Introduction
In this essay, I purpose to develop an analysis on the forecasted return on my education and the expected future job. The paper has two main parts. First, I will discuss why I decided to pursue Finance including the costs and interest on my education loan. Second, I will analyze my research on the expected job and the predicted payback time.
My parents wanted me to pursue an education in Computer Science, but I choose Finance because of several reasons. First, I have a passion for accounting and learning how businesses such banks and insurance firms work. When I was a child, I admired how my uncle ran his microfinance business, and that gave me the urge to study Finance. Second, I love challenging fields that deal with economic issues. Although Computer science is challenging, I knew it won’t allow me to understand the economy better. Third, Finance would allow me to work in diverse fields and expose me to many employment opportunities. Importantly, almost every industry deals with money, and they require a financial analyst. My skills will also be mobile, and I have a chance to work remotely. That way I have a can multi-task in a bid to achieve a faster payback on my education.
Fourth, I have an opportunity to further my studies to be a reputable financial advisor. In case there are job openings, I will result in self-employment. I would establish my consultancy company and search for clients. I know self-employment would even give me a faster payback than employment. Fifth, education in Finance will provide me the self-discipline to manage my income. With Financial skills, I have the ability to budget my income to suit my expenditure and saving the plan. Finally, I will have exposure to several education aids. The education loan will cater for living expenses, tuition, and books.
Summary of expenditure
Finance education proves to be expensive, but with access to funds, I knew it will be feasible. Here is a summary of my expenditure for the Finance degree.
Per year I will be paying about $51028 towards my Finance education. At the end of my degree program, I will pay approximately $153084. Fortunately, I managed to secure an education loan to pay tuition cost. Thus, I will pay $153085-$105000 = $48085. The loan will accrue an interest of 5 percent annually. The total interest will be $15750 for the years I will be studying. Hence, I expect to pay approximately 120750 to settle the education loan fully. However, I will start paying the loan one year after graduation. At the end of my degree course, I expect to owe approximately $168835 including the interest on the education loan. Other expenses that might arise, but I consider them as miscellaneous, and I don’t intend to include them in the summary.
2. Desired Occupation
I want to work as a financial consultant. However, one requires some experience before applying for a certificate as a Financial Planner (Allen and Woodland, 2010). Thus, I will first volunteer to work in a financial firm before applying for certification. During this time, I will acquire more skills on how to work as a financial consultant. Also, I will try to build my reputation to the clients who I will be serving so that I can lure them to be my first customers. The job as a financial consultant will suit my passion because I will be in a position to solve issues based on the economic status. Moreover, I will be traveling to meet clients, and hold seminars with business leaders.
My duties as a financial advisor will include accessing financial standing of my clients and offering them a short-term and long-term plan. Additionally, I will help people to plan for their retirement, education, daily expenditure and investment (Hazel, 2014). Further, I being doing a regular follow up to determine how my clients are faring based on my financial advice. Also, I will seek certification to purchase and sell stocks.
Compensation that I expect to earn
The salary of a financial consultant is $89,160 annually as of 2016 (Personal financial advisors, 2015). Durfee (2006) notes that the pay of financial officers will continue to increase; hence, I expect the wage will rise to about $92,405 before I complete my Finance degree program. Therefore, I expect a compensation of approximately $90,000 annually. According to Keebler (2013), the $90,000 income will lie under the tax bracket of 33%. Thus, I expect a compensation of approximately $60,300 per year meaning the payback period will be about three years.
Conclusion
I choose to study Finance since I love mathematics and dealing with economic issues. Also, I will have access to an education loan to support my education in the Financial field. The loan will accrue an interest rate of five percent annually and at the end my study I will have to pay about $168835 including the loan interest. I desire to work as a Financial Consultant after obtaining my certification. I expect the compensation of about $60,300 per year. The payback for the investment in my education will be approximately three years.
References
Allen, A., & Woodland, A. (2010). Education Requirements, Audit Fees, and Audit Quality. Auditing. A Journal Of Practice & Theory, 29(2), 1-25.
Durfee, D. (2006). Pay Up. Cfo (Chief Financial Officers), 22(12), 78-88
Hazel, D. (2014). Expanding Role of the CFO (Chief Financial Officers). (cover story). Chain Store Age, 90(6), 10-12.
Keebler, R. (2013). New Brackets, Net Investment Income Tax Expand Scope Of Tax Planning. Tax Adviser, 44(12), 846-851.
Kerkvliet, J., & Nowell, C. (2014). Public subsidies, tuition, and public universities’ choices of undergraduate acceptance and retention rates in the USA. Education Economics, 22(6), 652-666.
Personal financial advisors: Occupational outlook handbook. (2015). Retrieved May 19, 2016, from <http://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm>
