Introduction
Graduating as a financial student is a significant achievement that guarantees an individual in the broad field of finance. However, financial professional needs to identify a suitable career option and assess which financial institutions have suitable opportunities for new professionals. This paper identifies financial career options that a new financial professional may pursue. The paper also describes the value that each career option adds to a company. Also, the paper identifies some of the important skills that would make a person eligible in each financial position.
Body
Describe two financial career options that a person with a finance education would pursue and explain the value that each position adds to a company.
Option 1: Corporate Finance Career
This finance job entails working in the capacity of identifying and managing the finance necessary to operate the Company. This activity is carried out while capitalizing on corporate value and minimizing any financial risk. In essence, corporate finance career creates value in the company by promoting formulation, development, analysis of financial details in management and to provide quality financial advice service to the company. Some of the functions that a corporate financial officer may implement in the company include: setting up the overall financial strategy of the company, making negotiations on various lines of credit, formulating financial statements, controlling profits and losses accounts, and coordinating with external auditors (Kochanek & Investopedia, 2008).
Option 2: Financial Planning Career
A financial planning career entails the process of preparing analysis of financial issues on planning, budget, and other presentations. A financial planner adds value to the company by identifying essential financial data sources, providing sufficient support for comprehensive financial planning by collecting data, financial plan analysis and planning meeting materials (McMillian, 2015). Also, it involves preparing detailed financial and budget charts, tables, and spreadsheets to support various financial analyses and special projects of the company. The financial planner is required to compile and present the financial analysis to the financial committee for assessment and approval. They formulate budgetary information, analyze financial information, make financial plans recommendations, and monitor financial outcomes (Financial planning services, 2003).
Explain the essential skills that would make an individual successful in each of the positions
Option 1: Corporate Finance Career
Relevant skills in preparation of management accounts, financial planning, forecasting and budgeting.
Advanced skills IT and experience in applying spreadsheet and tools in software packages such as Microsoft Word and Excel.
Report writing skills required in writing formal reports to the finance committee and financial directors.
Option 2: Financial Planning Career
Knowledge and some experience in accounting and accounting principles adequate to formulate detailed and complex budgetary and financial analyses.
Demonstrated excellent analytical skills that ensure detailed interpretation of financial and budgetary reports and other planning information.
High level of accuracy in creating numerical and analytical reports and excellent problem-solving skills.
Excellent skills in computer and sufficient experience in applying spreadsheet, financial data recording, and tools in software, mainly Microsoft Word, Excel, Powerpoint, and Outlook.
Recommendation on the Best the Career Option: The Most Attractive Features of the Position
The financial planning career would be the best option. The career position is highly competitive and diverse. Primarily, it encompasses more financial responsibilities than corporate finance. In addition to setting financial strategy and formulating financial statements, a financial planner formulates budgetary analysis and planning. They also develop and maintain relevant budgetary planning databases for the Company.
Describe the role of financial managers within an organization
Financial managers are important professionals for an organization since they are responsible for maintaining its financial position through establishing long-term financing strategies and investment activities (The role of financial managers, 2016). Some of the specific roles of financial managers include:
Supervising other subordinate staffs in formulating financial reporting and budgeting.
Analyzing financial trends in the market to create more opportunities for expansion.
Reviewing the financial reports of the company and establish ways minimize unnecessary expenses and costs.
Preparing financial statements, forecasts, and evaluating financial activity reports.
Compiling data and preparing reports required by finance and budgetary managers for budgetary planning.
Monitoring various financial statements to ensure legal compliance.
References
Financial planning services (2003). Certified financial planner job description, duties and career options. Retrieved June 15, 2016, from http://study.com/certified_financial_planner.html
Kochanek, D., & Investopedia (2008, December 10). Financial career options. Forbes. Retrieved June 15, 2016 from http://www.forbes.com/2008/12/10/career-finance-banking-pf-ii-in_dk_1210careers_inl.html
McMillian, W. (2015). ABOUT KHC WEALTH MANAGEMENT. Retrieved from http://www.makinglifecount.com/files/FP%20Associate%20Job%20Description%20on%202-27-15.pdf
The role of financial managers (2016, May 26). Retrieved June 15, 2016, from https://www.boundless.com/business/textbooks/boundless-business-textbook/financial-management-19/introduction-to-financial-management-114/the-role-of-financial-managers-534-10164/
