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Finance Career Plan - Essay Example

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This essay "Finance Career Plan" looks at the two options with the aim of creating a career plan that will use as a guide for the next stage of life. The selection of which career path to pursue should be informed by a number of things. Firstly, selecting a profession that was passionate about…
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Finance Career Plan
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Extract of sample "Finance Career Plan"

Finance career plan A career provides an opportunity for a person to earn a living while providing a service that enables them to grow as individuals (Careers in business 1). As a finance student, there are a lot of options that I can choose from. However, the three major career paths involve accountancy, banking and finance. An evaluation of my talents, interests and career aspirations shows that I will benefit from pursuing a career in banking and finance. In this paper, I will look at the two options with the aim of creating a career plan that I can use as a guide for the next stage of my life. The selection of which career path to pursue should be informed by a number of things. Firstly, I should select a profession that I am passionate about. The statement explains why I am not keen on pursuing an accountancy route. Although they command a lot of respect in the society, accountants do routine work that does not appeal to my desire for constant improvement. However, I appreciate that the advice follow your passion is overrated. Human beings have the capacity to develop interest in the activities that they are engaged in. Second, the level of compensation. The high cost of living makes it a necessity to find a profession that will enable me to pay off my student loans. In addition, it should provide an opportunity for realizing economic and social mobility. My interest in finance can be attributed to my belief that money can be a force for good if it is managed properly. The finite resource plays a significant role in determining the ability of people to have access to opportunities for economic and social mobility. There is a popular saying that money causes all the evils in the world. In contrast, I believe that the inability to manage the money appropriately causes a lot of misery in personal lives. On a larger scale, the mismanagement of corporate and public funds can lead to the collapse of businesses and the loss of jobs. As a result, the critical profession is important in ensuring that the society achieves economic and social progress. The first career option that I shall focus on is banking. The banking industry plays a significant role in the international economy. The 2008 global recession was caused by the collapse of a few banks. As a result, it is evident that banks support the global economy. The industry involves a lot of pressure to deliver good performance. The pressure is rewarded with a generous compensation package that is determined by the performance of the individuals. The payment structure is appealing to me due to my focus on individual performance. However, the generous compensation scheme involves a significant trade off. The employees must be willing to sacrifice their social lives. Bankers are expected to perform a lot of roles. For instance, when a bank is involved in a major merger and acquisition, the employees could be expected to devote their entire day to the process. In most instances, the people may be asked to work overnight. Consequently, it is clear that individuals who want to succeed in banking should be prepared to sacrifice their work-life balance. I have seen a number of bankers who have quit due to the high levels of commitment that are required of them. The qualifications for working in a banking industry involves having a strong academic record. Banking recruiters analyze the performance of prospective employees from their high school levels. A finance or banking degree from a top-tier business school is an added advantage. In addition, it is important that a prospective employee demonstrates a high level of intelligence. The observation can be attributed to the fact that a banking career involves a lot of analytical duties. Furthermore, they have to be diligent individuals with an eye for small details. In the banking industry, a small mistake can cost the bank and the client significant financial loss. Individuals who succeed in the banking industry need to demonstrate a high level of competitiveness. The industry is very competitive since the employees have to compete against each other for the few promotion opportunities that are provided. Moreover, the annual bonus is pegged on the performance of the employee. The annual bonus forms the most significant part of the compensation that a banker receives for their services. The banking industry has been accused for failing to uphold high ethical standards. As a person, I have a strong code of ethics. I believe that business should be a force for good. In addition, I believe that the intent of a person plays a significant role in qualifying the ethical nature of the activities performed by a person. If I enter the banking industry, my beliefs can be a source of positive change in the industry. However, there is a possibility that I will not succeed in a business environment where the people are more interested in achieving financial success as opposed to upholding the integrity of their profession. Bankers enjoy a glamorous lifestyle that is a strong attraction to a young person as myself. They have expensive cars and live in high end homes. Their children have the opportunity of attending the best schools in the country. In addition, they can afford the high membership fees at exclusive clubs. An evaluation of the lifestyle of bankers in my city shows that they have a glamorous lifestyle that is only possible due to the high fees involved. However, qualifying for a career in the banking industry requires a lot of hard work. Besides a business degree, it is important to have a professional certificate. For example, a Certified Financial Analyst qualification will be a significant competitive advantage. The good thing about the banking industry is that everyone has an equal opportunity for advancing in their profession. Career progress in the industry is fully based on the performance of a person. The second option is a career in finance. The finance degree that I intend to pursue is focused towards a career in finance. The profession is charged with the responsibility of determining the budget of most business organizations. In fact, every single organization in the country has a fiancé department. Finance professionals enjoy a decent lifestyle. However, the levels of compensation depend on the size of the organization that an individual works for. On average, finance managers are among the most highly paid professionals in an organization. In addition, the profession offers opportunities for career growth. The highest title in finance is the Chief Financial Officer. A CFO is among the senior managers in an organization. They are charged with finding sources of income for the organization or business. In addition, they are responsible for spending the money according to an approved budget. The importance of the role is underscored by the fact that some organizations such as Apple, pay their CFO more money than the CEO. For an individual to succeed in finance, they need to have a unique set of skills. Firstly, they should have strong mathematical skills. Secondly, they should demonstrate a strong ability to analyze a problem and provide effective solutions. Thirdly, finance managers should be able to communicate with people both within and outside their organizations. One of the key responsibilities of finance mangers is to seek sources of funds for the organization. The process involves communicating with individuals with vested interests that may not be necessarily aligned with the organization. In addition, they will have to communicate with departmental heads as the latter request funds for their divisions. A career in finance requires a strong academic record. A good score in high school is indicative of the ability to perform well on a consistent basis. Attending top-tier business schools is crucial towards getting the opportunity to create a career in large organizations. In order to attend these schools, it is important to achieve high scores in the SAT. An MBA in fiancé or a relevant field is integral towards attaining a position at the leading financial institutions in the country. I plan to get an MBA in finance. The postgraduate degree will enable me to provide consulting services besides my main job. Furthermore, it will provide a platform for competing for the top jobs in the country. Finance workers have three main career parts. Firstly, they can venture into personal finance. Secondly, they can participate in corporate finance. Thirdly, they can take up an opportunity in public finance. Personal finance involves advising people on the private expenditure details that shape their financial health. In this sector, fiancé workers provide advice on estate planning, retirement planning and tax planning. In addition, they have to show their clients how they can protect their wealth. The category offers a lot of opportunities for fiancé professionals in the United States of America and England. Corporate finance involves providing funds for the activities of a business. Finance managers are expected to balance risk and profitability. They also study and predict economic trends. In addition, they are expected to review the expenditure of the company with the aim of proposing ways of becoming more efficient. Furthermore, they take the necessary steps to work to maximize stock value. Also, they are tasked with the responsibility of managing funds such as selecting the necessary investment portfolio. Moreover, they are required to apply principles of financial risk management. The sector provides the most financially rewarding career path for financial students. The third career path is concerned with the financial activities of the state or government institutions. Selecting this career path offers an opportunity to serve the country and my fellow citizens. However, it offers the least opportunities for financial success. Although money is not the most significant factor in my career plans, I will not pursue this path because I want to have a good lifestyle. A finance career offers a significant opportunity for upward mobility. Although I will have to start off as an assistant or a junior finance executive, there is the opportunity to senior positions in the profession. Entering the field with an MBA will provide me with a significant competitive edge that I can leverage to achieve career success. Finance planners, analysts and executives can move up the corporate ladder to the top positions such as Chief financial Officer. However, moving from the entry level position to the highest positions requires a lot of hard work and may take a long period. A finance career involves a lot of work hours. Finance executives should be prepared to travel extensively. Personally, I enjoy travelling. In addition, I enjoy meeting new people. A career should provide an employee the opportunity to earn while doing things that they love (Careers in business). Furthermore, a finance manager should have a comprehensive understanding of their industry. They must know the relevant laws and policies about corporate taxes and finances. Additionally, they must be able to identify emerging trends in the financial industry. Just like banking, success in the finance industry is pegged on the performance of the individuals. The people who demonstrate enthusiasm, professionalism and an ability to get things done will be rewarded by rapid career progress. Similarly, the annual bonus depends on the value that they bring to the organization. The importance of an MBA in both career options means that I must ensure that I get one as soon as possible. As a result, I will ensure that I have a strong performance in my undergraduate studies so that I can qualify for the top-tier business schools. I can pursue an MBA at the top business schools in the United Kingdom or in the United States of America. Pursuing any of the two options listed here will be a success for me. The belief in my ability to achieve career success can be attributed to the fact that I have key skills that are essential for achieving success in the two areas. I am technologically savvy. As a result, I can leverage technological changes to help my employer. I enjoy solving problems. In addition, I have marketing and sales skills. Consequently, both options will offer me an opportunity to use my skills which will lead to a rewarding job experience. In conclusion, it is evident that I can achieve a lot of personal happiness and development if I pursue a career in finance or banking. However, I am inclined to focus on a career that makes the most of my finance education. Finance professionals play a significant role in the business industry. Besides providing an opportunity for personal and professional growth, the profession is not subject to constant changes. In contrast, the banking industry is undergoing a tremendous disruption. As a result, it is difficult to identify how it will like in the future. Should I end up in the banking sector, I would definitely enjoy the challenge of competing with the rise of mobile payment systems. Works Cited Careers in Business. Career areas to explore. 2011. Web. 9 January 2014. Read More
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