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Career in Finance Essay

career in finance essay

Example #1

The degree in finance or business is a condition for getting jobs in the financial industry, but what if you don’t acquire one, and really want to work in this field? While it is more difficult for someone with a non-financial degree to lock a job in finance, there’s still hope.

Every employer wants elegant, dedicated, and goaded employees who can do the job well. A finance degree will impart skills such as financial modeling and analysis, but may not do much to offer other skills mandated for success in almost any profession, such as communication, analytical, and time management.

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The following are few ways to reveal to probable employers that you possess the skills they craving in an employee, as well as the infatuation necessary for a successful career in finance. We will rate each of these by the degree of difficulty to achieve (for example, signing up for a financial course is easier than obtaining an internship) as well as the positive impact it may have on getting you closer to your objective of embarking on a finance-industry career.

Learn the Lingo. If you are interested in a financial career, there’s no excuse for not knowing Wall Street lingo. If you don’t know the difference between NPV and DCF, consider learning financial terms and concepts by browsing the extensive dictionary of terms at sites like Investopedia or reading The Wall Street Journal.

Not knowing financial language may make it almost impossible to get past the preliminary interview stage for a non-financial graduate. That’s because an interviewer will generally assume that an applicant for a finance position is knowledgeable about finance, regardless of his or her educational background. Round Off Your Education So what if you graduated with a degree in a subject other than finance? You can always redress the situation by taking relevant courses with an emphasis on finance or business at the undergraduate or post-graduate level.

At the undergraduate level, courses in economics, accounting, or financial analysis are great options. For post-graduates, many go for PGDM since its substantial finance component serves to level the playing field between finance and non-finance graduates. Expand Your Knowledge Base Relevant knowledge is not obtained only through a college degree.

There are plenty of resources available, either through your local library or online, to deepen your financial knowledge. These resources may be free or available on a paid basis from course providers. Being self-taught in a difficult field like finance demonstrates a number of desirable attributes to an employer such as initiative, passion, and drive.

Use a Trading Simulator A number of websites, including Investopedia, have trading simulators that can be used to construct mock portfolios. Using a trading simulator will force you to track the markets and keep abreast of market developments. This is a great way to impress a potential employer with your trading prowess, or at least your market knowledge, with very little investment on your part, aside from some time commitment.

Link up with a Mentor Linking up with a mentor is another way of jumpstarting a financial career. A mentor can be anyone in a position of influence who thinks highly of your capabilities and is willing to help you achieve your goals. Possible mentors include your favorite professor at college, a family friend, or relation with a successful career in finance or someone you know in a professional capacity, such as a supervisor during a previous internship.

Don’t hesitate to approach a contact whom you think could help you in your job search. Score a Meaningful Internship Scoring a summer internship still remains one of the best ways to lock in a prestigious full-time job in finance, as many Wall Street firms pick their new hires from the ranks of their summer interns.

At the best business schools, an estimated one-third to half of PGDM students go to work for their summer employer after graduation. But since obtaining a paid internship in finance is likely to be very difficult for a non-financial graduate, one must consider other options such as an unpaid internship or volunteer work with a broker.

The opportunity cost that arises from doing such unpaid internships or volunteer work may be offset in due course by the higher earning potential of a finance career. Do Your Best to Get Your Foot in the Door Target HR departments for r-sum’s, expand your job search to other locations, use your network to check for openings – in short, do everything you can to get your foot in the door of a financial institution. Scoring an entry-level position with a financial company, even in a non-finance role, may open doors to other career paths in finance down the line.

 

Example #2

Finance is a) the management of money, and b) money resources. All businesses need short-term finance from the very beginning to start up the business and to cover day-to-day running costs.

This provides the business with working capital. However businesses also need long-term capital to help them to grow and expand, and this is paid back over a number of years. Without finance, a business would find it difficult to accomplish anything, for example, someone who decided to start up a shop would need finance at first to just buy the shop and the stock.

Even a window cleaner would need finance to buy equipment such as ladders and buckets. But this can be taken onto a larger scale, as all businesses need finance at some point. Sources of finance can be both internal and external. Some external sources of finance are:·

Borrowing money from family or friends without paying interest. ·

A loan from a bank or a building society, an agreed amount is borrowed and repaid over a fixed period of time with interest. ·

An overdraft. (A predetermined credit limit which needs to be paid back within a certain amount of time)The best sources of finance for my business would probably be a combination of savings, a loan, and an overdraft.·

Savings are a good way to start a business as you are under no obligation to pay anything back to anyone. However, the amount you can put into the business is limited by the amount of money you have saved up, so other sources of finance are usually needed to back this up. ·

A loan is a good way of obtaining finance, providing you can write up a suitable business plan to get a loan from the bank. However, loans do have to be paid back with added interest, which can add up to quite a large amount. ·

An overdraft can be a good way of achieving some extra pre-agreed money from a bank, for example if you over-spent slightly you’d still be able to keep afloat until you were able to obtain some more money.

However this needs to be paid back within a given amount of time, for example, a month, Overdrafts are usually paid off when you next receive some income, which for most people is approximately every month.

I am going to get a loan of £25,000 to begin my business, from the bank Nat West, which I will pay back over a period of five years. I am going to combine this with savings of approximately £10,000, which should be enough to get my business up and running for the first year.

After the first year, the profits that I should make will go into running the business for my second year of business. I will pay the loan back at a rate of 5.7%, which will mean I’m eventually repaying just over £32,000, at a cost of about £6500 per year, or £535 per month.

 

Example #3 – A Career as a Finance Officer

Every company desires good business. Their primary goals are to earn money, spend in intelligent ways that will increase the company value, and have enough money left to stay clear of debt. It is critical that a company have good financial management in order to attain these goals.

Without the proper direction and implementation of solid financial strategies, few companies will survive.

Upon completion of my degree, I am planning to work in the field of financial management as a finance officer.

A finance officer directs the company budget toward their financial goals, oversees investments, and the financial objectives of an organization. They may also deal with acquisitions and mergers. I am very interested in finding a position as a finance manager, where I am able to use my education, skills, and enthusiasm for finance to promote a company’s interests.

It is necessary for a finance officer to be well educated, with at least a bachelor’s degree. The entry market is highly competitive and any additional experience or education obtainable is an advantage. Many companies prefer to hire financial managers with an advanced degree or some experience.

As I begin my job search, I will research each company of interest to determine their criteria for hire. I understand that some companies require entry exams or a certificate program through their company for prospective employees.

Also, it may be necessary to take a position with less responsibility or compensation in order to obtain the experience necessary to advance. My education in computers is will be an advantage since all financial and inter-office interaction is typically computer-based.

My excellent communication and people skills will assist me in a position as a finance officer. Since most managers will be directly overseeing other employees, being able to direct projects, assign responsibilities, and lead others towards desired goals is critical. It is also important to be able to work in a team environment and to be able to explain complex financial information in a clear way. I believe that these are some of my strong points.

A successful finance officer is one who is willing to constantly learn and grow in their field. They must change in response to technological developments and data analysis techniques. They must stay on top of the current trends and information in the financial field and they need to be aware of current tax laws governing their industry.

Various seminars and workshops are available for continuing education, which may or may not is required, but are always a good idea. The Internet provides much of the current information in the finance world, but trade journals deliver cutting edge information.

The Financial Management Association International, based at the College of Business Administration at the University of South Florida in Tampa (http://www.fma.org/) publishes a quarterly and a bi-annual journal (http://www.fma.org/jaf.htm), and the Association for Financial Professionals in Bethesda, Maryland (http://www.afponline.org/), offers a monthly publication.

Both of these regularly have articles about current research, software development, and information of interest to those in finance fields. They post meeting minutes and notifications of available workshops as well.

 

Example #4

The nature of the work of a financial manager varies a lot with their specific titles, which include controller, treasurer, credit manager, etc. Controllers direct the establishment of financial reports that sum up and predict the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are responsible for preparing special reports required by regulatory authorities.

Often, controllers superintend the accounting, audit, and budget departments. Treasurers and finance officers oversee the organization’s financial goals, objectives, and budgets. They overlook the investment of funds and manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with mergers and acquisitions. Credit managers manage the firm’s publication of credit.

They establish credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts. Managers specializing in international finance acquire financial and accounting systems for the banking transactions of multinational organizations. In summing up to the general duties described above, all financial managers execute tasks unique to their organization or industry.

The role of the financial manager, particularly in business, is changing with these new technological advances that have reduced the amount of time it takes to produce financial reports. They often work on teams, acting as business advisors to top management. Financial managers need to keep abreast of the latest computer technology in order to increase the productivity of their firm’s financial operations.

The working conditions of financial managers is usually in an office, close to top managers and departments that develop the financial data these managers need. They mainly work long hours like 50 to 60 hours a week.

The job outlook for financial managers seems to be very good. It is expected to grow about as fast as the average for all occupations through 2010. Strong computer skills and knowledge of international finance are very important. Financial managers who are well-acquainted with computer software and applications that can serve this role will be needed.

A bachelor’s degree in finance, accounting, economics, or business administration is the lowest academic preparation for financial managers. Many employers do seek graduates with a master’s degree though. Preferably in business administration, economics, finance, or risk management.

Experience may be more important than formal education for some financial manager positions. The median annual earnings for financial managers in 2000 was $67,020.

 

Example #5

Tough row to hoe these days with the massive layoffs in this area. accounting is always a good choice.

Congrats on your initiative. Good research. Always get job descriptions with course requirements from employers, unions, certification groups/associations. Don’t sign up for education till you’ve done this, EVER!!!

Complete thorough realistic research to achieve life-sustaining income. Maybe accounting, engineering, law, medicine, computers,…

Pick a path where you don’t start working bankrupt with debt. Don’t become another casualty of the Trillion$ student debt. You must earn enough, $200k+ to support a family in a major City. Do not low ball your life and your family. If you can’t find work volunteer to get in the door.

Try volunteering at good potential employers and go down from there to community service, but get in anywhere and start working/networking, even if it’s for free. Be a model worker, no yapping, internet, cell phone..start work 30 minutes early and end work 30 minutes after day’s end. Keep learning from more courses, read books, get another language, etc

There are almost 50 million people on food stamps, ~20% of males 25 to 54 yrs not working, lowest SATs in 40 years, debt to GDP over 100%, 25% of global prison inmates with only 5% of the global population, etc and whats uncle sams answer to America’s problems? Corrupt political paralysis and meteoric debt plague spiking by adding a trillion dollars of debt in 2013 to criminally prop up financial markets artificially. What a mess we live in!

You are On Your Own. YOYO’s the word. Never forget it. Take control of your own lives and ignore whatever fictional solutions the politicians and corporate bobbleheads throw around as their self-profiteering benevolence.

Abandon obese consumer spending debt addiction culture and resulting self-enslavement. Cut your lifestyle in half or less of the destructive unrealistic American dream nightmare standard….small house or apt..one car or no car .. always have a second job cause the one you have can/will disappear …save and invest over 50% of your income if you can …. stay with your parents….parents move in with your kids…Rent with friends…rent rooms in your home ..Live like the wage you make today could be the last you’ll earn, always. Stay away from ponzis, addictions, unhealthy lifestyles, get rich scams, online rip-offs and purple Koolaid cults.

Most of all maintain constructive positive relationships and forward planning. Have fun at it without spending money. What you are wanting to do is great but do it with a strong dose of reality and caring for your future, family and community.


1. How much do you make your first few years yearly?

If you go for investment banking you would make high five figures in USD and it would tend to go up yearly by USD10-30k (could be more). However, in a recession like this you would find that the increases are very small. Within 2 to 3 years you should be making a six figure sum, at least before tax.

2. Bachelors degree or above?

Definitely. However, if you want to do IT in a Finance organization you could get away without a degree.

3. How many hours do you work?

In the capital markets of an investment bank, 60-75 hours per week.

In classical in investment banking or corporate finance, 70-100 hours per week.

4. What do you do on a daily basis/what’s your job?

There are many different fields of finance.

Accountants make sure what has gone into a business balances with what has gone out and that there is no funny stuff e.g. fraud going on.

Asset managers advise people what to invest their funds in: equities versus debt versus real estate and so on.

Handing out loans is the function of a commercial or retail banker. Some investment banks have their own commercial banking units, others do not.

Investment bankers fall into two categories: corporate finance bankers (also referred to as classic investment banking) and capital markets bankers (product salespeople and traders).

Corporate finance is concerned with giving advice on strategy, valuation and financing.

Compared to corporate finance, capital markets banking is relatively new. It took off in the early 80s and has grown massively since particularly as internet technology and the ease of communication has improved.

Capital markets bankers are financial product engineers. Product specialism is split into Equity Capital Markets, ECM, which includes cash equities and equity derivatives and Debt Capital Markets, DCM, sometimes referred to as Fixed Income, Currency and Commodities, FICC.


Accounting/finance is actually a broad field. You can succeed with several different characteristics.

Common qualities:

  • College degree
  • Comfort with basic mathematics
  • Like working in a professional environment
  • Can deal with a bit of pressure (or a lot in some cases)

Job-specific qualities:

  • Traders like taking calculated risks and working in a fast paced environment
  • Salespeople like client relationships and knowing a bit about a lot of products
  • Researchers like performing analysis on companies and keeping up with the news
  • Bankers like performing analysis in a pressure environment to bid on a deal
  • Operations professionals like designing processes and solving problems
  • Auditors like digging into the nuts and bolts of a clients’ balance sheet
  • Tax accountants like knowing the ins and outs of the law as it applies to a client’s needs
  • Retail bankers like working with clients on banking and investment matters

etc.

I’d suggest looking for internships in one of the fields that is of interest. That is the best way to know if you’d like a full-time job or not. Most financial services and accounting firms have detailed descriptions of the various roles on their websites — try it out.

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Career in Finance Essay. (2020, Aug 29). Retrieved April 20, 2021, from https://essayscollector.com/examples/career-in-finance-essay/