I was playing around with character creation and advancement to get a feel for how characters grow. I created a random character to start, a student reiklander. I then gave him 5 experience points, which if I'm correct means he gets 5 advances. I figured he would try to pick up the apprentice wizard career. The apprentice wizard career is 2 different than student (Both Basic, Both Academic). But being a reiklander reduces it to one advance right? So If I spent one point in the student track for a skill advancement then one point to swtich over to wizard provided I could find someone to teach me, then I could spend the rest of my points, which I think at this point is 3, on advancements in that track correct? If someone could please confirm. I also have a question about carreer advancement. Do you need to take every advancement on the career card or fill up the advancement track on the back of the character sheet?

Yes, your ideas on advance seems fine to me and no you do not have to complete all advances on the advance track BUT if you do then this allows you to buy the dedication bonus (at the cost of one advance) this allows you to keep the current career ability card, especially important of any actions you have are dependant on it and allows you to pick up some free specialisations for skills you have trained in the career.

Check out the dedication advance section of the experience and advancement chapter for details.