Financial Freedom

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Apr 13, 2007

Careers in Financial Planning.

If you are considering a business career, but have no more detailed an idea of what you want to do, then there is much to consider and countless possibilities. The word "business" covers so many diverse activities; any employment activity in which money transactions take place is almost certainly a business, or relates to a business. Medical transactions, for example, can be business to the supplier even if not to the end user, a doctor; if a private doctor, then it is business to the doctor too. Growing food is a business, transport is a business, most sport is a business, and music is often a business. The list could go on and on. If you look at every man made item within your sight, the chances are it is the product of a business, and financial transactions have taken place along the way. Business is reflected all around you.

However, deciding on what type of business it is that you want to have a career in is only one of the main parts of your decision. Another is, what aspect of that business do you want to specialise in? Do you want to be a finance specialist, or marketing, or computing? Or some other job within a business?

Nowadays, a third major decision can easily come to mind. That is, do you want a home business career or to have a separate workplace? Often related to that decision is whether or not you want to be freelance or self employed, rather than an employee?

In this article we will just offer some headings under which you need to start considering your career. But before you even go that far, it is probably worthwhile considering your career objectives and personal objectives. Also, the better you know and understand your own motivation for wanting a business career, the more likely you are to take the best direction for your future.

Deciding on What Aspect of Business to Specialize in For Your Career

Deciding on what aspects of business you want to specialize in is perhaps the best place to start. Each of the main departments of a business will be considered in more detail in separate articles. It is also important to consider your long term goal. If you want to be a business owner or chief executive, then to be effective you will need to understand all the key aspects of running a business, and how they inter-relate. For now, the broad "departments" you will find across all businesses are:

Finance

A business will have financial transactions, therefore a finance function will be essential simply for financial accounting purposes. However, to be an efficient and forward looking business, timely management information will be important too. Financial staff, if they are good, will need to relate easily to other departments within the business and understand their perspectives too. A spell in finance can be an excellent grounding for business management, whether for your own or someone else's business.

From my own experience, studying for professional management accountant status in England many years ago was what helped me to understand business much better than I would otherwise have done. With so many examinations to pass to qualify, in diverse subjects such as company and business law, computing, financial and management accounting, marketing and corporate planning, organisation and production, it provided an excellent grounding indeed.

Marketing

Alongside finance, marketing is a part of business that can inspire and produce business leaders, chief executives and successful business owners. Gaining experience in marketing is not only very interesting for those who are creative, it can become a very powerful asset in a business career. If you can get experience and finance, then you are well placed for a successful business career.

Other Business Departments

Other departments of a business to consider are purchasing, human resources (personnel department), and computing. Depending on the type of business, there may also be research, production and other departments.

Deciding on What Type of Business to Specialize in For Your Career

If your ambition is to become a business manager or owner, then the skills you acquire in the key areas of business will be applicable to any type of business. Marketing, finance and computing figure in every modern business. So, to an extent, it does not matter what the type of business is that you start in as a stepping stone to business management.

There are far too many types of business to consider listing here, and what you decide on will depend on what is available at the time, your personality, likes and dislikes, and long term prospects and salary. However, to be successful it is important to enjoy what you are doing, so choosing a type of business that you feel comfortable with is more likely to serve your career prospects well, than a business where you feel totally out of place.