Careers in Finance and Money Management
Finance is a broad term meaning things regarding financial concerns as regards the analysis, formation, and management of investments and money. There are different fields of study that deal with finance. Some examples of these include: taxation, banking, investing, micro-insurance, and social sciences. It is also an interesting field to study if you like math or science. Finance may be viewed as being the most important part of management.
A degree in Financial Accounting gives students the skills and knowledge they need to pursue careers in the financial accounting field. Students who have an accounting background but no other background in finance will find that the subjects that are offered in a graduate degree program are very solid. Those without any background in business will find that there are many business related courses available in the business administration department at many four-year colleges. These career paths can be further pursued with associate’s degrees or even bachelors degrees. The courses and subjects that can be completed in just a few years can be very helpful to those who are looking to get into financial accounting.
Financial accounting deals with the recording, measurement, reporting, and evaluation of financial transactions such as sales transactions, purchases, income, and lending. This includes all the financial aspects of banking, such as credit, loans, deposits, accounts payable, and liabilities. Some of the areas of focus for accounting include: general ledger, journal, and book. If you are going to major in finance, you may also be interested in courses dealing with real estate, the corporate sector, and the financial market place. You may even want to take courses that specialize in government, international business, or individual and family finances.
Another option is to go into banking. People who already have backgrounds in accounting can go into banking as financial planners, bank analysts, or treasurers. Those who prefer to enter the world of finance as investment bankers can focus their studies in either finance or banking. They will be responsible for analyzing and researching bank assets and putting together a plan on how to best invest those funds. They will also be involved in finding the best deals for their clients to make the most profits.
There is also the option of going into money management. Those with backgrounds in accounting may want to look into becoming a money manager, which basically entails finding, investing, managing, and keeping track of various money-making opportunities. Money managers can work in a number of different companies such as insurance, brokerage firms, or private money management firms. Some choose to become accountants so they can have a head start on the finance industry and become qualified to manage their own money. However, money management is also a lucrative opportunity. Those with backgrounds in accounting can also pursue a career in money management by going to classes or by enrolling in online courses.
A good example of a job that would qualify as a job in finance would be financial planners. This job basically involves creating financial strategies for groups or individuals. This includes helping individuals set up a savings plan or investing for retirement. Financial planners generally have a bachelor’s degree in accounting or a similar major. In order to be qualified for this position, individuals must have worked in accounting and have at least a two year degree in finance or money management.
Another good choice for a job in finance would be to become a financial consultant. This position requires at least a four year degree in accounting, finance, or business administration. A consultant will assist large businesses with all of their financial needs, helping them develop and maintain effective business policies and procedures. Some consultants begin by working with small businesses to determine what types of loans and investment options for the small business has available. Other financial responsibilities include analyzing financial statements and making recommendations for restructuring options.
Individuals who decide to be on the fence when it comes to going into finance should consider opening up their own personal finance and money management practice. An accountant can work as a general accountant or a finance and money management consultant. A consultant can either work in the banking sector, helping banks to set up and improve their investment practices or they can open their own firm that focuses on specific areas such as real estate finance, venture capital, and private equity. The downside to this career is that an individual will need to have significant financial management skills in order to be successful. Although, these are some of the most popular choices, any individual with an interest in becoming educated in finance and money management should be able to find other positions that they enjoy more. The future financial picture looks bright for anyone with an interest in finance and money management.