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Description of my Career Plan

  • Updated October 12, 2022
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This report is based on the extensive knowledge of my professional career with the Brong Ahafo Catholic Co-operative Society for Development (BACCSOD) as an Accountant. I have been working with BACCSOD for the past 3 years. Analyzing my career experience acquired from working with BACCSOD and the academic knowledge acquired from studying my MBA program in banking and finance at the valley view university for two (2) years. I am integrating both experiences to develop a comprehensive examination report to be submitted for partial fulfilment of the academic requirements. This comprehension would be further processed by the academic board leading to my award of Master of Business Administration (Banking and Finance). This comprehensive examination report includes an outline of my career description, knowledge acquired in the respective academic program covering the whole period of study, the usefulness of the acquired knowledge in my Career/Professional Plan, and the trends in the academic advancement in my respective area of specialization. This report is guided by the underlined objectives:

  • Examining knowledge acquired in my 2 year MBA program in banking and finance.
  • Examining the efficacy of the academic knowledge acquired in my career/Professional plan as an accountant.
  • The analysis of the trends in the Banking and finance sector.

Chapter One

Introduction

This section is focused on describing my Career/Professional Development that includes my current career status, my role in my current career status, my five (5) key career objectives for next five (5) years, and in what way my career plan will be related to my immediate context.

Current Career Status

I have Bachelor of Arts Integrated Development Studies in (Economics and Entrepreneurship Development option). I was recruited as an accountant now working for BACCSOD for the past three (3) years. I supervised about 13 employees that include 3 agencies working directly under my supervision. I also take responsibilities of the manager in his absence overseeing branch daily undertakings as well as attending management meetings including other meeting that benefits the institution.

  • Role of Current Career Status
  • The under listed are my roles and responsibilities as an accountant for the past three years working in BACCSOD.
  • Analyzing and validating all receipts and payments.
  • Transfer data to back up drive for safe keeping.
  • Prepare financial statements and its updates.
  • Attend quarterly and yearly meetings.
  • Validates all loan facilities for approval.
  • Managing cash to ensure there is enough cash for daily use.
  • Assist in the preparation of quarterly and yearly budgets.
  • Monitoring of cash flow and activities of cashiers on daily basis.
  • Balance and close all relevant books of accounts at the close of work before leaving the office.
  • Check and make sure all ledger entries are properly and correctly made.
  • Prepare staff salaries and allowances at the end of every month.
  • Make sure each financial action conforms to BACCSOD policies as well as government policies.

Career Objectives for the next five (5) years

For the next one (1) year I will want to develop myself as a cash management consultant where I will be able to consult and also execute services such as managing cash that comes in and out. Develop investment and loan procedures by analyzing fund needs and surplus funds and evaluate investment options and risk factors before investing surplus funds. For the next two (2) years I want to become an Accounts Receivable consultant with the specialty of offering services and advice on how to manage accounts receivables effectively. For instance, consult or perform duties such as posting daily deposit as well as conduct a reliable credit control system to ensure quality loans are given out. For the next three years, I will develop myself as an account payable specialist who has the skills to maintain petty cash accounts and log all outgoing disbursement and to keep track of credits owed to the company ensuring all credits are properly applied to vendor payments. Also to be able to reconcile payable reports each month to confirm that all amounts paid were accurate. Within the next five years, I would want to be a complete FICO consultant with the capacity to migrate data from the manual system of keeping financial books such as journal ledgers, access accounting, and cash management migrating to the fico computerized structure that makes it easier to access and analyze such data. I will also offer consultancy services such as the preparation of financial statements; profit and loss accounts (P&L) analysis, balance sheet account reviews and reconciliations. I will provide other services such as Purchase Price Valuation (PPV) Analysis, Supply Chain Management (SCM) and to fully understand all the FICO Modules. Within the next five years, I envision to become a chartered accountant. I would used the knowledge acquired from my second degree (Banking and Finance), to enroll in the Institute of Chartered Accounting to accomplish my dream of becoming a chartered accountant where I will provide services such as auditing, financial reporting, taxation, corporate finance and also play a strategic role in providing professional advice aiming to maximize profitability for my employer or client.

How my career plan will be related to my immediate context After developing my skills as a FICO consultant, I will use my specialty acquired to the benefit of my current work setting. I would advise management to acquire modern technology in other to move our current manual system into an automated computerized system. My academic achievement/experience combined with my work experience and my professional skills acquired within the next five (5) years will help me to train new recruits and current workers to enable them to adapt to the new technology. I will also provide services as a FICO consultant to both local and international banking setting. Being a chartered accountant would professionally touch my work as an accountant and also give management advice based on the knowledge acquired as a chartered accountant.

Chapter Two

Introduction

This section seeks to describe ten topics of the knowledge acquired out of my two (2) year pursue of an MBA program in banking and finance.

Working capital management

The goal of working capital management is ensuring that the firm is able to continue its operations and that it has sufficient cash flow to satisfy both maturing short-term debt and upcoming operational expenses. Working capital management commonly involves monitoring cash flow, assets, liabilities, inventory, account receivable and accounts payable.

Organizational behavior

Organizational Behavior (OB) is explained as the study of human behavior in business settings. It is an interface amongst human behavior within an organization and the business itself. Buchanan (2007), explained organizational behavior as ‘the study of structure, functional units, the functioning of organizations, the behavior of groups, and individuals within them. It is also explained as elements that affect human performances of their responsibilities, how an employee interacts, the way workers are committed, and also the managerial/leadership style. The study of groups and individuals work attitude is also understood as Organizational behavior.

Motivation

Motivation is external and internal factors that cause a stimulus or a desire that energize people to continuously develop interest causing them to commit into their roles and responsibilities they undertake in business in other to achieve the business goals. Motivation normally results from a person’s interaction of both his/her conscious and unconscious environmental features such as the intensity of their need or desire, the reward values or incentives of the goals they are working on and their expectation as an individual or the peers around them. These influences human characteristics in a certain way.

Planning and decision-making

Planning can be defined as a basic function of management that enables leaders to choose the purpose or goal of the business. They would also be able to strategize the disbursement of the resources to enable the achievement of the business long and short-term goals. Planning is the process of accomplishing purposes. Planning always ends in a strategic decision because that is the purpose of planning. Decision-making can be viewed as choosing from a pool of planned alternatives to execute. Business cannot be taken without a decision, also planning cannot go any further without any decision hence, decision making directly correlated with planning even if it is done hastily or with little thought.

Enterprise Resource Planning

Enterprise resource planning is a practice by which a business manages and integrates the important parts of its business. An ERP is a controlling method that integrates business parts such as planning, purchasing, inventory, sales, marketing, finance, human resources, etc. The fundamental feature of very ERP systems is a shared database that supports multiple functions used by different business units. This means an employee in various departments or divisions gets to rely on the same information for specific needs. The value of the ERP system for businesses is cost savings and industry efficiencies.

Management Accounting

Management accounting is an effective way of keeping business books for safekeeping, referencing, easy access, and easy modifications. The chartered institute of management accountants, London, defines management accounting as, “the application of professional knowledge and skill in the preparation of accounting information in such a way as to assist management in the formation of policies and in the planning and control of the operations of the undertaking” (CIMA, 2018). Controlling (management) accounting, which is also known as cost accounting is aimed at preparing plus providing timely financial data, furthermore, the provisioning of statistical information to higher-level executives for everyday short and long-term decision-making. Management accounting provides a detailed report of revenue generated, accounts payable, accounts receivable, income statement, and many more to companies as and when it is needed.

Strategic Management

This is a management field focused on long-term planning as well as capturing the business directions or way forward. Strategic Management is to ensure that activities of business do not happen randomly but follows a specific structure. Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. The basic tool mostly used for strategic analysis is “SWOT analysis” which managers used as a tool to analyze and identify the best possible strengths of a company, minimize the company’s weaknesses, take advantage of emerging prospects arising from the segmented market. Threats should not be ignored since the can be converted to prospects. Strategic Management would ensure the company is positioned strategically in the market to gain economic advantage over its competitors.

Human Resource Management

A human resource management strategy is an approach to enhance the effective managing of human capital to improve business accomplishments for long term achievement of company objectives. Human resources overall purpose is to ensure a company is ripping the benefits of its human capital and workers are actually giving their best skills and technical know-how to the business. Through human resource, a company is able to recruit the best skill set they need, give training, develop employees’ career, work and manage benefits and reducing industry risk.

Project Management

A project is a temporary endeavor undertaken to create a unique product, service or result. It is not a routine operation but a specific set of operations designed to achieve a singular goal hence every project is unique and normally comes in phases. Project management could be explained as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management as per PMP involves; “initiating, planning, execution, monitoring and controlling, and closing of the project to achieve a set goals” (PMP, 2018).

Marketing

Marketing is a management method through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P’s of marketing which is; (1) identification, selection and development of a product (2) determination of its price (3) selection of a distribution channel to reach the customer’s place and (4) developing and implementing a promotional strategy. Marketing is based on thinking about the corporate in positions of customer necessities and their satisfaction.

Chapter Three

Introduction

This section analyzes the usefulness of the acquired knowledge of my two (2) year MBA program in banking and finance to my career plan. It includes the discussion of how each of the ten topics of acquired knowledge discussed in chapter two fits into my career plan.

Working Capital Management

A company grows based on the tactical deploy of its working capital. It also involves how much working capital to invest hence having the skills to properly manage working capital can contribute to the growth of any company. Therefore the knowledge acquired learning working capital management will help me to properly manage working capital in either an existing company or a startup company. Being a chartered accountant requires proper supervision of the company’s working capital. Working capital controlling is essentially a form of accounting with a focus on maintaining sufficient balance of a company’s current assets and liabilities. The knowledge acquired from studying this course will empower me to properly manage working capital in all my endeavors as a chartered accountant.

Organizational Behavior

Acquiring the skills of organizational behavior makes you improve business-related behavioral skills to work with others including leadership role, varied organization, interpersonal relationships, key management, and lifelong organizational behavior learning skills. The knowledge I have acquired from learning organizational behavior and my work experience will enable me to understand, critically analyze and manage human behavior problems in the various organizational setting. I have recognized how businesses or organizations operate more effectively to meet the global setting of current businesses. My knowledge and experience have also given me the skills to explain key terms, concept, and theories involving organizational behavior. I have improved my managerial abilities, my interpersonal relationships, my attitude to work, my analytical skill as well as my problem solving or diagnoses skill.

Motivation

The topic motivation has enabled me to expand my managerial skills on how reward processes and practices can be developed to enhance job engagement, commitment, and positive discretionary behavior. Motivation creates a co-operative work atmosphere where an extraordinary degree of coordination is achieved to reduce the cost of control. I am empowered with motivational skills to have a good association with each employee and to make the workplace conducive to all employees.

Planning and Decision Making

Decision-making is the process of identifying a set of possible alternatives and choosing from the many. Planning is a step taken to execute a project from the beginning to the end. Decision-making is an alternative side set of activity that starts with identifying the problem and ending with the choice you make in solving the problem. Planning and decision making is the most important aspect of managerial functions. My work experience and the academic knowledge acquired from my 2 years MBA program in Valley View University is an integral part of my planning and decision making skill. My knowledge and experience will enable me to plan managerial functions and establish objectives towards the achievement of the organizational goals. It will also enable me in evaluating imminent behavior of the business, the risk and relevant strategies that will lead to the desired decision to achieve a goal.

Enterprise Resource Planning (ERP)

Enterprise resource planning is an integrated management activity that a gear towards the business processes very often in real times which is enhanced by software, equipment, and technology. We mostly use management software to integrate with business procedures for active administration and automated back end office function, which includes human resources, services, technology etc. The experience I have acquired has enhanced my understanding of ERP in the corporate setting. It will also enable me to build occupational structures and functions that will accomplish organizational goals. The study of ERP has informed my ability to manage, order, and inventory control, financial supervision, human resource administration, customer relationship managing, and other functional areas.

Cite this paper

Description of my Career Plan. (2022, Oct 12). Retrieved from https://samploon.com/description-of-my-career-plan/

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