Personal and Professional Development in Finance Field
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Added on 2023/06/17
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This presentation discusses the personal and professional development plan in the finance field. It covers the meaning of professional field, description of finance field, types of finance, career path, analyzing career path, strengths, challenges in HR and measures to overcome with them.
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Personal and Professional Development in professional field
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Table of contents•Introduction •Meaning of professional field •Description of professional field •Types of finance •Meaning of Career path •Analysing Career path •Strengths •Challenges in HR and measures to overcome with them. •Conclusion •References
Introduction Theprofessionaldevelopmentistheconceptof developing oneself for the role to have and entire understanding of job performed by a person and how improvements can be made. The required skill are enhanced for carry out role effectively and something that would be continue throughout the working life. TheeffectivePDPensuresknowledgeand understanding of expertise area for the career. There is acquisitionofknowledgeandskillforcareer advancement as well as involving element of personal development.
Meaning of professional field The professional filed is an occupation of requiring both completion of degree and registration to be eligible for the employment in occupation. It helps thepersoninearninglivingfromthespecified professional activity. It is defined as standard of education and training which prepares professional member with specific knowledge and skills that are necessary in performing the specific role within that profession.
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Description of professional field The chosen professional field is Finance which covers lot of ground and not only includes managing money but also process of acquiring funds. Each of this requires different skills and mind set (Bieniok, H., 2020). In the finance the money is managed which requires source of money that can be done personally or through bank, or corporate funds.Inthefinancefieldthereneedstobean understandingofaccountingprinciplesandtacticsfor raising & investment of capital. The term is associated with the banking, capital markets, credit, and investments.
Types of Finance The finance can be categorised into personal finance, corporate finance, and Public finance. •Personal finance- It involves analyses of current financial position of individual for strategy formation within financial constraints for future needs. It is specific to individual situation and activity. •Corporate finance- This is related to financial activities which is associated with running of corporation and department is set for looking those financial activities. •Public finance- It comprises of taxing, spending, budgeting and debt issuance policies which affects how government makes payment for services that is provided to public.
Meaning of Career path The career path defines job sequence which leads to short and long term career goals. It involves group of jobs that requires similar skills. There is a change in careerpathofanindividualwiththechangein professional goals.
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Analyses of career path To work in finance field career the first step is to have bachelor degree which gives an comprehensive understanding of financial management, interpersonal skills and professional insight. In the financetherearetwoadvanceddegreemasterofbusiness administration (MBA) and master degree in finance (Crawford, E. and et,al., 2017). After earning bachelors in finance I can work in filed of commercial banking, financial planning, money managing,insuranceandrealestate.Thecareeroptionin finance are as follows-
Continue… •Investment banking-It is a prestigious career option find in finance industry which requires working on financial remodelling of several business operations in organisation. At the entry level, the analyst requires bachelor degree and master of business administration degree. •Portfolio manager- It is a amalgamation of commerce and science which is an overall look at the status of investment made by clients or company. The decisions are taken regarding the investment policies and allocation of assets for institution and individual to match their needs. •Financial planning- The planners in this help the companies in formulating strategies that secures future and ensure current financial stability. In the financial planning several aspects are focused such as investment growth, wealth preservation or tax planning.
Continue… Financial analyst-In this the analyst are responsible for researching potential investment and opinions & recommendations are offered for helping & guiding traders and portfolio managers. Stock broking- After the study of finance it is also an highly respected and lucrative career option where stock brokers studies stock and stock market conditions. The brokers also provide advice on stocks to which they must buy to suit their needs.
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Identification of Strength and linked with career path To have career in the field of Finance the strength required are- •I have strength of analytical thinking by which I have understanding to interpret situation and problems are solved from technical to interpersonal. The smart solutions can be provided to company which will help me in the career path of Financial analyst. •I poses strength of accounting skill by which I can track, record and manage financial transactions efficiently and effectively. I can perform financial analysis, financial modelling and helping me in the career path of investment banking and financial planning (Hildebrand, J., 2018). •The strength of business intelligence will help me in career path of Financial analyst by making smart decisions.
Challenges and Measure to over come •To pursue the career path in the field of finance I faced the challenge of degree as in some filed there was requirement of master degree. To over come this by studying further I can have degree of masters and diploma courses. •To work in a finance of any career path job role the challenge I faced was of skills. By using my strength of analytical skill it helped me lot in assessing large amount of financial data and in decision-making (Mohandoss, S. and et,al., 2018). •While pursuing for the career path I face challenge in financial planning as it requires to focus on several aspects which can be overcome by using the strength of accounting skills which helped me analysing of financial modelling, investment growth.
Conclusion It is concluded that the personal and professional development plan helps the individual identify career paths and goals. Individuals are influenced for critical thinking for work. Development helps a person develop their skills and abilities so that they can work better in the organization by developing their interest in the professional field of the career path.
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References •Mikhaylov, N.S., 2018. Development of Personal Learning and Social Networks: Strategies for Knowledge Creation and Sharing in Online Learning Environments. InOn the Line(pp. 127- 139). Springer, Cham. •Mohandoss, S. and et,al., 2018. Fractal based ultra-wideband antenna development for wireless personalareacommunicationapplications.Aeu-InternationalJournalofElectronicsand Communications.93.pp.95-102. •Parodi, O. and Tamm, K., 2018. Personal sustainability: Exploring a new field of sustainable development. InPersonal Sustainability(pp. 1-17). Routledge. •Staben,M.andet,al.,2021.DevelopmentofanAnesthesiologyDisasterResponse Plan.Anesthesiology clinics.39(2). pp.245-253.