Finance is an evergreen field with a variety of career options for aspiring students and professionals. With job titles such as financial controller, credit manager, treasurer, financial advisor and management accountant, the nature of work carried out by employees in this field is both diverse and comprehensive. Be it banking, financial sector companies, trusts or business consultancies, there are numerous job opportunities in each sector.
Finance industry in particular is backed with critical factual information, data computations and analysis. It’s important to use reliable resources to collect this data. As internet beaming in the 21st century, it has become the easiest of all tools to research and gather primary data. People across the globe use internet services to enhance their knowledge and collect useful data for future analysis in their niche industries. Through internet, one can collect data, compare it and perform competitive analysis using a variety of online tools. This data collection when coupled with the latest industry tools for data manipulations reduces the workload for investment professionals considerably (Gemma Halder).
Further, there is a huge list of resources such as financial blogs and informative websites dedicated to providing valuable information to financial analysts and investors. Such online websites usually support users in ways more than one. These help you access a bank of information and even get the necessary opinion of industry experts in taking informed investment decisions based on the historical and forecasted data on the company in question. While Yahoo Finance has a pool of information in the financial sector market, Google Finance has financial news bits and addresses common financial issues such as portfolio management, stock screener and share recent quotes for up to 180 days. Another notable website for accessing useful financial data is SEC (Securities and Exchange Commission) which is an open database for the public and contains corporate information including 10-K and 10-Qreports that are filed for every publicly traded company in the United States.
Even Investoedia and Wikipedia are great links to learn and gather valuable information on financial terminology and the related tools and techniques. Be it currency market, future and options, commodities and derivatives, stock market, banking, mortgages, investments and insurance, credit analysis, cost accounting, financial accounting, audit or any other discipline of finance, a myriad option in the form of text, videos and presentations are available. Hence, one can gain knowledge, participate in activities and get answers to work queries. Some of the most important and in-demand careers in finance have been discussed below:
Accountant
One of the most popular careers in the field of finance is that of an accountant. An accountant can also perform the work of a bank accountant or a management accountant. It is worth mentioning that although both financial accountants and management accountants deal in analyzing financial statements, they actually perform different job roles. Financial accountants are concerned with the preparation of financial statements that are intended primarily for use by external parties i.e., potential customers, suppliers, lending institutions and for tax purposes. Statements produced by financial accountants include consolidated balance sheets and income statements. Nevertheless, the preparation of these declarations is bound by relevant laws and regulation as applicable in the stated country. (Steven Bragg)
Management accountants, on the other hand, prepare financial statements to be used by internal parties such as executive managers and the board of directors. Financial statements are usually bespeaking to a company or industry and are not bound by any laws or regulations during their preparation. The statements produced include budget reports, financial forecasts and project evaluation reports. (Steven Bragg). Evidently, one needs to possess a good level of knowledge regarding laws and regulations related to businesses, especially financial accountants.
Financial Analyst
Another interesting job under the finance umbrella is that of a financial analyst. The role of a financial analyst is exceptionally important in the modern day business environment. The importance of this function is heightened in times of economic collapse and meltdowns. A Financial Analyst is a professional who studies primary economic factors and analyses them to provide a complete objective assessment of a company’s financial state and health. (Christina Granville) The job usually requires knowledge of diverse perspectives in a variety of fields such as stock markets and economic forecasts. Based on this analysis, he/she takes a decision to invest capital of the business in an appropriate stock and prepares analytical reports and recommendations based on which business owners make their investment decisions.
Other responsibilities of a financial analyst include:
Providing advice on matters relating to finance
Preparation of financial forecasts and rendering economic advice to clients on issues concerning stock portfolio management
Skills necessary to become a financial analyst
Strongly manipulative and an innovative mind-set. Other skills include;
A broad knowledge of the economy as a whole
Familiarity with the concept of financial reporting
Possession of the tools for analysis of the market and ensures innovation in this matter
Educational qualification and relevant work experience
Knowledge of macro and micro economics as well as legislation and regulations governing financial activities of business entities
Knowledge of capital market and equity securities,
A financial analyst can be employed in banks, financial institutions, financial departments in manufacturing sector, investment, and hedge funds, insurance companies, and brokerage firms.
Financial Controller
Another promising career in the field of finance is that of a Financial Controller. A financial controller is usually involved in the development of financial documents that encapsulate and predict the organization's financial state. These databases could be income statements, monthly balance sheets or comprehensive study reports for future earnings or expenses. At times, he/she is also asked to prepare special reports that are required by regulatory bodies. An obvious requirement for one to become a financial controller is to possess the right educational qualifications such as an undergraduate degree in finance or a related field from a recognized and credited university. Other requirements may include interpersonal skills e.g. ability to lead others and to work without supervision.
Treasurer
Under One may also work as a treasurer. The duties of a treasurer include monitoring of cash flow activities and execution of capital raising techniques. They may also overlook the investment of company funds and manage risks related to the business. A treasurer may also work with credit managers to develop credit policies for business enterprise such as setting of credit limits for individual customers. Available employment opportunities as a treasure may include working in a corporate finance department or institutions such as universities. An undergraduate degree certificate in finance or a related field may also be required for one to be employed as a company treasurer.
Financial Manager
Furthermore, one can also work as a financial manager which may involve the supervision and coordination of activities in a business entity. A financial manager is required to have high managerial and interpersonal skills. Additional educational qualifications such as Masters or doctorate in finance or a related field will be an added asset.
Chartered Management Accountant
Chartered Management Accountant is by far the highest position any finance professional can hold. To become one, it is essential to study CIMA, the specialized accountancy body. Although job responsibilities of a CMA vary according to the management body, some of the most common ones are listed below:
Developing business strategies
Creating financial statements
Advising on financial business decisions
Assisting all departments within the organization in financial decisions (Gemma Holder)
Conclusions
With the above job roles and responsibilities, it is clear that careers in the area of finance and economics are both diverse and extensive. Therefore, there are numerous opportunities for all hardworking and deserving students. However, it is the student’s responsibility to work hard and seek all the required qualifications as well as acquire the necessary skills. With hard work and patience, a rewarding career in this field is guaranteed and that comes with both job satisfaction and fat bonuses.
Works Cited
Bragg, Steven. "What is the difference between financial and managerial accounting?." 26 May. 2016. http://www.accountingtools.com/questions-and-answers/what-is-the-difference-between-financial-and-managerial-acco.html
Granville, Christina. "Becoming a financial analyst." 24 Feb. 2016. <http://www.investopedia.com/articles/financialcareers/06/financialanalyst.asp>.
Holder, Gemma . Chartered Management Accountant. 19 Feb. 2015. 26 May. 2016. <https://www.prospects.ac.uk/job-profiles/chartered-management-accountant>.
