Ultimate career catch - Research Paper Example

Ultimate career catch INTRODUCTION Our mission is to ensure the satisfaction of our clients. As your career consultant our main objective is to find the best career choice for you. Our main resource is your career preference. We use it to identify careers that best fit you and your current situation. We will take care of the research and analyze the pros and cons for each choice. This report will reflect different career choices, salary ranges, location areas, benefits, education requirements, and job description. Our research will provide tables and guides that will help you reach a conclusion. By the end of this report we will give our recommendation through strategic planning, researching, and analyzing of report to a rewarding career that will fit your career needs and wants. In this report, we utilize the average income from the last two years to determine what income expectation you can expect. Along with that, we compiled our findings in a table that will establish trends of each career movement and developed a wide-range of opportunities to help us determine the important benefits for each career. This will eliminate the unnecessary careers so we can select the ultimate career catch. Careers options Finance mangers There is competition in the market 3 out of 10 are employees work in finance industry Financial managers need bachelor’s degree or master Degree Experience is considered more important Occupational Title SOC Code Employment, 2008 Projected  Employment, 2018 Change, 2008-18 Number Percent Financial managers 11-3031 539,300 580,500 41,200 8 (Buearea of labour statistics) Armed forces Military rules should be followed for everything. The job is hazardous even when there is no war going on and working hours are long. Requirements vary by branch of service, but enlisted personnel need at least a high school diploma or its equivalent while officers need a bachelor's or graduate degree. Opportunities are excellent in all branches of the Armed Forces for applicants who meet designated standards. Military personnel are eligible for retirement after 20 years of service. Financial Managers Salary Range The salary of financial managers basically depends on the type of industry and location. But the figures for May 2008 for the earnings of financial managers were $ 99,330 and the managers who weren’t at very high posts or at a very low post earned between $ 72030 and $ 135 070. Big organizations often pay more than small ones. Most of the financial managers also receive additional compensation from their companies. These compensations are in the form of bonuses, and they vary according to the size of company. Senior level executives also get deferred compensation like stock options. Annual wages of employees in the financial industry are as following: Securities and commodity contracts intermediation and brokerage $134,940 Management of companies and enterprises 115,520 Insurance carriers 110,750 Local government 78,650 Depository credit intermediation 77,280 Education Requirements A bachelor’s degree in Business administration, finance, economics or accounting is the minimum educational requirement for finance managers. But graduates with Masters Degree in the same fields are mostly preferred by the employers. Finance managers need to have analytical skills and know finance analysis methods and technology. In most cases experience is given much more importance then formal education. Branch managers in banks are preferred on the basis of their experience. Loan officers and other professionals who are doing well at their jobs are promoted to fill branch managers by most of the banks. Formal management training programs are also offered by some companies to financial managers before they enter their company. (Ali & Graham) Working Conditions Working conditions of financial managers are very good. They get to work in comfortable offices which are often located close to those of top executives. Financial managers also get direct access to the state-of-art computer systems and information services because of their job requirements. Financial mangers work for 50 to 60 hours per week. They also have to travel quite often as they are required to attend meetings for financial and economic associations. They also travel to meet customers and to visit subsidiary firms. Job Description Nowadays organizations, firms and government agencies require one or more than one type of financial managers. The basic job of financial manger is to prepare financial reports, derive and implement cash management strategies and conduct direct investment activities. They also have a participative hand at developing the long term goals of the firms. The duty though varies with title. The most common titles include: Controller Treasurer Finance officer Credit manager Cash manger Manager of international banking Risk and insurance manger The growth rate of employment for these managers is expected to grow very fast. More opportunity exists for those who have master’s degree. Armed forces Contract Fulfillment There are diverse tasks required by the workers such as, repairing a helicopter and operating a nuclear reactor. During 2009, more than 2.4 million people were enrolled in the armed forces. Of these, more than 1.4 million were on duty. As military job positions are opening up, technical educational requirements keep rising. All officers will need at least a bachelors or masters degree. Enlisted personnel ranks can be filled by High school graduates. (Houghton) Job Expectations There are many diverse tasks required by the workers such as, repairing a helicopter to operating a nuclear reactor to programming a computer system. Job expectations are great for armed forces personnel. They can retire after 20 years of service while getting the pension benefits, when then can also start a new career. There is a broad classification in the jobs in armed forces. Job expectations vary accordingly. The two distinctions are: 1. Enlisted personnel: They are those who do fundamental operations of military in combat, administration, human service, healthcare, engineering and many other areas 2. Officers: They make up 18 percent of the armed forces are those who lead the military, supervise and manage activities in all occupational specialties. Benefits Apart from getting basic pay there are a lot of additional benefits which come with the armed forces job positions. They include: Free medical and dental care Military clothing allowance Military shopping privileges free room and board (or a tax-free housing and subsistence allowance) 30 days of paid vacation a year (referred to as leave), travel opportunities They may also get housing allowances which can be used for off-base housing. Other allowances include foreign duty, hazardous duty, submarine and flight duty, and employment as a medical officer. Athletic and other facilities—for instance gymnasiums, tennis courts, golf courses, bowling centers, libraries, and movie theaters—are available on many military grounds. Military personnel need 20 years of service to be eligible for retirement benefits. Salary  Most enlisted personnel starts as recruits at Grade E-1. However, those with special skills or above-average education started as high as at Grade E-4. Most warrant officers starts at Grade W-1 or W-2. According to their occupational and academic qualifications and according to the branch of service of which they were a member of, warrant officer normally is not an entry level occupation so consequently. Most of these individuals have had experience in previous military service. Most commissioned officers starts at Grade O-1, some with advance education start at Grade O-2, and some highly trained officers, for example, physicians and dentists start as high as at Grade O-3. Pay varies by total years of service as well as rank. It usually takes many years to reach higher ranks in military. Most personnel in higher ranks receive the higher pay rates awarded to those with many years of service. Military personnel are provided many other facilities in addition to their basic pay.    Location  The branch of service, the occupational specialty, and other factors determine the specific work environment and conditions. Most military personnel live and work near the military bases and facilities that are available in the United States and the world. Comfortable housing and amenities are offered in these bases and facilities such as stores and recreation centers. In order to complete their training and to meet the needs of their branch service, service members move regularly. Some are deployed to defend national interests. Some personnel are never deployed near combat areas. In many circumstances military personnel need to work for standard hours but personnel should be prepared to work long hours to fulfill the given mission. They must conform that they will stick to military rules at all times. Work hours depend on the occupational specialty and the mission assigned. (Statistics, 1982) Conclusion According to me both jobs are good in their own right. In terms of the benefits, perks, position and respect earned, armed forces job is unparalleled. For the same educational requirements, armed forces give better privileges. Bibliography Ali, L., & Graham, B. The Counselling Approach to Careers Guidance . Buearea of labour statistics. (n.d.). Retrieved october 15, 2010, from united states department of labour: http://www.bls.gov/oco/ocos010.htm#outlook Houghton, A. Finding Square Holes: Discover Who You Really Are and Find the Perfect Career . Statistics, B. L. (1982). Occupational Information Included in the Handbook. U.S: Veterans Administration. Read More