Finance is commonly associated with accountancy, money, business, management, investment, trading, among others. However, the opportunities presented by education in finance have changed over the years. A financial job can be gratifying and remunerative in the modern world. Working in the finance sector involves investment in money, management, protection, among other opportunities. It also entails constant interaction with investors, shareholders, corporate clients, individual customers, among others. Roughly, the sector can be segmented into accountancy, banking, actuarial profession, insurance and investment management ("Finance Careers | Career Paths and Advancement | All Business Schools", 2018). Throughout the world, the industry offers a myriad of career options for graduates, non-graduates and experts. Examples of job positions in the finance sector include banking, insurance, auditing, accounting, real estate management, risk management among others, This paper purposes to provide a bird’s eye perspective of financial planning and forensic accounting as some of the vocational options available on the finance industry while evaluating which skills are essential to succeed in both professions.
Financial planning entails helping corporations an individual achieve their long-term goals by analysing their status and designing programs to facilitate achievement of those goals. A financial planner advises people or investors on how to manage their resources. A financial planner is involved in matters such as budgeting, borrowing, expenditure control, savings and investing. A professional in financial planning helps clients create viable budgets, set saving goals, control expenditures and implement strategies for wealth accumulation. To thrive in this sector strong problem solving and quantitative skills are essential, but so are communication skills. Success in financial planning demands skills in sales primarily in the acquisition of new clients.
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Financial planners offer value for individual and corporate clients in numerous ways. They help in realistic financial, personal and business goal-setting (2018). Additionally, planners access the current financial health by evaluating liabilities, assets, insurance, income, investments and taxes. More so, they enable clients to construct realistic strategies to meet business objectives by focusing on strengths and addressing financial short-comings. The position demands that the professional stay updated about developments in financial packages a tax law and financial management. Planners specialise in risk management, asset allocation, tax planning and estate planning.
Forensic accounting involves applying accountancy and analytic skills to investigate financial inaccuracies and discrepancies such as financial misrepresentation or fraudulent activity ("Forensic accountant job profile | Prospects.ac.uk", 2018). Forensic accountants are expected to conduct investigations to identify irregularities or reveal information in financial reports and documents. Additionally, they quantify the precise losses, track and recover embezzled funds. Afterwards, they ought to draft detailed reports of findings and offer recommendations for improvement. There is a common misconception that this profession revolves around investigating criminal activity in the finance sector. Other areas of expertise in this profession include commercial litigations, commercial litigation and expert witness. This role entails the integration of auditing, accounting and investigative skills.
Forensic accountants are valuable employees in companies as they facilitate preventative procedures which aim to reduce the risk of financial problems and promote brand reputation. As a forensic accountant, one is expected to fulfil several obligations per organisational objectives. These professionals extract vital information from financial records, hence the demand for auditing and investigative skills. Such professionals ought to perform research and track funds to identify assets for recovery, conduct forensic analysis on data and reports, preparation of statements from the forensic investigation, preparation of analytical financial data for court hearings, attending hearings when required to provide expert testimony and conducting financial auditing. Therefore, individuals working in this profession have to demonstrate keen attention to detail, analytic skills, creative thinking, organisation skills, time management skills, documenting and reporting skills as well as excellent communication skills.
Considering the growing demand for accountability in both private and public sectors forensic accounting is a much more attractive career path compared to financial planning. In recent years since the economic crisis of 2008, organisations yearn to illustrate their commitment to financial accountability; the demand for forensic accounting services has grown drastically. Even though the profession can be demanding and challenging, revealing vital information crucial to company objectives can be very rewarding. As a financial planner, the planning process demands pre-assessment, proposal, evaluation, implementation and monitoring. This is a multifaceted process that requires various diverse skills which are difficult to demonstrate simultaneously. Additionally, financial planning requires constant interaction with different individuals with different personalities and goals. This continuous adjustment to different circumstances and goals can be more challenging and demanding compared to forensic accounting. However, forensic accounting is more particular about its goal orientations hence a much more preferable career options.
The positions discussed in this paper are just two of the myriad finance job opportunities that are available. Jobs in the finance sector are incredibly lucrative, meaning they are high in demand. As a result, the primary qualifications for the entry level in this industry are much higher than in other fields. Beyond academic requirements, there are other several certifications and professional designations that can boost a career in this sector. Qualifications are not particularly required although they are beneficial; indeed, securities such as professional licenses are a requirement to participate in some job specifications. Money runs the globe, and practising in the finance sector offers experience in one of the most stable and lucrative fields in the world.
References
Forensic accountant job profile | Prospects.ac.uk. (2018). Retrieved from https://www.prospects.ac.uk/job-profiles/forensic-accountant
Finance Careers | Career Paths and Advancement | All Business Schools. (2018). Retrieved from https://www.allbusinessschools.com/finance/job-description/
(2018). Retrieved from https://www.forbes.com/2008/12/10/career-finance-banking-pf-ii-in_dk_1210careers_inl.html
