The finance industry provides a wide range of career opportunities to accommodate the highly intelligent and skilled professionals in the field. All occupations in the finance industry are exciting as they offer a unique chance to interact with the working of the economy as financial institutions play a significant role in the demand and supply of money as well as the regulation of other macroeconomic factors like inflation, risk management or investments (Ring, 2005) . Every institutions and organization or firm in the private sector or government require financial services such as preparation of financial reports, investment strategies, implementation of cash management. Careers in finance would open doors to offering services and utilize skills in areas such as real estate, commercial banking, corporate finance, financial planning, investment banking, money management and insurance (Ring, 2005). The analysis will focus on careers as a financial analyst in the banking sector which is referred to as a financial advisor and Actuary.
Financial Advisor or Analyst in the Banking Industry
A financial advisor in the banking industry works as a member of the financial team to help in financial planning and preparation of expense. A graduate can pursue the career option with a degree in finance, accounting or economics. The position is valuable in the banking industry as it helps in forecasting and reporting on the current trends in the financial market which allows the bank to act in response to avoid taking unnecessary risks (Graham & Meredith, 1998). The position is also beneficial to the company as it helps in the analysis of the financial situation of the bank through the evaluation of financial statements and projection of financial information. The financial advisor position will benefit the bank in the determination of its financial status as the analyst will undertake research and analysis of data through comparison and planning and be able to offer a forecast that can yield actual results for the bank (Graham & Meredith, 1998). The results are then analyzed identifying the variances to recognize the viable trends which are the recommended as plans for action. The bank with a financial analyst also benefits from the provision and development of annual budgets, forecasts such as quarterly analysis forecasts and growth of specified period strategies to help the bank achieve its goals and mission.
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Actuary profession
An actuary is a professional in the finance industry who deals with estimations and management of risks in the organizations and firms. They offer assessment services in the financial sectors where they come up with programs that guarantee financial security systems by focusing on the complexity of their working mechanism (Miller, 2010). An organization gains value as the services provided by an actuary helps in mitigating risks in businesses. The uncertainty in financial operations and investment can deter business activity as they are unable to make decisions on the best path to pursue business. On the other hand, taking risks for the company can be rewarding by presenting opportunities for the business (Miller, 2010).
An actuary will add value to the business by avoiding such situation by thoroughly evaluating the nature of the risk through careful analysis and advising the business on the financial system to avoid to prevent threats and embrace opportunities (Miller, 2010). Their high analytical skills are beneficial to the business by evaluating the likelihood of future events and how they will affect the business (Szabo, 2012). Thus if manages preparations and planning to ensure that the business are not caught unawares and risk the financial security. Upon discovering the imminent risk, the actuary will creatively design ways to reduce the effect of the events by decreasing the impact.
A financial analyst in the banking sector is required to possess various essential skills to be successful. They include active and practical communication skills, well equipped with analytical skills to be able to organize and interpret data and offer forecast and reports from the data (Graham & Meredith, 1998). He or she must pay attention to details and maintain high accuracy which calls for the ability to multitask, work under pressure, and be able to meet strict deadlines (Ring, 2005). Also, he or she should possess superior skills in computer operations in Microsoft word excel outlook, and other which be the primary tools and software of activity.
An actuary most essential skills are analytical and forecasting. They must possess the knowledge and unique understanding of the nature of risk and ability to assess and estimate the value of the risk. To achieve this, an individual requires specialized expertise in mathematics especially in areas of probability, statistics, and calculus. Solid communication skills, as well as computer knowledge and fluency, are also required for database analysis, statistical evaluations, and programming.
I would recommend an actuarial career in the financial industry. Actuarial professions forms the backbone of the financial sector where all organizations including insurance, Multinational Corporations, and financial planners must consult before engaging in any activity or making a significant decision. It is attractive due to its ability to provide solutions to problems, safeguard companies’ interest and empower them to grow and expand (Szabo, 2012). It is also highly lucrative and offers an opportunity to work in low-stress environments as well as offer opportunities to advance personal life through continued learning and discoveries.
It offers a harmonious coexistence in life and work experiences by being intellectually stimulating (Szabo, 2012). It provides peace of mind to members of society through psychological physical and financial stability assurances. Also, it offers a range of working opportunities and settings in insurance, private corporations, consultants for institutions and business as well as the government by basically being available everywhere where risk exists.
References
Graham, B., & Meredith, S. B. (1998). The interpretation of financial statements: The classic 1937 edition . New York: Collins Business/HarperCollins Pub.
Miller, D. C. (2010). The influential actuary: How actuaries and other technically-oriented professionals set themselves apart . Winsted, CT: ACTEX Publications.
Ring, T. (2005). Careers in finance . New York: VGM Career Books.
Szabo, F. (2012). Actuaries' Survival Guide: How to Succeed in One of the Most Desirable Professions . San Diego, CA, USA: Elsevier Science.
