How to Start a Career in Finance

If you are interested in starting a career in finance, it would be good to plan ahead. There are several things that you will need to take note of in order to prepare yourself well for this field.

The basic requirement needed would be the right education. The minimum level of education to get into an entry-level position would be the bachelor’s degree. The online finance degree is becoming increasingly popular as it allows people to complete the degree while gaining working experience. Nevertheless, an online degree of this level will focus on technology, e-business, ethics, critical thinking, research methods, and statistical analysis. If one is interested in breaking into management level positions, they would need to have either a master’s degree or an MBA.

With a master’s degree, people often complete it while working full-time. At the same time, they would be able to attain certifications like the CPA, CMA, or CFA. As one will need to balance between work and study, people often go for an online finance degree of this level for its flexibility. On the other hand, an MBA program with a specialization in finance is always keeping its syllabus up-to-date with the current market. A PhD puts more focus on the theoretical concepts within the field, such as leadership and organizational chance, knowledge and learning management, and high-level decision-making.

In finance, certification is very much recommended to show one’s area of expertise. For one to pursue the Chartered Financial Analyst (CFA) certification, one will need to meet the requirements of having a bachelor’s degree and at least three years of professional experience in a relevant field. Then, they will need to pass the three exams that will be taken within the course of three years. On the other hand, personal financial advisors can go for their Certified Financial Planner (CFP) certification which will require them to pass a set of exams and a strict code of ethics, other than providing their academic credits. As for financial managers, a Certified Cash Manager (CCM) requires them to pass online exams and have at least two years of professional experience. The progress of certification for managers in a financial institution industry begins with Credit Business Associate (CBA), followed by Credit Business Fellow (CBF), and then Certified Credit Executive (CCE).

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Careers In Finance

Nature Of Work of Finance Professionals

A career in finance involves a whole range of functions, such as determining the impact of decisions that are made in nearly all functional areas on the financial front. This includes administering portfolios and formulating personal financial plans for investors, supervising banking operations, evaluating and suggesting company’s capital budgets and strengthening bank relationships.

Professionals engaged in the finance industry deal with how individuals and institutions handle their financial resources, the methods they use to raise money, its allocation, and how they use it. They also assess the risks these activities involve, and recommend various ways of managing them.

Occupations in Finance

The finance sector has a wide range of occupations to choose from. You can become a portfolio or credit manager, security analyst, opt for the insurance sector, or become a corporate financial officer, financial consultant or lending officer. Below are some of the additional roles that you can pursue:

– Bank Manager

– Financial Analyst

– Accountant And Auditor

– Appraiser and Assessor of Real Estate

– Budget Analyst

– Claim Adjuster

– Examiner

– Investigator

– Cost Estimator

– Tax Examiner

– Revenue Agent

Job Opportunities in Finance

The job opportunities in the financial sector are equally vast and varied, a few of which are given here. All of them offer a highly rewarding and satisfying career.

Commercial Banking – The commercial banking sector employs a greater number of finance professionals than any other area of the financial services industry. Jobs in the banking industry have a direct client interface with people from all sections of the society, which offers opportunities for clientele development. The starting point would be as tellers, after which people shift to other areas of banking services like credit card banking, trade credit, leasing and international finance.

Corporate Finance – This would involve employment in a corporation, generally as a finance officer. The main job responsibilities would entail securing financial resources for developing the business of the company. The money can be utilized to make acquisitions to expand the company and secure its future.

Financial Planning Consultancy – You may set up a financial planning consultancy of your own or seek employment in an existing one. This work involves helping individuals in planning their finances for their children’s education, or their retirement needs. It requires answering questions and educating clients about risk factors, to help them to invest their money wisely. Being employed in a corporate setting is also an option, with a job profile related to future financial planning. It would require a firm understanding of investments, estate and tax planning.

Investment Banking – Investment banking pertains to helping investors in buying, trading and managing financial assets. This field offers opportunities to work in world-renowned investment banks like Salomon Smith Barney, Goldman Sachs and Merrill Lynch.

Insurance – The insurance industry has achieved revenues of over trillion dollars. It is one field that has tremendous scope of absorbing finance professionals. The work is mainly about managing risks and identifying problem areas. According to estimates, it employed nearly two and a half million people in the U.S. in the year 2005. One could work as an underwriter, customer service representative, actuary or an asset manager, in this sector.

A career in finance can be pursued in a wide variety of fields. The financial sector offers opportunities that are intellectually and financially rewarding.

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7 Fantastic Careers in Finance

A career in finance can be extremely rewarding. Not only does it pay a generous salary, but it allows you to work in the core of powerful companies in the market places. You actions cause change, and move entire markets, and as a financial professional you weld a lot of power over the economy and society itself.

What are the best careers in finance? In other words, what careers should you be pursuing?

#7 Money Management Salary range: $50,000 to $100,000 / yr

If you like crunching numbers then money management might be a good finance career to consider. Money managers usually work for investment firms and like the title hints, they manage institutional money, investing it in stocks and bonds.

Cons

Some of the downsides to money management are that it is a very competitive industry. You will need to work hard to stand out and advance in your career. Since you will need to work your way in, often times you have to accept lower paying positions to gain experience.

Pros

You can work for many large firms like State Street Global and Barclays who manage billions of dollars. Also, you get to work with stocks and the stock market, which attracts a lot of those who love the excitement Wall Street has to offer.

#6 Corporate Finance Salary range: $45,000 to $75,000 / yr

Working in Corporate Finance basically requires you to manage the businesses cash flow. You will help find money to keep operations going, manage money the corporation has on hand, and help make decisions on how to manage the business finances.

Cons

The environment of corporate finances is quick changing, and if you are unable to adapt quickly this might not be the job for you. You are responsible for the corporations success and a lot of people are relying on you to do your job well. This added pressure can be stressful. Another downside is you don’t make as much money as you would working for a bank.

Pros

You job will be relatively stable. You don’t have any sales quotas to reach, or a customer survey score you have to keep at a certain point. Your success in this career depends on your long term performance.

#5 Financial Planning Salary range: $60,000 – $250,000 /yr

A career in financial planning will have you helping people plan out their financial future. You are basically a sales person for different financial products. You offer people insurance, college savings products, investment plans, and other financial goods that allow them to reach their financial goals.

Cons

Success in a career in financial planning can really depend on who you know. In order to get clients you must first have access to people with money and you must gain their trust in order for them to want to work with you. There have been many scams involving financial planners and people are more skeptical now than ever. Before people are going to be willing to trust you with their life savings, you are going to have to make a name for yourself through other avenues.

You are also going to need some good selling skills. Most of your job will be selling different products, so if you are no good at selling, or don’t enjoy selling, this career might not be the best fit.

Pros

If you enjoy sales then this job will offer you a great array of products that help people reach their financial goals. It can be rewarding when you help clients afford the home of their dreams or send their children to college. Also, you have great potential for advancement, and talented financial advisers make a lot of money.

#4 Insurance Salary Range: $55,000 – $88,000 / yr

Working in insurance is all about helping people manage risks in their lives. You will help people decided the right types of polices and how much coverage they need. Also, people working in insurance do a lot of analytical work determining the value of things and the likely hood of certain events and disasters occurring.

Cons

Insurance is a great field with little cons, but some people think negatively against insurance and companies that sell it. If someone has had a bad experience in the past they make take it out on you and look down on you.

Pros

Insurance has great potential for advancement. The industry is growing more and more and there are plenty of opportunities for entry level workers to make a name for themselves in insurance. You get to help people in times of need by offering them support.

#3 Real Estate Salary range: $55,000 – $300,000 /yr

A career in real estate means you will be brokering properties like land and buildings. It will provide you with many opportunities and freedom unlike any other financial career. You can make great money and work in a variety of fields from mortgages to being an agent. Cons Having freedom isn’t always a good thing. Most jobs in real estate will require you to work as a contractor. This means you will have to run your own business on your own. This requires learning how to be a good business person, and perhaps hiring some help to keep things running smoothly (which means a pay cut for you).

Pros

In real estate your income is only limited by the amount of work you put into it and the knowledge you have about what you are doing. The added freedom allows you to set your own vacations and work as many hours as you want (or as few as you can afford). Most of the time you will get to work in different locations each and every day which keeps work from getting boring and dull. Plus, you dealing with large transactions, which means big rewards for each successful adventure.

#2 Investment Banking Salary range: $100,000 to $230,000 /yr

Working in the investment banking industry you will help companies and government issue securities. You will also help people purchase securities and provide financial products. Mergers and acquisitions are handled by investment banks. It is an exciting face paced career with high stress levels and lots of challenges.

Cons

Investment banking takes a lot of expertise, and because of that workers must slowing climb their way up the corporate ladder. Also, when financial crises hits, which the enviably do, this industry is one of the hardest hit. One day you might have the most successful day of your career to be blind sided the next day with a huge downswing. You need to be able to take the pressure.

Pros

The biggest attractor is the large salaries. Next to that is the excitement the career involves. Every day you will be faced with new challenges and different demands making your work exciting and ever changing. You also get to help people and institutions manage the money to get the most out of it.

#1 Hedge Funds Salary range $100,00 to $250 million /yr

A hedge fund job is the holy grail of any financial professional. Not only is the money the best in the industry, the respect and notoriety is also very nice. The road to working in hedge funds in long and hard. You must be smart and trustworthy, as well as passionate about your work. You will basically be running the hedge fund trying to maximize return.

Cons

The job is stressful and highly competitive. Your career is based on the results you can provide. In order to pursue a career in this field you must go through a long career ladder that takes many years to navigate.

Pros

Hard working professionals in the hedge fund industry can make upwards of $2 million a year before they reach 35. Plus, since hedge fund managers work with such large sums of money, everyone is suddenly your friend and you get to enjoy a financial world celebrity.

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Business Insurance For Small Companies

Insurance policy is one of the most important parts of a business. Business description details included varies from one insurer to the other. There are plenty of reasons why business insurance services can be beneficial for the company. An online business insurance provider offers a comparison data. Below are stated the reasons why you must consider services from business insurance companies that will compare with other insurance providers in the area and offer real value with the company you choose.

Comparison Data Offered by Business Insurance Service:

When it comes to comparing the different types of insurance, you will need to find a company that does comparison data. They work as an independent insurance broker and help you connect with some of the better deals in market. If you are aiming at the best insurance policy, you need to have a comparative analysis that service providers offer.

Independent Brokers are not Associated with Any Company:
Part of the benefit while you go to an independent broker lies in the fact that they are not attached to any particular company. Individual brokers offer services based on your needs. They won’t force you with any particular company because they are associated with them. A broker can compare the different available companies and point to the right direction on the basis of what is right for your organization.

Business Insurance is a Must for all Companies:

Protecting your assets as well as businesses is vitally essential these days. Getting business insurance is one of the first things that should be in your mind while you are opening a company. Businesses today have realized importance of getting insurance. The insurances can protect people and employees that are working with you.

Online Business Insurance Companies Offer you Help Online:

Business insurance provider with an online website helps you get online quotes. You can sign up free and begin with free consultations online. This is one of the best ways to get started and look for the different insurance options available for you. You need not pay any money to use the insurance broker, they assist you to sign up for insurance as they are paid commission form the insurance companies.

Business insurance is not only about covering the ideas and creativity. It is about covering financial assets and employees, as discussed above that can get toppled by calamities. For example, you would want to have commercial insurance, if you have cars and are using them for making deliveries. You may end up losing a lot of property, if the automobile meets with an accident or incurs any sorts of damages. You can go bankrupt as the creditors and bills start piling up.

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How To Save Money On Car Insurance For Young Drivers? Read To Know

The cost of car insurance policy is determined by many factors typically examined by insurance companies online such as driver’s age, the location where he mostly drives a car on, the make and model of car, driver’s driving experience, etc. Insurance companies take into considerations these factors to figure out if driver will be a high risk. Usually, young drivers are considered risky as they are less likely to have good driving experience and skills. This is why it is challenging to qualify for cheap car insurance for young drivers. But, the interesting thing is that today many online insurance companies specialize in offering various discounts which you can earn to reduce your insurance cost or simply get cheap car insurance for young drivers. Before applying for insurance policy, it is advisable to get some knowledge about the same.

If you install security or safety devices in your car, you are less likely to get injured or your vehicle is less likely to get easily stolen or damaged. Many online insurance companies offer discounts for the same. Moreover, if you want to save money, you should think of joining a recognized driving course. This will improve your driving experience as well as skills and also could get you one more discount. One more way to get best affordable auto insurance is to drive less. If you drive less, the possibilities of accidents or similar circumstances leading to insurance claims will get reduced. Some insurance providers also offer discounts to students who score good grades. Besides, your driving location also affects insurance cost. Even make and model of car will affect what you will pay for insurance policy. Some vehicles are expensive to be insured while other cars are not too expensive.

Thus there are many aspects which you should work on to save money. But, most importantly, you need to locate insurance company which offers the most affordable auto insurance rate and also multiple discounts. One of the easiest ways to locate best insurance company in your local area which is willing to provide affordable car insurance with many discounts is to take free professional assistance of a reputable online car insurance service. These services which are closely connected with a huge online network of insurance providers that offer cheapest car insurance quotes will help you to get easy and quick access to best insurer.

The risk factor associated with you will affect your insurance cost significantly. So, it could be advisable to see if you can reduce the risk taken by insurance company by following some expert guidelines and improve your eligibility for affordable auto insurance rate. Get assisted by experienced car finance specialist to know what these guidelines are and how to get cheap car insurance for young drivers.

Log on to FreeCarInsuranceQuote.ca to get more information on young driver affordable car insurance in Canada. It offers various discount on premiums to lower down your monthly payments and helps you to save money. The interest rates are also so minimal compare to market rates. Visit us soon.

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Factors That Affect Life Insurance Coverage

Factors That Affect Life Insurance Coverage
Life insurance policy is the best way to overcome from unexpected risk factor in the future and it will protect you financially. Even a slightly lower premium can lead to major savings for the future.
The premium rate on life insurance policy mainly depends on a variety of factors. But for many people insurance concept is difficult to understand and it leads to many misconceptions. To avoid such misconceptions and confusions there are few factors that needs to be considered while opting for the life insurance policy and to determine the premium rates.
Here are the most common factors that affect life insurance coverage in determining the premium rates and risk coverage.
Age of the Policy Holder
It is the number one factor that needs to be considered in the life insurance coverage. If you are younger, then chances are more to pay premium rates for years and rates will be lesser. That’s why it is always recommended to buy insurance policy at young age. It doesn’t mean that you have to buy insurance policy in your college life, it is better to buy when you’re financially stable.
Gender of the Client
Gender is another significant factor need to be considered when evaluating the average life expectancy. In fact on average women are likely to live longer than men so women pay slightly less premium rates for longer years.
Medical Test
This factor is important in the underwriting process. Medical test mainly include height, weight, cholesterol, blood pressure and other key metrics. So purchase life insurance policy before searching for coverage to ensure competitive rates. Few insurance companies do offer policy without any medical test, but they cost higher premium rates.
Genetic History of the Family
The insurance advisor generally asks about the genetic history of the family and details about the family members those susceptible to genetic disease like diabetes, heart problems, etc. If this is the case then you have to pay the higher premium rates as you carry the genetic diseases.
Profession Plays an Important Role
If your profession is risky or challenging then chances are more to pay the higher premium rates. If your job is considered has a risky profession then you may be denied to get all benefits from your insurance policy. For instance: many insurance companies charge more if your occupation is relatively dangerous such as mining, drivers, steel engineers and many more.
Driving Record
This factor seems to be surprising, but many insurance companies keep track of policy holder driving record during the underwriting process. They will access for the department of motor vehicles records to find out any issues that you’ve run afoul of the traffic rules. So if you maintain clear records in the motor vehicle department then you will be benefitted by more favorable price.
The above mentioned factors will significantly affect on life insurance coverage and insurer should minimize the premium rates by minimizing the risk factors. However, it is always advisable to compare different company policies before buying the life insurance policy.

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