Organization and Service Management in Financial Services - Assignment Example

Organization and Service Management in Financial Services In order to have adequate knowledge to cope up with the challenges facing the investors and funds managers, institutions of higher learning have come up with various strategies to provide their students with adequate banking and finance skills. My goal was therefore to extensively study the concepts of banking and finance and become an experienced investment analyst. An investment analyst major role is to undertake a research in order to come up with reliable and resourceful ideas to the fund’s managers (Collier, 2009). As an investment analyst, I was guided by my instructors on how to undertake a research and come up with adequate information that would help the fund managers to make proper decisions that relates to the investment portfolio that they manage. While some investment analysts undertake their responsibilities in the investment management companies where they provide financial information to the fund managers, others are hired by investment banks and stock brokers to make their own investment ideas. Basically, investment analyst key roles include evaluating investment potential and studying economic trends (Leon, 2012). Thus, as an investment analyst, one need to ensure that he or she understands financial information including company accounts, data as well as financial statements. Similarly, they should be aware of the political events and current economic data including the trend of stock market (Orman, 1997). Major skills that the investment analyst must posses includes skills related to examining and interpreting data retrieved form various sources and identifying the impact of such information on the investment decisions (Thorp, 2010). As mentioned earlier, investment analysts are hired by various types of employers. These include banks, investment companies, public and private companies among others (Trinder, 2000). Additionally, social groups that have opened bank accounts to save their annual or monthly contribution may hire the services of investment analysts in order to guide them on how to effectively invest their funds. In UK and other countries investment analyst jobs can be found in pension funds, hedge funds and real estate firms, charitable organizations, large corporation as well as wealthy individuals. As finance students, we were trained on the various skills that are needed by an investment analyst. Most importantly, the course has exposed me on how to conduct extensive research on companies’ market data as well as reading their financial statements. By identifying their financial position, I am now able to identify areas where they can invest their capital in order to maximize their profits (David, 2007). Related to that, the course provided me with skills on how to analyze financial information of a firm by studying their cash flow statements, profit and loss statements and balance sheet. In this way, I am now in a position to determine how a company is positioned to provide the investors with their returns. Investment analyst as a career that is highly demanded in the financial sector, ensures that individuals undertaking it are aware of the market developments locally and globally, new investments products in the market and the changing economic environment in various countries (Schulman, 1999). In this way, the decisions that are made by the investment analysts are effective in meeting the needs of the investors based on the extensive information they get from their research (Heck, 2011). Another aspect that the finance training exposed me to is identifying how natural disasters such as earthquakes, wars and weather may have an impact on the company or individual investment portfolio. Thus, it is possible to guide the investors on the regions that they are likely to get high returns and low risks on their investments. One of the ways through which investors get information is through the use of specialist media services (Bodie, 2005). Thus, during our training we were exposed to the techniques and methods of monitoring the financial news from such sources. In order for the fund managers to have clear idea on the information and data provided by an investment analyst, it is imperative that all the information is in written form. Thus, during my training, notable areas that I covered include how to draft and write a research report in a proper way so that the funds managers and other users can easily understand all the aspects covered in the research. As investment analyst, I was in addition trained on how well to provide information to the investors, providing resourceful recommendations, investments risk analysis, financial projection and determining whether companies comply with government regulations. Based on the wide range of clients that requires our services as the investment analysts, the module provided us with ample opportunities on learning about service management. Various investors have diversified needs and thus the need to ensure that have adequate information on the costs and benefits of their decisions (Berezin, 2005. Notable merits of service management to the investors and customers includes reduced costs due to the integration of supply chain and services, improved service revenue, enhancing clients satisfaction levels, reducing inventory costs, optimizing service quality and reduction of expediting costs (Lewis, 2009). Through the use of various concepts of service management including the field force effectiveness, customer management and service strategy, I was able to be provided with skills of how companies can optimize their revenue by engaging in different investment portfolio as well as maintain strong relationship among all the stakeholders (Brindley, 2008). While analyzing a certain economic aspect that is vital in making an investment decision, investment analyst’s work is more effective when undertaken by a group. Thus, the module provided us with opportunity to make some academic research as groups in order to emulate the culture of team work (Aswath, 2000). As a team we were able to share knowledge that relates to various areas that investors in the modern world can penetrate. Additionally, I was able to relate well with my team members an aspect that resulted to my improvement of financial knowledge and most importantly the one touching on investments. Through the guidance of our instructors, we were able to form strong team with other course mates an aspect that prepared us in our future assignments (Griffiths, 1990). As a team member, each one of us was given a specific job and time duration within which to complete the responsibility. In this way, I gained extensive skills as far as division of labor is concerned. Thus, as a future investment analyst, I will be in a position to advice my clients on the way forward as far as division of duties in order to maximize profit is concerned (Allen, 2010). Apart from working as a team, I was able to undertake my own research in the library and through the internet as a way on improving my research skills for example in the areas of stock markets and the performance of various countries economy (Prowle, 2010). As an investment analyst one should be in a position to seek information independently and then make argument that can then be discussed with other analysts and come up with a sound decision. During the module I have developed various skills. Example of areas that I have become competent includes information technology, team-working skills, numerical skills, communication skills, problem solving skills, keeping up to date market information, interpreting of complex financial information and writing financial reports among others (Timmins, 2007). In addition, I was able to have good skills on how to arrange for a meeting with funds managers and use of simple concepts that will make the users of my information to understand my reports (Rondeau, 2006). Personally, the module has made me to be motivated and have courage to provide good advice to any employer who may hire my services in future. Additionally, my relationship with my instructors and other finance students was greatly improved due to the close contacts that I had with them (Jerry, 1996). As the result of the strong ties with other students, I have attained effective communication skills including ability to provide information with solid evidence. Another notable strength that I have gained is effective computation skills that are highly needed during analyzing of the companies data and financial statements. Another notable strength that I gained was effectively was working with groups (Porteous, 2005). This strengthened my career a lot since I gained skills from other students who I used to refer to when I was faced with a challenge. One area that I need to improve is researching on foreign companies. Due to companies’ use of different accounting concepts, I need to come up with ways to find out more information on them in order to grow my career. Action plan Within the first 2 -3 years, I learnt on various aspects of public relations through the support of our instructors. Additionally, we have covered areas such as financial management, accounting concepts, financial analysis units, capital and money markets, introduction to investment and real estate valuation and finance. In the same way, during my first year I gained reasonable communication skills that have positively impacted on my career. In order to develop the necessary skills, I will come up with strategies of meeting various investors and discuss with them issues relating to their investment portfolios. In this way, I will have an opportunity to exercise my skills. References Allen W. 2010.Banking and Experiences. New York: New York Press. Aswath, D. 2000. Provides Resources Covering Three Areas in Finance: Corporate Finance, Valuation and Investment Management and Syndicate Finance. New York: New York University. Berezin, M. 2005. Emotions and the Economy under Financial Institutions. NJ: New York Press. Bodie, Z. 2005. Investments in Financial Institution. Boston: McGraw-Hill Irwin. Brindley, B. 2008. A Dictionary of Finance and Banking. Oxford: Oxford University Press. Collier, P. 2009. Fundamentals of Risk Management for Accountants and Managers Tools & Techniques. Amsterdam: Elsevier. David, I. 2007. In What Ways Can the Government Encourage Business Activity? Houston: Texas press. Griffiths, H. 1990. Financial Investments. London: McGraw-Hill. Heck, J. 2011. Leading Contributing Institutions to the Elite Finance Journals. New Georgia: Georgia Humanities Council. Jerry P. 1996.Civilian Businessman visiting financial institutions for clarifications. New York: New York Press. Leon, W .2012. Financial Analysts' In: K. Knorr Cetina & A. Preda (eds.), Handbook of the Sociology of Finance, Oxford: Oxford UP, pp. 250-271 Lewis, M. 2009. Panic: The Story of Modern Financial Insanity. New York: W.W. Norton & Co. Orman, S. 1997. Steps to Financial Freedom. New York: Crown Publishers. Rondeau, E. 2006. Facility Management in Banking .Hoboken: John Wiley & Sons. Schulman, D. 1999. Shared Services Adding Values to The Business Units. New York: Wiley. Thorp, E .2010. Kelly Capital Growth Investment Criterion. World Scientific. Timmins, F. 2007.Communication Skills: Revisiting The Fundamentals. Financial Institutions. New York: New York Press. Trinder, L. 2000. Evidence-based Practice: A critical appraisal. Oxford: Blackwell. Prowle, M. 2010. Managing and reforming modern public services: the financial management dimension. Harlow, England: New York. Porteous, B. 2005. Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates. Palgrave: Macmillan Publishers. Read More