LAP QS 051 Objectives Describe career opportunities

LAP: QS 051

Objectives Describe career opportunities in financial services. Discuss issues and trends in the financial-services industry.

Objective Describe career opportunities in financial services.

Careers in Finance Any job that involves money management Finance jobs are everywhere !

Career Pathways in Financial Services Financial and Investment Planning § Broker • Works for a brokerage house • Trades securities for clients • Must pass difficult licensing exams • Long and hectic hours

Career Pathways in Financial Services Financial and Investment Planning § Investment banker • Works for an investment bank—specializing in helping corporations and governments with complex financial matters • Assists client with details and strategy • Stressful work • Long, irregular hours

Career Pathways in Financial Services Financial and Investment Planning § Mutual fund manager • Works for a mutual fund company • Trades individual securities within each fund • Makes decisions to help the fund grow in value

Career Pathways in Financial Services Financial and Investment Planning § Financial analyst • Also known as securities analyst or investment analyst • Evaluates companies and industries and makes recommendations to buy, sell, or hold securities • May become a CFA (Chartered Financial Analyst)

Career Pathways in Financial Services Financial and Investment Planning § Personal financial advisor • Provides individuals and families with guidance for May become a CFP (Certified Financial Planner) investment and financial decisions • May become a Ch. FC (Chartered Financial Consultant) • May also buy and sell certain financial products • Works flexible schedule, designed for clients’ needs

Business/Corporate Financial Management Ø Financial clerk ü Responsible for financial recordkeeping ü Bill and account collectors ü Procurement clerks ü Billing clerks ü Payroll and timekeeping clerks ü Usually paid hourly Career Pathways in Financial Services

Business/Corporate Financial Management Ø Financial manager ü Oversees part or all of an organization’s finances ü Risk and insurance managers ü Treasurers ü Cash managers Career Pathways in Financial Services

v Commercial banks v Offer financial products Types and services to individuals and businesses of banks v May be large or small Career Pathways in Financial Services

v Credit unions v Financial cooperative created, owned, and managed by members v Membership is based on a common link. v Lower fees and interest rates than a commercial bank Career Pathways in Financial Services

v Savings banks v Accept deposits for savings accounts v Lend money for mortgages v Customers are primarily individuals rather than businesses. Career Pathways in Financial Services

ü Conducts routine bank transactions ü May sell additional bank products ü Salaries vary widely. Career Pathways in Financial Services

ü Finds clients and helps them apply for loans ü May specialize in commercial, consumer, or mortgage loans ü May become a CMB (Certified Mortgage Banker) Career Pathways in Financial Services

ü Assesses loan requests and makes recommendations to the loan committee ü May specialize in a certain type of lending Career Pathways in Financial Services

ü Oversees all functions of a particular bank branch ü Hires personnel ü Resolves customer complaints $ $ $ Career Pathways in Financial Services

v Sells insurance policies and other financial products v May specialize in a certain type of insurance v Must be licensed Career Pathways in Financial Services

v Assesses risk using statistical analysis v Helps design policies to minimize risk v Must pass a stringent series of exams Career Pathways in Financial Services

v Calculates the risk of loss v Establishes premium rates v Designs policies to cover risk v May specialize in a certain type of insurance Career Pathways in Financial Services

v Assists buyers and sellers in the process of purchasing or selling property v May specialize in commercial or residential property v Must be licensed Career Pathways in Financial Services

v Determines the value of a specific property v May specialize in a certain type of property v Must be licensed Career Pathways in Financial Services

Ø Prepares, analyzes, and verifies a variety of financial data Ø Government accountant Ø Internal accountant Ø Management accountant Ø Controller Ø Public accountant Career Pathways in Financial Services

Objective Discuss issues and trends in the financial-services industry.

Traits, Skills, and Education • College degree • Aptitude for math • Computer skills • Problem-solving skills • Self-confidence

Technology • Online banking • Purchasing financial products online • Encryption technology • Both positive and negative effects

Deregulation • Financial Services Modernization Act of 1999 • Blurred lines between banking, securities, and insurance industries

demographics • Baby Boomer generation nearing retirement • Better education

Quick Case • “Most read” financial analyst on Wall Street • Made many lofty predictions before the “dotcom bust” • Was investigated by the SEC after the “dotcom bust” • Fined and barred from the industry for life • Stricter industry regulations now

Mark. ED Acknowledgments Original Developers Lelia Ventling and Sarah Bartlett Borich, Mark. ED Version

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