Personal Career Strategy - Essay Example

Personal Career Strategy of Financial Consultant The job roles of a financial consultant is often viewed to be related with the functions of financial planning, which provides a comprehensive idea about financial information as well as options available to the clients to invest their wealth and obtain returns as desired. Financial consultants do not generally create a financial plan for the clients, but rather they provide only valuable advices and relevant information to the clients to help them make efficient decisions (Fisher & Shelly, 2009). Since my high school, I have been very much interested to become a financial consultant, as the profession shall allow me to offer a broad assortment of finance services to the businesses ranging from small sized corporation to larger ones, having worldwide presence. These businesses mainly employ financial consultants in order to guide them towards the attainment of long-term financial goals, paying them handsomely and offering huge scope for continuous growth in the field as well. These firms also employ financial consultants for ensuring that their respective business plans are economically viable and obtain an expert view to manage money programs with adequate efficiency. Therefore, as the profession offers economic security as well as future growth opportunities in the global realm. I have decided to become a financial consultant. 2) Facts About Financial Consultant a) Liking Features of Financial Consultant There are few key aspects that have altogether attract me towards the occupation of a financial consultant. However, prioritizing these aspects on the basis of their impacts on my choice of career, I would like to mention fore-mostly that I find it quite respectful and a challenging procedure followed by the financial consultants when providing their services to the clients. As apparently observable in this similar concern, financial consultants act as effective financial planners engaged in providing clients with valuable advices regarding any sort of financial decision. Secondly, the roles played by the financial consultants also attract me towards the profession by a considerable extent. One of such roles of the financial consultants include suggesting ways to the clients about utilizing their money in a best as well as suitable manner to obtain maximum profits without taking unnecessary risks. These can be in the form of selling employee pension associated schemes to the firms or offering pension or investment related suggestions to the clients. Another important factor, which attracted me towards the occupation of financial consultant, is its gaining importance in this globalised world today. Justifiably, organizations belonging to this modern day context often have to face challenges in terms of finances due to the changing market scenario and customers’ preferences. In this regard, the financial consultants guide such companies to deal with the scenario in terms of making effective financial strategies for them and hence, acting in the background to secure their strategic success (Graduate Prospects Ltd, 2014). These facets certainly influenced me significantly in deciding for the occupation of a financial consultant in my career. b) Disliking Features of Financial Consultant Certainly, every occupation and its associated roles and responsibilities present some pros and some cons for the individual opting for the same. A similar notion is also observable in the case of the professionals associated with the occupation of financial consultants. Although these attributes form those aspects for which I dislike the occupation of financial consultant partially, but I am also ready to take up the challenges based on my abilities and believes. For instance, risks associated with the occupation of a financial consultant include failing association with the clients. As per my opinion, the association with the clients might get hampered due to inappropriate, unethical or ineffective services provided and may also be owing to the uncontrollable factors acting in the financial sector of any economy, about which the clients are likely to lack adequate understanding. Such inhibitions often make the financial consultants witness aggression of the clients, obstructing the career growth potentials of the professionals in this domain. The other aspect, for which I dislike this job occupation to a certain extent, is the prevalence of varied fee structure. Identifiably, the fees structure of the financial consultants is often commission for fee-based payment structures that depend on the kind of services that they offer to the clients (Burrow & Kleindl, 2012). Given the risks and unforeseeable factors functioning in the financial markets that can change the speculated trends of the overall scenario, this is one of the crucial aspects for which I dislike the occupation of financial consultant. 3) Analyzing How Good Is Likely To be Fitted Between Me and the Occupation a) Strengths In order to analyze how good the fit is likely to be between the occupation of a financial consultant and me along with the strengths that I am able to bring into this profession, a psychometric test can be taken into concern. Theoretically, the notion of psychometric test denotes the activities that are designed for assessing the responses made by the individuals towards various favorable, unfavorable or complex situations. It is worth mentioning that psychometric tests are conducted in various ways that include aptitude skills, considering both qualitative as well as numerical components, personality questionnaires and intelligence tests among others (Oxford University Careers Service, 2012). I, being quite good in numerical aptitude skills, would certainly bring greater strengths towards the occupation of financial consultant. As my family members, friends as well as colleagues told me that the occupation of financial consultant largely involves dealing with numericals, my development in the same can likely prove to be a fit between me and the challenges offered by my selected profession. Based on a psychometric test, an individual possessing effective numerical reasoning skill such as calculation of ratios and the capability to extract valuable and relevant information from the provided graphs or charts may have the potential to carry out the responsibilities of a financial consultant in an effectual manner. Even though I hold a sound knowledge about the aforesaid skills, a fit is likely to be good between me and the said occupation. Apart from the implementation of psychometric test, the triangulation idea can be taken into concern through which strengths can be brought to the occupation of a financial consultant. Conceptually, the idea of triangulation includes individual skills, career guidance instructions and the perceptions of the family members as well as the friends (The Career Studio, 2008). It is worth mentioning that possessing the required numerical skills, following the instructions of making a great career towards the occupation of financial consultant and considering the perceptions of the family members along with the friends would certainly prove to be a good fit between me and this occupation at large. b) Weaknesses Apart from the above discussed strengths, certain weaknesses might hinder or obstruct the fit between me and the occupation of a financial consultant. In this regard, one of such weaknesses can be apparently observed as possessing the required qualifications of a financial consultant. Since, the occupation mainly deals with money as well as finance, which carries huge amount of premium, professional qualifications play an imperative role for smoothly conducting the responsibilities of a financial consultant. Observably, the qualifications of a financial consultant fundamentally include a bachelor’s degree and most preferably, a master’s degree having specialization in finance, good knowledge in the subjects like statistics or accounting and aptitude in various domains comprising risk management along with budgeting procedures (Tan, 2001). With concern to my professional qualification, I would like to mention that I have completed my bachelor’ degree in the field of accounting with limited knowledge in the procedures of corporate budgeting and financial analysis and is still engaged in grooming my potentialities in the field. This can be attributed as one of the prime weaknesses, which might restrict the fit between me and the occupation of financial consultant. I feel that I lack in areas of expertise relating to the occupation of a financial consultant due to limited knowledge in the above discussed domains. In order to rectify this lacuna, I have planned to attend training programs and crash courses based on the aspects of corporate budgeting, risk management and financial analysis among others. Moreover, as mentioned in the earlier discussion, having a master’s degree along with a bachelor’s degree is mostly preferred while promoting oneself as eligible in performing the responsibilities of an effective financial consultant. I also lacked in this particular field and I planned to pursue a master’s degree having specialization in finance through the mode of distance education. Since I would be looking forward to pursue my career in this specific occupation, I require rectifying my lacunas within a short period of time. 4) Decision a) Explanation for Reaching the Conclusion It would be vital to mention that I am still interested in pursuing my career in the occupation of a financial consultant despite having the above stated weaknesses. One of the prime reasons for narrowing down to this conclusion has been with due significance to the maximum growth of financial consultant occupation in the current scenario. Reports project that this specific occupation is anticipated to develop much faster as compared to other occupations. It is worth mentioning in this similar context that the employment of financial consultants, planners or advisors in expected to augment by 37 percent in upcoming days due to increased level of investments made by the business organizations both nationally and internationally. Certain crucial factors such as gaining momentum of globalization, increased level of industrialization along with liberalization and prevalence of extreme business market competition have enabled the banks as well as the insurance companies to expand their businesses in the securities industry and therefore, increasing the demand for financial consultants in the global periphery. To be specific, several banks and insurance companies tend to include investment advices into their existing services for which, the hiring of the financial consultants will grow at large in future. Additionally, the deregulation existing specifically in the industry of financial services is deemed to be continuously spurring demand for financial consultants in the banking industry (Bureau of Labor Statistics, 2000). b) Description of the Steps The steps that I will require to follow in order to grow as a financial consultant, initially focuses on the completion of my master’s degree with specialization in finance. Subsequently, I would focus on joining the courses or training programs relating to various subject matters of this occupation. These would include accounting as well as corporate budgeting procedures, procedures of financial analysis and risk management. After undergoing the courses or training programs linked with these subject matters, I would acquire a comprehensive idea about bond valuation, risk management, option pricing and other facets related with financial consultant’s occupation. It is worth mentioning that holding any sort of project work or apprenticeship in any of the above discussed subject matters would certainly help me in pursuing my career in the occupation of financial consultant effectively. The rationale for going through project works or apprenticeships lay in the fact that these would provide me a practical understanding and will also enable me to apply theories into reality in real business conditions (Tan, 2001). After obtaining the necessary educational qualifications and trainings of the significant subject matters associated with the occupation of financial consultant, my next step would be attaining authorization along with accreditation and certification required to establish myself as a reliable financial consultant and serve my clients in an effectual manner. Subsequently, my other step would be focused to acquire other required skills that comprise analytical along with cognitive abilities, a logical thought procedure, problem resolution, good communication and customer service. With regards to personal qualities’ development, my step would be concentrated on developing self-confidence, innovativeness as well as creativity in work approaches and maturity among others (Tan, 2001). Thus, it can be affirmed that the aforementioned steps or action plan would certainly aid me in pursuing my career as a financial consultant effectively. c) Alternative Career(s) Ideas Considering my limitations and the persisting competition in field of the profession of a financial consultant, I shall strive to become a Financial Assistant Manager or Portfolio Manager. Identifiably, a financial assistant manager or a portfolio manager generally intends to spend as well as manage assets and a certain sum of money on behalf of others with the intention of generating substantial profits and income. Moreover, the other core responsibilities of a financial assistant manager or a portfolio manager include preparing investment briefs for mitigating investment barriers, organizing along with managing investment documentations, cultivating greater association with the investors and preparing effective development appraisals among others (The Pennsylvania University, 2012). The skills required to perform these alternative career ideas commensurate with that of the occupation of financial consultant, which necessitates a minimum of bachelor’s degree or higher qualification in financial management. In this regard, the reasons that might inhibit my chances to become a successful financial consultant principally include lacking professional qualification, inability to satisfy clients and improper knowledge about the responsibilities of a financial consultant. In certain cases, I have alternative career ideas of an assistant manager or a portfolio manager, which is gaining its momentum and is expected to grow in future. References Burrow, J., & Kleindl, B. (2012). Business management. United States: Cengage Learning. Bureau of Labor Statistics. (2000). Occupational outlook handbook. US: Bureau of Labor Statistics. Fisher, S., & Shelly, S. (2009). The complete idiots guide to personal finance in your 20s & 30s, 4E. United Kingdom: Penguin. Graduate Prospects Ltd. (2014). Financial adviser. Retrieved from http://www.prospects.ac.uk/financial_adviser_job_description.htm Oxford University Careers Service. (2012). Psychometric tests. Retrieved from http://www.careers.ox.ac.uk/wp-content/uploads/2012/10/PSYCHOMETRIC_TESTS_2012.pdf The Career Studio. (2008). The career studio: our approach to career guidance. Retrieved from http://www.careerstudio.co.uk/data/CS%20Approach%20to%20Guidance.pdf The Pennsylvania University. (2012). Assets. Retrieved from http://ohr.psu.edu/assets/recruitment-and-compensation/job-profiles/InvestmentManager.pdf Tan, C. H. (2001). Personal finance in Singapore. Singapore: NUS Press. Read More