If we time-travel and go back to the seventies… we will find financial planners working as stockbrokers or insurance agents, insurance is important to avoid big losses for example if you have a truck then you need a seguros para camiones. The career-path was defined according to the need at that point of time and aspirations were simpler! Much has altered since then. Now the range of career opportunities has increased manifold and students are expected to know more and do more than ever before in the face of stern competition. Financial planning has evolved into an attractive career option that is poised to race ahead of those who opt for an MBA. However, this means that the level of theoretical and practical knowledge required is much more enhanced and needs expert mentors to communicate this. Thus relegated areas from accounting and psychology too are now those needing a focused approach.
Let us move on and explore things that recent and soon-to-be graduates can do to decide where they want their financial planning career to go and then climb a couple of notches over and above the competition. The degree of preparation in both the mental attitude as well as an awareness of the basics of financial planning before an aspirant graduates is essential to build up momentum before he decides to specialize in this field.
The under-grad stage. It certainly helps to include business, economics, finance or accounting in the subjects taken at the under-graduate level. Healthy discussions on consumer rights, the dynamics of finance within the family and the psychology of retirement help in enhancing awareness of financial planning and thus provide a good knowledge platform which allows to have an Instant online quote for many services.
However, it must be clear that traditional curricula can only equip an aspirant with a cursory awareness which will anyway be full of abstract theories. It is essential to explore the other fast track and long term options in financial planning and wealth management courses to get a better hold on the subject. One major reason is the exhaustive practical training that assists in a holistic development of these concepts. Thus, even at the under-graduate level, aspirants can and must explore course options such as the ones offered by BIFM (BLB Institute of Financial markets). Thus, choosing financial planning as an alternate course option will provide students or aspirants with a much broader base of knowledge from which to begin their careers in the financial world. Understandably, the psychology of finance and investing is an invaluable aid when dealing with clients, and is in fact a skill that all financial planners must master to some extent. The earlier this path is adopted, the career opportunities will be better!
Extracurricular Activities. Of course, choosing the correct subject options and the right course is only one step that students can take to further their careers even before graduation. There are a number of other options available that will help you get a firmer hold on the concepts of financial planning. Here are some examples:
Preparing income tax returns. This is a good practical skill that can greatly benefit the student in a number of ways. In addition to providing solid, hands-on experience with customers in the financial industry, it will also teach the student basic tax information that will be tested on the CFP® exam later.
Understanding how a bank functions. Student planners must take it upon them to conduct various bank-affiliated activities that every home has. Do not leave it to your parents to do this, for this is one good way to grasp small tips essential to understanding how a bank functions. Explore both the face-to-face dealings needed as well as the newer web-based operational details connected with bank dealings. An incisive knowledge of this area does give you a practical edge and you will stumble less in times to come.
Internships. Working as an intern at a financial planning firm will provide obvious payback for any aspirant. Any internship is beneficial. However, working at a smaller company will likely provide more hands-on experience with clients and the financial planning process than a larger firm, where interns are often relegated to support roles.
Opting for a job that with a focus on financial planning. Graduates have a number of tools at their disposal that can greatly increase their exposure to the financial community. Obviously, a graduate who completed an internship with a financial planning firm has a substantial advantage over an unknown competitor in the job-selection process.
Use the internet to enhance knowledge quotient, especially when you visit this site. For almost all of the aspirants, the internet can be an indispensable resource. Websites of financial planning firms, banks, financial education institutes, brokerage houses, and insurance companies list not just available postings but are also vital to increase knowledge and information on what works and how. One can even join groups, forums, and discussion boards where interactions on all latest happenings take place regularly. These groups offer many resources to both rookie and veteran planners and are well worth the time spent in browsing.
The role of courses devoted to financial planning and wealth management. It must be understood that university degrees have limitations of their own and generally need the value-additions of short-term and diploma courses that have a higher employability factor. An in-depth knowledge of areas related to the financial world will include those that have a direct affinity to the stock market too. To have knowledge of these areas means better career prospects as well as a vantage position while managing finance of one’s home or business. Thus both professionals as well as students gain from this focus.
The art and science of achieving one’s financial goals through an intelligent choice of resources is what one must strive to reach. The 5 Ws and H (what, when, where, who, why, and how) of investment spanning mutual funds, insurance, stock market, and the financial world are what form the most vital elements in your journey or foray into the financial world. To understand them, you need to look for and be with the best mentors in the financial industry.
The industry need for a practical approach to knowledge has increased and the demand is now for intelligent, dynamic communicators and analysts in all aspects of the financial world. The brave new corporate, is an exciting place to be in right now. If there is a right time and right place – this is it. Many indicators are moving north! What is vital, therefore, is opting for a course that the finance industry demands. We at BIFM call it being ‘market-ready’!
To be the darling of top recruiters in the financial world you need the success mantra of BIFM. To become market-ready for new age careers in finance, you need updated theory that the market needs, get extensive practice on all relevant application software, and follow it up with personality-lifting sessions. New age careers need new age delivery mechanisms and a set of faculty who are experts at giving all the finance-content a touch of ‘new age’ class! At BIFM you get all this and more. Prerna Raghav, a fast track student at BIFM says that she “learnt so much about Stock Markets. All thanks to the faculty. Our practical classes further expanded our knowledge sphere and through live trading we grew confident.”
BIFM offers you fast-track as well as long-duration courses. Our fast track courses are in arbitrage, stock analysis and portfolio management, stock market trading & operations, derivatives trading and strategy, and technical analysis. The long-duration courses include a PG Diploma in Financial Planning and Wealth Management as well as ADFP (Advanced Diploma in Financial Planning leading to the prestigious CFP designation). “You get the edge of knowledge enough to convert any ordinary student into an outstanding candidate!” says Vishesh Goel and adds further that, “integrating innovative content with excellent faculty is vital for those who aspire for the global Gold Standard of a Certified Financial Planner.” Teaching methodologies are the inspirational notes that make BIFM the leader in financial education today.
In today’s fast paced world planning a career is a great challenge. The tremendous growth in the economy is opening up new opportunities as new businesses get set up. India has become a global hunting ground for talent. Now we have the opportunity to think of ‘global’ careers. A career as a finance professional today is vastly different than it used to be years ago. The study and analysis of today’s markets, financial products and other financially related sectors of the business world are the foundation of financial activities to date. Stockbroker, financial planner, and investment banker are just a few examples of jobs that may be chosen when pursuing a career in finance. As finance grows year to year, being accurate and up to date with financial information and financial techniques is essential when considering a career in finance.
Why talk of mere jobs? It is pertinent to think in terms of a career. A lucrative career is what awaits you once you take steps to make a grand entry in the financial world. Begin your journey by being with the best: BIFM.
[Arvind Passey]
Corporate Communications – BIFM
[2008]
Featured image credit: cypherthepanicartist
