Quantum probability communications - Essay Example

REFLECTIVE COMMENTARY of the of the Part A I believe that the degree to which a excels in one’s career dependsto a large extent on efficient analysis of the job market. In this context, Frank Qu & Zhao (2014) stated that proper understanding of one’s strengths and weaknesses can help in choosing the appropriate career option. In addition to this, it is important to identify the market value of the educational courses pursued by a student. Therefore, proper understanding of the job market, personal strengths and weaknesses and value of educational course can help in matching the competencies of a student with the industry requirement. It has often been seen that students are unable to bag a job in spite of having various certifications and educational qualifications because of lack of understanding of the key skills, knowledge and competencies required by a student to get a job in a specific industry or market. I look forward to getting a job in China as this is my home country and I have studied in China prior to shifting to the UK. Hence, I am aware of the Chinese culture and languages. I am also interested towards travelling for business purpose. I have grown up in China and therefore think that the know-how of the Chinese culture and custom would help in delivering better performance in my job. The Chinese labour market has observed a turning point since 2013. Entrance of around 7 million graduates has helped to offset the labour shortfall in the country. However, the prospect of the young migrants from other countries like the UK, US and others does not look promising. The wage rate for the skilled labour has also shown a considerable rise in China and the employment conditions started to improve. The Chinese government has also initiated certain measures by expanding postgraduate education and civil service staff recruitment. Around 30% of the college graduates in China have secured a contract in Shanghai and Beijing in May, 2013. Thus, it would not be inappropriate to state that the domestic college graduates in China are more vulnerable to the current economic downturn compared to the migrant graduates. According to Dix‐Carneiro (2014), the wage rates of the migrant workers are expected to increase because of the decline in labour supply in China. However, the sustainability of job depends on the extent to which a migrant is able to connect to the Chinese culture and customs. I have also observed that labour shortage and high unemployment coexist in the labour market of China. In fact, these issues have cropped up in recent years. The total number of students passing out from different universities in China has increased considerably in 2014 compared to 2013. The quarter of January-March, 2014 evidenced around 1293 million graduate job seekers looking for employment opportunities in China, but have not been successful in getting a job across 102 cities through employment agencies. The unemployment rate in the major cities of China including rural migrants stood at 8.7% in the 1st quarter of 2014 (Voxeu.org, 2015). On the other hand, the percentage comes to 6.9% if the rural migrants are excluded. This can be explained through the lack of required skills among the local graduate candidates in China. In the view of Chan (2015), the labour shortage in China can be met by offering more employment opportunities to the migrant workers and expanding employment agencies. Thus, the current shortage of labour supply in China would offer better job opportunities and career prospect to migrant workers like me. In continuation to this, the Chinese market has become a suitable destination for the Japanese companies. This can further increase the job demand for migrant employees. Lack of multiple job-oriented skills seems to be the key reason for the inability of young graduates to secure a job in China (Voxeu.org, 2015). This further makes me suitable as a potential employee in China because of my knowledge in multiple domains like finance, business problem solving, business communication and financial decision-making. In addition, my current stream of graduation has equipped me with knowledge on various international markets and different countries. This further increases my chance of getting a secured job in China. The subjects learned by me during graduation would also help in performing multi-tasking. I feel that the subjects chosen by me as a part of graduation would help to get a job in companies engaged in market research. My analytical and numerical ability would also help in this regard. I have also worked as a supervisor for around 5 years in Shanghai restaurant from 2010-2015. I think this job experience would be an added advantage for me. While working at the Shanghai restaurant, I was able to develop my leadership and communication skills as my job role involved leading team members and interacting with the customers. My time management and stress management skills have also improved significantly as I was required to meet service deadlines during my job at the Shanghai restaurant. Supporting to this, Biech (2014) stated that employees are hired for the availability of hard skills, but are often fired for the lack of soft skills. I believe that there is a strong need of candidates having multi-tasking ability, leadership skills, communication skills and a graduate degree. In addition, my knowledge in corporate finance and financial decision-making would increase my chance of getting selected in the Chinese job market. The demand for candidates holding qualifications on international management has increased sharply in China as the Chinese companies are looking for international expansion of business. Expansion of Japanese companies in China is yet another major factor that increases the significance of international business management (Voxeu.org., 2015). The principle benefit of holding a qualification in international management is that specialisation offers knowledge and skills on multiple domains. This also makes a candidate suitable for leading business operations of a company. The focus of the course is on gaining sound knowledge on key areas of business management rather than on specialisation. Overall, I believe that the Chinese job market offers ample opportunities for candidates with the desired qualifications and skills. My educational qualifications and job experience also increase my suitability for the Chinese job market as I wish to work in the market research industry. My communication, analytical and quantitative skills would also be of great help in this regard. Part B I have great interest in research based jobs. My future ambition is to join a market research firm in China post completion of my graduation. Stability in growth of Chinese economy has opened up new opportunities for market research firms in China (Wilson, 2014). Presence of huge business market in China also supports the growth of market research companies in China. In the last five years, the market research industry of the country has experienced rapid growth. Supporting to this, Brace (2008) expressed that emergence of specialised research firms, fast expansion of foreign funds and technological advancements are the principle cause behind the growth of market research industry in China. The revenue generated by the market research industry in China has increased by around 14.8% over the past 5 years till 2015 at which the revenue stands at $4.6 billion. The revenue is further expected to grow by 11.10% in the year 2015. In spite of a marginal fall in industry profitability, the current profitability of the market research industry of China stands at 18.0% (Voxeu.org., 2015). However, the fall in profitability of the industry does not indicate reduction in growth rate; rather the fall in profitability is because of the rising labour costs in China. The small market research firms in China do not need high expertise or special equipments to collect data as these firms are engaged in offering simple market research activities. However, the number of such small research firms has also increased in the last 5 years in China. The growth is expected to rise further. Therefore, the Chinese research industry holds strong growth potential and bright future prospects. This supports my decision to enter into the market research industry of China. My passion towards analysis and research activities further justifies my career choice. I feel that knowledge, skills and experience are equally essential to build a successful career. As regard to the knowledge, I have studied business studies during my A Level whereas; I studied Information Technology during BTEC Level 3. One can hardly think of working in the market research industry without adequate numerical ability. On the other hand, Wiersema & Beck (2011) viewed that IT is highly important for research companies as these companies are required to work with huge volume of data. Therefore, data processing and data protection becomes necessary. I have gained valuable knowledge related to Data Base Management System (DBMS), computer networking system, IT structure and measures to prevent cyber crimes. I believe that such knowledge would help me in delivering my responsibilities as a research professional. Gilmore & Williams (2009) mentioned that MIS and IT related competencies enhance the potential of a candidate. I think that to be successful in the market research industry, one has to be conversant with the financial tools and techniques used for analysis. The financial decision-making module in my graduation equips me with the necessary techniques that can be used to conduct financial analysis. According to Burke (2002), students with good numeric and financial analysis ability have higher chance of getting placed in research companies. I have learnt various financial ratios that can help me in understanding the liquidity, gearing and efficiency position of different companies. I have also learnt investment appraisal tools that are used to determine the viability of projects. I came to know from my professors during the seminars that candidates with financial expertise are often paid higher remuneration compared to on-finance students. This encourages me to join a market research firm in China post completion of my graduation. The potential CRCC Asia internship program that I intend to join would also help me in gaining practical knowledge on various areas of business management. I would get an opportunity to work with reputed business organisations where I can learn a lot of things from the practices and policies followed by these organisations. This would also help me in applying the practical experience and lessons learnt from the internship programme in research work. In addition, the certificate of participation in the internship programme would also enhance the value of my CV in the job market. The internship would allow me to work with experienced managers and I can gain valuable insights on managerial practices. This would further help me in evaluating the business performance of organisations while working as a Market research associate. Hence, I consider the programme to be relevant and useful for meeting my career objectives. According to Attal & Lindsay (2003), internships help in bridging the gap between theoretical knowledge and practical applications of the same. Furthermore, I also feel that market research firms, being in the service industry are customer focused and thus good communication skills are a must for working in the research industry. Culture and communication is a part of my curriculum in graduation which helps me in understanding the different tools and styles of communication. The clients of market research firms often seek solutions to critical business issues. The business problem solving module of my course is helpful in this regard as it teaches the way in which root causes of business problems can be identified and resolved. My previous work experience as a supervisor in the Shanghai restaurant can also be considered useful to be successful as a market research professional because the job has improved my team working and communication skills. My professors have considered the same as highly relevant to work in the research industry where team working is vital to meet customer demand and organisational goals. Hence, I firmly believe that starting a career post completion of graduation in the market research industry of China would offer me growth in the future as I aim to hold managerial position within 7 years after joining the research industry. Job experience helps a candidate to make practical applications of the learned theories (Piskurich, 2009).  The psychometric tests, internal and external interview during the seminars have also provided valuable suggestions to me for selecting the right career path. The feedbacks that I received from the psychometric tests have helped me to understand my key strengths and weaknesses. As mentioned by Hamersveld & Bont (2007), numerical reasoning, verbal reasoning, diagrammatic reasoning and situational judgement are the key elements of a psychometric test. I understood that risk taking attitude, general intelligence and communication skills are my key strengths whereas; indecisiveness and poor listening skills are my key weaknesses. On the other hand, the interview sessions have helped me to understand the behavioural and managerial skills preset in me. According to Simanowitz & Pearce (2003), mock interview sessions help a potential candidate to overcome nervousness during actual interview sessions. The interview sessions concluded that inefficient time management, poor public speaking skills and limited knowledge in Microsoft Excel software are my key limitations. However, group working behaviour, written communication skills and sound theoretical knowledge are my key strengths. In the view of Kumar (2007), proper understanding of the strengths and weaknesses associated with a particular job helps an employee to growth in one’s career. The graduate position chosen by me is Market research associate in any market research firm based in China. As mentioned by Office & Kyloh (2008) the research industry of the country and rising number of market research companies in the country are the key strengths associated with the job position. In addition, the position would help me in applying my theoretical knowledge to practical application. Another benefit associated with the position is that the job experience gathered by me as a Market Research Associate would allow me to seek better job opportunity in any other company. On the contrary, the above mentioned position also has certain weaknesses. Gertler et al. (2014) expressed that the skills acquired by an employee in the research industry is confined to data analysis only. Working as a Market research associate improves data analysis and interpretation skills of an employee. However, the position restricts an employee from developing skills related to other functions like marketing, operations and others. In addition, the growth in terms of promotions and acquiring higher roles in market research organisation is also quite limited (Heneman & Judge, 2006). There are good growth prospects in terms of financial benefits; however, the growth is limited in terms of designations held. In this context, Noe (2006) viewed that working in a same designation over a long time-period leads to job dissatisfaction among employees that can also hamper the personal life of the employees. The desired job position of Market research associate would help me in improving my analytical skills by working with real data. Pollitt (2007) observed that lack of adequate computer skills among employees is a major reason for unemployment across the globe. The job would also help me to sharpen my skills related to the use of Microsoft excel and word software. Thus, it can be a good opportunity to become an expert in Microsoft excels software. I shall be able to learn the use of statistical, financial and other vital functions used in excel. On the other hand, I feel that my verbal communication skills might not get improved because I would not be responsible for directly interacting with the customers. I would also be able to develop relevant skills for evaluating the business performance of various organisations. Conclusion I think that the chosen job position of Market research associate has various strengths and weaknesses. There are also various opportunities and limitations associated with the position. I think that the current market scenario in China and my competencies support the position to a large extent. However, I feel that I need to take initiatives to overcome the weaknesses related to the job and also capitalise the strengths or opportunities associated with the same. I think that I can focus on opening my own market research consultancy firm in China after gaining relevant experience in the concerned domain. This would help in mitigating the problems associated with limited growth prospects in the market research industry in terms of higher job positions. I can also join executive programmes in management offered by premier management institutes to improve my knowledge in other areas of management that does not come under the purview of market research. On the other hand, I can gain valuable contacts of clients seeking market research services. This could help me once I am able to open my own research firm. As regard to the financial benefits, the salary offered by market research firms to the candidates is quite high. In addition, there are certain variable pay options as well in the form of performance based incentives. I can enhance the benefit from this by investing in suitable assets. The investments would help in earning returns on the investments and increase my wealth. I am planning to make investments post completion of 6 months in the designated job role. On the other hand, I am looking forward to open my own research firm after gaining 10 years of work experience in market research works. This would help in understanding the various dimensions or aspects of market research. In addition, the contacts developed during this phase of 10 years will also help in increasing my business. It is important to think for starting up own research firm because of the limited growth opportunities in the market research industry of China in terms of designation. Working for around 10 years in the market research industry would also help in determining the appropriate price structure for the clients to gain a competitive edge over the rivals. The principle reason for which I want to invest a significant portion of my salary in suitable avenues is to accumulate sufficient wealth for opening own research firm. I intend to invest in high risk high return investment avenues like equity shares and others. My focus is on capital appreciation rather than on regular source of income. Investing in equities offers high returns. On the other hand, undergoing an executive programme in management would result in an all round development in me which would further enable to manage my own research firm effectively. At the same time, the executive programme would also help in seeking higher position in the market research firms till I am able to start my own business. References Attal, S. & Lindsay, J. (2003). Quantum probability communications. River Edge, NJ: World Scientific. Biech, E. (2014). ASTD handbook. Alexandria, VA: ASTD Press. Brace, I. (2008). Questionnaire design. London: Kogan Page. Burke, A. (2002). Career planning. 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