Career Strategy of Financial Analyst - Research Paper Example

Personal Career Strategy: Financial analyst 1.0. Overview of the Interested Occupation Professional competencies are often credited as necessary in order to attain a better livelihood and better standard of living along with ensuring their well-being (Mackenzie & O'Toole, 2011). Occupation holds considerable significance in the pursuit of attaining professional competencies and success, wherein alignment between personal as well as employability skills with the features of the chosen occupation is deemed to be great importance (UCL, 2013). Contextually, I have selected the occupation of a financial analyst for myself, based on my academic credentials and my personal attraction towards the profession. It is the occupation where a person is hired by banks, financial investment firms and insurance companies as specialists to analyze their financial positioning, strengths and weaknesses based on which, the advisors as well as the decision makers can make effective planning to deal with issues related to the company health, liquidity, market value and future intended investments among others. Apparently, as the company’s financial decisions and competencies depend on the results produced by the financial analysts, the job roles shared by these professionals are of immense significance and subjected to their proficiencies in dealing with numerical complexities apart from ethical dilemmas. 2.0. For the occupation that you are interested in: 2.1. The Chosen Occupation: What I like about it Observably, the occupation that I have chosen for myself is of a financial analyst, which basically owes to my skills and abilities along with academic credentials, deemed to suit this particular job profile. However, apart from the fact that I find myself suitable for this particular profession, there are also certain other reasons that have altogether encouraged me to choose this particular career option. Contextually, there are certain key features associated with this particular profession, which further took my attention. Notably, the profession of a financial analyst has become quiet widely established in the recent years and is further expected to rise in the coming years owing to the rising need for companies to gain financial competencies and advantages thereupon. This increasing level of popularity as well as respect associated with the selected profession has attracted my attention towards the same. Again, it has also been noted that the scope for this particular occupation is quite wide as the services offered by a professional associated with this particular profession is needed by various business units to conduct their business operations with adequate ease and confidence based on realistic financial information. Such responsibilities of a financial analyst often extend to the role of a financial advisor and hence, become more crucial for any client organization (North Carolina State University, n.d.). Again, it has also been noted that if a person has gained an experience of 5 years or more in this particular profession, he/she would be able to have a wider opportunity to build a strong and successful career in the future context. Additionally, the fact that this particular profession allows a person to execute his/her skills, talents and competencies with adequate freedom of decision-making with partial influence and intervention of the role of an independent auditor, while involving in this occupation is another vital aspect that has caught my attention towards this particular job role (Gresham, 2011; Cai, 2009). 2.2. The chosen occupation: What I dislike about it Apart from the abovementioned features that have motivated me to select the profession of a financial analyst, there are also certain negatives associated with this particular profession, which has affected my interest at often times during my career planning phase. The fact that the opportunity to earn much in the first five years of associating with this particular profession is quite less, which had made me a bit reluctant to choose this particular occupation in the initial phases. Notably, this particular profession requires a lot of continuous interaction with the clients, which further increases the work pressure to a considerable extent that may again lead to mental and physical stress. This is another challenge presented by this particular occupation that has made me reluctant to choose this particular profession in the initial phases. My advisors and career counselor also inform me that the work of a financial analyst is quite tough and involves extreme level of responsibility that one needs to convey while advising the other person (either an individual or a business entity) to gain success, involving the partial roles of a financial advisor as well as that of an independent auditor. This is because of the fact that the advices delivered to the clients by a financial analyst are directly connected with the success potentials of the investments made as well as its ethical justifiability. Hence, any wrong advice might lead to negative or unfavorable results for the clients, which again intensifies the responsibilities borne by these professionals. In the broader realm, this particular feature associated with the chosen profession also implies that the margin for error in this particular profession is quite less wherein high efficiency is demanded from the people associated with this particular occupation (Gresham, 2011; Cai, 2009). This particular challenge has also often hindered my choice of selecting this particular profession, making me skeptic to an extent in the initial days of forming my personal career strategy. 3) Analyze How Good The Fit Is Likely To Be Between You And This Occupation: 3.1. The Chosen Occupation: Strengths I would bring to it As described earlier, I have chosen the occupation of a financial analyst as my personal career option. This particular decision was taken by me on the basis of certain aspects related to my personality that I find to be aligned with the required competencies for this particular occupation, which further shall act as my strengths for the same. Observably, my personality test results suggest that I am a person who is extremely responsible in nature. This trait will potentially be considered as my strength for this particular occupation as it demands high level of accountability for the people who are involved with this particular profession. My personality test results also depicted that I am a person who can be quite easily sociable owing to my talkative nature. Since the occupational roles of a financial analyst involve countless interaction with the clients, this particular behavioral trait will act as an advantage for me. Notably, my personality test also depicted the results that I have a high level of tolerance and cooperative power, which can again prove advantageous for this particular sort of profession. This is because of the fact that in order to excel in this particular occupation, one needs to be involved with the clients and assist them in various steps with adequate patience and in a cooperative manner, although maintaining clam and proper understanding of ethical responsibilities to ensure financial decision making transparency to the possible extent and assist the mainstream auditors alongside. There are also certain value based tests results that I have obtained, which might again hold relevancy with the profession of a financial analyst. Notably, my behavioral traits provide utmost value to enjoyable job with considerable earning. This might act as strengths when it comes to this particular occupation. As it has already been comprehended, this particular occupation can enable an individual to explore various new ideas in life by ensuring interaction with numerous people from different backgrounds and with diverse personality traits along with considerable financial gains through handsome salary. These factors associated with the job depict its suitability in terms of enjoyability and handsomely earning scope. I also provide high value to the aspect of meeting new people and attaining diverse social events, which is again an advantageous factor that will act as strength for this particular profession. The value test that I have conducted on myself has also delivered the results that I value an intellectual development along with challenging job responsibilities to a considerable level. This aspect is directly relevant with the job responsibilities of a financial analyst, which are deemed to be quite challenging in nature but provides upmost platform for intellectual development for any individual. 3.2. The Chosen Occupation: Weaknesses I would bring to it Notably, I possess certain personality features that might not work positively when I associate myself with the profession of financial analyst. My personality test shows that I am at times depressed and anxious in nature. Though I portray attitudes of stableness and confidence, but my periodic depressed nature might act against the requirements for this particular profession raising my stress level, especially owing to my nature of getting involved with the clients that can further make it more challenging for me to decide when facing any ethical dilemma. This is because of the fact that I need to be calm while conveying advices to clients, which is also a major feature for this particular job responsibility. This can be identified as a weakness I might bring in when I associate myself with this particular job. The test results also affirmed that I show behavior of withdrawal and shyness at times, which can prove extremely negative for this particular job responsibility. As was noted in the earlier discussion, any individual associated with this particular job will also need to have the ability to ensure that the customers are comfortable while having interactions with a financial analyst. In this context, my personality of being shy (although subjected to the individual’s characteristics I am interacting with) and a nature of withdrawal might affect me negatively while I associate myself with this particular job role. Additionally, the value test portrayed that I am a person who value physical well-being to a large extent. However, the profession of a financial analyst involves minimal physical work as compared to the mental stress to be borne. This might further impact my physical health and well-being as I might not be able to obtain adequate time for my exercise and a balanced diet on a regular basis. Besides, the value that I need to provide to my family can also be identified as a potential that might become my weakness considering the features of this particular job, which will require me to perform 24x7. Being a financial analyst will require me to be involved with the customers irrespective of any time frame. This will further leave very less time for me to spend with my friends and family. My behavior of providing high value to my family members might therefore act as a weakness for this particular job role. 4) Decide Whether You Are Still Interested In Pursuing This Career, Or Whether You Would Prefer To Try Something Else. In Either Case: 4.1. Conclusion for Selecting/ Rejecting the Career Option of Financial analyst Based on the above analysis I can conclude that I will choose the occupation of a financial analyst as my most preferred career option. Though I have found out that there are several personality traits and values of mine that might act against the features of the profession, I still believe that I have the skills and abilities that can make me capable of getting involved and attaining success in this particular profession. I also believe that the strengths I possess as per the personality and the value tests will overdo my weakness for gaining success in the profession of a financial analyst. In this regard, I would also like to mention that in every profession, one will need to cope up with both advantages and disadvantages, which is also evident in this particular profession. Therefore, I will need to work on my weaknesses in order to eliminate those so that I am able to develop myself as suitable for the profession of a financial analyst. 4.2. The Steps I will execute to get Into the Career of Financial analyst The first and the foremost step that I will adopt in mitigating my weaknesses and gaining success in the profession of a financial analyst will be to complete my Bachelor degree and make myself academically competent and eligible for the job role. Notably, the first criterion to get into the profession of a financial analyst is to have a Bachelor degree from a reputed and affiliated educational institution. In course of my completion of the Bachelor’s degree, I will primarily focus on the subject area of business, computer and economics along with mathematics, as these are the main topics that are relevant to the profession of a financial analyst. It has been noted that one of the most important aspects mainly required for the profession is an experience of two or more years as a junior analyst or financial analyst. In this regard, I will intend to move into an internship program with regard to gain experiences required for this profession. In the next stage, I will intend to fulfill all the legal requirements of this profession and will acquire a license to develop myself as fully eligible for the profession of a financial analyst. By following these steps I might be able to climb the career ladder of an efficient and successful financial manager or an investment banker or a financial analyst in the near future. 4.3. Probable Alternative Career Option The above steps that I have mentioned to reach my personal career strategy will only be considered effective or successful if I am able to associate myself with the profession of financial analyst. However, if in any case, I fail to attain my goals, an alternative option is crucial to be formed. In this context, I will prefer the option of a financial advisor. Notably, the process that I have proposed towards attaining my professional goal involves all the aspects that will develop my competencies in the sector of finance. Hence, it will be easier for me to remain in this particular domain and choose the option of a financial accountant as an alternative career for myself. References Cai, W. (2009). How to be a successful investor. Singapore: Armour Publishing Pte Ltd. Gresham, S. (2011). Financial analyst for life: become the indispensable Financial analyst to affluent families. US: John Wiley & Sons. Mackenzie, L., & O'Toole, G. (2011). Occupation Analysis in Practice. John Wiley & Sons. North Carolina State University. (n.d.). Financial analyst. Retrieved from http://www.ncsu.edu/human_resources/classcomp/cband/fiscal/finAnalyst.pdf UCL. (2013). What are skills? Retrieved from http://www.ucl.ac.uk/careers/students/information/jobs/skillsbooklet Bibliography Ferguson, P. (2009). Careers in focus. Infobase Publishing. Peterson, P. P., Fabozzi, F. J., & Habegger, W. D. (2004). Financial management and analysis workbook: step-by-step exercises and tests to help you master financial management and analysis. US: John Wiley & Sons. Multiple Sclerosis Society. (n.d.). Job description – financial analyst. Retrieved from http://www.mssociety.org.uk/sites/default/files/JD%20Financial%20Analyst%20-%20revised%20Nov12.pdf Read More