Prospective Careers in Finance, Hotel Operations, and General Operations

This document provides information about prospective careers in finance, hotel operations, and general operations. It includes details about the tasks, skills, training, and salary associated with each career. Additionally, it provides information about living expenses in New York, Los Angeles, and Houston.

Table of content
PERSONAL FINANCIAL PLAN
1. Prospective Careers:
a. Financial Analyst
b. Hotel Operations Manager
c. General Operations Manager
2. Living Expenses
a. New York
b. Los Angels
c. Houston
3. Saving for a home
4. Investments
5. Retirement Planning
6. Children
Prospec tive Careers
Financial Analyst
Tasks:
● researching companies, particularly in terms of their financial functioning
● analysing company accounts, profit and loss sheets and cash flow information
● interpreting complicated financial information
● writing financial research summaries
● regularly meeting with company managers, stock market traders, fund managers and
stockbrokers
● making informed recommendations
● collating detailed, up-to-date information about the UK economy and financial markets.
Training:
 Excel Accounting
 Financial statement analysis
 Forecasting financial statements
 Business valuation
 PowerPoint
Skills:
 Financial modelling: represent finance issues in modelling form, such as through the
Sortino Ratio or similar models.
 Financial analysis: breaking down complex financial issues into simpler components to better
understand how they interrelate.
 Data analysis: know how to read and interpret copious amounts of data, then distill it into
actionable conclusions.

 Marketing skills: know how to convince others to follow his or her recommendations, whether
they 're made to the CFO of an organization or a group of investment bankers.
 ERP (enterprise resource planning) systems: use ERPs for managing and automating finance-
related tasks on the back end of a business.
 Strategic thinking: think through complex problems or situations and derive creative
solutions for maximizing profit and improving market share.
 Decision-making: decision-maker in a firm for buying, selling, and holding securities, as well as
serving a company 's finances.
 Math skills: think quickly on their feet, which often means performing complex equations in
their heads or calculating extensive financial projections on paper.
 Attention to detail: If a financial analyst makes a mistake, he or she can lose significant money
for his or her employer.
Degree:
 Minimum of a bachelor 's degree — preferably in a finance-related major, such as
accounting, statistics, or economics.
 Analysts who want to enjoy greater opportunities for jobs and salaries might consider pursuing a
master 's degree in finance or a Master 's of Business Administration (MBA). Advanced education
makes these professionals more appealing to potential employers.
Professional Accreditations:
 Many employers only hire financial analysts who have certifications from the Chartered
Financial Analyst (CFA) Institute. There are several programs designed to prepare analysts for
the challenges they will face in the workplace. Analysts who plan to work in securities can also
take their Series 7 and Series 63 exams to ensure they are prepared for any available position.
Salary:
 Beginning: $55,957
 Mid-career: $66,694
 Higher Level: $79,007
 After-tax pay:
○ New York:
■ Senior Financial Analyst: $88,691 per year
■ Financial Analyst: $74,546 per year
○ Los Angeles:
■ Financial Analyst: $71,175 per year
■ Senior Financial Analyst: $92,604 per year
○ Houston:
■ Financial Analyst: $69,619 per year
■ Senior Financial Analyst: $83,730 per year

Hotel Operations Manager
Tasks:
Responsibilities:
 Work in conjunction with the General Manager / Area General Manager to actively manage key
property issues (including capital projects; customer service; refurbishment)
 Developing and Implementing strategies that will ensure a positive experience that exceeds guest’s
expectations
 Work collaboratively with all department managers to make sure operations are running smoothly in
tandem with one another
 Anticipate all guest needs and respond promptly & accordingly
 Establish and maintain standards for staff performance and customer service
 Maintaining full knowledge of all inner working of the hotel, including room rates, hotel policies,
specials, availabilities, VIP guests, hotel events and more.
 Staffing the hotel appropriately
 Reviewing employee behavior, appearance and performance
 Conducting daily meetings to ensure that all departments are in working order
 Assist the development of meaningful, achievable hotel budgets and other short and long term hotel
strategic goals
 Provide effective leadership to the hotel management team and team members to ensure targets are met
and exceeded
 Plan, direct and coordinate the service delivery of all operational departments in order to meet and
exceed guest expectations
 Comply and exceed hotel and company Service Standards
 Manage and develop the Heads of Department to ensure career progression and effective succession
planning within the hotel and company
 Seek and respond to Guest feedback in order to achieve positive outcomes and high levels of customer
satifaction
 Hold regular briefings and communication meetings with the team members
 Accountable and resilient with ability to work under pressure
Education:
 Knowledge of the hotel property management systems
 Strong commercial acumen in Operation Food and Beverage or Rooms Management
 managing budgets, revenue proposals and forecasting results
 In-depth knowledge of the hotel / leisure / service sector
 development of meaningful, achievable hotel budgets and other short and long term hotel strategic goals
 Strong leadership skills to effectively manage and motivate the team to achieve high level of
performance and exceed targets
Training:
 PowerPoint
 front desk management
 housekeeping operations
 food and beverage management
 human resources planning

 relevant technology-based training and industry certifications (including Smart Serve, Food Handlers
and CPR/First Aid)
Skills:
 Strong leadership skills
 High level of responsibility and accountability
 Strong management, communication and organizational skills
 a friendly personality, with a genuine desire to help and please others
 the ability to think clearly and make quick decisions
 numeracy and logistical planning skills
 a professional manner and a calm, rational approach in hectic situations
 the ability to balance customer and business priorities
 flexibility and a 'can do' mentality
 energy and patience
 excellent communication and interpersonal skills, especially when dealing with speakers of other
languages
 proficiency in another language may also be an advantage, especially for hotels which are part of an
international chain.
 Data analysis: know how to read and interpret copious amounts of data, and then distill it into actionable
conclusions.
 Marketing skills: know how to convince others to follow his or her recommendations
 Strategic thinking: think through complex problems or situations and derive creative
 Decision-maker
Degree:
 3 year degree from an accredited university in Business Administration Marketing Hotel and Restaurant
Management,
 Bachelor's degree in hotel, business or hospitality management
Professional Accreditations:
 INTERNATIONAL HOTEL MANAGEMENT (CERTIFICATE) program is designed for students
seeking an internationally recognized Hotel Management credential. A selection of courses over 12
weeks gives students an understanding of the activities required to manage business operations in the
hotel industry. This program is certified by the American Hotel & Lodging Educational Institute
(AH&LA) to meet professional industry standards.
Salary:
Hotel Operations Managers earned an average annual salary of $57,810, according to the U.S. Bureau of
Labor Statistics (BLS). Employment for lodging managers was expected to increase by 8% from 2014-2024,
per the BLS.
○ New York:
● Beginning: $38,715
● Mid-career: $71,140
● Seasoned: $125,067
○ Los Angeles:
● Beginning: $44,644

● Mid-career: $70,862
● Seasoned: $123,521
o Houston:
● Beginning: $44,194
● Mid-career: $70,720
● Seasoned: $122,756
General Operations Manager
Tasks:
 Review financial statements, sales or activity reports, or other performance data to measure productivity
or goal achievement or to identify areas needing cost reduction or program improvement.
 Direct and coordinate activities of businesses or departments concerned with the production, pricing,
sales, or distribution of products.
 Direct administrative activities directly related to making products or providing services.
 Prepare staff work schedules and assign specific duties.
 Monitor suppliers to ensure that they efficiently and effectively provide needed goods or services within
budgetary limits.
 Formulating policies, managing daily operations, and
Training:
 Laws and policies affecting industrial operations
 Occupational Safety and Health Administration regulations
 Lean enterprise, customer care, leadership and labor force training
 Six Sigma
 Cross-functional business skill training
Skills:
 Strong communication skills
 Good motivational skills
 Strong negotiation skills
 Exceptional organisational skills
 Awareness of internal and external customer needs
 Budget management, logistics, production management,
 Project management
 Human resources management.
 Marketing skills: know how to convince others to follow his or her recommendations.
 ERP (enterprise resource planning) systems: use ERPs for managing and automating related tasks on the
back end of a business.
Degree:
 Degrees in business administration or supply chain management
 This two-year degree in Associate of Applied Science in Business Administration degree with an
operations management concentration

Professional Accreditations:
 Certified Professional Manager: Excellence, competency, integrity and established professional
qualifications are highly desirable in today’s business management field. The application provides the
opportunity for the applicant to demonstrate adequate skill, knowledge, and competence as a manager.
Salary:
As per the U.S. Bureau of Labor Statistics (BLS) a median annual salary of $97,730 as of May 2015.
Bureau of Labor Statistics (BLS). Employment for lodging managers was expected to increase by 7% from
2014-2024, per the BLS.
○ New York:
●Beginning: $38,715
● Mid-career: $71,140
● Seasoned: $125,067
○ Los Angeles:
●Beginning: $44,644
● Mid-career: $70,862
● Seasoned: $123,521
Houston:
●Beginning:$40,368
● Mid-career: $73,048
● Seasoned: $136,627
Living Expenses:
● New York:
○ Apartment: Monthly rent for a 45 m2 (480 Sqft) furnished studio in expensive area
$2,955
○ Buy a car or lease a car or public transportation:
■ Volkswagen Golf 1.4 TSI 150 CV (or equivalent), with no extras, new $23,348
■ 1 liter (1/4 gallon) of gas $0.84
■ Monthly ticket public transport $121
■ Taxi trip on a business day, basic tariff, 8 km. (5 miles) $19 ○
Food:
■ Basic lunchtime menu (including a drink) in the business district $16
■ Combo meal in fast food restaurant (Big Mac Meal or similar) $9
○ Utilities:

■ 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 Sqft) studio
$127
○ Entertainment:
■ Basic dinner out for two in neighborhood pub $53 ■ 2
tickets to the movies $33
■ 2 tickets to the theater (best available seats) $319
■ Dinner for two at an Italian restaurant in the expat area including
appetisers, main course, wine and dessert $115
■ 1 cocktail drink in downtown club$16
■ Cappuccino in expat area of the city $4.93
■ 1 beer in neighbourhood pub (500ml or 1pt.)$8 ■
iPad Wi-Fi 128GB $467
■ 1 min. of prepaid mobile tariff (no discounts or plans) $0.19 ■ 1
month of gym membership in business district $97
○ Medical insurance: ■
$1,357
○ Other expenses: https://www.expatistan.com/cost-of-living/new-york-city
● Los Angeles:
○ Apartment:
■ Monthly rent for a 45 m2 (480 Sqft) furnished studio in EXPENSIVE area: $2,276
○ Buy a car or lease a car or public transportation:
■ Volkswagen Golf 1.4 TSI 150 CV (or equivalent), with no extras, new: $22,921
■ 1 liter (1/4 gallon) of gas: $0.98
■ Monthly ticket public transport: $99
■ Taxi trip on a business day, basic tariff, 8 km. (5 miles): $17 ○
Food:
■ Basic lunchtime menu (including a drink) in the business district: $15 ■
Combo meal in fast food restaurant (Big Mac Meal or similar): $8
○ Utilities:
■ 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 Sqft) studio
$102
○ Entertainment:
■ Basic dinner out for two in neighborhood pub $49 ■ 2
tickets to the movies $30
■ 2 tickets to the theater (best available seats)$208
■ Dinner for two at an Italian restaurant in the expat area including
appetisers, main course, wine and dessert $84
■ 1 cocktail drink in downtown club $14
■ Cappuccino in expat area of the city $4.80
■ 1 beer in neighbourhood pub (500ml or 1pt.)$8 ■
iPad Wi-Fi 128GB $559
■ 1 min. of prepaid mobile tariff (no discounts or plans) $0.45 ■ 1
month of gym membership in business district $61

○ Medical insurance: ■
$1437
○ Other expenses:
■ https://www.expatistan.com/cost-of-living/los-angeles ●
Houston:
○ Apartment:
■ Monthly rent for a 45 m2 (480 Sqft) furnished studio in EXPENSIVE area: $1,266
○ Buy a car or lease a car or public transportation:
■ Volkswagen Golf 1.4 TSI 150 CV (or equivalent), with no extras, new: $22,100
■ 1 liter (1/4 gallon) of gas: $0.68
■ Monthly ticket public transport: $50
■ Taxi trip on a business day, basic tariff, 8 km. (5 miles): $20 ○
Food:
■ Basic lunchtime menu (including a drink) in the business district: $14
■ Combo meal in fast food restaurant (Big Mac Meal or similar): $7
○ Utilities:
■ Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 Sqft)
studio: $101
○ Entertainment:
■ Basic dinner out for two in neighborhood pub $41
■ 2 tickets to the movies $22
■ 2 tickets to the theater (best available seats) $169
■ Dinner for two at an Italian restaurant in the expat area including
appetisers, main course, wine and dessert $68
■ 1 cocktail drink in downtown club $10
■ Cappuccino in expat area of the city $5.03
■ 1 beer in neighbourhood pub (500ml or 1pt.) $5.03
■ iPad Wi-Fi 128GB $384
■ 1 min. of prepaid mobile tariff (no discounts or plans) $0.38
■ 1 month of gym membership in business district $37
○ Medical insurance:
■ $1197
○ Other expenses:
■ https://www.expatistan.com/cost-of-living/houston
Part 2 :
Saving for a home
Manhattan, New York City ($710,000) one-bedroom apartment A.
Down Payment
a. the money a home buyer gives to a home seller to lock in the home purchase deal
b. 20%: $142,000
B. Mortgage

a. A loan for the purchase of real property b.
$4,013 per month
c. Mortgage loan type: 30 years d.
Interest rate: 4%
C. Property taxes
a. 1.86% ($13,206) per year D.
Homeowners association dues
a. The fee, which is usually charged monthly, goes to maintain the common areas of that
community.
b. $200 per month
E. Special assessments
a. 1% ($7100)
Investments
A. Accumulating wealth
a. $98,027 per year (CPA) b.
8.875% tax
c. 98,027-(98,027*0.0875)=$89,449.64 B.
Saving to buy a house
a. Manhattan, New York City ($710,000) one-bedroom apartment C.
Saving to buy an investment property
a. $210,000
D. Saving to create or buy a business a.
$195,000
Retirement planning
A. What options are available in my country of choice?
a. Retirement Option Election Form – Tier 4, Tier 6 63/10, and Special Plan
Members – Maximum, Option 1, 2, and 5 Form #556
b. Retirement Option Election Form – Tier 4 and Tier 6 – Five-Year and Ten-Year Certain
Form #563
c. Retirement Option Election Form – Tier 3 and 22-Year Plan – Maximum, Option 1, 2,
and 5 Form #555
d. Retirement Option Election Form – Tier 2, Tier 3, and 22-Year Plan – Five-Year and
Ten-Year Certain Form #554
e. Retirement Option Election Form – Tier 1 and Tier 2 – Maximum, Option 2, Option
3, Option 4-2, Option 4-3 Form #552
f. Retirement Option Election Form – Tier 2 – Option 4 (Lump Sum) Form #553 g.
Retirement Option Election Form – Tier 2 – Option 4 Form #559
h. Retirement Option Election Form – Tier 2 – Option 4-4 Form #558 i.
Retirement Option Election Form – Tier 1 – Option 4 Form #557
j. Retirement Option Election Form – Tier 1 – Option 4-4 Form #550
k. Retirement Option Election Form – Tier 1 – Option 1, Option 4 – Lump Sum Form #551

l. Retirement Option Election Form – Tier 1 – Option 4 (Five-Year Certain; Ten-
Year Certain) Form #561
m. Temporary Retirement Option Election Form – Tier 2, 3, 4 and 6 Form #562 B.
What are the tax benefits/effects?
a. New York gives every resident who is age 59.5 or older a break on taxes against
retirement income from pensions and/or retirement account distributions. The first
$20,000 of retirement income is exempt from tax. This includes income from a corporate
pension, an Individual Retirement Account, a 401k account, or other retirement plan.
Married couples get a double exemption, with each eligible for the $20,000 exclusion for
a total of $40,000. This benefit applies to all taxpayers of any income level.
C. How will I allocate my retirement monies?
a. Allocate cash in all accounts to safe securities, preferably dividend stocks b.
Savings
Children
A. How many would I like to have? a.
2
B. How will I fund their education?
a. Through income and earnings from investments in mix of debt, equity and mutual fund
based on risk taking capacity and age.
C. What do I need to do financially for my children?
a. Buy a term policy for your family dependent upon you.
b. Buy a Health Insurance for your entire family dependent upon you.
D.
a. Despite income or retirement monies, I will engage in investing my monies that will
hopefully be a growth to the properties I’m investing into.
References:

Manager Operation Hotel, indeed, Available at: https://www.indeed.co.in/Hotel-Operation-Manager-jobs?vjk=76586eeb4721304d,
Accessed on: 28 May 2019
Hotel Operations Manager: Job Description and Requirements, study.com, Available at:
https://study.com/articles/Hotel_Operations_Manager_Job_Description_and_Requirements.html, Accessed on: 29 May 2019
Average General / Operations Manager Salary in New York, New York, payscale, Available at:
https://www.payscale.com/research/US/Job=General_%2F_Operations_Manager/Salary/1d40efc1/New-York-NY, Accessed on: 29 May
2019
Programmes & Courses, Centennial College, Available at: https://www.centennialcollege.ca/programs-courses/full-time/hospitality-
hotel-operations-management/, Accessed on: 29 May 2019
The Perfect Operations Manager Job Description, Proven, Available at: https://blog.proven.com/operations-manager-job-description,
Accessed on: 28 May 2019
Job Profile Hotel Manger, Prospectus, Available at:
https://www.prospects.ac.uk/job-profiles/hotel-manager, Accessed on: 29 May
2019
INTERNATIONAL HOTEL MANAGEMENT (CERTIFICATE), Canadian College, Available at:
http://canadiancollege.com/en/international-hotel-management-certificate, Accessed on: 28 May 2019
Summary Report for:11-1021.00 - General and Operations Managers, onetonline, Available at:
https://www.onetonline.org/link/summary/11-1021.00, Accessed on: 28 May 2019
Operations Manager Training Programs and Requirements, Study.com, Available at:
https://study.com/operations_manager_training.html, Accessed on: 29 May 2019
What skills do Operations Managers need? | FAQs, getsmarter, Available at: https://www.getsmarter.com/blog/career-advice/skills-
operations-managers-need-faqs/ Accessed on: 29 May 2019
Average General /Operations Manager Salary, Payscale, Available at: https://www.payscale.com/research/US/Job=General_
%2F_Operations_Manager/Salary/1fc2d41f/Houston-TX, Accessed on: 29 May 2019
Certified Professional Manager™ (CPM), ccpcglobal, Available at: https://www.ccpcglobal.com/certification/certified-professional-
manager-cpm/, Accessed on: 29 May 2019