Finance is the creation, management and study of money, banking, credit, and investments. Therefore, finance managers in the field will manage, spend and acquire money and other financial assets. The paper will outline the responsibilities of financial professionals, the decisions they make and the interrelationship between other practitioners in the financial markets. Skills and abilities are necessary for the finance professionals to be successful in the organization (Weaver).
A financial analyst provides financial guidance to the company and individuals in making ample decisions in investment opportunities. The financial analyst will assess the performance of the business stocks, bonds, and other investment tools. The financial analyst will evaluate the current and historical economic record in analyzing the investment capital. Financial analyst work in banks, pension funds and insurance companies and are sometimes known as the securities analyst and investment analyst. Financial analyst focuses on the trends affecting a particular industry, geographical area, and type of products and services offered in the market. For example, investment opportunities in construction or real estate and economic fluctuations like inflation and foreign exchange. The analysis will help in gathering relevant information for recommending a particular investment. The most financial analyst is employed in securities and financial investment consultancy groups while the insurance sectors have the least employment opportunity. The license is required from the Financial Industry Regulatory Authority who specializes in the security industry. It is recommended to have certification from the chartered financial analyst, after having a degree and four years work experience. The essential skills required for this position include the analytical ability and decision making skills, necessary to provide a primary recommendation for an investment opportunity whether to buy a stock or not. Analytical skills are essential for the analysis of the changing market to find details for a profitable investment. The financial analyst adds value in a company by assessing thefinancial health and performance in a company (Bureau of Labor Statistics, 2015).
Financial planners are finance professionals who help individuals plan their financial future needs. Most people would like to know their financial status while at retirement. Some people have a future prospectus for children. Hence, the financial planner would advise and help plan for an investment towards a child's education and various opportunities to manage the assets for the future consumption. The right skill for the professional is having a perfect interpersonal skill as one must listen to the client needs. The other skill is the financial planning expertise and tools that will be used to guide both the client and the professional in managing the assets and wealth. There must be an understanding and clear analysis of the investment portfolio, effects of taxes and policies on investment and a risk plan. Most financial planners work as a sole proprietor, but some do work in retirement benefit companies like IDS Financial Services. Obtaining a certification from the Certified Financial Planner is important. A Financial Planner should be able to increase the potential to help client have a difference in managing their future financial needs since there is an increasing number of the customer who is planning for retirement while still working (Financial Planning Standards Council).
The financial market has numerous opportunities in like in insurance, banking, and credit unions; the financial planners are becoming more and more popular. The attribute is because of the changing trends in consumers to save money and wealth for future financial needs. Certification of the profession has increased due to for the increased need for professionalism and is subject to higher career advancement compared to another job. In Canada, the certified financial planners have proved significant career advancement in the business with more job opportunity. Self-employment through sole-proprietorship or forming partnership is an option to attract more private clients in the market (Financial Planning Standards Council).
In conclusion, finance has many career opportunities in a market from banking to insurance. The significant contribution of the financial managers in a company or to an individual is the management of the finance and assessing the opportunities for investment and asset management.
Bureau of Labor Statistics (2015, December 17th). Financial Analysts. Author. Retrieved from: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm#tab-1
Financial Planning Standards Council (n.d). Statistics about the Profession. Author. Retrieved from: http://www.fpsc.ca/beaplanner/statistics-about-the-profession
Weaver, S. (n.d). Career in Finance. Financial Management Association International. Retrieved from: http://www.fma.org/Student/studentresources.htm
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