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I. Problem and the purpose
A. Authorization
`This informative report on the business major I am taking up is submitted to Dr. James Ellzy, Professor, College of Business, Tennessee State University, Nashville, TN. This report has been done by request of Dr. Ellzy to satisfy the requirements of the research paper that was assigned to me.
B. Problem Statement
The purpose of this report is for me to research the outlook of pursuing a job as a financial consultant. Included will be facts concerning the earning potential, educational requirements, job settings, opportunities for advancement, and what role a financial consultant would play in a work atmosphere.
C. Sources of Data
The sources that were used came from the Tennessee State University Main Library, various web sites, and selected readings from a news paper. They were all very useful in helping me to gather information on this topic. The books that I had to choose from offered a lot of insight into the field that I am interested in turning into a career.
D. Preview of the Presentation
In the following pages there will be an analysis of the different aspects of becoming a financial consultant. It will start with an overview of what this major will incorporate, the requirements, and potential for growth in this field of study.
II. What is a financial consultant?
Financial consultants are required to analyze business and operating procedures to devise the most efficient methods of accomplishing work. They gather and organize information about present operating problems and procedures and prepare recommendations for implementing new systems or changes. Most job settings in this field are in metropolitan areas where they spend most of their time in their own offices or clients' offices. Analysts work 14-16 hour days, 6 or 7 day work weeks. Usually those hours are in effect during a deadline period.
A. What Role Do They Play in the Work Environment?
Financial consultants are usually called on when a rapidly growing small company needs a better system of control over inventoried and expenses. They usually come into a situation when someone has recommended them to a client to give actions and provide assessment.
B. Educational Requirements
For this field of business, a Bachelors Degree is required, but it is suggested to obtain a Masters Degree in order to have a better chance of getting a job. They should have a general knowledge of all aspects of business. Such as general management, operations, finance and accounting, and marketing logistics.
C. Special Requirements
There are no special licenses or certificates required to be a financial consultant. But experience is usually desired unless hired directly from school. In this situation you are often required to participate in formal company training programs. In these programs you will learn the instructions on policies and procedures, computer systems and software, management and principals of that company. Most consultants attend conferences to enhance their knowledge about current developments. Another important aspect of being a successful consultant is having people skills. Also they must be quick on their feet, able to handle difficult situations with closure. Being unbiased and analytical, also being a business intellectual, and being willing to discover how things work in the business field are very important. Financial consultants must be discrete because they will be constantly handling confidential materials and information.
III. Potential in the Finance industry
A. Earnings
Salaries and hourly rates for consultants vary. It depending on your level of experience, specialization, education level, and employer. In the early 0's median annual salaries were about 5,400. Middle 50% earned 6/50 and 48,650, 10% earned more than 6,040. Typical benefits for salaried consultants include health and life insurance, retirement plans, vacation with travel expenses covered, sick leave, profit sharing, and bonuses for outstanding work. Ten years ago, it was not unheard of for consultants to make ,000 per day or 50,000 in one year from working only two days a week. Most consultants can demand between $400 and $1000 per day, with fees well over $40 per hour.
B. Opportunities For Advancement
A brand new worker is considered an associate for the first couple of years. Next progression is to senior associate, which is a title that indicates -5 years experience and the ability to supervise others and do more complex and independent work. Next after 5 years and doing well may become an engagement manager with the responsibility to lead a consulting team on a particular client project. Then you can become a senior engagement manager leading several study teams or a very large project team. After 7 years those who excel will be considered as junior partners. Partner ship involves responsibility for marketing the firm and leading client projects. The final promotion is to become senior partner. But most consultants with entrepreneurial ambition will open their own firms.
IV. Conclusion
So, in conclusion there are many tasks and opportunities that come with being a financial consultant. A person interested in pursuing this job must be willing to deal with the disappointments as well as the success that come with this job. Being able to manage your time well will help you succeed in this business. I feel that continuing this major is a smart choice because it will teach me everything I need to know to come out on top and make the most out of my career.
Bibliography
Books
Hawk, Spencer Barbara. The Big Book of Jobs 000-001 Edition. Chicago
NTC/Contemporary Publishing Group, Inc., 001
Hopke, E. William. The Encyclopedia of Careers and Vocational Guidance
Vol. Professional Careers. Chicago J.G. Ferguson Publishing
Company.
World Wide Web (WWW)
Clark, Michael. Cities and Finance Jobs The effects of Financial Services.
@ [online] available http// www. Brook.edu/dybdocroot/es/urban/
immergluckexsum.htm, October 1, 00.
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