Table of Contents
- Financial Career Options That an Individual with a Finance Education Might Pursue and the Value That Such a Position Adds To a Company
- Essential Skills That Would Make a Person Successful In Each of the Described Positions
- One Career Option and the Most Attractive Features of This Position
Financial Career Options That an Individual with a Finance Education Might Pursue and the Value That Such a Position Adds To a Company
Finance is the process of acquiring, distributing, and managing financial resources, which is necessary in the running of operations in an organization (Mattern, 2016). Finance plays an important role in resource planning and distribution of different resources, which has an impact on the revenue earnings in an organization (Mattern, 2016).
Finance offers different careers due to the diverse aspects of finance in institutions. One career option that an individual with a finance education might pursue is investment banking which involves issuance of securities and providing advice to organizations on financial investment on corporate securities (Mattern, 2016). In investing in securities, it is important for an organization to get advice from qualified and skilled personnel as this may also negatively impact an organization if wrong investment decisions are made. Investment banking acts as a link between organizations intending to make investment decisions and the investors (Balluck, 2015). This may benefit an organization by increasing its capital, which is important in the running of operations.
A second financial career option that an individual with a finance education might pursue is insurance (Lundstrum, 2018). Insurance helps organizations in effectively addressing some of the potential risks, which may negatively affect the organization. By providing cover to some of the potential risks, an organization is able to resume its normal operations in case of losses or other negative effects due to the exposure to some of the potential risks (Lundstrum, 2018).
Insurance representatives collect premiums from organizations, which are used in recovering any losses or damage to property, which may affect the normal operations of an organization (Lundstrum, 2018). Due to the changing business environment in the current times, it is important for businesses to adequately prepare for any risks, which may affect their performance in the competitive business environment. This finance aspect has been largely adopted by organizations due to the benefits associated with this aspect (Lundstrum, 2018).
This is also attributed to the uncertainty in future operations and in improving the security of an organization’s resources.
Essential Skills That Would Make a Person Successful In Each of the Described Positions
There are essential skills, which are important in enabling a person to be successful in investment banking due to the nature of the profession. Due to the aspect of providing advice to the organizations who are interested in investment banking, it is important for these professionals to have effective communication skills (Brigham & Houston, 2013). Communication skills involve the ability of individuals to explain financial information to these organizations in a way that they are able to understand since this information may be complex for the members representing the organizations to understand (Brigham & Houston, 2013).
Due to the importance and impact that this information has on the organizations, it is important that this information is communicated without errors and in a way that it can be well understood by the users. Every important detail should be properly analyzed as neglecting this information may lead to poor investment decisions (Brigham & Houston, 2013).
Essential skills important in enabling a person to be successful in insurance include good attitude and salesmanship. Due to the complexity involved in insurance, some organizations may be unwilling to insure their property or other assets (Brigham & Houston, 2013). This requires an insurance representative to have good salesmanship skills, which are used to convince the organizations on the importance of insuring their property.
This also requires an insurer to have good communication skills and be able to sufficiently provide important details to clients. The insurer should also be able to answer all the questions brought up by the clients (Brigham & Houston, 2013).
One Career Option and the Most Attractive Features of This Position
The best career option is investment banking due to the impact it has on an organization. Organizations require capital and other financial resources to operate effectively with investment banking providing an opportunity for organizations to increase their capital (Balluck, 2015). An increase in capital leads to the growth and expanding of organizations, which is one of the major goals of organizations (Balluck, 2015).
This is beneficial to organizations due to the opportunities surrounding investment banking. However, with other finance career options that may include insurance, an organization may not be willing to invest in insurance, as insurance does not provide additional financial resources to an organization rather a recovery of assets lost due to different reasons (Balluck, 2015). However, with investment banking, an organization may have increased funds, which may be used for other important purposes in the organization.
- Mattern, J. (2016). Careers in finance. San Diego, CA: Reference Point Press, Inc. Textbook.
- Balluck, K. (2015). Investment banking: linkages to the real economy and the financial system. Bank of England Quarterly Bulletin, 55(1), 4–22. Retrieved from http://libdatab.strayer.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=101699829&site=eds-live&scope=site
- Lundstrum, L. L. (2018). The Firm, the Market, and the Rising Finance Professional. Journal of the Academy of Business Education, 19, 166–179. Retrieved from http://libdatab.strayer.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=128789385&site=eds-live&scope=site
- Brigham, E. F., & Houston, J. F. (2013). Fundamentals of financial management. Mason, Ohio: South-Western, Cengage Learning. Retrieved from https://books.google.co.ke/books?id=cZAJAAAAQBAJ&pg=PA6&dq=finance+careers&hl=en&sa=X&ved=0ahUKEwjz2tn-h5HfAhVQzhoKHfbZCc84ChDoAQhMMAc#v=onepage&q=finance%20careers&f=false