The field of finance offers different career options which, an individual can decide to pursue based on their interests. This paper seeks to explore the two career options that a person with finance education may choose to purse and evaluate the essential skills for each option. The paper will also make a recommendation of one of the careers based on its features.
Investment Banking
One of the careers that an individual with finance training can choose to pursue is investment banking. The career involves working with private companies that provide various financial-related services to individuals, organizations, and governments. As an investment banker, one provides their clients in raising capital and acting as clients’ agents in the issuance of securities (Mattern, 2016). Investment bankers are also involved in mergers and acquisitions and provide services such as fixed income instruments, currencies and commodities, market making and equity services.
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Investment banking may be classified into two broad categories which are the lines of business and the functions carried out. Regarding lines of business, there is there selling and buying activities. Under sales, the investment bankers are involved in trading securities in exchange for cash or other securities whereas as buyers they provide financial advice to institutions that buy investment services (Mattern, 2016).
Regarding skills, investment bankers need a particular set of skills to be successful in their work. First, they need to possess problem-solving and analytical skills as they are financial intermediaries to their clients (Jayaprakash, 2010). Attention to detail is necessary as aspects of financial problems may be overlooked causing aggravated problems. Investment bankers should be good time managers who can handle different tasks at the same time while still maintaining the required level of accuracy so that financial advice is given as expeditiously as possible. An interesting personality is important so that the banker knows how to deal with clients. Initiative and creativity are also indispensable for a good investment banker.
Insurance
Another area where the finance graduates can work is in the insurance sector. In its basic form, insurance serves to offer protection from financial loss (Mattern, 2016). The finance graduates can work as claims officers who evaluate the insurance claims by the customers and advice on the compensation. Other roles that individual with finance education can perform include developing products based on actuarially fair rates (Mattern, 2016).
Even when working in the insurance sector, the investment managers also need to develop some skills that determine their success. For example, they need to have effective communication skills as the role constitutes engagements with the stakeholders and clients too (Jayaprakash, 2010). Insurers manage multiple relationships and priorities hence high-quality customer service skills is necessary. Teamwork should be among the skills of a good insurer as insurance requires collaboration to identify business opportunities, generate solutions and work with colleagues and clients. Insurers are result-oriented hence this is a skill that finance graduates would require to be successful. Quick learning and professionalism are also key for insurers.
Based on the opportunities available for the two options, investment banking is a preferable career for individuals with finance education. In the modern world of business today, many companies are coming up, and these need financial advice and solutions to problems that they will surely face. Investment bankers tackle a wide range of issues and hence have lots of options regarding their jobs. The investment banking career also allows the individual to grow and increase their skills over time.
References
Jayaprakash, S. (2010). Choosing the right career . Mumbai: Himalaya Pub. House.
Mattern, J. (2016). Careers in finance. California: ReferencePoint Press.
