avoid placing dates on your resume, especially if you are not entirely sure.
Besides, some jobs require particular licensing, which is something you won’t be able to lie about.