Career Managment - Assignment Example

1 Introduction The three roles that I have chosen for this paper are Compliance Analyst, Management Consultancy and Investment Analyst. These three roles have many similarities and differences. I am most interested in the Management Consultancy position. 1 Part 1: Compare and Contrast Roles 1.1 Compliance Analyst A compliance analyst is someone who makes sure that a business is acting responsibly and ethically in all his or her dealings. Usually these people work in financial institutions and they must make sure that the business is complaint with the rules and regulations of the Financial Services Authority (FSA). The senior management team and the Board of Directors in the organization guide the position. The starting salary for this position is £16,000 per year. As the individual gains experience and skill, they can earn over £100,000 per year. 1.2 Management Consultancy This position is similar to compliance in that the individual can do consultancy, they can also do a variety of other jobs. In this capacity, they use a wider array of business skills than the Compliance Analyst. This job is for people who like variety because they can do “business advisory, taxation, audit and assurance, corporate recovery and insolvency, corporate finance, forensic accounting and compliance” (Directions “Management” 1). 1.3 Investment Management The Investment Manger focuses on providing investment information to their clients. These investments could be anything from “equities, bonds, property and cash” (Directions, “Investment”, p. 1). The clients for this position well are large corporations with a lot of money to invest or individuals. Investment manager work closely with investment analysis that analyse the investments on a regular basis. 1.4 Similarities and Differences The best way to talk about similarities and differences is through an understanding of their skills and experience that is needed. All three positions require people skills. The Management Consultancy and Investment Analysis also state that the candidate must be strong in numerical skills and numerical reasoning. The compliance position needs excellent report writing skills but the other two do not list this as necessary. All three positions require the ability to work with teams. The Management Consultancy and Investment Analyst also require a background in business (Directions “Management”). The entry-level qualifications are very similar. It is suggested that a graduate programme is necessary. The strictest requirement is for Management Consultancy because they require a “three year graduate training contract at an accounting firm” (Directions “Management”). Also needed is one of the following: A levels and Scottish Highers or equivalent Can be BAF Diploma, BTEC National diploma, Welsh Baccalaureate (BAC), SVQ level 3 or Higher National Certificate (SCOF Level 7). For the Investment Analyst, a formal graduate program, any degree is accepted, but Directions said that most employers would define their academic requirements. 1.5 Work Environment The work environment for these three positions is in an office. Generally, Management Accountants may also travel to several different branch offices and they keep long hours; they may also have to work overtime in some situations (Employment Crossing par. 6). In addition, these positions will work with senior management. 1.6 Types of Organizations Large accountancy organisations, professional services and global consultancy firms are where Management Consultancy experts most often work. Investment Analysts generally work for banks, investment management companies, investment banks and various financial centres. Compliance experts work in a larger variety of organisations (e.g. insurers, underwriters, independent and financial advisors and stockbrokers) because everyone who works in financial services must have a compliance officer. 1.7 Job Outlook The outlook for all three positions is good in the UK and on a global level. In the UK, all three positions are needed in some capacity at a variety of firms (Directions). 1.8 The Career Opportunities/Progression All positions must start at an entry-level position and move upward after they have acquired experience. As an example, the office of Roland Berger Strategy Consultants lists their career progression for a Management Consultancy position as: 1. Junior consultant for 12-18 months 2. Consultant position for 12-18 months taking on more responsibility than the junior consultant does. 3. Senior consultant for 2 years 4. Project Manager for 3 years 5. Principle for 2 years 6. Partner – this is the last level and responsibilities for acquisitions, corporate development and leadership are expected. The opportunities will generally work in this way. Most employees come into an entry-level position and if they do well in that position, they are able to move forward to other positions after a period. 2 Investment Management and My Role In looking for a positing in Investment Management my experience matches many of the characteristics of this position. I am currently taking a BSc in Finance and Investment Banking. This positions me towards the Investment Management Role. The positions I have held so far have been working with people. In order to pursue this position, I would need a graduate programme that is described in this written review. This would be one of the constraints I would face if I attempted to secure this position now. One way that may help me gain experience would be to go into an internship that would provide me with the enhanced skills that I would need towards this position. 2.1 Skills and Interests Some of the requirements for this position in terms of tasks include: Risk and qualitative analysis skills – I have acquired some of these skills through my coursework. Outstanding networking and relationship management ability – I have had many jobs that include people skills. Although I have not done much networking, I have managed relationships on the job and in my personal life. I have worked for a fast-food restaurant, a hospital, and I have been a representative on student committees. Each of these roles has made me interact with a diversity of people. I have also helped to resolve conflicts and present opinions in a way that everyone was able to hear them without becoming angry. Persuasive and credible – I think working on student committees has shown that I am persuasive, and I think that credibility would come with job experience. Business communication and interpersonal skills – I believe that I have learned both types of skills because of the positions I have helped so far in my work life. I fin that people like me easily and I can develop rapport easily. Teamwork skills – I have had to work as a team member on every one of my jobs. I enjoy teams when they work together well. In terms of interest, I have an interest in working with people and helping them. I am motivated to help when I see that there is a problem where I can help. Investments are a difficult situation for many people because they are uncertain of the markets and they are not sure what they should do. I have been able to help other students and help patients when I worked in a hospital. I also enjoy working with numbers which is one of the areas that many of the jobs have requested. 2.2 Knowledge and Experience Most of the knowledge and experience so far for this position has come from my education. I have some work experience and extra-curricular activities, but they were not in the areas of investment and finance. This is an area where I will need experience that is more practical. 2.3 Network of Contacts I do not have a large network of contacts right now, but I hope I will develop them through the school and through possible internships. 2.4 Personality and Constraints Many people say that I have a pleasant personality and I make friends easily. This is one area that many of the job postings suggested that I reviewed. Many of the job descriptions said that the individual must work well with people and teams. In terms of constraints, I think that I just need more experience and more opportunity for using these skills. I believe that I need to create a stronger network in the field as well. 3 Part 3: Covering Letter Dear Mr Gould, I am writing to apply for the Investment Analyst role as advertised on alphafinancialjobs.com. I am very interested in developing a career as an Investment Analyst. I am very interested in working for a company that has an opportunity to do many things. I read in HFMWeek that you added an offshore arm because investors were requesting it; this means to me that you have a very progressive company. I will be starting my last year of BSc Finance and Investment Banking at ICMA Centre, Henley Business School at the University of Reading and I am expecting to receive the high 2.1. I currently will seek an internship in Investment Banking for the summer, and I have worked in the past at several jobs that show my ability to work with people and teams. I have excelled in all my finance courses and my professors have recommended that I serve as a tutor for students requiring assistance with class assignments. My courses have provided me with a strong background in the methodologies required for successfully analysing and synthesizing important financial information and in preparing documentation to assist management when making critical business decisions. I am a quick learner and I enjoy the challenges of doing comparative, quantitative, and cash-flow analysis in addition to portfolio and asset management, financial modelling and asset valuation. I have demonstrated my ability to work with people and teams during my work experience and through working as a patient advocate and in working in a restaurant. My part-time job in Yippee Noodle Bar provided me with a great opportunity to use my knowledge and skills. I also have strong analytical skills, outstanding communication, and interpersonal skills, which add to my ability to form effective working relationships. Thank-you for your time and interest. I hope that, on consideration of my CV, you will call for an interview. I am available for interview at any time. I believe I will make a real contribution as a member of your firm. I look forward to hearing from you and to talking with you in person about my CV and the role. 4 Part 4: Action Steps My action plan is as follows: 1. Review many career opportunities that are available to me. At this time, I will concentrate on internships that may be available. 2. I will talk to colleagues, professors and others who are currently in my network to identify possible internship and/or graduate entry-level positions. 3. I will research the Internet for other opportunities in my area. 4. I will talk with career services at the college to see whether there are any opportunities at the college or outside the college that are listed. 5. I will send my CV and covering letter to several companies that match my abilities, skills, and interests. 6. I will secure several interviews with various companies that offer graduate opportunities for employment. 7. I will secure a role that is the best for me at this time. Works Cited Alpha Financial Jobs. ‘Job Details: Investment Management.’ 2011. Web. 16 January 2012. < http://www.alphafinancialjobs.com/jobs/investment-analyst-535341.htm> Directions. ‘Management Accountancy.’ 2011 Web. 15 January 2011. Directions. ‘Compliance.’ 2011. Web. 15 January 2011. Read More