Careers in Finance Assignment Instructions
Finance is an exciting field in need of intelligent, skilled people. The job opportunities range from corporate finance; financial planning; investment banking; insurance; and real estate from individuals, institutions, government, and businesses. Finance managers acquire, spend, and manage money and other financial asset.
Use the Internet to research career options within the field of finance. Consider the Bureau of Labor Statistics Website, and the Websites of finance professional associations such as the Association for Financial Professionals (AFP), Society of Financial Service Professionals (SFSP), The National Association for Personal Financial Advisors (NAPFA), and the Financial Management Association International (FMA).
Write a two to three (2-3) page paper in which you:
- Describe two (2) financial career options that an individual with a finance education might pursue and explain the value that such a position adds to a company.
- Explain the essential skills that would make a person successful in each of the described positions.
- Recommend one (1) of the career options. Identify the most attractive features of the position.
- Format your assignment according to the following formatting requirements:
Corporate Finance and Financial Planning – Careers in Finance
There are a number of career options that can be taken by individuals who have pursued finance options. Some of these options include corporate finance, investment banking, commercial banking, financial planning, risk management, private equity and venture capital, public accounting, insurance and hedge funds. Of all the identified options, the two selected finance career options include corporate finance and financial planning. Corporate finance jobs entail working for a firm in the capacity of managing and finding capital necessary for running a business. This is done while reducing financial risk and maximizing on corporate value. Some of functions a finance specialist can implement in a corporate finance position, include setting up general financial strategy of a company, forecasting losses and profits, negotiating credit lines, preparing financial statements and working or coordinating with external auditors.
A financial specialist in corporate finance can also be engaged in analyzing the company’s financial health or position using financial ratios, and giving advice on what may need to be changed to enhance financial performance in an organization (Koncchanek, 1, p.1). Financial specialists in this position are also engaged in analyzing corporate financial decision, and they may impact the internal aspects of the company and offer advice accordingly. He or she is also engaged in assisting an organization in cost management strategies and on measures to employ, to maximize return on investment. Financial specialists in this position are also highly involved in analyzing mergers and acquisition values and worthiness. Their main value in this position is mainly to protect an organization from making financial mistakes, and ensuring that organizations maintain a healthy financial position.
The second selected option is risk management. A risk manager is needed when an organization focuses on increasing investment or maximizing return. To maximize returns, an organization must minimize losses or risks. Financial professionals in this position thus focus on offering advice of returns maximization by forecasting risks in the market, evaluating possibility of bad investment results, and utilizing statistical assessment to guarantee that the business of a firm is implementing strategies and acting within reason. Risk management professionals assist an organization in avoiding investments that can results to great losses. By so doing, they offer an organization a chance to invest in a way that attracts higher returns, promoting their financial growth and general performance (WayUp, 1, p.1).
Essential Skills that Would Make a Person Successful in the Described Positions
There are a number of skills that can enable individuals in financial professionals to perform the above described functions. In corporate finance, a professional must have strong financial analytical skills that would enable them to assess the financial situation of a company. This includes good computational skills to enable them to analyze financial figures and obtain accurate figures that are true reflection of the organizational financial performance. An individual should also have good judgment skills, such that, one can effectively use analytical skills to enhance individual ability to relate financial analysis results with possible causes of the same, and offer the right advice regarding measures to take to enhance performance. Those involved in risk management need to have strong statistics analytical skills. Risk forecasting involves a lot of statistical relations of the past events in the organization, or from similar engagements from different organizations. Statistical analysis assist in understanding events of the past, and hence, giving one the ability to project the possible events that may happen in the future (Wall Street Mojo, 1, p.1). Such individuals also need to have strong judgment and relation skills to be able to offer highly positive predictions regarding possible business advancement, or possible future events based on the past events. The two professionals also requires’ individuals with strong communication skills who can be able to communicate their findings with organization management or clients, using simple and understandable language that is easy for them to understand, despite the lack of any financial background.
Financial professional is considerably wide and involving. However, among different specializations discussed in this paper, I would recommend one to consider taking corporate finance. Corporate finance is an attractive option because it is has different activities that one can be involved in and hence, it offers a better chance to enhance individual employment. Practicing corporate finance can earn one a permanent employment position in an organization, reducing the challenges involved in looking for contractual jobs. The diversity in corporate finance also offer one a chance to engage in different and interesting things, for instance, analysis financial performance of a company and other related companies in the industry, offer one a chance to learn more about other organizations. This widens ones knowledge in the market, such that, it is easy for a corporate finance officer to advice people on the best place to invest in. Thus, a corporate finance specialized can also be engaged in investment advice as a second or part-time job. One also gets to understand a lot of market inform, especially when supervising mergers. This widens ones knowledge regarding business and business financial management, making it easy for an individual to manage personal businesses in the future.