Finance, as the name sounds itself is one of the highest paying MBA specializations these days. There are a number of students, who are not familiar with the job roles in this particular specialization. Let me tell you that Finance has the largest variety of jobs in MBA. Here in this article I will be going to cover this part. Hence, it could be a valuable one for you if you are looking for the same as well.
A job in Corporate Finance is like working for a company to find as well as manage the capital required to run the venture. It is done through minimizing the financial risk whilst maximizing the corporate or company’s value. Here you may have to set financial strategy, getting ready with financial statements, forecasting P/L etc. In addition, Corporate Finance includes post like Financial Analyst.
There is no doubt that jobs in Investment Banking is dream job for most of the MBA applicants with Finance specialization. It deals with assisting the corporate securities issuance and providing these to investors to buy. At the same time as trading securities as well as giving financial recommendations to both corporations along with wealthy individual investors.
Commercial Banking involves financial institutions or banks in a simple word. It starts from local banks to large financial entities. Jobs are available here in this domain like Loan Managers, Operation Manager, Bank Tellers, Branch Managers etc.
It mainly deals with purchasing or selling the funds, which is unregulated private investment, spread out as wide array of assets and financial products. It is also considered as one of the glamorous jobs in Finance. Jobs like Regulatory Compliance Officer, Trader, Quantitative Analyst, Portfolio Manager, Marketing Manager are available in Hedge Funds sector.
Private Equity and Venture Capital
Here in this domain the professionals are responsible for both the growth of the funds as well as development of the current operations. Keeping up the corporate business transactions by making available of enough funds is one of their major duties, like restructurings and managed buyouts. A private-equity job may engage working as a provisional executive as well.
Everyone knows that the domain of Public Accounting is quite extensive. Therefore, a number of opportunities are there. A Public Accountant keeps record of all the business transactions, prepares or helps to prepare company’s financial reports and further auditing. In addition to, such jobs also deal with the tax return and financial consulting services.
Last but not least, this is one of the most significant areas where the MBA applicants with Finance specialization could do something great. If you are a good financial analyst and importantly your forecasting skill is excellent then this domain of Finance can change your life. Here the maximum growth you can expect as a Stock Market Trader or Trade Analyst.
Therefore, you can see that a number of job opportunities are there in Finance specialization. These not only give you a good start but it will grow your career to the peak level. So, if you are good with numbers and looking for getting into MBA then you are not supposed to miss such an excellent opportunity that only Finance can give you.
When I was a kid I used to love listening to my Walkman. I loved creating mixed tapes of my favourite music and shared these with my friends. We’d spend hours discussing the parts we loved about our favourite songs and so the ‘rewind’ button became very well worn. It was almost unbelievable that my pride and joy would ever change. Well… it did… many many times over. First there were better models with higher fidelity, then slimmer Walkmans, then tapes were out and in came minidisc players, and eventually CD players won the battle. After a few generations of iPods we now have phones and watches to replace the Walkman.
There are countless articles outlining how we are now facing unprecedented levels of change more than ever before driven by technology, innovation and continued globalization. Apple has now come to become the world’s largest manufacturer of smartphones when several years ago it was Motorola, Nokia and RIM. Utilities are facing significant changes with the increased cost of grid modernization, commodity price fluctuations and the focus on renewable energy sources. Financial services companies are facing a slew of regulatory changes, cost of maintaining IT currency, increased lending costs, growth of digital banking and increased online competition. Other industries undergoing significant change include the likes of telecommunications, certain government departments and health.
So how does an organisation effectively manage and coordinate a large number of change initiatives and the effect of these on employee performance and customer experience?
Firstly, change initiatives in the eyes of employees and customers are initiatives where they’re asked to do something differently. This could mean adjusting to a different look and feel when one logs into the company’s system, understanding a new product from a company, heads up on a new policy to be implemented across the organisation, corporate restructuring or cost cutting initiatives. The new behaviors after the change initiative could include using the system differently, following a new policy, executing different work steps, or learning how to use a new product such as the new iWatch (no prizes for guessing which product I’m excited about).
To manage change effectively one must know what are the changes. This may sound overly intuitive, yet this is one of the key challenges for companies undergoing significant change. In most large companies, different departments manage different change initiatives in a silo’ed way. A marketing department may be driving numerous product changes concurrently as well as any compliance to government legislations on product disclosures. Call centre employees are impacted by multiple departments since call agents will need to be abreast of all product changes, system changes, legislative changes and sales/promotional initiatives.
In this way, you can see that change initiatives typically do not just impact one department, but multiple departments. For example, the roll out of a new IT system, a new departmental strategy (impacting how other departments work with this department), and new Finance or HR policy (usually impacting the whole company). Therefore, having a view across the whole company is critical to better manage the impact on employees and customers since it enables a clear understanding of what, when and how the changes will impact a group of employees and customers.
How does a company create one integrated view of all change initiatives? This depends on the size of the company. For smaller organisations or organisations in industries that are fairly stable and not prone to concurrent changes spreadsheets may suffice. However for larger organisations with large operations that spread across geographies or numerous functions, a much more rigorous approach may be needed.
Unfortunately, many of these larger organisations have still relied on various stand-alone spreadsheets requiring significant manual effort to undergo data gathering, verification, analysis and reporting. The data is as recent as the last time the person has made the call to the ‘driver’ of change to verify the initiative. And most of the data have focused on cost, timeline, and resource data – and neglected a critical piece of the pie, i.e. change impact data (the nature to which employees and customers are impacted by an initiative).
Take for example, within a given year a sizeable financial services company would likely face 10+ legislative changes, countless business improvement initiatives driven at corporate, divisional and sub-divisional levels, various restructuring efforts, at least 30+ technology changes, divisionally driven policy changes such as procurement, finance, HR, etc. And the list goes on. A previous organisation I had worked for had over 500 change initiatives for the year. No wonder divisional operations that are tasked with managing the various impacts on employees and customers were overwhelmed.
When I spoke to my colleagues in divisional operations they expressed that they were constantly challenged with understanding what changes are going to happen, from which department, hitting which teams, at what time frame, in what way, and the sizes of the impacts. With each department having their separate spreadsheets (or having none) and multiple changes impact the same group of people this has lead to continuous impacts on employee performance, operational efficiency as well as risk not fulfilling the initiative’s targeted benefits.
There was one story that described how a department was pushing for the call centre to sell as many Product A as possible to meet the sales target, and at the same time the other department has sent out communications stating that Product A is reaching ‘end-of-life’ and that there should be no further sales. Imagine the impact of a confused agent team on performance results as well as the customer experience.
So for companies undergoing a multitude of changes what can they do to create an integrated view of all change initiatives no matter legislative, technology, policy, strategy or product changes?
To be able to tally and maintain potentially hundreds of change initiatives an online tool will be extremely helpful to manage this complexity. To help reduce the complexity, to better communicate changes and to better manage risk, the online tool should contain the following characteristics:
Easy to administer and maintain for both ‘drivers’ and ‘receivers’ of change, meaning the tool should be quick to fill in and easy to access, whilst still capture key data points of people change impacts
Focused on collecting key people change impact data to supplement other existing project or business data
Effective and flexible reporting tools to help Operations Managers, PMO and senior managers to plan for people readiness for change initiatives
Analysis tools to help identify change risks such as change loading and timing issues that may require initiatives to be re-prioritised
Tailored for the organisation – since every organisation will have different departments, types of changes, reporting requirements, etc.
However, we all know that any tool is as good as the people using them. An effective tool that helps to tell the story of the series of changes the company is embarking on needs to be supplemented by 1) an effective operating rhythm to embed the tool into the normal operations of the company, and 2) capability in leveraging the tool to make business decisions.
1. Operating rhythm to embed the tool.
This includes driving the operating processes of using the tool across all divisions of the organisation. So for Marketing, there should be roles identified to be charge of coordinating product changes and ensuring these changes are entered into the tool. A marketing planning role may also need to be identified to analyse the data from the tool to plan product launches after assessing the timing appropriateness of various launches (against the picture of initiatives that impact particular groups of employees and customers).
Having an integrated picture of change initiatives through this tool will also result in the need to create an enterprise level (corporate/group level) governance body or committee to oversee the ongoing development and usage of the tool to meet the needs of various stakeholders and to discuss any strategic issues around change delivery risks and initiative prioritization (these two purposes may be allocated to different committees).
2. Capability in leveraging the tool to make business decisions.
After having an integrated view of change initiatives the company will then need to learn how to use the data to make critical decisions around managing employee bandwidth to absorb change initiatives, resourcing impact, potential impact on customer experience, timing of initiatives and overall alignment with the strategy. A determination will need to be made on how much ‘change capacity’ will be deemed to much, ideally with historical data to derive ’cause and effect’.
In undergoing this journey of rolling out an enterprise change tool, companies will find that their overall change capability will increase, for the same reason that after implementing SAP companies usually find that their targeted capabilities have increased linked to the specific modules being rolled out. This is because the company’s processes and operations are being redesigned to support the tool, assuming the tool is designed at the Change Management best practice level.
In this article I’ve placed focus on the initial fundamental equation of understanding what is changing and having an integrated view of initiatives. Once this is established, there are many other areas to focus on to effectively manage a large number of initiatives, such as building and scaling change leadership capability in managers, establishing a portfolio change function, creating a change risk framework, aligning customer impact data with customer experience management, etc. Stay tuned for further articles in these areas.
Many people think that they are good at managing their money. Experts also say that when they ask their clients, most of them are emphatic that they have made the right investments. This may be because they may be getting reasonably fair returns from the investments they have made. But, they do not know that things may not remain the same always. Only when a financial crisis occurs, these investors will realize that whatever “right” investment decisions they have made were wrong choices.
The truth of the matter is that you have to work hard and learn how to make investments. It is better you keep in mind the following few points:
- You should first understand that financial crisis may occur any time and you can never foresee it. What you should do is to reduce the impact it can make on your finances, should such a crisis occur.
- Investment is nothing but saving when you are spending. For taking the right steps, you need not learn the financial technicalities or jargon. You should move on the right track for which a financial planner may help you. Once you are on the right track, you can definitely have a good grip on your finances. Then, managing your investments will not be an issue at all.
- The first step you should take is to take an honest look at your credit card payments. You may not know that when you make regular monthly payments towards your credit card bills, you are paying more than what you should do. This means that you do not know where your money is going.
- For successful handling of your finances and investments, you should be clear about your goals. This needs planning. You should know why you are making investments. Having too many goals will lead you nowhere. If the goal is clear and if you split it into short-term milestones, achieving the final goal will be easy.
- Managing your finances involves your family members also. Therefore, once you learn how you should go about it, you should ensure that all your family members also learn whatever you have learned. This will help you in making the right decisions with their co-operation. Sometimes, you may have to cut corners and so, without their co-operation, you can not achieve your goal. Cutting corners does not mean you should not enjoy the small comforts and luxuries of life. The main point is that you should never squander money.
- Managing finances and making investments are dynamic processes. You should always be open to new ideas and options.
Managing finances and investments are not very complicated. If you focus on your goal and plan properly, you can move on the right track to success.
If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.
In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.
Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.
Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.
Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.
Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.
In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.