Business different careers areas that branch off

Business finance is a term that incorporates an immense
range of activities and disciplines revolving around the administration of
money and other valuable assets. Generally speaking, financing is simply the
act of transporting money to and from an organization or business. Finance is a
dense field with vast earning potential and profitable career opportunities in a
wide range of industries. Obtaining a degree in finance is beneficial in many
ways because of the precise focus it has, but also provides you with
exploration within a field that is filled with job opportunities. It allows you
to work with the decision makers of exterior organizations such as government
agencies, banks, suppliers, stockholders, businesses and more.

Within the finance field, there are several different
careers areas that branch off which can include commercial banking, insurance,
and real estate. This report provides information including salary and
prerequisites for specific jobs over the three different career areas that were
previously listed.

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Commercial Banking

Commercial banks are in the business of administering
services to small-scale businesses, large corporations, institutions and
sometimes governments. Services such as checking and saving accounts that are
offered to individuals by retail banks are comparable to those provided by
commercial banks. However, most of the services that commercial banks offer are
designed precisely to meet the needs of corporations and institutions. Commercial
banks are continuously becoming more diverse and there are far more jobs within
the commercial banking area than any other part of the financial services
industry.

1.      Loan
Officer

Loan officers evaluate, authorize, and recommend approval of
loan applications for individuals and businesses (BLS). As a highly desirable
job, being a loan officer requires skills in selling and the ability to
understand a business and how it works. There are a variety of different loan
officers and positions such as commercial loan officers, consumer loan
officers, mortgage loan officers, and loan collection officers.

Salary

·        
Median Salary- $63,650

·        
Entry-level Salary- less than $32,820

·        
Experienced Salary- more than $132,290 (BLS)

Prerequisite

A bachelor’s degree in business, specifically in finance is
required. For commercial loan officers, they need to have a general
understanding of business accounting as well, including how to read financial
statements because they are specifically analyzing the finance of businesses
applying for credit. A Mortgage Loan Originator (MLO) license is required for
mortgage loan officers by completing 20 hours or more of coursework, submit to
background checks and passing an exam. Some of the important personal qualities
to have include decision-making skills, being detail oriented, taking
initiative, and having interpersonal skills.

2.      Financial
Analysts

A financial analyst makes business, sector, and industry
recommendations by researching both macroeconomic and microeconomic conditions
along with company’s structures and fundamentals. Based on a company’s overall
current and predicted strength, financial analysts also make recommendations on
a course of action such as buying and selling stock. An analyst must be mindful
of present developments in the area in which he or she specializes in as well
as arranging financial models to foresee economic conditions for any number of
variables. Just like loan officers, there are a few different types of
financial analysts such as rating analysts and risk analysts.

Salary

·        
Median- $81,760

·        
Entry-level Salary- less than $50,350

·        
Experienced Salary- more than $165,100 (BLS)

Prerequisite

A bachelor’s degree generally in business but more
specifically in accounting, economics, finance, or statistics is required. A
license is commonly required to sell financial products which apply to most of
the financial analyst positions. A certification known as the Chartered
Financial Analyst (CFA) improves the chance for advancement and in order to
become certified, analysts must have a bachelor’s degree, 4 years of qualified
experience and pass three exams (BLS). Some of the most important personal
qualities to involve having skills in areas such as analytical, communication,
computer, decision-making and math.

3.      Financial
Manager

Financial managers are responsible for the financial
wellness and health of an organization. By producing financial reports, direct
investment enterprises, and establishing plans and strategies for the long-term
financial objectives of their corporation, most financial managers work in
either insurance companies or banks. Although their main responsibility is to
monitor a company’s finance, they now are doing more analysis over data and
help maximize profits by directing senior managers. Some of the different types
of financial managers include credit managers, cash managers, risk managers,
and insurance managers.

Salary

·        
Median Salary- $121,750

·        
Entry-level Salary- less than $65,000

·        
Experienced Salary- more than $208,000 (BLS)

Prerequisite

The minimum education required for financial managers is a
bachelor’s degree in finance, accounting, economics or business administration.
Today, most employers are now seeking people who have a master’s degree because
of the better developed analytical skills and financial analysis methods that
they tend to have. Just like financial analysts, a CFA certification is
required. A few of the important personal qualities to have are analytical
skills, communication skills, being detail oriented, math skills, and
organizational skills.

 

Insurance

Providing a wealth of career opportunities and advancement,
insurance is a stable yet progressive and dynamic industry. Working within the
insurance industry consists of helping clients understand their insurance
desires, explaining to them their options and advising them on purchasing the
appropriate policy. From management programs to administrative support, from
information technology to customer service, from accounting to sales, the
insurance industry has just about anything you want to do. Ultimately, helping
people when they’re in need of it is the main theme that insurance
professionals emphasize on.

1.      Actuary

Actuaries use their analytical skills to predict the risk of
writing insurance policies on property, businesses and people’s lives and
health (Careers in Finance). Staying up to date on legislative developments and
societal trends is the best way for an actuary to work effectively. To keep
information organized and arrange properly, most actuarial work is done on
computers through database software. By typically working in teams including
managers and professionals in other fields, such as accounting, underwriting,
and finance, it helps actuaries set the price for security offerings or with
market research analysts to forecast demand for new products (BLS). The
different types of actuaries include health insurance actuaries, life insurance
actuaries, property and casualty insurance actuaries, and enterprise risk
actuaries.

Salary

·        
Median Salary- $100,610

·        
Entry-level Salary- less than $58,910

·        
Experienced Salary- more than $186,250 (BLS)

Prerequisite

A strong understanding and background in business,
mathematics, and statistics is the minimal required for actuaries. Typically,
most actuaries should have an undergraduate degree in one of the fields
previously stated or some other analytical field. Students are required to
complete coursework in corporate finance, statistics and economics in order to
become certified professionals. The Casualty Actuarial Society (CAS) and the
Society of Actuaries (SOA) are two professional societies that sponsor programs
leading to full professional status. The CAS certifies actuaries who work in
the property and casualty field, which includes automobile, homeowners, medical
malpractice, and workers’ compensation insurance. The SOA certifies actuaries
who work in life insurance, health insurance, retirement benefits, investments,
and finance (BLS). Important personal qualities to have for this career are
analytical skills, communication skills, computer skills, interpersonal skills,
and math skills.

2.      Insurance
Sales Agent

Insurance agents advise people and organizations on how to
protect things they value by selling customers insurance contracts. An
understanding of insurance contracts is essential to this type of occupation
because of the various insurance policies they have to explain in order to help
their clients choose the best suiting one (BLS). Life insurance agents, captive
agents, and independent insurance agents are just a few of the different
insurance agents out there.

Salary

·        
Median Salary- $49,990

·        
Entry-level Salary- less than $27,430

·        
Experienced Salary-  more than $128,070 (BLS)

Prerequisite

Although most employers only require agents to have a high
school diploma, many agents have a bachelor’s degree. In order to improve sales
techniques, courses in public-speaking, business, finance and economics can be
very useful. Insurance sales agents must have a license in the states where
they work and separate licenses are required for agents to sell life and health
insurance and property and casualty insurance. Most state licensing authorities
also require agents to take continuing education courses focusing on insurance
laws, consumer protection, ethics, and the technical details of various
insurance policies (BLS). Important personal qualities consist of analytical
skills, communication skills, taking initiative and having self-confidence.

3.      Claims
Adjusters

Claim adjusters typically evaluate insurance claims by
deciding whether or not an insurance company has to pay a claim and if so, for
how much. The duties that claim adjusters can have vary depending on the
insurance company they work for. Adjusters may inspect an automobile, a
business or home to oversee personal injury or property damage claims and
determine the cost that the insurance company must pay. The goal of adjusters
working for insurance companies is to save as much money for the company as
possible (BLS).

Salary

·        
Median Salary- $63,680

·        
Entry-level Salary- less than $37,540

·        
Experienced Salary- more than $95,760 (BLS)

Prerequisite

For entry-level claim adjusters, a high school
diploma is required however, most positions demand a bachelor’s degree or experience
in other insurance-related work. Starting out, adjusters are assigned to work
on small claims while being supervised by an experienced worker, but as they
become more experienced, they’re assigned larger and more complex claims Being
licensed varies by state. Some states have few requirements; others require
either completing pre-licensing education or receiving a satisfactory score on
a licensing exam (BLS). Important personal qualities to have include analytical
skills, communication skills, being detail oriented, interpersonal skills, and
math skills.

 

Real Estate

Over seven million people in the United States have jobs in
real estate fields such as title insurance, construction, mortgage banking,
property management, real estate appraisals, brokerage and leasing, and real
estate development (Careers in Finance). Acting as the bridge between people
and properties, real estate professionals are the directors of purchasing and
constructing properties all over the world. By majoring in real estate,
students are taught how to establish, buy, sell and manage commercial or
residential properties and land for other purposes.

1.      Personal
Financial Advisor

By providing advice on investments, insurance, mortgages,
college savings, estate planning, taxes and retirement, personal financial
advisors work to help individuals manage and maintain their finances (BLS). They
advise people with decisions over investments such as stocks and bonds,
insurance and tax laws. Personal financial advisors prepare their clients for
short-term and long-term goals by investing clients’ money based on they’re
decisions. Within the personal financial advisor group,

Salary

·        
Median Salary- $90,530

·        
Entry-level Salary- less than $41,160

·        
Experienced Salary- more than $208,000 (BLS)

Prerequisite

A bachelor’s degree in finance, economics, accounting
business, mathematics or law is required for personal financial advisors.
Taking courses in risk management, estate planning, taxes and investments are
very helpful when preparing for this occupation. Personal financial advisors
who directly buy or sell stocks, bonds, or insurance policies, or who provide
specific investment advice, need a combination of licenses that varies with the
products they sell. In addition to being required to have those licenses,
advisors in smaller firms that manage clients’ investments must be registered
with state regulators and those in larger firms must be registered with the
Securities and Exchange Commission (BLS).

2.      Real
Estate Brokers

Real estate brokers help clients buy, sell, and rent
properties and are specifically licensed to manage their own real estate
businesses. Individuals often seek service from real estate brokers due to the
complexity that buying or selling residential or commercial property can have.
To match the client’s need with a property, brokers must be very knowledgeable
about the real estate market in their area. Many operate a real estate office,
handling business details and overseeing the work of sales agents (BLS).

Salary

·        
Median Salary- $56,790

·        
Entry-level Salary- less than $24,370

·        
Experienced Salary- more than $162,260 (BLS)

Prerequisite

Real estate brokers are required to have completed courses
in finance, business administration, economics and law to be eligible for
licensure. To obtain a broker’s license, individuals generally need 1 to 3
years of experience as a licensed sales agent and must take additional formal
training courses (BLS). Marketing and accounting courses are necessary for
brokers that intend to open their own company. Having skills in business,
interpersonal, organizational and problem-solving are all important personal
qualities to have within this occupation.

3.      Marketing
Managers

Marketing managers can also be known as advertising or
promoting mangers, that of which they all plan programs to generate interest in
services and products. By estimating the demand for an organizations product or
service versus its competitors offer, marketing managers work to identify
potential markets for the organizations products. They work with product
development staff, sales and public relations and help organizations maximize
their profits by developing pricing strategies while ensuring that the
customers are satisfied.

Salary

·        
Median Salary- $100,810

·        
Entry-level Salary- less than $44,950

·        
Experienced Salary- more than $208,000 (BLS)

Prerequisite

A bachelor’s degree is required for most marketing
managers and typically experience in advertising, marketing, promotions or
sales is needed as well. Taking courses in business law, management, economics,
finance, computer science, mathematics, and statistics can also be very
beneficial. Having creativity, and skills in communication, decision-making,
and organization are important personal qualities for this career.

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