What do finance professionals do?

    A tremendous range of opportunities for finance professionals can be found in the private, public and non-profit sectors. Most in the financial services industry are employed in such areas as commercial banking, corporate finance, financial planning, investment banking, money managing, insurance, and real estate. Also, almost every firm, government agency, and organization have financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.

    Commercial Banking: A career in commercial banking offers opportunities in financial management, accountancy and auditing, securities, commodities, and financial services sales, as well as in financial and credit analysis.

    Corporate Finance: Employees working in corporate finance find the money to run the business, grow the business, make acquisitions, plan for it''''s financial future and manage any cash on hand.

    Financial Planning: Financial planners help individuals plan their financial futures.

    Insurance: Jobs in insurance involve helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems. A variety of areas in insurance include work as an underwriter, a sales representative, an asset manager, or an actuary.

    Investment Banking: Investment bankers help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice.

    Money Management: Money managers hold stocks and bonds for institutional clients.

    Real Estate: In the real estate fields many are employed such areas as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development.

What degree options are available in finance?

    Undergraduates can earn a bachelor¹s degree in finance or take finance classes as part of a business degree. MBA students can choose concentrations in finance, and some schools offer master’s degrees in finance or PhD programs.

What's the difference between a master's in finance and an MBA with a finance concentration?

    The basic difference between these two options is that a master’s in finance is a highly specialized degree that will allow you to focus almost exclusively on issues related to finance. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific finance knowledge. There are advantages to each: a master¹s program will enable you to delve into finance issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master¹s degree and an MBA concentration will prepare you to hold management positions within the field of finance at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.

What will I study?

    Coursework generally covers statistics, economics, accounting policies and procedures, corporate budgeting, and financial analysis methods. Advanced courses in options pricing or bond valuation and knowledge of risk management are often covered. Courses in investments, taxes, estate planning, and risk management also are helpful.

What skills are necessary to work in the field of finance?

    Financial professionals must be detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for financial industry positions need a broad range of skills including:
    Excellent mathematical and computer skills
    Excellent analytic and problem solving skills
    Excellent oral and written communication skills
    Strong interpersonal skills

What certification or licensing is necessary?

    A college degree, and in most cases an MBA, is recommended for a career in the finance industry. A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate, may need licenses to perform these additional services. Certification, although not required for financial analysts or personal financial advisors to practice, can enhance professional standing and is strongly recommended by many financial companies. Financial analysts may receive the title Chartered Financial Analyst (CFA) and personal financial advisors may obtain a Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designation. Both titles demonstrate to potential customers that a planner has extensive training and competency in the area of financial planning.

As an MBA graduate what career options will I have in finance?

    The financial field offers many possibilities to MBAs, but the most sought after jobs are within corporate finance, investment banking, and securities firms. Finance MBAs often go into the corporate world as Financial Analysts or Investment Banking Associates. Other careers for MBAs are in asset management, equities research, and private client services. Many MBAs become management consultants with expertise in cash management, restructuring and workouts, emerging markets, or strategy. MBAs on the corporate side may aspire to careers that lead to corporate treasury, and ultimately the Chief Financial Officer (CFO) role in the corporation. Financial analysts may advance by becoming portfolio managers or financial managers, directing the investment policies of their companies or those of clients. Personal financial advisors who work in firms also may move into managerial positions, but most advisors advance by accumulating clients and managing more assets.

What's the overall career outlook in finance?

    According to the U.S. Bureau of Labor statistics, increased investment by businesses and individuals is expected to result in faster-than-average employment growth of finance professionals through 2010. However, competition is expected to be keen for these highly lucrative positions. The majority of salaried advisors and analysts work for security and commodity brokers, exchanges, and investment services firms. Candidates with a master''''s degree should have the best job opportunities. Familiarity with computer financial software packages also should enhance a jobseeker''''s employment prospects.

5. General Management

What do general managers do?

    General managers and top executives plan, organize, direct, control, and coordinate the operations of an organization and its major departments or programs. Although they have a wide range of titles such as chief executive officer, president, executive vice president, owner, partner--- all formulate policies and direct the operations of businesses and corporations. The nature of high level executives'''' responsibilities depends upon the size of the organization. In large organizations, their duties are highly specialized. In smaller organizations, such as independent retail stores or small manufacturers, a partner, owner, or general manager is often also responsible for purchasing, hiring, training, quality control, and day-to-day supervisory duties.

What degree options are available in general managment?

    Undergraduates can earn a bachelor¹s degree in management or take courses in management as part of a business degree. MBA students can choose a concentration in management, and some schools offer master¹s degrees and PhDs in general management.

What's the difference between a Master of General Management and an MBA with a general management concentration?

    While both an MBA with a focus on management and a Master of General Management degree will prepare you to assume managerial positions within the business world, the MBA degree will provide you with more general skills that are transferable to other areas. The master''''s in management will provide you with greater management expertise, but will provide you with fewer transferable skills. The MBA degree''''s broad curriculum also helps managers integrate the different functions within a company.

What will I study?

    Students in MBA programs with a management concentration will most likely study everything from marketing, international economics, entrepreneurship, information systems, microeconomics, finance, in addition to managerial accounting, human resources management, leadership, statistics and management science.

What skills are necessary to work in the field of general management?

    Managers with strong leadership qualities and the ability to improve the efficiency or competitive position of an organization are most successful. An analytical mind able to quickly assess large amounts of information and data is very important, as is the ability to consider and evaluate the interrelationships of numerous factors. General managers and top executives must also be able to communicate clearly and persuasively. Other qualities critical for managerial success include leadership, self-confidence, motivation, decisiveness, flexibility, sound business judgment, and determination.

What is a typical career path for an General Management-MBA graduate?

    General managers often have experience in a particular field, such as accounting or engineering and are promoted to general management positions as their skills progress. Many general manager and top executive positions are filled by promoting experienced, lower level managers when an opening occurs, and many are promoted from within the organization. Advancement may be accelerated by participating in company training programs that focus on company policy and operations.

    General managers may advance to top executive positions, such as executive vice president, in their own firm or they may take a corresponding position in another firm. They may even advance to peak corporate positions such as chief operating officer or chief executive officer. Chief executive officers often become members of the board of directors of one or more firms, typically as a director of their own firm and often as chair of its board of directors. Some top executives establish their own firms or become independent consultants.

What's the overall career outlook for general management?

    According to the US Bureau of Labor Statistics, projected employment growth of top executives varies by industry, however, keen competition is expected for top executive positions because the prestige and high pay attract a large number of qualified applicants. Many openings occur each year as executives transfer to other positions, start their own businesses, or retire. Salaries vary substantially by type and level of responsibilities and by industry. According to a salary survey done by Executive Compensation Reports, a division of Harcourt Brace & Company, the median salary for CEOs of public companies from the fiscal year 1998 Fortune 500 list was approximately $800,000. Three quarters of CEOs in the nonprofit sector made under $100,000 in 1998, according to a survey by Abbott, Langer, & Associates.

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