Can you run a business without money? Our first answer is going to be, are you crazy? We all know we cannot run a business without a single dime. Running business seems to be so exciting, but it is also a challenge to face. Hunting for HR experts, Finance officers, and financial analysts can take a good toll on you. Business demand time and concentration to tackle uprising issues, planning strategies, and managing funds. You might have started your business with your savings that seemed enough for the kick start. What are you going to do if you spend all of your savings without a plan? You will leave with nothing, and you may go bankrupt, leaving your dream of owning a business aside.
Businesses also need a strong finance department to look after their tax payments, their stock cost, allocation of payroll to its staff, and managing overall financial records of a firm. Some of us are naturally born with excellent skills in keeping a check on spending money. They will keep a record of the amount paid and how much did they save. They can also present to you their monthly budget plan. Such people possess a knack towards managing finances.
There are different roles that a person with expertise in financial degree can perform. Every frim has its financial advisors that look after their out flux of funds to fulfill the needs of the company and customers alike. If you desire to get a job as an advisor, it is mandatory to follow these steps to becoming a financial advisor.
Earn a bachelor’s degree in finance.
Fulfill the licensing and certification criteria.
Build a job experience.
Opt for masters for specialization.
Do not worry; the financial advisor is not the only job that you can have. If you are a fresh graduate of finance, here are a few high demand job suggestions that can guide you further.
1. Risk management analysis
Finances always come with risk, if you are going to spend a particular amount on your marketing campaign, be ready to plan in case of failure. Risk management analyst regulates, adapt strategies to changing market trends, and take practical steps to protect the investments. The need for hiring risk management is increasing, but they mostly see credit operations and markets. Such analysts analyze the risk that can be caused by potential customers, operational issues, and competitors.
2. Financial Planners
Businesses need a financial plan that can assist them in their decisions without damaging the company’s funds. Financial planners are there to advise clients about taxes, investments, and insurance plans. As we grow old and seek retirement from our jobs, many of us will need personal financial advisors’ assistance to guide us through our insurance and taxes. This job opportunity will grow further in the coming years as the retirement age might change as compared to the previous one. Financial planners can also work as retail bankers as they can work for online banks or supermarkets in specific locations.
3. Financial operations analysts
If you have a bachelor’s degree in finance and have a good on the job experience, you can easily land as an FOA (finance operations analyst) in the right firm. The primary skill for this position is data analysis that you can use to analyze and assess reports on the company’s internal and external operations. There are various roles for operation analysts that depend on the set of skills and knowledge one possess. If you are aiming to work as FOA at the global market, you might need to add advanced studies to your bachelor’s degree.
In the financial world, an accountant is akin to an interpreter. They analyze all the different aspects of businesses. The accountant is everywhere, from maintaining the accuracy of financial sheets to working with audit teams and managing tax records. An accountant also evaluates financial metrics and aspects, summarize them into reports, and present it to higher-ups. An accountant also plays a vital role in making important decisions for the business or company alike.
An auditor is a person who specializes in reviewing accounts of companies to ensure the legality and validity of financial records. Internal or external auditors assess the risk and compliance with the government’s rules and laws. Auditors identify areas for improvement, coordinate the implementation of internal efforts, and evaluate the existing internal records.
With the rise of automation and artificial intelligence, every industry is shifting in their work approach. The financial sector is also taking a shift, with banking gone digital and technologies have made it easy to manage portfolios, file tax returns, and many more. There are emerging jobs in new domains that will require a bachelor’s degree in collaboration with other areas of studies. With the current scenario, human and AI interaction in the financial industry may increase by up to 34% by 2022.
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