Financial Management: A Reflective Journal on Career Progression

This reflective journal delves into career development within financial management, outlining a career progression plan through a mind map. It includes a skills audit, analyzing job descriptions, skills matrix review, and immediate skills gap analysis. Self-appraisal and action planning are discussed, ...Read More

Reflective Journal

Table of Contents

Introduction......................................................................................................................................1
Main Body.......................................................................................................................................1
Career & Progression Plan (career pathways mind map).......................................................1
Skills Audit (job descriptions, skills matrix review & immediate skills gap analysis)..........3
Self-Appraisal & Action Planning..........................................................................................3
Skills Development Record & Work-based Feedback...........................................................4
Effectiveness of strategies used to improve work performance.............................................4
Range of career development mechanisms............................................................................5
Employability skills and commercial awareness within a field of financial management.....5
Analyse principles of organisational theory...........................................................................6
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

Introduction
Reflective journal is defined as the reflection which is discussed on the basis of a career
development program and work based context. Field of career and study chosen is financial
management in which the accounts and finances are the major study and practice of my career
development (Barr and McClellan, 2018). The following discussion is based on the carrier and
progression plan which includes career pathways mind map. Discussions are also made on the
skills audit which includes job descriptions, skills matrix review and immediate skills gap
analysis. Self-appraisal and action planning are also discussed. Discussion on skills development
record and work based feedback are also made. Moreover, discussion on the strategies used to
improve work performance and range of career development mechanisms are also done.
Employability skills and commercial awareness of financial management are also covered.
Furthermore, analysis of principles of organisational theory is covered in the report with
conclusion.
Main Body
Career & Progression Plan (career pathways mind map)
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My career plan is outlined with the help of a mind map which demonstrates the career
pathways. My plan not only includes professionalism and the field of study but also it includes
the personal life and lifestyle which I aspire in my life. According to my career plan mind map,
my career plan starts with my weaknesses and strengths so that I would be able to know what is
required to improve and what is needed to be achieved as my skills. lifestyle is also included in
my career plan so that I would be able to socialize myself and formulate the strong network.
Talking about professional career planning, work with experience along with a goal is included
so that the preparations of main objectives along with the alternatives can be made. Moreover,
planning and actions along with the interest of the main objective of my study and career is an
important point of my career planning mind map.
My field of interest is financial management and a mind map is prepared as per the needs
and requirements of my goals and objectives. It includes the roles and responsibilities of
financial managers. gaining the experience and knowledge about the financial planning process
and budget which is a major part of financial studies. Moreover, the study of operating funds
along with the long term and short term financing. My short term goal is to acquire the
information communication and Technology knowledge and skills for practical implementation
of financial techniques and tools. My medium term goal is to enhance my interpersonal skills.
My long term goal is to obtain necessary training and experience in financial management
(Cadenas, Cantú, Spence and Ruth, 2020).
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Skills Audit (job descriptions, skills matrix review & immediate skills gap analysis)
According to my SWOT analysis, there are various strengths and weaknesses along with
the opportunities and threats which are analysed in terms of skills in financial management. My
strengths include the communication skills and time management skills along with the decision
making skills. My weaknesses include the lack of confidence and sensitive or self-critical nature
which is followed by the stress of too much responsibilities on the shoulders. My opportunities
include the gaining of a degree and certificates along with the internships under renowned
chartered accountants and readiness for learning. My threats include rising technology and
unstable economic and political conditions. As per my skills gap analysis, I have to gain the
skills along with the training and development sessions in financial management so that I can
learn about finances which can be helpful in my professionalism and in my career development
as well. For example, I am weak in budgeting and auditing finances. Therefore, it is important
for me to meet such requirements to have a professional career in financial management. This
can be done by taking the experience and practical knowledge of such topics in finances so that I
can practice in a more potential and effective manner (Bandaranaike, 2018).
Self-Appraisal & Action Planning
According to my action plan in financial management, it is important to monitor and track
the progression. This is because I can be motivated with positive self-appraisal and if not, then I
would make another action plan which can give me positive results. My action plan is to make
myself proficient in the skills and abilities of financial management with good experience and
practical knowledge. There are many fields in financial management where I was lacking and
then I started practicing for the same. This has helped me in increasing my analytical skills and
cognitive mind skills. Such skills have not only supported me in my professional career but also
in my personal lifestyle and maintaining the standard in a good field of profession. Personal and
professional growth and development is important so that a person can live a life as per the
aspirations. I have monitored and tracked my progression in my field of financial management.
Result was positive which has helped me in getting motivated to do hard and smart work.
Therefore, I decided to plan more in order to gain efficiency in the skills that I was lacking. This
is my self-appraisal which helped me in encouraging me to move towards my career growth in
financial management (Smith, Bell, Bennett and McAlpine, 2018).
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Furthermore, I have observed that I am lacking in self-confidence which can affect my
graduation which I have to pursue in Masters in financial management. Lack of confidence can
also affect my ability to be innovative and initiative in my professional career and it can also
hamper me in becoming social and increasing networking at my workplace. It is one of the skill
gaps which I am facing. Self-critical and low tolerance nature of mine is another skill gap which
is affecting my learning ability. There are different types of people at the workplace who make
mistakes and also criticize one or the other thing. but my behavior is sensitive in this aspect
because it is unacceptable for me to face criticism and also so it becomes difficult for me to be
positive in such an environment. If I think about improving at work and learning then also it can
hinder my performance (Rubens, Schoenfeld, Schaffer and Leah, 2018).
Skills Development Record & Work-based Feedback
My skills development record includes the increment of my ability in terms of tolerance
power and accepting the criticize behavior of others. This has helped me in making the point of
view of the positive side of criticism so that I can take the opportunity and learn from such
circumstances. It is important to accept the nature and behaviour of colleagues and employers so
that I can gain my listening ability which can ultimately support and strengthen me in my
sensitive behavior. I have to reduce the load of responsibility which can only be done if I accept
the work with good potential and accomplished according to my area of interest. This can help
me in lowering my stress with the help of mitigating the large amount of responsibility and also
support in productivity and quality of the work done at my workplace. It is important for me to
build confidence so that I can seek feedback and proper suggestions about my work performance
and the results I deliver to the organization. Receiving feedback helps me in motivation and
increases my self-confidence towards work which I have done in a positive manner with positive
feedback so that I can give quality standards and better commitment to my roles and
responsibilities. If I talk about any negative feedback, it does not demotivate me but tells me
about where to improve and where I should develop my skills in order to enhance my work
performance (Zacher, Rudolph, Todorovic and Ammann, 2019).
Effectiveness of strategies used to improve work performance
There are several strategies which are used to improve the work performance in my
professional career and financial management. Such as I have made a mind map and action plan
in order to follow strictly so that I would be able to achieve my short term and long term goals in
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an effective manner. Moreover, I have analysed the skills in which I am already proficient and
also the skills which I have to improve for better career growth and development. Skills gap
analysis is being undertaken for better tracking of progression and also the work based feedback
as well. These are the strategies which have helped me in improving and enhancing my work
performance. Effectiveness of such strategies have supported me in gaining the essential skills
and abilities to pursue my field of interest studies that is financial management in a proficient
manner. This has not only helped me in professional growth but also personal development as
well. This is because it has increased my cognition and self-confidence to pursue a career like
financial management with all the analytical skills and abilities (Yang, Liu, Huang and Yu,
2018).
Range of career development mechanisms
I have used the different ranges of carry development mechanisms from the strategies to
the stages of development. Career development is considered as the ongoing process in which I
have used the mechanism of gaining self-knowledge about my field of interest so that I can
explore more about financial management. This has helped me in making decisions about what
skills I have to develop along with the implementation of such strategies of career development. I
want to use my mechanism of career growth and development not only in my personal and
professional development but also the workplace where I will be working for that is the
organisation development and management development as well. such a mechanism includes
self-assessment and career exploration along with the career identification and action plan which
I have is used and implemented in my own career planning (Finkler, Smith and Calabrese, 2018).
Employability skills and commercial awareness within a field of financial management
Employability skills within the field of financial management includes two excellent
communication and presentation skills. Which relates with the analytical approach to work and
high numeracy along with the sound technical skills. problem solving skills and initiatives are
the major employability skills which are highly required to gain the financial management
knowledge and experience. Negotiation skills and the ability to influence others are the major
abilities which I have to gain in order to have practical knowledge about financial management.
Moreover, I need to focus on strong attention to detail and an investigative nature for finance
auditing. Also I have to target the commercial and business awareness within the field of
financial management such as to understand the particular business and industry about their
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operations and how they make money. Commercial awareness is essential to grow in the career
of financial management and also to make the hike in the career development (Pérez-López,
González-López and Rodríguez-Ariza, 2019).
Analyse principles of organisational theory
Principles of organisational theory in financial management is an important concept to
grow in the career of finances and accounting so that at the time of practicing it could be easier
for me to implement such theories with an organisation. Classical organisational theory is one of
the theories which states that it should be the merger of scientific management, bureaucratic
theory and administrative theory. Human relations theory is a theory which relates to the
employee management of other domains so that collaborative working could be done with the
financial department. Contingency or decision theory relates with the conflict and diversity
management among the people who have different cultures and backgrounds. Modern systems
theory relates with the change management along with the leadership of and management
theories (McMahon and Patton, 2018).
Conclusion
It is concluded that performing reflective study in terms of career planning is important for
an individual. This is because it gives the pathways for career growth and development.
Moreover, it helps to analyse personal skills and abilities in order to improve and enhance for a
better lifestyle. Therefore, it is important to analyse the career and progression plan. It is
essential to examine the skills of auditing related to the career field. It is necessary to determine
self-appraisal and action planning. It is significant to gain knowledge about skills development
records and work based feedback. It is crucial to assess the effectiveness of strategies used to
improve work performance. It is vital to investigate the range of career development
mechanisms. It is imperative to study the employability skills and commercial awareness within
a chosen career field. It is required to study the principles of organisational theory which relate
with the reflective study. Hence this report covers all such areas in order to better understand the
conception of reflective study of career planning.
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References
Books and Journals
Bandaranaike, S., 2018. From research skill development to work skill development. Journal of
University Teaching & Learning Practice. 15(4). p.7.
Barr, M.J. and McClellan, G.S., 2018. Budgets and financial management in higher education.
John Wiley & Sons.
Cadenas, G.A., Cantú, E.A., Spence, T. and Ruth, A., 2020. Integrating critical consciousness
and technology in entrepreneurship career development with diverse community college
students. Journal of Career Development. 47(2). pp.162-176.
Finkler, S.A., Smith, D.L. and Calabrese, T.D., 2018. Financial management for public, health,
and not-for-profit organizations. CQ Press.
McMahon, M. and Patton, W., 2018. Systemic thinking in career development theory:
Contributions of the systems theory framework. British Journal of Guidance &
Counselling. 46(2). pp.229-240.
Pérez-López, M.C., González-López, M.J. and Rodríguez-Ariza, L., 2019. Applying the social
cognitive model of career self-management to the entrepreneurial career decision: The role
of exploratory and coping adaptive behaviours. Journal of vocational behavior, 112,
pp.255-269.
Rubens, A., Schoenfeld, G.A., Schaffer, B.S. and Leah, J.S., 2018. Self-awareness and
leadership: Developing an individual strategic professional development plan in an MBA
leadership course. The International Journal of Management Education. 16(1). pp.1-13.
Smith, M., Bell, K., Bennett, D. and McAlpine, A., 2018. Employability in a global context:
Evolving policy and practice in employability, work integrated learning, and career
development learning.
Yang, F., Liu, J., Huang, X. and Yu, H., 2018. How supervisory support for career development
relates to subordinate work engagement and career outcomes: The moderating role of task
proficiency. Human Resource Management Journal. 28(3). pp.496-509.
Zacher, H., Rudolph, C.W., Todorovic, T. and Ammann, D., 2019. Academic career
development: A review and research agenda. Journal of Vocational Behavior, 110, pp.357-
373.
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