What Is Legal Malpractice?
- Legal malpractice is a negligent tort claim. Torts is the area of the law that deals with injuries — physical, financial or emotional — to a plaintiff, or victim. All negligent tort claims are based on four basic elements — duty of care, breach of the duty of care, causation and damages. In a legal malpractice case, the plaintiff must show that the attorney breached her duty of care to the plaintiff. In an underlying bankruptcy case, the plaintiff will need to establish the standard of care required and then prove that the attorney breached that standard, or duty, of care.
- The plaintiff in a legal malpractice case must show that the damages she suffered are actually a direct result of something the attorney did, or failed to do, while representing her. In a bankruptcy case, for example, let’s say the plaintiff was required to relinquish her home to the court to pay her debts. If she would have lost her home regardless of anything the attorney did, then a minor mistake made by the attorney will not qualify as malpractice. On the other hand, if an attorney failed to claim an exemption on behalf of the plaintiff that would have allowed her to retain her home, then that might be considered causation for the purpose of a legal malpractice lawsuit.
- “Damages” is the legal term used to refer to monetary injuries sustained by the plaintiff. In a legal malpractice action against a bankruptcy attorney, the plaintiff will need to prove that he suffered an actual financial loss as a result of the attorney’s negligence, or malpractice. Simply showing negligence without any real financial loss will not work.
- In order to initiate a legal malpractice lawsuit against a bankruptcy attorney, a plaintiff should first be aware of the statute of limitations in the jurisdiction where the alleged malpractice occurred. Statutes of limitation will vary by state but may be as short as one year from the date of occurrence. A potential plaintiff who believes she has a viable malpractice claim should consult an attorney as soon as possible. A legal malpractice lawsuit is filed in the same manner as other civil lawsuit by filing a complaint against the attorney. If the plaintiff wins, he will be awarded a monetary judgment against the attorney.
- Set up initial consultations with different bankruptcy lawyers. Many bankruptcy lawyers provide free initial consultations with potential clients. Find out if there is any paperwork that should be brought to the meeting or any forms you need to fill out beforehand. The more information the attorney has regarding your financial situation, the easier it will be for him to provide an estimate of the legal fees he will charge.
- Ask the lawyer to explain the difference between the retainer fee and total amount of attorney fees for the case. Discuss the amount of the retainer fee, the type of work the attorney will start to perform once he receives the fee, and acceptable methods of payment. Some attorneys may require a small retainer fee upfront to start fielding calls from creditors and start collecting documents needed for the bankruptcy case. Attorneys may not begin working on the case until they receive a substantial portion of the total fee. Find out the attorney’s refund policy before giving him any money. It is advisable to know how much money you will get back if you decide not to file for bankruptcy or if you decide to change attorneys.
- Bankruptcy lawyers know that many people interested in bankruptcy do not have enough money immediately available to pay for legal services. Talk about the possibility of setting up a payment plan to cover the retainer fees and any additional fees associated with the case. Provide full disclosure to the attorney regarding any pending lawsuits, wage garnishments or foreclosure proceedings that may occur. Those facts could affect how soon payment must be received to file the case and start bankruptcy proceedings.
- Carefully review the retainer agreement after choosing a particular lawyer. The retainer agreement should provide a breakdown of each fee amount, what it covers and the legal services the lawyer will provide during the case. Make sure the payment terms included in the retainer agreement directly reflect the arrangements discussed with the lawyer. Maintaining clear communication with the lawyer will help prevent any future misunderstandings.
- Interview attorneys to find the right replacement. Set up appointments where you explain your current situation and the problems you have with your current attorney. Respond to the questions the attorney asks regarding the status of your bankruptcy case. The new attorney will want to get as much information as possible to ascertain if he can provide you with the help you need. Choose a bankruptcy attorney who is patient and willing to respond to any questions or concerns you may have.
- Discuss the attorney’s fees for taking on your case. Find out how soon the new attorney can begin working on the case, and work out payment arrangements. You want to ensure the new attorney will have the time and resources to properly handle your case at its current stage within the bankruptcy process. Sign the retainer agreement, which should state exactly how much the attorney will charge and include an explanation of the legal services the attorney will provide.
- Inform the old bankruptcy attorney in writing via email and a mailed letter that you will no longer need his services. Let him know that you have retained new counsel to handle your bankruptcy case. Request that the attorney forward all of the paperwork you provided to him and any documents he received from creditors, the trustee or bankruptcy court to either you or your new attorney. Provide the mailing address where the paperwork should be sent. You can speak with the old attorney about your decision to terminate the attorney-client relationship, but you should also notify him of your decision in writing.
- Contact the newly hired attorney and inform him that the old attorney has received written notification of the termination. The new attorney can draft a motion to substitute attorney or draft a stipulation to substitute attorney. The old attorney also has the option of filing a motion to withdraw as legal counsel with the bankruptcy court. The requirements for the information and signatures that need to be included in a motion to substitute attorney or a motion to withdraw may vary for each district. Speak with your new attorney to find out which documents need to be submitted to the court, and which documents you need to sign to notify the bankruptcy court of the attorney change.
- Check with the new attorney about if or when the bankruptcy court will approve the attorney change. If the bankruptcy court approves the substitution, the court docket will be updated with the name and contact information of the new attorney. Any documents or notices from the bankruptcy court, bankruptcy trustee and creditors will be forwarded to your new attorney from that point on.
He Specializes in Bankruptcy
- There’s an old saying that you wouldn’t hire a dentist to remove a brain tumor, and the same idea applies to different areas of the law. Some lawyers dabble in all sorts of cases, but true expertise usually requires specializing in a certain area. An attorney who works mainly — or only — in bankruptcy law will be familiar with your state’s laws; more importantly, he’ll have a track record with your area’s bankruptcy trustees. He’ll know their quirks and how they’re likely to react in certain situations, and this can be invaluable. An attorney who handles mostly Chapter 7 bankruptcies might not be the best choice if you want to file a far more complicated Chapter 13. Likewise, it makes no sense to pay a Chapter 13 lawyer — who will usually charge more — to handle a simple Chapter 7 proceeding.
- As your bankruptcy case progresses, you’re going to have a lot of questions. Some attorneys are more available to their clients than others. It’s normal that you’ll probably spend a lot of time with your lawyer’s paralegal, but sometimes you’ll really need to speak with the attorney himself. When you call his office the first time, ask to speak with him so he can answer a question or two. You probably won’t be put through to him because if he’s as good as you need him to be, he’s most likely in court or with another client. The key is whether he calls you back, and, if so, how long it takes him to do so. The norm he exhibits with a potential new client speaks volumes about how accessible he’ll be after you’ve paid him and your case is underway.
You’re Comfortable with Him
- Filing for bankruptcy involves disclosing intimate, personal details of your life and finances. On top of that, you may be scared and stressed. If you’re the type who needs a lot of hand-holding, retaining a bankruptcy lawyer who is gruff and all business probably won’t suit your needs. Even if he’s the perfect choice in all other areas, your selection might turn an already difficult situation into an ordeal.
Cheapest Isn’t Always Best
- Because you’re already low on funds, the cost of hiring an attorney is of paramount importance. Here’s the good news — the bankruptcy laws in most states cap the amount a lawyer can charge you for bankruptcy proceedings. Be wary of super low fees — this might indicate that the lawyer has so little experience, he doesn’t realize he’s entitled to more. He may be desperate for a client — any client, in any area of the law. By the same token, if your bankruptcy is very simple and you have few assets to protect, you should expect a lawyer to charge you less than he would for a more complicated case. Bankruptcy attorneys usually charge a flat fee, but if a creditor objects to some aspect of your case and you end up in court, you’ll probably have to pay more for this service. It doesn’t happen in most run-of-the-mill bankruptcy proceedings, so it can’t be anticipated when the lawyer first quotes you a fee.
A currency analyst performs basically the same jobs as a financial analyst. However, these individuals specialize in making predictions about the value of foreign currencies compared to the U.S. dollar
- To be a competitive candidate for a currency analyst position, you must first possess a bachelor’s degree. Typically this degree should be in international markets, finance, statistics, business, accounting, economics or another relevant field. Other recommended areas of study include risk management, options pricing and bond valuation.
- Currency analysts must be able to think analytically. Additionally, they must have thorough computer and problem-solving skills. These professionals need to be able to work well alone but also need to have strong communication skills and be confident making presentations to large groups. They must pay strong attention to detail, be interested in foreign economies and be research-driven.
- Currency analysts often work with other financial officers to predict the prosperity of foreign markets and the value of foreign currencies compared to the dollar. This can help determine risk management for a company, potential investments or merely aid them in making business decisions that involve overseas production. Based on their research, currency analysts will typically make presentations about their findings and then make suggestions for action. Often they help lead these initiatives if the company or client takes their suggested plan of action.
- Most currency analysts work in comfortable office settings. Typically they have access to information services and high-tech computer systems. At times they are required to travel to financial meetings to speak or simply attend. According to the U.S. Bureau of Labor, people holding this position often work long weeks of 50 to 60 hours.
- According to Payscale.com, the average currency analyst brings in between $44,120 and $63,100 per year. This equates to an hourly income that ranges between $12.21 and $36.32 per hour. As with all salary information, however, these figures can vary based on geographic location, employer and years of experience.
Careers in finance span a large number of positions, in commercial banking, financial planning, private equity and more. As you prepare for your job interviews, practice possible questions and answers to help you compose yourself. You'll formulate the best answers before your finance job interview so you can get the career you want.
- “Tell me about yourself.” This is often one of the first questions a hiring manager will ask during an interview. Although it may seem personal, a potential employer doesn't want to hear your life story. Instead, tell him about yourself as it relates to a career in finance. Briefly list your college education and the positions you've held recently.
- “How has your education prepared you for this career?” Employers want to know that you are proficient in the various math principles involved in financial careers. List the classes that you took that can help you with the job position. Spend time discussing the subjects that you excelled in over all others. If you had a 4.0 grade point average in advanced accounting, mention this to the hiring manager.
- “Why have you chosen a career in finance?” Avoid answering this question with a personal anecdote. Show your enthusiasm for the career with your answer. Even if you got into finance because your parents made you, it's best to leave this out. Example: “My love for numbers and organization led me to an education in investment banking. I've wanted this as my career ever since.”
- “What are your strengths?” Limit your answer to one or two examples for this classic interview question. Explain your strengths in finance, such as attention to detail or multitasking. Tell a brief story of how you used it in previous finance positions. Don't list more than two strengths as this may be perceived as over-confidence by the hiring manager.
- “What are your weaknesses?” Never say that you have no weaknesses in answer to this question. Instead, tell the hiring manager of one weakness. Pick a weakness that could be acceptable to a potential employer. Also list how you're working to improve that weakness. Example: “I sometimes find it hard to concentrate toward the end of a long day working on client financial accounts. I've since started going for a five-minute walk outside during my lunchtime and that helps to keep me focused.”
- “Where do you see yourself in 10 years?” Although you may want to retire or work for a different company in 10 years, leave this out of your answer. You should also avoid saying that you want the interviewer's career. Instead, mention how you still want a career in finance. Example: “I'd like to hold a high position in corporate finance in 10 years, using my skills with math and corporate accounts.”
A less than perfect credit score can sometimes be a barrier to even simple purchases such as a new car. There are many providers offering bad credit car loan solutions, which can provide a way to secure the finance needed. However, the range of bad credit loans can vary greatly and it is important to understand the considerations many lenders will assess on your application. This can affect whether you are approved and the type of rate you may be offered.
Bankruptcy is a fact of life in tough economic times. However, although it is more common, you should be prepared that if you declared yourself bankrupt in the last twelve months, you may struggle to secure finance. Some lenders do specialise in providing loans to people with bankruptcy on their credit record. Therefore, it can be beneficial to find out the exact date of your bankruptcy declaration to determine if it is a good time to apply. If you are approaching your one year anniversary, it may be a good idea to speak to a specialist lender or broker to check their policies regarding those declared bankrupt. This could allow you to organise anything you may need but you should be prepared to be very forthcoming and open about your information.
Security provides reassurance for lenders of your financial intentions. Most lenders offering a bad credit car loan will require some form of security on loans over $3000. Usually, this is the vehicle itself, but the vehicle cannot be used to secure additional loans if it has already been used as security. Even if you are applying for a smaller amount, by offering a down payment or security, you may find that you are offered more competitive rates or terms.
Almost every lender will require some assurance that you have sufficient income to cover the cost of the loan. Some lenders may allow for self employed people to self certify their income if they have no records or books to prove their income. However, when a poor credit rating is involved, lenders usually require more assurance that you are financially able to meet the monthly repayments. Many lenders will require copies of pay stubs or bank statements to show you have sufficient income. Certain forms of pensions, youth allowances or study grants are unlikely to be acceptable forms of income.
In many cases, lenders will require documentation such as copy bank statements. This is usually the statements for the last one to three months. The lender will be looking at if the account is in good standing, not going over drawn or having unauthorised borrowing charges imposed. They will also check if an amount of pay is being deposited regularly and if the servicing of any payments or debts matches the information you have provided. Red flags for lenders include direct debits to lenders you have not mentioned on your application, frequent withdrawals from inappropriate organisations such as gambling sites, and unauthorised borrowing.
You should also be aware that applying for multiple loans can have a very damaging effect on your credit rating. While it can be a good idea to research your options, don’t submit an application with multiple lenders. This will show on your credit report and discourage any potential lenders.
If you need assistance with a bad credit car loan, contact us. We are a broker with access to bad credit specialist lenders and would be happy to help you.
When you consider a loan against assets, it is vital to understand the type of the asset that will make a considerable difference to the loan available. It is not just about the value of the asset; butseveral other factors about the respective assets, which affect the loan. Therefore, check out the following four differences between various types of loans against assets.
Loan Application Process:
The application process for an ideal loan against property takes a bit longer than others. The evaluation process of the property is much slower than other assets such as gold, fixed deposits, securities, luxury goods, etc. These kinds of movable as well as liquid assets can be evaluated much more quickly than immovable assets like real estate. Additionally, the documentation and eligibility for this kind of loan is quite different, which affects the loan application and approval process. For example: An unemployed person can receive a gold loan, but he/she cannot opt for LAP.
Loan Amount & Tenure:
The loan amount for all kinds of loans against assets is tied to the market value of the asset. The value of real estate is much harder to pinpoint than stocks, mutual funds, gold or FDs. But, it is also a much larger asset with a higher market value. In most cases, the real estate is the largest asset owned by borrowers. Therefore, you will get a bigger loan amount for a longer tenure. Gold loan tenure starts at about 6 months. It can be up to 2 to 3 years based on the amount of gold. However, the tenure for loan against property in India can be up to 15 years.
Processing Time & Fee:
All the loans against assets, including LAP, are secured loans. Therefore, the rates remain competitive and within the same range. However, the processing time for the LAP is much higher as the process for property evaluation is more complex. The market value of any property is based on neighbourhood, square footage, real estate market, demand, infrastructure, etc. So, the processing charges and the time required for loan approval is higher for LAP as compared to other loans like gold loans.
Purpose of the loan:
For most secured loans, this doesn’t make any difference to the lender. The housing finance companies in India are concerned about the LTV ratio, market value of the asset and repayment ability of the borrower. However, for borrowers, they are not interchangeable. The gold loan cannot be replaced easily by LAP as the amount of loan and tenure will be considerably different to resolve the same issue.
The world of finance has provided the backdrop for many dramas, from mergers and acquisitions and Wall Street shenanigans to Tulip Mania and the recent housing market downturn and subsequent financial crisis. Finance obviously has no lack of gripping topics for authors to write about. For finance professionals who want to better understand the history of their industry and better grasp the fundamentals underlying its various dramas, here are 10 suggestions. Most of these books have stood the test of time and are all worth reading.
“Barbarians At the Gate”
Interested in leveraged buyouts and junk bonds? In 1989, Bryan Burrough and John Helyar wrote the definitive history of these financing types when they recounted the struggle involving the leveraged buyout of RJR Nabisco, a now-defunct food and cigarette conglomerate. The writers originally covered the story as reporters for the “Wall Street Journal.”
Benjamin Graham and David Dodd wrote the “bible” of fundamental equity investing in this classic, first published in 1934. If you’re interested in the techniques of value investing, an approach favored by Warren Buffett (who was a student of Graham’s at Columbia University), you’re certain to benefit from this book.
“The Intelligent Investor”
Benjamin Graham also wrote this guide to long-term investing approaches. First published in 1949, “The Intelligent Investor” has been updated repeatedly over the past 65 years, including most recently by the financial writer Jason Zweig, as Graham died in 1976. Graham uses his book to map out and advocate for his preferred value approach to investing.
“Common Sense on Mutual Funds”
John Bogle, founder of the Vanguard Group mutual fund company, came out with his guide for mutual fund investors in 1999. Bogle makes the case for the value of index-based investing, and his book is full of common-sense financial advice, such as noting that the less that you pay someone to manage your investments, the more of your money you’ll keep.
“A Random Walk Down Wall Street”
First published in 1973, Princeton economist Burton Malkiel’s book advises readers on various types of investments. Whether you’re just kicking off your financial professional career, or if you’re looking for advice on managing your 401(k) or if you’re an established professional who wants to expand your investment profile, Malkiel’s tome, which has gone through 11 editions since publication, remains a great source for market fundamentals.
“Extraordinary Popular Delusions and the Madness of Crowds”
One constant of financial markets is that they suffer periods of collective greed and fear, which has resulted in such catastrophes as Britain’s South Sea Bubble and the Netherlands’ Tulip Mania of the 1630s. The British journalist Charles Mackay explored these and other crises in his 1841 classic. Don’t believe that Mackay’s book has no relevance to contemporary times, as the manias he documents provide keen insight into recent events like the dot-com boom and bust of the 1990s and early 2000s.
Michael Lewis used his experience as a bond salesman in the heyday of Salomon Brothers for this legendary 1989 book. He chronicles his own work experiences and also offers a big-picture take on Wall Street during a boom time when the mortgage-backed security market caught fire. A loose sequel of sorts was Lewis’ “The Big Short,” in which he described the role Wall Street played in the 2000s housing market downturn.
Are you interested in learning how the world really works? This 2005 book by economist Steven D. Levitt and journalist Stephen Dubner looks beneath the surface of various everyday (and not so everyday) situations and breaks down how things work. For instance, do you believe you’re getting the best deal if you’re a homeowner who hires a real-estate agent to sell your house? You might be surprised. The book also explores the economics of the worlds of drug dealing and Sumo wrestling, among a wide array of topics.
In this 1980 book, Harvard Business School professor Michael Porter looks at what creates competitive advantage in a particular industry. Since many financial professionals spend their days analyzing companies, industries and their strategies, Porter’s book provides an ideal starting point.
“Manias, Panics, and Crashes: A History of Financial Crises”
Charles Kindleberger, a former MIT economics professor, explored the nature of financial crises in this 1978 book. Its most recently updated edition, from 2011 (revised by Robert Aliber, as Kindleberger died in 2003), delves into the causes of the 2007-2008 financial crisis that ignited the global economic downturn.
Several banks and housing finance companies offer different home loan rates. If it was as simple as visiting a third party website and entering your details to compare the home loan interest rates, there was no need for this article. Yet, you know, there is certainly much more to it. So, how do you evaluate the best home loan rates in India ?
Put your best foot forward.
Clear your credit card debts and personal loans and get the best possible CIBIL credit score. You should revise your credit history without any damaging elements. Calculate the required down payment, since it will affect the banks and housing finance companies that approve your loan, interest rates offered, repayment strategy allowed and more.
You would need to start saving up to 20% of the principal amount. So, you should plan for it in advance as you will need all the necessary documents to demonstrate your assets, liabilities, investments and earnings. Your good position and salary in a reputed organization comes in handy too. Now, you are ready to compare the available home loan interest rates in India .
Apply, apply, and apply.
Most banks and housing finance companies have online eligibility calculators and loan application systems, which allow you to apply for home loan within a few minutes. When you apply for a loan, you receive realistic interest rates based on your repayment ability, income and potential to earn. As you receive approvals, you will get realistic interest rates and EMI projections as well. This is a great place to compare the loans as well as finance companies. As these rates are open for negotiations, though banks don’t encourage that practice, you can contact your loan officer and use this time to draft the best possible deal.
Compare the specifics too.
After comparing the home loan rates, you must compare minor details too as they help you to negotiate and customize the loan as per your convenience. Lenders with the best possible proposal would include the right repayment strategy, prepayment clauses etc. All comparisons will not help you to select the best deal. Yet, you must look into boring fine print documents such as terms and conditions that would shape your EMIs and financial life ahead.
No wonder the right foundation for a successful comparison and loan approval is thorough research. So, explore the details of the EMIs, documents, terms and conditions, repayment options and interest rates to finalize the home loan that suits you the best.
Own a home? Looking to buy a home? You’re going to need homeowners insurance. There’s no getting around it, especially if you’ll be financing the purchase: Before handing you one dollar of their money, any lender will require proof that the property is insured. But for some reason, home insurance isn’t as talked-about as health, auto, or even life insurance. What do you need, and how do you find the best deal? We asked some insurance professionals to give us some of the lesser-known facts of home insurance life.
Get a CLUE
You probably know about your FICO score, but what about your home’s CLUE?
The Comprehensive Loss Underwriting Exchange (C.L.U.E. is the formal insurance acronym) is a database that holds a record of any claim made against a property. Underwriters can find the date of the insured loss, type of claim and how much the insurance company paid on the claim.
Laura Adams, senior insurance analyst at insurancequotes.com, says, “A tip for home buyers is to request that the seller provide a copy of the home’s CLUE report. It’s only available to homeowners and is free to pull every 12 months, similar to credit reports. This will help buyers understand what damage has occurred to a property.” And that’s good to know, because “a home’s claim history affects the [insurance] rate a new buyer must pay. Claims that a previous owner makes years before you buy his or her property can cause you to pay more.” Click here to get a copy of your home’s C.L.U.E. report.
Calculate the Needed Coverage
It’s a simple calculation, right? You need enough home insurance to cover the value of your home. Not so fast! You need enough insurance to rebuild your home, preferably at today’s prices. According to Adam Johnson at QuoteWizard.com, “Often shoppers make the mistake of insuring [a house just] enough to cover the mortgage, but that usually equates to 90% of your home’s value. Due to a fluctuating market, it’s always a good idea to get coverage for more than your home is worth. Purchasing replacement cost value over actual cash value is a great idea too. Replacement cost value ensures any damages will pay out enough to restore to its original condition.”
“You can rest easy knowing that you could rebuild your home after a major loss without worrying about depreciation, policy limits or insurance construction costs once you’ve repaired or replaced the damaged property,” agrees Joe Vahey, vice-president and personal lines product manager at Erie Insurance Group in Pennsylvania. “This is definitely a better option than actual cash value, which takes depreciation into account when calculating the amount of your reimbursement.”
Of course, replacement cost value policies are more expensive. In determining the amount of coverage you need, a good rule is to multiply the total square footage of your home by the cost of construction per square foot in your area. Local real estate agents, builder’s associations or insurance agents can help you find that number. Some of the factors that might affect your replacement cost include:
local construction costs
the house’s size and the type of exterior wall construction
whether some or all of it was custom built
local building codes for natural disaster-prone areas (earthquakes, hurricanes, landslides, etc.)
But be careful. Some policies might not fully cover the cost to rebuild your home to the newest building standards.
What Else Needs Insuring?
Home insurance isn’t just about replacing the home. Vahey advises considering your liability coverage, which protects you if somebody gets hurt on your property (and some instances away from your home, as well). Have at least $300,000 in coverage and possibly an umbrella policy too, which could add $1 to $5 million to your home and auto insurance policies. “Lawsuits aren’t as uncommon as you might think, and they have the potential to wipe out many people’s net worth,” he warns.
What if you live in a flood or hurricane area? Or an area with a history of earthquakes? Standard home insurance policies don’t normally cover these types of natural disasters. You’ll want riders for these. There’s also sewer and drain backup coverage you can add on, and even identity recovery coverage that reimburses you for expenses related to being a victim of identity theft.
Say your home suffers major-league damage. You can restore it to its original glory (thanks to your replacement cost value policy), but it’s going to take at least six months to a year to rebuild. Where will you live in the meantime? Loss of use coverage will reimburse you for the costs associated with staying in a hotel or renting an apartment.
Protecting Your Stuff
Home insurance doesn’t just cover your home. It also covers your personal possessions – some of them. Policies differ, but they will typically cover 50% to 70% of the amount of insurance you have on your home.
In order to know if you have enough coverage to replace your possessions, make periodic assessments of your most valuable items. According to John Bodrozic, co-founder of HomeZada.com, “Many consumers are under-insured with the contents portion of their policy, because they have not done a home inventory and added the total value to compare with what the policy is covering.”
He continues, “In addition, many items they own may not be covered, especially collectible items like art, jewelry, coins, wine, etc. The consumer needs to know the value of these collectibles and shop for the special riders above and beyond the standard policy.” (Click here for a A Quick Guide on How to Insure Jewelry).
Now Go Shopping!
Finally, contact local agents for quotes. According to Tom Austin, co-founder of Bungalow Insurance, a Philadelphia independent insurance broker, “there aren’t many online options (only about 5% of homeowners insurance was sold online), so if you want to get multiple quotes, you’ll have to see an agent.”
How many quotes? According Sarah Brown, insurance expert at Obrella.com, “Contact five or more companies so that you know what people are offering and you have leverage in negotiations. If you know how much coverage you need, they won’t be able to sell you unnecessary policies and you’ll be able to get the best price.”
Before deciding on a policy, make sure you understand your deductibles and how they work. Don’t get caught off guard when you file a claim (see Will Filing An Insurance Claim Raise Your Rates?). Deductibles for special events, such as hurricanes, could be a percentage of your home’s value, rather than a flat amount. Also check out Eight Financial Safeguards If Disaster Strikes and Hurricane Insurance Deductible Fact Sheet.
Being a graduate of George Washington University is exciting – it’s a great achievement many don’t get to conquer. But you have only won one battle, not the war. Now, you have to start looking around for actual paid work. If you did a lot of volunteering, interning and networking during your college years, this will be a lot simpler. However, if you didn’t, this doesn’t mean your job search will be fruitless. If you’re just starting out and have yet to land your first job, then the following mistakes should be avoided at all costs. Otherwise, you’ll only prolong your job search!
- Having Unrealistic Ideas of Your Qualifications
Remember, you’re just a college graduate – you’re not a seasoned professional. So get off your high horse and be more realistic about the positions you’re eligible for. It would be great if you could land yourself a corner office position with a great view of the city, but this is highly unlikely to happen. You have to work your way up the corporate ladder, so be prepared to roll up your sleeves and get your hands dirty. Sit back and look at your education and what fields are most likely to hire someone with your background. Start your search there.
- Making Your Resume Too Long
It’s great that you have a long list of achievements, but this doesn’t mean you should spell them all out for employers. Managers have hundreds and sometimes even thousands of resumes to sift through, which means they are skimming over your qualifications, not looking to read your life story. Only include what’s necessary, such as related experience and courses that showcase your knowledge and skills.
- Not Tapping into Your Network
If you spent the time in college to build up a network, why not put it to use? Hopefully, you’ve nurtured your network by reaching out to them occasionally and building meaningful relationships. You don’t want to come off as a person that’s using their connections, so make sure you bring something to the table as well. Your network can prove to be a great resource for finding your first job after graduating from Cal Poly. See if anyone is looking for employees with your skills and if your connection can make a first introduction for you.
- Being Too Formal or Too Informal
There’s a borderline between being too informal or formal, which should not be crossed during your interviews and phone calls with potential employers. You don’t want to come off as too formal, where you feel robotic and unnatural. Your phone calls and cover letters shouldn’t seem stiff and awkward. If the manager says you can call them by their first name, then do it. Managers are regular people and want to be treated as such. Also, don’t be afraid to show your personality.
On the other hand, you also don’t want to come off too informal, especially if the employer didn’t open that door. Don’t call them by their first name unless they say you can. Show up to your interview with professional attire and attitude. You have to learn to get a good read on people, so you can know how to approach and talk to them.
When you finally leave college, you may realize that there are not a lot of jobs for graduates. It’s not like the old days, when it seemed like there was a job for every graduate. The truth is, though, that there is an open desk for you somewhere – you just have to know how to get your foot in the door and occupy it. The job market is all about having allies. If you are going about it alone, you may realize that a job is hard to find.
However, if you tap into the available resources, you will realize that you can get your foot into more doors than you thought was possible. The truth of the matter is that job hunting requires doling out the necessary amount of energy and you want to get your face out there. Moreover, you want to stay organized. Here is how to land a job after college graduation.
Find a Job Coach
A job coach can help you with a lot of facets when it comes to your career hunt. If you went to Columbia University, you may want to find a coach in New York that can help find the right job openings in the metropolitan area – and beyond. Moreover, a job coach will be able to help you with getting ready for interviews and presenting yourself in the best light.
Hit the Pavement
Hitting the pavement is important. More than anything, this simply means getting yourself out there as much as possible. Not only do you want to apply to a lot of jobs – you also want to remain persistent. If you haven’t heard from an employer in a while, you may want to contact the employer to see if the job position has been filled or not.
Organization is key. It is critical that you not only have an organized and current CV, you also want to keep track of all your applications. For instance, if you went to AU online, you may want to list your degree qualifications, and any other part time positions you held when you were still in school. You may even want to have a folder that holds all the copies of your applications – when you go on an interview, you want to place the application in the necessary file.
Get a Fresh New Pair of Interview Clothes
Before you go to interviews and meet with employers, you want to get some fresh new duds. If you are still wearing your college rags, you may not be presenting yourself in the most professional light. You don’t necessarily need to spend a lot of money, but you do want to get a few items of clothing that you can alternate accordingly.
Remain Professional and Willing
On top of everything, you want to have a professional demeanor. At the same time, you also want to be willing and show that you are available for any task that an employer puts your way. In the end, you should show eagerness and a willingness to learn more and more – this is the key to impressing an employer.
Landing your first job after graduating from ACU Online isn’t always easy. There can sometimes be a lot of competition vying for the same positions you are. This all comes down to the city you live in and the degree you’re holding from Cal State Long Beach. The more people holding the same degree, the more competition there will be.
However, some grads do get lucky and quickly find a job after college. It all comes down to your job hunting and interviewing skills. If you’re a college student on the job hunt, then avoid making these common mistakes!
Relying Completely On the Internet
The Internet has made all of our lives a lot simpler. You can do everything from the comfort of your home, while walking around in your PJs. However, this doesn’t mean you should rely on it for everything all the time. Especially not for job hunting. Sure, there are millions of jobs being posted on the Internet, but there are many more that aren’t. You should look for opportunities outside of the Web to increase your reach and beat the odds. Most graduates are making this very mistake, which means fewer people applying for the jobs posted off the Web. Look through your local classifieds, contact local companies’ HR departments and attend job fairs in the area.
Looking for a Dream Job
Everyone wants to work in a position that is easy, high paying, has great perks and an excellent location. But this is nearly impossible to achieve, especially when you have absolutely no experience in your field. It’s time to take a big dose of reality, before you end up jobless for many years to come. Be more realistic about your earning potential and the type of positions you should apply for. Don’t overreach or you’ll only continue to disappoint yourself.
Not Targeting Specific Jobs
At the beginning of your job hunt, you may feel any job will suffice, so you’ll apply to every job possible. However, this isn’t very productive and is oftentimes a waste of time. This will only wear you down and burn you out. It’s better for you to have a specific job in mind that you can hunt for. These should be jobs that meet your qualifications and are hopefully at an abundance.
Showcasing Education vs Experience
Employers care about your educational background, but not as much as they care about your experience level. This is why it’s important to gain experience while you’re still attending ACU Online. You can gain experience by joining clubs, participating in events, heading projects and fundraisers and signing up for internships. Of course, you want to focus on activities that can help you harness skills that are related to the jobs you’ll be pursuing.
Not Asking Around
Word of mouth and referrals are still used to get work. Ask people you know if they know of a job opening in your industry. There may be a friend or even a friend of a friend who can help. Let everyone know you’re on the market for work and eventually someone may have a lead.
Keep all of these tips in mind if you’re looking to find a job after college.
A master’s of business administration in finance provides a rigorous academic approach to business and finance disciplines. A finance degree can lead you to finance-oriented employment in investment banking or corporate finance. However, MBA programs typically have a broader focus with an emphasis on management and leadership potential. Additionally, MBA programs commonly include team-building coursework and real world project analysis. According to the book “Finding Your Way with an MBA: Insights From Those Landing Their Ideal Jobs,” typically MBA graduates enjoy higher compensation than graduates with college-level business degrees.
What is an MBA Degree?
- The MBA in finance is a postgraduate degree in business studies with an emphasis in finance. Students wanting to earn an MBA study the theory and practical application of business and management principles. Coursework specifically covers the basic principles of managing a business and developing organizational leadership and business strategies.
Why Get an MBA Degree?
- Increasing your career opportunities and salary potential are two primary reasons to consider getting an MBA in finance. Many companies require an MBA degree for executive and senior management positions. According to the book “Finding Your Way with an MBA: Insights From Those Landing Their Ideal Job,” more than 100,000 Americans graduate each year with an MBA degree, making the MBA the single most popular master’s degree program. Many employers recognize that an MBA degree in finance indicates a job applicant has a solid understanding of business practices and management techniques.
- An MBA in finance teaches you skills you can apply to numerous fields. Besides coursework in finance, MBA finance programs require you to take courses in marketing, operations management, money management, human resources, business strategy, business leadership and business ethics. MBA programs with an emphasis in finance also require additional advanced coursework in financial planning, economics and accounting. An MBA in finance affords you the opportunity to choose from a number of careers upon graduation, and virtually work in any field or industry. MBA finance graduates enter many industries, including health care, government, engineering, music and retail.
MBA Degree in Finance
- An MBA with a specialization in finance gives you many professional options, especially within the financial field. This degree will benefit individuals seeking employment in corporate finance, commercial banking, financial planning, investment banking and other business sectors. Specific job titles commonly held by graduates of MBA finance programs include financial officer, credit manager, finance manager, management consultant or senior financial analyst.
At some time during its business operations, every company is going to need a lawyer. Many companies, realizing this, keep lawyers on staff to verify that the business’ practices are legal. These corporate finance lawyers keep a close watch on a company’s transactions, contracts and other agreements to ensure that they stick to the law.
Corporate Lawyer Identification
A corporate finance lawyer handles the legal aspects of a company’s transactions and contracts. It is the duty of a corporate finance lawyer to ensure that none of a company’s transactions conflict with laws on the local, state or federal level. To do this, a corporate finance lawyer must be expert in a variety of laws, including tax laws, contract laws and the laws governing intellectual property rights.
Corporate Lawyer Salaries
According to the Bureau of Labor Statistics, lawyers across all disciplines receive an average salary of $110,590 each year as of 2008. Lawyers who specialize in corporate law, including the management of companies and enterprises, earn considerably more. Corporate lawyers earn an average of $145,770 a year. For recent graduates entering the field, the average salary is $68,500 for all law disciplines. For the same graduates entering the corporate law profession, the average salary is $69,100.
Top Paying States
A lawyer’s salary can vary significantly from the mean depending on where he or she practices. The top five highest paying states (or areas) for lawyers, according to the BLS, are Washington, D.C., California, Delaware, New York and Connecticut. On average, D.C. lawyers are paid $162,830 annually and California lawyers are paid $155,740 annually. Delaware, New York and Connecticut lawyers are paid on average $151,750, $150,510 and $138,420, respectively.
While the demand for lawyers and the growth of the profession are good, the nature of the work is changing somewhat. With a glut of law school graduates, many newly-minted lawyers are finding themselves early on working temporarily as attorneys on a need-based basis. This can affect salary in the short term. Specializing in corporate finance law may see a lawyer pull down better salaries, but that only applies to full-time work.
A financial executive is a member of a corporation’s top leadership team who typically reports to the chief financial officer (CFO) or the chief executive officer (CEO). She coordinates all finance-related activities in a company, and she ensures that corporate financial statements are accurate, complete and prepared in accordance with accounting principles.
- A finance chief is in charge of all accounting and financial reporting duties within a firm. He supervises staff and ensures that the organization’s financial statements adhere to generally accepted accounting principles (GAAP), Securities and Exchange Commission (SEC) guidelines, industry practices and top management’s directives. A financial executive also oversees tax reporting activities, and she ensures that employees abide by Internal Revenue Service (IRS) requirements when calculating corporate fiscal liabilities (debt).
Education and Training
- A finance chief typically holds an advanced degree, such as a master’s or doctorate, in accounting, finance, auditing or taxation. A liberal arts major or a finance executive with a bachelor’s degree is not uncommon in the field, but employers generally require that job seekers have significant business acumen and practical experience (more than 10 years). A financial executive who has prior public accounting experience usually has a certified public accountant (CPA) or certified internal auditor (CIA) license.
- A financial executive’s total compensation depends on his seniority, length of service, academic credentials and professional certifications. Other factors, such as shareholders’ or corporate directors’ decisions, also may affect his pay. A finance chief’s remuneration includes wages as well as stock and cash bonuses. According to the U.S. Bureau of Labor Statistics, as of 2008, finance chief executives earned a median annual wage of $158,560, excluding cash and stock bonuses, with some top executives of large companies earning hundreds of thousands of dollars to more than $1 million annually.
- Career growth opportunities for financial executives generally depend on the firm’s performance, economic trends and shareholders’ actions. A chief of finance also may be promoted if a company engages in a corporate reorganization initiative such as a merger or an acquisition. A competent and skilled finance chief typically moves to a senior role within five to 10 years. He may become senior finance president, chief financial officer, chief accounting officer or corporate president.
- A financial executive does not have a typical 8:30 a.m. to 5:30 p.m. work shift. Business conditions may require her to work long hours. She may be at the office early in the morning, late at night or on weekends. Occasionally, she may travel to meet with domestic or international clients. The end of the quarter is the busiest time period for a finance chief because she must coordinate regulatory filings with the SEC and IRS.
Corporate controllers (sometimes referred to as “chief financial officers” or CFOs) are top executives responsible for the financial activities of the organizations in which they work. Controllers establish financial policies, track income and expenses, oversee budgets, and make recommendations regarding investment decisions. The job market for controllers is competitive. Industry experience is a must.
- Most controllers have bachelor’s or master’s degrees in business administration, finance, or accounting. In addition, controllers often earn professional certifications, including Certified Public Accountant (CPA) or Certified Management Accountant (CMA). Earning these certifications improves an individual’s chance of becoming a controller.
Areas of Responsibility
- Controllers manage investments, oversee cash management activities, deal with mergers and acquisitions, and supervise financial reporting. They often manage several employees or entire accounting departments. Controllers report directly to the president or board of directors of their organizations.
- Controllers, like other top corporate executives, are highly paid. Median annual salaries of corporate executives, including controllers, were $158,560 in 2008. Controller salaries vary widely, however. Top executives in large companies can earn more than $1 million annually, depending on their level of responsibility and industry. In addition to salaries, compensation for controllers often includes stock options and performance bonuses.
- Controllers must be comfortable with technology. They use calculators and computers with specialized financial software programs to compile reports. They use spreadsheets to analyze data and frequently file reports via electronic submission.
Areas of Interest
- Controllers must like working with numbers. They need to be knowledgeable about economic and accounting principles and financial markets. They should also have an interest in general business administration, including strategic planning, human resources, and corporate governance.
A corporate finance analyst, or associate, uses business acumen and investment knowledge to review a firm's financial statements and recommend investment strategies to senior leadership. A corporate finance associate also reviews a company's liquidity (cash) levels and aids a company in selling shares of bonds and equity on securities exchanges.
- A corporate financial analyst evaluates a firm's operating data, compares current versus historical information and provides investment selection strategies to senior management. He also may detect liquidity trends by appraising a company's “working capital” ratio. This ratio measures a corporation's short-term cash availability and equals current assets minus current liabilities. A corporate finance associate also partners with investment bankers to help a firm raise cash on securities exchanges.
Education and Training
- Jobs in the corporate finance field typically require a business or finance background and a bachelor's degree at a minimum. A corporate finance analyst who has supervisory responsibilities or works for a large, multinational company may hold a master's of business administration (MBA) in finance or investment analysis. A corporate finance professional with prior public accounting experience may have a certified public accountant (CPA) license.
- A corporate finance analyst who holds an advanced degree, such as a master's or doctorate, in economics or investment analysis earns more than a colleague with a bachelor's degree. The company's size, industry and location also affect compensation levels. A corporate finance analyst's pay package may include wages as well as cash or stock bonuses. The U.S. Bureau of Labor Statistics indicates that median annual wages for corporate financial analysts were $73,150 in 2008, excluding cash and stock bonuses, with the lowest 10 percent of the occupation earning less than $43,440 and the highest 10 percent earning more than $141,070. The same research shows that median annual wages for corporate financial managers were $99,330 in 2008, excluding cash and stock bonuses, with the middle 50 percent of the profession earning from $72,030 to $135,070.
- A corporate finance associate's chances of promotion depend on staffing needs and economic trends. However, she can improve her career growth opportunities by seeking a master's degree in investment analysis or a chartered financial analyst (CFA) certification. A corporate finance analyst who performs adequately may be promoted to a senior role, such as corporate finance manager, senior investment strategist or financial accounting supervisor, after three to five years.
- A corporate finance analyst works a standard 8.30 a.m. to 5.30 p.m. shift. If business conditions require a longer presence at the office, he may work late nights or early mornings. He also may telecommute and perform his tasks remotely from home on weekends. A senior corporate finance analyst travels periodically to meet domestic or international clients.
The control and ownership of incorporated companies is distributed to many joint owners called shareholders. While this structure allows certain advantages, it also introduces much complexity. Specialized bankers deal with the complicated and unique needs of corporate finance. Also called “investment bankers,” corporate bankers also perform tasks similar to personal bankers.
Saving and Lending
- Like individuals, corporations use credit and money. Companies need to keep cash on hand to meet immediate needs like payroll; thus, they maintain accounts that function much like any other savings or checking account, though on a much larger scale than most individuals. For some projects, loans are needed and the government recognizes corporations as “legal persons,” able to obtain credit. Corporate bankers operate much like personal bankers or loan officers in these capacities.
- Because corporations often hold large amounts of money, for which they have no immediate need, they often seek to put this money to work for them and yield more interest. To this end, investment bankers advise or act as brokers for various financial instruments. The bankers may recommend stocks, bonds, futures or many other investment vehicles. It depends upon such factors as the return the corporation desires, when it will need the money back and the degree of risk it is willing to accept.
Stocks and Bonds
- One of the most advantageous aspects of the corporate structure is the ability to raise funds by issuing bonds (debt instruments) and common stock (equity instruments). Conceptually, these activities are simple. The company sells bonds to investors, then issues a regular payment to the bondholders until the bond matures. Upon maturity, the original sale price of the bond is refunded to the bondholder. Stock is sold to the public, which gives buyers partial company ownership and control. Each share of stock entitles the holder to an equal share of company profits and one vote to be used in each issue the board of directors puts up for a vote. While these may not seem terribly complicated, the laws and regulations surrounding the issue and trading of securities requires extensive specialized knowledge.
- Investment banks vary in size; thus, there is some variation in the education standards of applicants. The largest and most prestigious institutions may demand an MBA from an elite university; the financial sector employs workers with terminal degrees in their disciplines, paying a premium for their credentials and experience. However, smaller establishments, or the more junior positions within the larger ones, may only require a bachelor’s degree. Finance and economics are the most desirable majors.
Conditions and Salary
- Bankers almost invariably work indoors, in comfortable conditions. Most time is spent either on the telephone; in meetings; or on a computer, doing research or analysis. The more prestigious and well-paid positions have comparably less mundane activities. An investment banker’s salary is ill-spent on filing or making coffee, when support staff can do these tasks for a fraction of the cost to the firm. Despite the physical ease and status of the position, the banker does have the challenges of long, irregular hours and considerable stress. Pay is generally commensurate with the size of the company and the affluence of its clients.
Directors of finance are responsible for the finance activities of their assigned division or divisions. Finance directors work for corporations, consulting firms and nonprofit agencies. The Bureau of Labor Statistics says, “Employment growth for financial managers is expected is to be about as fast as the average for all occupations. However, applicants will likely face strong competition for jobs. Those with a masters degree and a certification will have the best opportunities.”
- Finance director titles are used in both accounting and finance departments. However, they are responsible for compliance and regulatory issues pertaining to the financing activities of their organizations. The director of finance is involved with all financing sources for his assigned divisions. This includes activities related to stock and corporate bond activity, equity investors and all non-traditional financing sources.
Subject Matter Expert
- The director of finance is the expert on compliance and regulatory issues related to finance. She will consult with counsel and executive leadership on proper financing activities and all necessary and required disclosures. The director of finance is responsible for adherence to the corporate finance policies, and reports any deviation to her direct supervisor. Most directors of finance report to the chief financial officer or the chief accounting officer.
- Finance directors are responsible for all corporate forecasting. This includes sales and revenue forecasts as well as competitor forecasts. Finance directors build forecast models and metrics to accurately predict the outcome of a potential or proposed business transaction. These transactions may include expansions, mergers, acquisitions, capital projects or divestitures. These forecasts are usually developed for executive level leadership.
- Strategic planning is a critical responsibility of directors of finance. Many capital expenditures, mergers and acquisitions and major expansions take months or years to plan. Strategic planning is vital in making these projects successful. Pro forma financial statements, projections and success metrics are all required for project approval. Planning for projects of this magnitude requires financial professionals with extensive education and work experience.
- Directors of finance are responsible for some or all investment activities. Financing activity varies greatly depending on the size of a company, but all companies have some degree of investment activity. These investments could be as simple as a money market account or simple interest-bearing account. However, in large companies, investments may include corporate securities, annuities and taking stakes directly in other companies.
Management and Mentoring
- The finance director manages the finance department employees. This includes the analysts, clerks and statisticians. The director of finance is responsible for directing the staff’s activity and for assigning workload. The director of finance assists the recruiting department with finance staffing issues. Directors of finance must be solid managers and leaders. They are responsible for developing and mentoring their subordinates.
The financial planning and analysis department within a corporation is responsible for preparing the annual plan and long-range or five-year plan. Financial planning and analysis professionals also prepare monthly, quarterly and annual management reports that compare actual results to forecasts. This department is a segment of the finance division of a company, and usually reports to the chief financial officer. The financial planning and analysis team also assists with the monthly accounting close, making certain journal entries are prepared correctly and on time.
Education and Training
- Financial analysts are expected to have, at minimum, a Bachelor of Science degree in finance or accounting. Having a Master of Business Administration degree is highly desirable, particularly for career advancement. Some companies require that analysts have a Certified Public Aaccountant designation to ensure they understand “Generally Accepted Accounting Principles” and apply these principles to the reports they prepare.
- Financial planning and analysis professionals must have a thorough understanding of advanced financial analysis techniques using spreadsheet software, as well as any specialized financial forecasting software their company may have. They must be able to design reports that present both actual and budget data in a concise manner for use by top management in decision making. They are required to communicate well, both orally and in writing, as they are asked to make presentations to upper management.
- Senior management depends on information and recommendations provided by the financial planning and analysis department to make critical decisions such as those regarding multimillion dollar capital expenditures and mergers and acquisitions. If the information the analysts supply is flawed, there can be significant negative financial consequences for the company as a whole. Success in this career depends on being able to interpret data and draw conclusions, not just to compile numbers.
- Finance planning and analysis can be a high-pressure career because, during the planning cycle, there are tight deadlines that must be met. The financial reports that analysts prepare can involve presenting negative news to senior executives, who may challenge the accuracy of their reports. They are often given special analysis projects, such as mergers and acquisitions, that must be completed under extremely tight time frames and often with insufficient or limited data.
- Because the financial planning and analysis expert interfaces with all departments of the company during the planning process, this career can be a learning experience to gain an understanding of how other departments, such as marketing or purchasing, are managed. This knowledge can help financial analysts advance into a senior management role later in their careers. It can also be a stepping stone to becoming chief financial officer of the company, because the financial planning and analysis department is heavily involved with the day-to-day operations of the accounting department. Financial planning and analysis professionals, even junior analysts, are asked to prepare reports or make presentation to top executives, so this career can help young professionals develop poise and self-confidence.
It’s possible to get an entry-level job in a bank, even if you have no previous job experience. Most banks will hire novices as tellers. All such a job requires is some basic math skills, on-the-job training and the ability to talk to a wide variety of people. Banks also typically pay a little more than most other entry-level positions. This makes them attractive places for college students and others looking for their first jobs. Read on to learn how to write an excellent resume that can give you an edge over the other job candidates
- Write an “Objective” section. This section of your resume should briefly discuss your career goals, what sort of bank job you hope to get and what you want to accomplish in your job. You’ll stand the best chance of getting hired if you indicate you’re interested in a career in financial services in this section.
- List your experience first. Even if this is your first job, you probably still have some experience that would be useful in a bank. Any experience handling cash, competition on math teams, proficiency with computers or experience dealing with a wide variety of people would be helpful and should be included in your list.
- Talk about your education next. Write down the schools you’ve attended from high school on, as well as the dates attended and degrees obtained. If you’re still in school, make mention of that, and indicate when you expect to graduate.
- Write about your bank-specific skills and classes you’ve taken that will help you perform your job. Customer service skills, business classes, accounting classes and organizational skills are all examples of assets that would benefit you in a bank job. Banks are becoming more and more dependent on computer technology, too, so you’d better have (or get) solid computer fundamentals.
- Create a list of organizations you belong to and extra-curricular activities you’re involved in. This will show that you’re a well-rounded person (always a desirable quality in a bank employee), that you’re ambitious and that you know how to handle responsibility.
Investment banks arrange financing for private companies. Investment bankers are responsible for matching businesses that require financing with investors who are willing to provide capital in exchange for bonds or stock. Generally all investment bankers pursue advanced education and receive specialized training in the field. There is stiff competition for investment banking jobs, but those who are successful tend to enjoy high salaries and comprehensive benefits.
- Depending on the client’s situation, an investment banker’s duties vary. They sometimes act as sales agents for their clients. They advise companies on their financing options, such as issuing stock or bonds, and find buyers for the securities. When clients wish to arrange large financial transactions, such as a merger, acquisition or sale of a subsidy, an investment banker may negotiate the deal. Investment bankers also consult when companies are experiencing financial difficulties, and attempt to find solutions. If clients decide to offer new stock, investment bankers may arrange for their bank to underwrite the stock, so the client will not have to assume financial liability. In addition, investment bankers may oversee their clients’ investments.
- Most investment bankers earn a master’s degree in business administration (MBA). Those who enter the field without an MBA generally have a bachelor’s degree in finance, business, economics or accounting, and begin as analysts with an investment bank. They receive training on the job, during which they have limited interaction with clients and instead focus their efforts on creating information books that are used to sell products to clients. Training also includes instruction in the specific products and services that the bank offers, effective sales techniques and securities analysis. Most analysts work toward an MBA while employed if they plan to stay in the field. After several years, analysts either receive a promotion to associate or are let go. Candidates who already have MBAs usually begin as associates.
- Most investment bankers work in comfortable offices, though the environment is often quite stressful. They usually work long hours, including nights and weekends, and face extreme pressure as they try to negotiate mergers, acquisitions and corporate financing. Many investment banks have a large number of international clients, so investment bankers are often required to travel around the world. Bankers at the junior level usually face the greatest pressure as the job tends to become more manageable with experience.
- According to the Pay Scale, a salary information website, the median salary for associate investment bankers with less than a year of experience ranged from $47,778 to $96,102 as of May 2010. Those with one to four years of experience were paid between $57,617 and $96,682, while those with five to nine years earned between $69,855 and $101,636. Associate investment bankers with 10 to 19 years of experience earned as much as $106,283.
- The Bureau of Labor Statistics estimates that employment for securities, commodities and financial services sales agents, including investment bankers, will increase by nine percent between 2008 and 2018, which is the same rate as the average for all occupations.Recent global financial problems coupled with industry consolidation will be the most significant factors in limiting job growth. Investment bankers may face sharp competition as jobs dwindle, so those with MBAs will enjoy the best prospects.
You can begin a career in banking without experience or a degree and choose from a variety of specialties after you pay your dues in an entry-level position. Here’s how to start in this exciting field
- Determine your compatibility with a banking career. Do you pay attention to detail, have a drive for perfection, like to achieve goals, enjoy constantly learning new information and skills, present a dependable image, like to work with people (some of whom can be very demanding) and have a clean criminal record? If so, go on to Step 2.
- Apply for any job with a bank. Some bank executives have started out as tellers, a job that requires neither experience nor a degree. Bring a professional resume.
- Reveal any legal problems you’ve had. Banking employees must be bonded, so your background will be investigated. Laws and policies vary by state and bank.
- Be flexible when discussing work schedules. Banks feel tremendous pressure to offer extended hours.
- Groom and dress carefully. Much about banking depends on image. Conservative appearance says you’re trustworthy.
- Arrive at work promptly. Banks must open on time with enough personnel available to meet customers’ needs. Inconsistency is a no-no in the financial industry.
- Conduct yourself with the utmost honesty and integrity. Follow every law and policy to the letter. Banks use state-of-the-art security systems that keep track of employees carefully.
- Cultivate perfectionism. Every penny must be accounted for, every signature must be included, and every supporting document must be verified. If you don’t balance at the end of the day, you don’t go home until you do. If you don’t dot every “i” and cross every “t,” you’ll do the paperwork over and over until you get it right.
- Take advantage of every training session possible. Ask your supervisor for more training, and make it known that you’re interested in advancement.
If you are seeking a banking job in Saudi Arabia banks, there are many ways can help you to land your dream job either you are living inside or outside Saudi Arabia. The main thing you need to do is to locate the vacancies.
- Start your search at Riyad Bank, the bank is considered one of the biggest banks in Saudi Arabia that provide various kinds of services such as corporate banking, business finance and business banking. Go to the bank website , where you can find a career page that lists all the openings.
- Contact Bank Al Jazira to inquire about their vacancies, the bank provides banking services in many cities in Saudi Arabia. Go to the head office in Khalid Bin Al Walid st., Jeddah to get more information about job opportunities.
- Check Al Rajhi Bank for the current vacancies, the bank always has up coming openings for fresh graduates, middle managers and experience professionals. You may not be able to locate posted or announced vacancies on the bank but you can submit your resume to their recruitment team and you might be considered for the related work opportunity.
- Research the banks that specialized in financing, if you have work experience in the investment and finance field. Try Saudi Investment Bank and Arab National Bank, which have many branches across Saudi Arabia. Write a presentable resume, that reflect your specialty in the finance operation and send it to the head of the department that relevant to your experience.
If you have a natural love for math and an analytical mind you may want to consider a career in finance. To obtain a high-paying finance job like accounting you’ll need to obtain a bachelor’s degree. Other finance jobs like working as a bank teller only require a high school diploma. However, having a degree in a finance-related discipline is always an advantage when looking for a job in this field.
- Responsibilities of a bank teller include cashing payroll checks, exchanging foreign currency, receiving loan payments, issuing traveler’s checks and keeping track of their daily transactions. Banks usually hire employees with a minimum of a high school diploma. Taking business math courses in high school and having clerical experience can also help individuals obtain a job. Some banks provide on-the-job training for new tellers which teaches them about financial transactions within the bank. The median salary for bank tellers is approximately $21,120 per year, according to Stateuniversity.
- The median salary for an auditor, which is one type of accountant, is approximately $50,000, according to Stateuniversity. Auditors are responsible for checking the financial records of companies and determining their accuracy. If numbers don’t add up auditors are responsible for determining why. External auditors are self-employed and work for many companies as freelancers while internal auditors are employed by specific companies.
- Loan officers earn a median salary of $51,760 per year, according to Stateuniversity. Loan officers are responsible for working with individuals and businesses to help them acquire loans. They’re also responsible for evaluating loans, approving loans and authorizing loans based on credit. Loan officers work for financial institutions such as banks, credit unions and savings institutions. Loan officers interact with other people as they prepare paperwork for specific loans.
- Financial advisers work with individuals, companies and charitable organizations, providing them with financial advice on investing and savings, according to Prospects. Financial advisors must be good at math. They often review an individual’s entire financial portfolio and provide recommendations. Financial advisors earn between $34,000 and $94,000 a year, according to Payscale.
According to the Bureau of Labor Statistics (bls.gov), in 2006 the banking industry employed more than 1.8 million. Out of these job, 7 out of 10 were in commercial banks. The banking industry has a wide range of jobs and positions available. Tellers still make up a vast majority of the employees, but other bank positions take up a large sector in the job industry in general.
Years ago bankers were stodgy old men in black suits that sat behind their desks all day reviewing loan applications. But times have changed and so has the banking industry. Today’s bankers can no longer afford to stay behind their desks waiting for customers to come to them, because the competition is fierce. In their job, they need to proactively go after business and offer customers products and services that are a cut above the rest. If you want to start a career in banking, you need to prepare yourself to show your perspective employer why you are a cut above the rest.
- Complete at least two years of college with an emphasis on business-related classes. Though you will stand a better chance at a higher paying job with a four year degree, many banks have internship programs you can start while still going to school. They also have tuition reimbursement programs for full time employees that will help you pay for college. It may take you longer to get your degree, but it’s a great way to pay for your education.
- Invest in a few choice pieces of business attire, including a nice suit. It’s not necessary to buy a whole wardrobe at once, but you do need several pieces you can mix and match so that it appears you have a huge selection of clothing.
- Update your resume ensuring it is concise and easy to read. The human resource areas of most banks receive numerous resumes every day so yours needs to stand out. Print it on a light colored paper like cream or grey and include a cover letter with a brief description of your overall skills and assets.
- Talk to different employees where you do your banking and ask them about their jobs and what they do. Working at a bank today is more than being a teller or loan officer. Banks hire people to do everything from statistical modeling to selling and managing investment portfolios. The more you learn about the types of jobs available, the better prepared you will be to choose the area of banking that’s right for you.
- Be flexible when being offered your first job, even though it may not be exactly what you wanted. Banks are notorious for promoting from within so you need to get your foot in the door first. Once you do, it will be easier to apply for other jobs as an employee within the bank as opposed to being an outsider.
An associate’s degree in banking is a great stepping stone into a career in finance. Entry-level positions are available for those who have completed their associate’s degree, with the opportunity to advance with experience or go back for your bachelor’s degree.
Associate’s Degree in Banking
- When you earn your associate’s degree in banking, you’ll learn valuable skills that will help you get a job, such as accounting principles, economics principles, banking laws and how to use spreadsheets.
- Many graduates of an associate’s degree in banking go on to work in a bank branch as an entry-level, vault or head teller. The head teller position, which involves supervising other tellers and balancing the cash draw, has the highest average teller salary of about $27,000.
- An associate’s degree in banking can lead to a career as a client services representative at a bank or lending institution. This position involves customer service for basic transactions and yields an average annual salary of about $28,000.
- Graduates of an associate’s degree program can earn a position as a processing clerk at bank branches. The clerk may work with commercial clients or loans. The average salary for this position is about $26,000.
- Many graduates with an associate’s degree go back to school to earn their bachelor’s in finance or accounting. The credits they earned for their associate’s degree should enable them to complete a bachelor’s degree in just two or three years, rather than four.
There are a number of entry-level positions for employment in the banking industry. These positions range from bank teller to collections representative to safe deposit clerk, and most have annual compensation in the $15,000 to $30,000 range. While the number of management positions in the banking industry is shrinking due to the economy and a number of recent large mergers, the number of entry-level positions is expected to continue to grow over the next few years.
While some of these positions require some college or specialized training, most just require a high school diploma, good math skills, and a friendly personality and people skills. However, in today’s world, advancement to a management position in the banking industry almost always requires a college degree.
- A bank teller is the most common entry-level job at a bank, and generally only requires a high school education, basic computer skills, and a friendly attitude (especially as teller positions today are becoming more and more sales- and marketing-oriented). Teller positions are often relatively easy to get as the turnover rate tends to be high. With some exceptions, teller positions are usually paid hourly, with most tellers making $20,000 to $30,000 annually.
Other Customer-service Jobs
- A number of other specialized customer service positions are found in banks, such as personal and mortgage loan representatives, new account representatives and safe deposit clerks. These jobs are mainly customer service-oriented and usually do not require a college degree. Some of these positions do require a little more education or training, but there are often entry-level positions paying $20,000 to $40,000 are available.
- In most banks, there are almost as many support positions as there are customer-facing positions, which means that there are usually quite a few jobs like mortgage loan servicing clerks, collections representatives, accountants, information technology specialists, operations clerks, wire transfer clerks and fraud detection associates available. Many of these positions do require a college degree or specialized training, but the pay is commensurately higher in most cases, from $25,000 to $60,000.
Employment Prospects in the Banking Industry
- While banking industry jobs grew rapidly for several years up until 2008, and declined in 2009-2010, the industry is expected to begin a gradual recovery, and hiring (especially for entry-level positions) is predicted to increase over the next few years.
Technology is allowing businesses to grow exponentially as trade increases nationally and globally. In an effort to assist business clients in financial trade transactions, many banks offer trade finance services. These services allow companies to import and export with ease and without a long wait for fund transfers. Jobs in trade finance involve a high degree of client interaction as well as an understanding of financial transactions. Trade jobs are typically found in banks and other financial institutions.
- In a banking institution, the trade financing department is responsible for a number of activities to facilitate business trade. An individual in this position would help importers with letters of credit that are sent to exporters. These letters show the exporter that payment will be made upon delivery. Some banks also issue invoice financing, import financing and shipping guarantees. An individual working in the trade finance department is responsible for reviewing the credit worthiness of a business before extending loan terms. Trade financing covers both importers and exporters of goods.
Trade Experience Necessary
- A knowledge of the various types of trade transactions is a requirement for this side of banking. Familiarity with financial terminology such as banker acceptance, cash in advance, and documentary collections is necessary. A mathematical aptitude and attention to detail are other skills of a successful candidate. Analytical skills to properly assess credit worthiness is a requirement for these positions. Working in trade finance requires not only interpersonal skills but a high level of confidentiality and tact. In some instances a customer’s request cannot be honored. In these cases an associate needs to handle the situation in a respectful manner without alienating the customer or losing business for the bank.
Education and On-the-Job Training
- While there is no specific college degree for a trade finance position, most banks require at least a bachelor’s degree. Taking courses in accounting, business or economics gives candidates a competitive edge in addition to giving them a financial background. On-the-job training constitutes the majority of an employee’s education. Employees may start in entry-level jobs within a financial institution before moving into a trade finance position.
The Future of Trade
- Companies continue to look for faster ways to transact business, and banks are working harder to fulfill their needs. Businesses want to minimize the risk of not receiving an import or being cash poor while waiting for payment of an export. Trade finance departments across financial institutions work with new technologies to reduce that risk. Although letters of credit have long been the standard of trade finance, other types of guaranteed payments are emerging. Banks now offer document collections as payments for imports. Document collecting is a bank-to-bank transaction occurring within the trade finance department. All of these enhancements mean continued growth and education for the right candidate taking this on as a career.
Financial advisers, also known as financial planners, advise individuals, couples and organizations on financial matters, such as spending income, saving for retirement and making sound investments. Although most financial advisers practice as generalists, others specialize in investments, savings or insurance. Individuals looking to become financial advisers must have the relevant professional qualifications and be able to follow industry regulations. Top employers include investment firms, consultancies, insurance carriers and brokerage firms.
Doing the Job
- To study a client’s financial information, evaluate his financial goals and create a good investment portfolio, a financial adviser needs strong analytical skills. Math skills are also essential, because an effective adviser must convert currencies, determine percentages and derive financial ratios. Financial advisers also need strong speaking and active listening skills to interact and share information with clients effectively.
- Personal financial advisers help clients make sound financial decisions by providing all the relevant information. For example, when a client wants to buy education insurance for her children, the financial adviser analyzes the client’s financial position to ensure she can afford the policy, and researches the insurance market to identify the best providers and advises accordingly. These financial advisers also help clients improve credit ratings and secure bank loans.
- After helping clients implement financial plans, such as investing in securities, investment financial advisers often keep in touch with them to discuss the progress of the investment. When a client wants to change his investment options, the adviser furnishes him with new information on potential investment options. These financial advisers also liaise with financial services providers to ensure the interests of their clients are being met.
- Financial advisers must update their knowledge on industry regulations. For example, investment advisers who manage $110 million or more in client assets keep tabs on the US Securities and Exchange Commission to monitor changes in relevant regulations. Other financial advisers or planners usually are regulated by state agencies, such as boards of accountancy.
- To become a financial adviser, you must earn at least a bachelor’s degree in economics, finance, mathematics or business. You also need to obtain a license or registration with a state regulator. Investment financial advisers running large firms must be registered with the Securities and Exchange Commission. To improve your ability to attract more clients, pursue a master’s degree in business administration or earn the certified financial planner certification from the Certified Planner Board of Standards.
- In 2013, the mean annual wage for personal financial advisers was $99,920, according to the US Bureau of Labor Statistics. In the same period financial advisers offering investment services was $117,460, while those working as resident advisers in companies made $92,700. Between 2012 and 2022, the bureau also estimates a job growth of 27 percent for personal financial advisers, greater than the estimated 11 percent average for all jobs.
If you are thinking about a degree in finance for your undergraduate degree major, you might be in for a rewarding and lucrative career. While it might be tempting to assume that a major in finance will lead only to a career of numbers-crunching, in reality, various careers in other aspects of finance and financial management are possible with a finance degree.
Financial analysts, like economists, analyze financial trends and how a business is performing so they can offer advice and guidance on major financial decisions. Financial analysts may make recommendations about investment strategies and long-term financial goals. These recommendations are typically based on how they perceive the financial data with which they are working. Financial analysts typically analyze various types of investments, such as mutual funds, stocks and bonds to evaluate their performance and potential for economic gain. Analysts work for corporations, banks, financial services firms and even for the government. In addition to obtaining a bachelor’s degree, financial analysts typically obtain licensing through the Financial Industry Regulatory Authority (FINRA). According to the Bureau of Labor Statistics (BLS), financial analysts made a median salary of $73,150 in May 2008.
Financial managers are responsible for the long-term economic growth of their company or firm. They are responsible for planning and implementing plans that ensure this growth. Financial managers review and analyze financial reports produced by individuals, like financial analysts. They also utilize cash management strategies and help make investment decisions on behalf of a company. The BLS notes that financial managers’ job titles can vary by the function they perform. Some serve as cash managers, others as credit managers and yet others as branch managers for financial firms. The bachelor’s degree in finance can open up careers in this field, but the BLS notes that the master’s degree is becoming increasingly important for management positions. The median annual salary of financial managers was $99,330 in May 2008.
Stockbrokers and other financial services providers are individuals who work on behalf of clients to help them with both long- and short-term financial goals. A stockbroker is a financial services sales representative who may advise clients to buy stocks in certain companies or other securities like bonds and mutual funds. Some financial services representatives are referred to as financial advisers or financial planners. A degree in finance can provide suitable preparation for individuals wanting to work in this field. Like financial analysts, stockbrokers have to be licensed by passing an exam regulated by FINRA. The median annual salary for financial services representatives, according to the BLS, was $68,680 in May 2008.
College graduates with a degree in finance are qualified to work in a variety of settings including businesses, consulting firms, investment firms and other financial institutions. A finance degree provides the accounting, economics and business skills that professionals need to begin their careers in some of the most popular finance jobs.
- Budget analysts play an important role in helping businesses, government agencies and nonprofit organizations put together, review, implement and monitor their budgets. They compile data to create annual budget reports that help managers find ways to reduce expenses and increase earnings.
Candidates must have good math, communication and computer skills. Entry-level positions are available for candidates with a bachelor’s degree, but a master’s degree is often preferred.
Personal Financial Advisers
- Also known as financial consultants or planners, financial advisers help clients make investment decisions, plan their retirements and minimize their tax liability. Based on their client’s financial information and goals, they put together a plan to help them accomplish their objectives. They may also sell insurance policies, real estate, mutual funds or other types of investments if they obtain the proper licenses.
Financial advisers promote their services in a variety of ways in order to get clients. They must have good communication and sales skills to be successful.
- Auditors are responsible for checking the accuracy of a company’s financial records. They give organizations feedback about their bookkeeping policies and make suggestions about improving the efficiency of their accounting systems. They are employed as internal auditors that review the accounting records of their company or external auditors that provide their services to companies or government agencies as independent contractors.
A degree in finance with an emphasis in accounting will prepare graduates to work in this field. Meeting the education and experience requirements to become a certified public accountant (CPA) may also be required by some accounting firms.
- Insurance companies rely on underwriters to evaluate insurance applications in order to determine the risk of loss associated with issuing a life, health or property insurance policy. They are trained to use computer systems, databases and various reports to analyze insurance applications and establish an insurance premium for the policies they issue.
Good computer skills, judgment and some insurance experience are important in this field. Most insurance companies offer entry-level positions and training for qualified candidates. The Insurance Institute of America also offers continuing education courses and professional designations for underwriters.
- According to the U.S. Bureau of Labor Statistics, the 2009 salaries for these jobs vary depending on several factors including location, employer, experience level and additional training. Experienced budget analysts can make $93,080 or more per year. Personal financial advisers can make more than $114,260 a year not including the bonuses or sales commissions they may earn. Salaries for auditors can range from less than $34,470 to more than $94,050 a year. The average salary for insurance underwriters can range from $40,000 to $71,070 a year.
More and more people are interested in careers that reflect their personal commitment to preserving the environment, but finding the right environmental job can be difficult. Knowing where to start looking, having green experience and focusing your resume will all get you off to a good start on a green job search.
- Check out job boards of leading environmental groups or websites. Green companies and organizations are especially likely to have helpful websites with opportunities listed.
- If you’re a student, visit your college or university career center for more information. Even if you’ve already graduated, many schools will still offer help for alumni, so call and find out what resources they have to offer.
- Begin your search locally and broaden from there. Look up local environmental service organizations to see what work is available in your community. You may need more experience for state or federal-level jobs.
- Focus your resume on your environmental experience. If you have enough green experience, divide up your experience section into “Environmental Experience” and “Additional Experience.” Environmental experience might also include environmental work you have done as part of another job or experience, so highlight the green aspects of all your work.
- If you don’t have a lot of experience in environmental service, look for ways to volunteer in your community to build up a base of experience. You’ll also meet people who can assist you in your job search.
- Ask for jobs or internships even if they aren’t explicitly offered. Many organizations, especially non-profits, will not post internships but will still be happy to set one up for you if you express interest.
To find a job in finance, you will need to use your math, statistics, budgeting, bookkeeping and business skills. Finance jobs relate to managing money for different purposes. If you work at a car dealership, as the finance manager you would oversee the representatives who get customers approved for new and used vehicle loans.
- A finance job requires skill in tracking cash flow around a business. In some businesses, you collect and handle cash, prepare reports documenting cash receipts and make deposits to the bank. In other businesses, cash flow management begins with handling cash receipts or records, verifying revenues collected and posting revenues to the right accounts. The other side of cash flow involves disbursing cash from the right accounts to the right invoices, such as paying the company’s expenses.
- Another skill set applies to managing the assets of a business. You might ensure that a company has enough assets to cover its financial commitments at any time. Your skills might apply to a career in corporate banking or finance, or you might consider investment consulting, helping businesses and consumers to grow their assets by investing and getting a higher financial yield than they would by depositing money in a bank savings account.
- You need educational preparation and strong skills in quantitative disciplines, including statistics, math, economics and computer modeling. These skills work well with analytical skills to help you understand financial problems from different angles. To work for a corporation, you will have to use quantitative skills to help your employer achieve goals and objectives. Number-crunching helps you to make financial recommendations to managers and executives.
Information and People Skills
- Utilize your skills in problem-solving, information-gathering and customer service in a financial services career. You might find work in your own small business or in companies that provide services to consumers. People consume financial products, such as loans and investments, to use money for different goals. You might work in commercial or residential real estate lending, banking services or other financial services such as selling insurance policies and annuities.
To be successful in financial services careers, individuals must be analytical, with a passion for breaking down figures and explaining them to their clients, colleagues and oftentimes, investors. Financial service careers can range from a customer service agent calling to collect on a past due bill to a chief financial officer who oversees spending and manages the profit center of a business.
Personal Financial Advisor
This type of career revolves around helping individuals create a financially sound future by offering tax, insurance and investment advice. This job requires the ability to network and market your services effectively to gain a larger clientele, since in many cases personal financial advisers have to find their own business leads.
Investment brokers work with buyers and sellers. They act as the middle man, as they help with the buying and selling of commodities among parties. They often work with private and public organizations. Their pay primarily comes from the commission they make on their deals.
Auditors work to assure that companies are adhering to compliance laws and regulations regarding the financial dealings of their company. They review everything from financial statements to client files, checking them thoroughly for accuracy.
Insurance agents offer protection options to consumers and businesses. They offer casualty, life, health, disability and long-term care insurance that provides coverage if an accident or emergency occurs. They work to advise their clients on way to reduce risks in their homes and at their businesses, which may help reduce insurance costs.
Using generally accepted accounting practices, accountants work with businesses and families to keep track of money spent and money earned. They ensure that financial documents are up-to-date and accurate. They are responsible for tax records and preparation.
Most financial consultants operate independently and run their own businesses. They are responsible for securing their clientele. They work with businesses and individuals in a combination of capacities. They may play the role of a financial adviser, insurance agent, auditor or analyst depending on the businesses’ needs, the consultant’s skill set and licensing.
Retail or Commercial Banker
Bankers work with businesses and individuals at small and large banks. They are responsible for building a relationship of trust with clients, handling financial transactions, reviewing accounts and suggesting new financial products to customers when applicable.
Financial analysts review and analyze financial statements for businesses so that they can make effective recommendations regarding investment decisions, investigate industry trends that can hurt and help the business, and project future earnings. They review sales, expenses and tax information to advise both large and small business owners.
Bill and Account Collector
Collectors contact customers to let them know a payment is past due and make payment arrangements where necessary. They work for organizations to collect receivables and update accounts.
A financial analyst is a professional who gives investment advice to both individuals and businesses. Due to the high salaries earned in the profession, landing an entry-level financial analyst position can be challenging, as competition is fierce. However, by carefully mapping out your educational path and networking your way through the industry, you can give yourself a competitive edge for landing a position.
- Obtain the necessary education. You will need a bachelor’s degree at the very least, preferably in finance or a finance-related field such as statistics, accounting, international business or management. Some universities require good scores in high school mathematics for entry, while others are a little more relaxed about entry standards.
- Further your education by taking a postgraduate degree in finance. While some employers will accept a high-standard bachelor’s degree for an entry-level financial analyst position, many require a master’s degree. Thus, a master’s degree will only increase your chances for acceptance into a trainee program. If you have the financial resources, an MBA that specializes in the financial markets may help your chances even more.
- Begin preparation for the chartered financial analyst (CFA) certification, a necessary requirement for a career as a financial analyst. The designation is achieved after passing three examinations that require self-study. The whole process takes two to five years, and will overlap with the experience gained as an entry-level financial analyst.
- Network. The financial markets field is highly competitive, and thus becoming familiar with those who already work in the industry will give you an edge over other job candidates. This also applies for internship opportunities. When you eventually land an entry-level position, you will need at least four years of experience before you can obtain your CFA designation.
While outsourcing might cost some jobs in the American economy, it might not be the catastrophe some people believe. Outsourcing can help American businesses by reducing costs, as well as providing services to small businesses that might not otherwise afford them. Outsourcing can also enrich the overall global economy and generate enough profit for overseas countries to invest in American businesses.
- One way that outsourcing can help create new jobs is by lowering the costs the business spends on certain areas. For example, if a business can reduce manufacturing costs by 25% when it outsources manufacturing, it can use the money that it’s saved in costs to expand its sales force.
- Outsourcing creates jobs in small businesses. A small business might need a new computer programming system put into place, but can’t afford the cost of having a domestic programmer perform the task. The business outsources the job to an overseas provider, who is able to supply the business what is needed at a fraction of the cost. In turn, this new program enables the small business to operate more efficiently, which in turn allows it to reduce some of its operating costs. The reduction in operating costs gives the business enough extra money to hire some part-time help, thereby creating a new job within its infrastructure.
- One area that is sometimes overlooked in the debate over the merits of outsourcing is the job creation taking place overseas. When jobs are created by outsourcing to another country, those jobs impact the global economy. People who work outsourced overseas jobs are provided with a higher income than those who aren’t working. In turn, this allows them to buy products, including products exported from America. The more products exported, the more likely it is that American businesses will have to expand in order to keep up with increased global demand. The way that American businesses expand is by building new factories and hiring new employees, thereby creating new jobs.
- Jobs are also created from outsourcing when overseas companies invest in American businesses. Many of the jobs that are outsourced are customer service or tech support jobs. Countries like India are not manufacturing-heavy. This can lead to actually working cooperatively with American manufacturing in order to expand. Even countries like China, which has a strong manufacturing base, uses the money it makes from its outsourcing in order to buy and invest in American businesses and products.
If you have a natural love for math and an analytical mind you may want to consider a career in finance. To obtain a high-paying finance job like accounting you’ll need to obtain a bachelor’s degree. Other finance jobs like working as a bank teller only require a high school diploma. However, having a degree in a finance-related discipline is always an advantage when looking for a job in this field.
Responsibilities of a bank teller include cashing payroll checks, exchanging foreign currency, receiving loan payments, issuing traveler’s checks and keeping track of their daily transactions. Banks usually hire employees with a minimum of a high school diploma. Taking business math courses in high school and having clerical experience can also help individuals obtain a job. Some banks provide on-the-job training for new tellers which teaches them about financial transactions within the bank. The median salary for bank tellers is approximately $21,120 per year, according to Stateuniversity.
The median salary for an auditor, which is one type of accountant, is approximately $50,000, according to Stateuniversity. Auditors are responsible for checking the financial records of companies and determining their accuracy. If numbers don’t add up auditors are responsible for determining why. External auditors are self-employed and work for many companies as freelancers while internal auditors are employed by specific companies.
Loan officers earn a median salary of $51,760 per year, according to Stateuniversity. Loan officers are responsible for working with individuals and businesses to help them acquire loans. They’re also responsible for evaluating loans, approving loans and authorizing loans based on credit. Loan officers work for financial institutions such as banks, credit unions and savings institutions. Loan officers interact with other people as they prepare paperwork for specific loans.
Financial advisers work with individuals, companies and charitable organizations, providing them with financial advice on investing and savings, according to Prospects. Financial advisors must be good at math. They often review an individual’s entire financial portfolio and provide recommendations. Financial advisors earn between $34,000 and $94,000 a year, according to Payscale.
As one of the leading financial hubs on the international scene, the City of London is an attractive work destination for upcoming finance professionals. There are abundant job opportunities for qualified candidates, and you can gain crucial experience to spruce up your resume and enhance your career.
- Decide which area of finance you want to work in. Depending on your qualifications, experience and abilities, you can work in a variety of areas like financial analysis, risk analysis, accounting, banking, trading, auditing, insurance, IT support, marketing and investment management.
- Have a top-rank finance or business-related degree, diploma or certificate. Most employers insist on excellent educational qualifications to start out–these indicate a good level of commitment and responsibility–and may offer job-specific training once you are hired.
- Have significant work experience in your finance field. This can be through internships or training programs. Many City of London employers prefer candidates with extensive work experience in issues related to both public firms and the private sector.
- Have a shrewd business sense and honest work ethic, with good mathematical and computing skills, good communication skills, good sales and negotiation skills and creative problem-solving skills.
- Keep yourself updated on the current events in the financial world. Read finance newspapers and financial services industry magazines like Money Marketing and Financial Adviser and access finance industry websites. Get membership to professional finance organizations like ACCA (Association of Chartered Certified Accountants) and CII (Chartered Insurance Institute).
- Consider your capabilities, your desired work environment and your salary expectations. Make a list of the City of London finance companies you would like to work with, research them on the Internet and check their websites for job-related information and available vacancies. Find out if they offer internships or training programs. Know which person to contact and cold-call about working with the firm.
- Check for finance vacancies in the leading London newspapers and employment websites. Most employment websites allow you to search by type of job, job level, salary and location. Register with reputable and finance-specific employment agencies in London. Network. Jobs are often won through contacts in the finance world.
- Research once again the firms that call you for an interview, particularly the format of their interview process. Find out who is going to interview you, the number of interviews conducted and what kind of testing to expect. Prepare responses for possible interview questions, ensuring you amply demonstrate the wealth of experience you hope to bring to the firm. Think over, too, the questions you’d like to ask the interviewers. Go for your scheduled job interview well prepared, well dressed and on time.
- Wait until you have received a job offer before you negotiate the salary.
If you charge fees to your clients for your financial advice or asset management services, then setting the right price can be a difficult task. You of course need to be adequately compensated for your services, but your clients also need to feel like they are getting their money’s worth in return for what they are paying you. But increasing competition and an explosion of technological alternatives have made it harder than ever to be able to determine whether the fees that you charge your clients are in line with your competition.
Start With the Basic Questions
To some extent, the fees that you charge as an advisor can be determined by common sense. The following questions should be able to help you to determine the types and amounts of fees that you charge.
Would I prefer to charge by the hour, by the job or plan or a percentage of assets under management?
Will I also be charging commissions for some cases or services?
What is my competition charging for similar services to similar clients, and are they making enough profit in order to grow and thrive?
How much revenue will I realistically have to generate in order to stay in business?
Once you have the answers to these questions, you will probably have enough information to at least be able to set an initial fee for your services if you have not done so already. And while the laws of supply and demand will ultimately determine whether your fees are too high or too low in the long run, there are several things that you can do in the here and now to add value to your fee structure and incentivize clients to enlist your services.
Charge low-net-worth clients a bit more – Although the difference in fees should not be too severe, this can make good fiscal sense in many ways. All clients require at least a certain level of administration, but you need to focus more on making your higher net worth clients happy. Those with fewer assets under management can end up taking up just as much of your time as your richer client base, but allocating equal time to them ultimately costs you money.
Offer freebies like a no-fee initial consultation – This can be a great way to get clients in the door so that you can show them what you are able to do for them. The lack of an obligation on their part will make many more prospects willing to meet with you at least once.
Give clients who require the least amount of maintenance a discount – This idea is founded upon the critical distinction between low-net-worth clients and low maintenance ones. As mentioned previously, low-net-worth clients can still take up a lot of your time and should therefore pay slightly more than those with more money. But those who require little or none of your time should also be rewarded for their simplicity.
Charge a single rate for assets under management – If you like to keep things simple, then charging a single rate for all of your clients may be the way to go. Although this may be frustrating to your small clients, it will provide better value for your large ones and may also encourage some of your other clients to increase their asset base with you in order to get a better value.
Offer a few different options to clients for how they can pay – Some clients may be happy to pay you by the hour for your services, while others would rather pay you a percent of their assets for your management services. The ability to offer a choice here can expand your marketability and thus your client base.
Here Come the Robo-Advisors
If you charge a percentage fee for assets under management, be prepared to contend with the coming wave of automated investment services that only charge a fraction of a percent for their services. Websites like Wealthvest and others like it can provide a basic level of money management for less than half a percent in many cases, and you will need to be able to show why the human element that you offer justifies the difference in cost between them and you. Having a top-notch website with technological amenities like a cloud-based platform, skype and chat services for your clients and other convenient features can also set you apart from a set of algorithms that is being packaged and marketed to the public.
When you are in a market for home loans, you need to make smart choices. You cannot rush into decisions. There are several aspects of your professional, personal and financial life that will come into play as you opt for a housing loan. The best home loans in India cannot be selected randomly or by mere luck. It needs a more studied approach for the home loan eligibility process as well.
Finalize a property meticulously
This is the most challenging part of the entire process. Most borrowers want to buy a property based on their personal requirements. However, your financial life plays a vital role as you need to select a property that you can afford to pay EMIs for comfortably. Most housing finance companies select the candidate who can spare about 30% to 40% of their in-hand income as housing loan EMIs without trouble. So, selecting the property that you cannot pay for will be unwise. You will need to consider that the principal amount of the home loan will include 80% to 85% of the property cost, legal charges, processing charges, home loan insurance plan, service taxes and allied fees. Hence, property selection will depend upon the likely principal amount, EMIs you can afford on a monthly basis and your credit score report.
Ensure eligibility criteria
When you apply for a home loan at any housing finance company in India, you must make sure that you meet their basic eligibility criteria in order to receive a decent loan offer. This is much easier nowadays as these details are straightforwardly available online. This is important, because a home loan application rejection becomes a permanent part of your credit history. You can compare the home loan offers online, check their websites for details and visit the branch office to understand all that you need to know. However, you should apply for home loan in a particular housing finance company when you believe that you can meet their criteria and get an acceptable house loan offer.
Watch out for all the possible charges
A lot of people are relieved once they get a decent house loan offer. Hence, most of them do not go through the terms and conditions of the home loan to vet it out. Although, you can’t be certain about the graph of your financialsituation for the next 20 to 30 years, you need to know about the prepayment charges as well as the home loan default fees. You also need to understand the consequences of the financial agreement that you are getting into. So, do not enter into this vital contract blind-sided. The best home loans in India are selected with close attention to detail. Thus, you should read thoroughly before you sign on the dotted line.
It’s safe to say that at one time in your life you have probably noticed an increase in the amount of available credit on your credit card. While this may not have been something you asked for or even wanted, you should feel special. This means your card issuer thinks you are an above average borrower, and they want to make sure you remain a loyal customer .
Now what if you took out a new credit card and the issuing company started you off with a fairly low credit limit that hasn’t been raised after the first year. Should you ask for an increase? The answer is yes, and there are several good reasons why.
Increase Your Credit Score
When you increase your amount of total available credit, it lowers your credit utilization rate. This is one of the factors FICO takes into account when determining your credit score, and having a high credit utilization can have a negative impact. For example, let’s assume that you started out with a credit limit of $1,000 and regularly have $800 charged onto the card; that means your credit utilization is at 80%. Now let’s assume you asked for a credit limit increase and now have a maximum of $5,000. If you are still charging $800 each month, your new credit utilization is now 16%.
Receiving this increase in credit limit lowered your credit utilization, which will then end up helping your overall credit score over the long term. Most credit experts recommend keeping this percentage at 30% or below. One important thing to consider is that when you request the increase in your credit limit, the issuer will be doing a hard credit inquiry, which will give you a short-term two to five point credit score decrease. However, if the issuer automatically gives you an increase, then there will be no hard inquiry. (For more, see 3 Easy Ways to Improve Your Credit Score.)
Avoid a Credit Score Decline
Anyone that is looking to increase his or her available credit probably wants the ability to spend more with the card. This could be for a number of different reasons. You may want to put more of your everyday spending on the card to earn rewards. Maybe you have a big upcoming purchase that you want to pay for with the card. (For more, see Rewards Credit Cards That Give Back The Most.)
If you need to extra credit, you have two options. You can work to get an increased credit limit on the current card, or you can take out a new card. While taking out a new card might be attractive because of the signup bonus it offers, it might not be the best choice for you. Every time you get a new card, your average length of credit decreases. Because this makes up 15% of your credit score, you could see a short-term decrease in your FICO score. (For more, see What Is A Good Credit Score?)
The next time you are looking to add more available credit, you are better off forgoing a new card and asking for a credit limit increase on an existing card.
How to Ask for a Credit Limit Increase
Now that you have made the decision to ask for a credit limit increase, you need to figure out how exactly you are going to ask for it and hopefully reduce your chances of being turned down.
The timing of your request is going to be a big factor. Consider for how long the account has been open. If you recently received the credit card, then you may want to establishing some history with the account before asking for an increase. It’s also probably not the best time to ask for an increase if you have been bad at paying your bill on time or are currently behind on your payments. Make sure you establish a good track record for paying your bill by its due date before making your request.
Once you have a credit history that will make the issuer smile, it is time to go ahead and call the number on the back of your card. Be prepared: they are probably going to ask you a lot of personal questions about your current employment and income. They will also ask you to explain why you need an increase in credit limit. Be honest with them, but you can also use this as an opportunity to make yourself look good. Tell them that you have a high FICO store or that you have been a long-time cardholder. Card issuers understand that there are a lot of other companies out there; as long as you are a good borrower, they want to keep you with them and not someone else.
Home loan rates can be a complicated plateau to manoeuvre through. There are, however, a few major factors that do stand out. This guide should help you to screen through the major sections that need to be kept in mind about this subject:
Types of interests
This section may seem basic; however, it’s not. There are three types, obviously. Yet, you need to know some of the important aspects that may affect your EMIs and the repayment structure in the long run.
• Fixed rates: These rates are higher and so are the hikes after the first few years. So, you should know when your interest rates will elevate again. If you opt for fixed interest rates, you should aim to increase your earnings accordingly.
• Floating rates: These are vulnerable to economic fluctuations. They can work in your favour if they lower over a certain period of time, though you must know that the tenure for home loan repayments stretches from 20 to 30 years. Unless you earn a significant income over the course of the years to pre-pay the loan, you will be paying EMIs for that duration and may also face unexpected recession and interest rates hike twice or thrice in that period.
• Hybrid rates: These rates combine the best of fixed and floating. You make two home loan agreements that divide your home loan into two types of interest rates and repayment plans. Though it seems like the best of both worlds, you need to understand that it can backfire too. You need to read the home loan agreement papers and the fine print carefully and protect yourself against any backfires.
The factors that influence your home loan interest rates:
All applicants may not be able to get the advertised rates. Very few people, in truth, are in a position to avail the best home loan rates in India. Although you can influence home loan proposals to get the best possible interest rates for your housing loan. So, what are these factors?
• CIBIL credit score
• Repayment ability
• Company appraisals
• Annual earnings – income, assets and liabilities
• Any other loans
• Your interest rates negotiations
There are always more factors that can come into play, depending on how you choose your house loan package. So, it makes sense to make an effort to mould all these factors in your favour. It is not always possible to transform them all; yet, if you take an expert’s advice and use it to your advantage, you can potentially get much lower housing loan interest rates in India .
- Find a study area that is quiet and isolated. It also is handy if you have reference materials nearby, just in case you need them. For Corporate Finance, you’ll find necessary materials in the business section of your local library.
- Gather your supplies. This includes your notes, textbooks, paper and a calculator. Pausing to search for items you need distracts you from absorbing the information.
- Memorize your notes. By attending class, you should have a good idea of what the professor thinks is important. Pay close attention to anything that was emphasized in class.
- Research answers that you are unsure about. It could show up on the test, so it’s best to be prepared.
- Combine your materials into a study guide. Some people type out a study guide; others prefer flash cards. Just make sure it’s handy enough to take with you so you can study on the go.
- Form a study group. Sometimes, other people have a unique way of remembering answers. The group can also practice for the exam by quizzing each other.
- Pause if you begin to feel overwhelmed. Stress can cause you to forget everything you’ve studied so far, so don’t push it.
- Rest. Pulling an all-nighter can be disastrous. Adequate rest is essential if you want to recall important information.
- Read over your study guide one more time before the test. Pay special attention to the areas where you struggle.
It’s a really good time to be the CEO of a late-stage startup. Raising money is very easy, possibly as easy as it has ever been. Even during the tech boom of the nineties, it was fairly unusual to see Wall Street money being funneled into risky startups. Now, all the world’s biggest financiers – from big banks to sovereign wealth funds – are investing in high-growth startups like Uber and Slack. There are now at least 60 startups worth more than $1 billion, weakening the stigma associated with keeping your company private. However, even if you can raise a lot of money for very cheap, there are still some times when it’s not such a good idea. The following are four of those times.
The Terms Are Bad
The most obvious reason to reject a VC offer is that the terms aren’t favorable. The CEO has dual responsibilities to their shareholders and their employees. And while it’s certainly true that they can’t live up to any of those responsibilities if they run out of money, there are also situations where it’s beneficial for everyone if a CEO asks for less. Giving away too much equity too soon can make it hard for you to remain competitive down the line, as many startup hires expect it as a part of their compensation packages. VCs can also benefit from a “less-is-more” approach, as a down-round makes its possible for another firm to get the same equity for a better price.
You’re Not Near an Inflection Point
One of the most important things to keep in mind when raising money is its effect on your momentum. That’s why many successful entrepreneurs recommend seeking new funding when you’re near an inflection point. VCs are always going to be interested in your record, and they are more likely to be swayed by proof points than they are by rhetoric. If you’ve just accomplished something noteworthy, VCs will be more likely to make a better offer. (To learn more, see: The Stages in Venture Capital Investing.)
The VC Doesn’t Get Your Industry
VCs like to invest in trends, and it’s usually not too hard to identify what those trends are. Some of the most valuable things venture capital firms can provide, besides money of course, are connections and knowledge. You don’t want to do business with a firm that doesn’t understand your industry or what you are trying to accomplish. It makes it difficult to align expectations and set intelligent goals. If the firm doesn’t have a track record in your industry, there’s no guarantee they will have good advice either, and deliver on their promises.
Your Valuation Is Getting Ahead of You
If you get a valuation that’s too high, higher than you’re worth, you run the risk of a down round, because it’s impossible for you to get the sales and customers you need to raise the valuation further. This obviously isn’t true all the time: people scoffed when Snapchat suggested it was worth more than its $4 billion offer from Facebook Inc. (FB). Without that sky-high valuation, it is unlikely that Snapchat would have been alluring enough to poach top bankers and journalists from Credit Suisse and CNN. However, it’s also still too early to know whether Snapchat’s risk will pay off, having lots of attention on you can be a two-edged sword.
If it could be answered in a single statement, then the right housing loan lender will be the one who can package the loan suitably for you. Yet to be fair, the lender doesn’t really matter unless they can make a perfect home loan offer with the 3 right factors. The factors are:
The home loan interest rates have to be cost efficient
This is the first factor that borrowers consider while selecting a bank or a finance company as a lender. The equation is simple. Once you borrow the money to pay the previous house owner or builder, the principal amount won’t change, neither would the tenure. So, you want to optimize the home loan interest rates. For most borrowers, the right lender is all about the lowest interest rates. However, there is certainly more to it than just home loan rates.
The house loan has to suit your fiscal needs
If you are like most borrowers, you believe that the best home loan in India is the one with the lowest interest rates. Financially speaking, it can be true. Though, if it is not packaged right; it can become the toughest one to repay too. So, you need to consider the home loans in India from a holistic perspective. When you meet the home loan eligibility criteria and submit the required documents, the potential lenders have a reasonable idea about your finances – assets, savings, liabilities, income, etc. So, a smart housing finance company will make an offer that you can afford individually. It should lead to a home loan with lower EMIs that you can afford to pay. Therefore, along with affordable interest rates, the lender should offer a suitable tenure, repayment option, and type of interest rate too.
The home loan should remain manageable
The home loan lenders should offer ECS to transfer funds, simplified terms and conditions document and lower prepayment charges on fixed interest loans. The borrowers will benefit from these simple details. A right lender will be able to support you for the entire loan tenure of 20-30 years. The importance of this factor cannot be overstated. The right lender should also okay the top-up loan for renovation and offer suitable re-structuring, if required. This support goes a long way in retaining the borrower for a long term.
A housing finance lender who prioritizes borrowers is the right lender for you. You cannot fully depend on the home loan rates to help you to identify it;nevertheless, with a holistic look, you will be able to find the right lender for sure.
Space as the final frontier continues to grip the imaginations and minds of many, including investors seeking profitable opportunities. One of the most exciting companies in the space sector is Space X founded by noted entrepreneur Elon Musk. Space X is a commercial space exploration company. At this point, Space X is a private company. It obtained a $1 billion round of funding from Google in January of 2015. Since it is so well-funded, there does not appear to be any initial public offering (IPO) on the immediate horizon for the company. Investors need to look at other public companies to be able to invest in the space sector. Fortunately, there are some good alternatives for investors, including Boeing Co. (NYSE: BA) and Lockheed Martin Corp. (NYSE: LMT). These stocks are the largest NASA contractors.
Both Boeing and Space X won contracts from NASA to take astronauts to the International Space Station. NASA awarded the contracts after a four-year competition. The companies are splitting the approximately $6.8 billion award for the contract called the Commercial Crew Transportation Capability project. NASA had previously used the Russian space agency to ferry crew members back and forth at a cost of $78 million a seat. Boeing and Space X are hoping to accomplish the same task for around $58 million a seat.
Boeing is constructing the Crew Space Transportation System for the contract, which it bills as a space capsule for the 21st century. The capsule can be reused up to 100 times, thus allowing for substantial savings. It seats up to seven and even includes LED lighting used in its commercial planes that allegedly allow for a more spacious feeling inside the capsule.
Boeing is a well-known name in the aeronautical industry, known both for working with NASA and for its airplanes. It is the largest aircraft manufacturer in the world. Boeing had net income of $5.46 billion in 2014 on $90.78 billion in sales. As of August 2015, Boeing’s stock is up 22% in the past year and pays a healthy annual dividend yield of 2.54%.
Lockheed Martin is another large aerospace and defense company involved in space exploration. Lockheed is building the Orion Multi-Purpose Crew Vehicle, or Orion MPCV, which is intended to carry a crew of up to four astronauts at or beyond a low Earth orbit. It will be launched on the Space Launch system. This is a single launch vehicle designed to replace the retired Space Shuttle. The vehicle had its first test flight in December of 2014, landing safely in the Pacific Ocean. The test flight used new technologies that are critical to future deep-space missions.
The company is also working with NASA on the MAVEN mission, which is the first spacecraft to survey the upper atmosphere of Mars. In addition, Lockheed Martin constructs satellites for different purposes and rockets to serve as launch vehicles. The company has dedicated launch sites in Alaska and Florida.
Lockheed had gross sales of $45.6 billion in 2014, with an operating profit of $5.6 billion. The company paid around $1.8 billion in dividends, realizing substantial dividend growth. The stock price has performed well over the past year, up over 29% from 2014 to 2015. The company has a large market cap of over $65 billion, making it one of the biggest players in the industry. Lockheed also has a beta of 0.62 with a lower monthly volatility of slightly over 1%. This shows the company has some stability and is not as volatile as other stocks. This may be because longer-term investors are holding the stock for the dividend yield. However, the stock had substantial losses during the financial crisis of 2008, like many other stocks. Therefore, as with all stocks, there is risk in investing in the company.