Five-Year Career Forecast in the Field of Management - Report Example

ID No. Five-Year Career Forecast I. Introduction A five-year forecast on a person’s personal life and priorities and career goals and accomplishments provide a comprehensive blueprint on the success path undertaken. A forecast can also help in evaluating what were done or pursued that would lead in the attainment of career goals and achievement of a satisfying and contented personal life. The forecast will also provide a glimpse whether the present achievements are in accordance to the preconceived plan or changes should be made. The forecast would allow for more control over my activities and personal life that would lead to my career advancement. This paper will present a comprehensive listing of my personal and professional profiles. II. Present Life Circumstances Personal Profile I am 35 years old at present and working as a Senior Derivatives Operations Specialist at Credit Suisse (New York, NY) with an annual salary of $85,000. I do not own any real property or house, hence, I simply lease out a modest pad where my children and I live. I have twin nine-year old boys who are living with me since I got the court degree of divorce from my husband. I have a car that I use in commuting to my work and buying necessities from the grocery store. I own a few personal belongings, appliances and household equipment that I use for our daily needs. I have no financial obligation at present or any liability. I am in a good physical condition and health. Despite my hectic schedule at work and my family obligation, I make sure that I take time once a week to engage in physical exercises. To further enhance a sound mind and body, I engage in relaxation to interrupt my work routine. I also plan to take a Disney cruise with my children, take a vacation at the Virgin Islands, Hawaii, Holland, Caribbean or Europe, and visit my family, relatives and friends. Educational Profile My first collegiate exposure in the business discipline is the A.A.S. in Business Administration degree I took up at Kingsborough Community College in Brooklyn, NY (June 1985 – September 1985). Thereafter, I enrolled and completed Marketing/Advertising (Major) at Bernard Baruch College in New York, NY from September 1985 to June 1987. Last February 2008, I enrolled at Medgar Evers College, Brooklyn, NY for my major in Business Management course. I am still completing my academic requirements to earn my degree. My current employer offered advance tuition payment for this course which I have to reimburse later. Career and Professional Profile I have been working with Credit Suisse (New York, NY) since 1997. I initially held the position of Senior Foreign Exchange Specialist under the Foreign Exchange Settlements and Control department (Americas) from July 1997 to June 1999. I later occupied the position of New Accounts Senior Specialist under the same department until September 2001. It was followed by the Senior Prime Services Specialist title which I held until March 2005. When I was transferred at the OTC Derivative Settlements and Control Unit (Americas), I became a Senior Investigation Specialist until June 2008. And lastly, I am a Senior Derivatives Operations Specialist under the same unit up to the present. The functions I perform in Credit Suisse are as follows: a) settlement and trade management for OTC Derivatives products, such as reconciliation, reporting and client service (i.e. Hedge funds and funds of Hedge funds likewise called “funds of funds”), b) process pre/post settlement of all derivatives related cash flow for these products, namely: CDS, CDX, CMBX, iTraxx, LCDS, LCDX, ABS, ABX, MBS, CMBS, Interest Rate Swaps and Equity), c) confirmation of swaps, non-deliverable options/forwards, vanilla and exotic options for Foreign Exchange, d) open new accounts per request by front office, corporate actions notifications and broadcast of mergers internally, e) liaise with various in-house groups such as front/middle office, credit, legal and documentation to resolve trade discrepancies, f) develop relationship with marketers, interact with both middle office and financial institutions in reducing the operational risk and bank exposure, g) investigation of root cause of post settlement breaks, system reconciliations, maintain/implement controls aimed at minimizing risk and exposure, and ensure the accuracy and data integrity of the client, h) address, escalate and prioritize high risk operational outstanding nostro accounts in a timely manner, i) reconciliation of overdraft and bank charges on a monthly basis, j) involvement with the front to back settlements processes for additional low volume and inter-company entities (CS Capital LLC, CS USA Securities LLC, CS Europe Ltd, CS Cayman and NY Branch), k) determination of scope and severity of operational concern and coordinate/communicate the implementation of problem resolution, l) communicate procedural changes to staff to ensure that proper actions are being followed and the correct controls are in place, m) promote and build cross departmental cooperation and ideas with various areas including product control, middle/front office and operations, n) provide training manuals, procedure and guideline in all aspect of product knowledge as well as train staff, o) P&L, Risk reporting and reconciliation positions and cash between the account system and all custodians on a daily basis (age break, client exposure), p) participation in the improvement of daily workflow through automation, creating and maintaining spreadsheets and reports and other ad-hoc request, q) provide superior customer service, accuracy in instruction execution in an efficient, effective and timely manner within established guidelines, r) routinely research and respond to inquiries in an appropriate, conscience, meeting high quality service standards of platinum clients, and s) adapting to a diverse range of clients personalities. Prior to my stint at Credit Suisse, I worked in the Treasury Department of Natwest Markets, New York, NY from March 1994 to June 1997 as a Senior Foreign Exchange Investigator. In such capacity, I performed the following tasks: a) identified, researched, and resolved all outstanding corporate and inter-bank Foreign Exchange and Money Market deals, b) reviewed and worked on incoming inquiries (e.g. SWIFT messages, fax inquiries, telexes, telephone) on same day of receipt and ensure that investigation of cases are set up according to bank guidelines, c) calculated and processed US Dollars and Foreign Currency compensation claims, adjusting entries, and payments, d) verified outgoing Swift messages via Intranet, e) created production reports and status management reports inclusive of aged items with updated respective actions taken, and f) resolved compensation production issues excellently. In my previous and current employments, I have no subordinate staff who reports to me. I collaborated with heads of other departments but usually work alone. As my personal motto, I believe that power should be balanced with compassion. There should be balance between personal and corporate life. Skills and Corporate Capabilities I am able to handle several financial software that facilitates handling of financial transactions. From my experience, I got expertise in the following software applications: a) Depository Trust Clearing Control (The Depository Trust & Clearing Corporation); b) IntelliMatch, PayStation, DaCari, Summit and NTPA (Credit Suisse); c) Doman, Squirl, Merva 2006, Elarweb, Voyager, Mint Web Operator, Mint, eView and House System (Markit); and d) MQS 2006, Cash Explorer, Document Capture and Document Explorer (Bloomberg). I have strong interpersonal skills such as promotion of teamwork among the staff, motivating them to work for the accomplishment of tasks, and leading them by example. I am capable of handling multi-task workloads through proper time management. In addition to my excellent oral and written communication skills, I am attentive to detail with exceptional analytical acuity necessary in financial transactions. I can accomplish tasks within the required time limit and effective organizational skills. Life Priorities Categorizing my life priorities on a ladder scale, my family is the first and foremost of my concerns. Everything that I do professionally and plan for the future always involves my family and children. While I place my spiritual life in the second highest rung of priorities, spiritual development is on the last of my list. I do not intend to undertake any further spiritual development lessons or training at present since I believe that the manner I carry my spiritual existence is in accordance to my belief and religious mandates. Table 1 Ranking of General Priorities in Life Values Priorities I place a high value on intellectual development in my current priorities because this is related to my career development plan for the next five years. To be included in this intellectual development is taking up a Masters degree in Business Administration that would pave the way in getting an employment that offers a vice-president position. Table 2 Ranking of Current Priorities Socio-Civic Involvement I believe that I have a social responsibility towards other people and the community where I live as well as share my blessing to them in service or in kind. While most of my time is spent at work and at home, I find time to contribute to the upliftment of our community by rendering service in social organizations. Thus, in the company where I work, I participated in the “Junior Achievement - New York Credit Suisse Bowl-A-Thon” in May 2009. I also joined in the “Backpacking Supplies Drive for Inner City Youth Grades K-5” in August 2008, the “Habitat for Humanity Food Bank – Packing and Distribution Bronx, New York (CS)” in May 2008, the Food Bank, Soup Kitchen and ,Junior Achievement (all in 2008). I am a member of Diversity and Inclusion, Philanthropy, Multicultural Resource Network, Association for Working Mothers and Toastmasters. I find satisfaction in these affiliations as they give me a sense of purpose and usefulness in society. III. Five-Year Forecast Personal Life and Circumstances I would be 40 years old in the next five years. I have no plan on getting married again in the next five years but would definitely focus my effort in raising my children. By that time, I would be purchasing a real estate where I could establish my own home or simply buy a condominium unit. I would maintain my sound financial status which I am enjoying at present. In five years, my projected net worth would be at a minimum of $300,000 and would definitely increase when I assumed the vice-presidency for finance. My accumulated experiences and educational attainment, plus my skills and software knowledge would definitely be added strengths that would qualify me for the targeted position. I would also make vacations and visits to relatives a regular routine that would strengthen my bond with my children and relatives. Educational Profile Career Aspirations In the next five years, I have already completed my Masters in Business Administration. Equipped with my A.A.S. Degree in Business Administration (Kingsborough Community College) and the current course, B.S. Degree in Business Management (Series 7 and 63) I am pursuing at Medgar Evers College (Junior), I am optimistic that I will attain my desired position five years from now. My preparations would suitably prepare me for the envisioned corporate position that I plan to handle which can be in the company I am working for at present or another company that offers the same position. My salary goal for that position is $100,000 in a year. As a Senior Financial Analyst at an Investment Bank in Wall Street and my previous exposure in financial and marketing aspects, I believe that I can responsibly handle the position of vice-presidency in a financial firm. Moreover, I am computer literate and capable of handling any business and financial software which are indispensable tools in the corporate world. I have been working in the financial sector for 11 years now and the knowledge and insights I have assimilated can bolster my preparedness to hold a senior position in a corporate business. I have a solid foundation and expertise to properly handle, troubleshoot and solve problems that usually accompany the position. Chart 1 Target Position in Organizational Hierarchy The targeted position at the end of the five-year period, Vice-President for Finance, is depicted in Chart 1. All my experiences and knowledge base prepared me to handle this critical position. In this capacity, I will be handling all the units whose functions entail financial matters (e.g. accounting, disbursement, budget) with around ten personnel under my supervision. As vice-president, I will ensure that the inflow and outflow of money are accurately and promptly reported, the assets (liquid or otherwise) are sound, bank accounts and cash on hand are enough to maintain sound financial transactions with the public, proper management of credit, setting sound financial standards and measurements, analyzing financial expenditures and costing, and make sure that all other financial transactions are conducted within the bounds of the law. I am motivated and enthusiastic with career advancement that I decided to take further studies in business management. This vision was bolstered by the awards I received and the suggestion of my mentor (in-house mentoring program of the company that I signed up) that I need to complete the degree I started 20 years ago and attend more networking seminars. My ability to handle group tasks and contribution to the company (e.g. training group members, controlling the quality of the group’s output, managing which includes prioritizing and delegating assignments), as well as being a team player would make me a suitable candidate for Minority Female AVP. From this position, I projected that within three to five years, I would have developed adeptness in the company that would push me to the vice-presidency. The current course I am taking, especially in MAN 401, would inculcate upon me the critical mind, sharp analysis, and character development that I need for my career goal. Priorities and Socio-Civic Involvement The priorities (see Table 1 and Table 2) I held at present will remain the same priorities at the end of the 5th year. I will maintain my socio-civic activities and will remain an active member of my present affiliations. However, when time and opportunity would allow me, I envision to become affiliated with other civic and charitable groups that would cater to the needs of mothers, especially teen mothers, the babies and children. Work Cited Cameron, Randolph W. “How to Make a Five Year Forecast That Works For You.” Finding a Way to the Top. Indiana: AuthorHouse. 2004. 229- 250. Read More