Weekly Reflection 1 - Accounting Jim R
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Feb 20, 2024
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FINANCE REFLECTION (Jim Rosenblum):
1.
What are 2 “takeaways” you gained about finance, and how it can contribute to the success of a business enterprise? One key takeaway I gained from finance is that for corporations, the finance function adds creation of value to satisfy stakeholders. I remember a term this group used while presenting, and
that was finance is an extremely cross-functional role. I think this is an excellent term to describe
finance. I learned that financiers and financial advisors are versatile, seen at every level of management. They can communicate with clients or customers to provide financial advice and manage portfolios, as well as communicate with upper levels of management, such as the board of directors or executives to provide management, oversight, and financial recommendations that
can influence a firm’s strategic decisions for the future. They can also be involved in investment roles, either providing insights that affect stock prices and investor sentiment or deciding on investments to be purchased within a firm.
Another key takeaway I have gained is that finance works very closely with other business functions. Collaboration between finance and other business functions enables firms to cut costs, streamline operations, and make better financial decisions overall. One thing I found noteworthy was the collaboration between I.T and Finance specifically. A bullet point I wrote down off the presentation was I.T-Finance collaboration ensures regulatory compliance, cybersecurity management, and data protection. Among other things, those studying finance must have a basic understanding of accounting, and how accounts are created as well. Finance is a very useful tool in any business, creating value for firms through the assessment of money.
2.
Consider what you’ve learned about [this function] to date relative to your own aspirations as a future business professional. To what extent do you see your understanding of [this function] relating to your own professional impact in the future? Out of all the business functions presenting, this one was the one I wanted to hear and take notes on the most. As a freshman finance major, it was very insightful and refreshing to listen to great information that is applicable to my career path. When thinking about my own aspirations as a future business professional and my understanding of finance, I feel like finance is undoubtedly a field I would like to pursue and learn more about. As I mentioned in my previous weekly reflection, I am unsure of what career path to pursue in finance. However, the presentation and the members of the finance team did an excellent job simplifying and stratifying the different types of finance
that exist. For example, when the presenters went over the slide explaining different types
of finance you can pursue, I found that super helpful and informative. Considering my own professional impact in the future, my interests lean towards corporate finance or sales. Learning about this business function solidified my expertise on this function thus far, and I plan to go over my notes I took a few more times to understand this function more. I am excited to continue learning finance, as I plan to take FIN121 at the beginning
of my sophomore year, and other higher-level finance courses moving forward. If I like these classes, I believe finance would be the field I want to pursue as a professional. 3.
As you reflect on this week’s class and your reading assignments, what more would you have liked to learn more about [this function] in this course? I would have liked to learn more in-depth about the finance function and had examples of their work shown on the slides. I thought the finance group did an amazing job on their presentation; I left the class wanting to learn more and more about this function. Reflecting over my reading assignments and this week’s class, I have gained a lot of knowledge about the
finance business function, but one thing I would have liked to learn more about is an example of financial analysts’ work, and some examples of financial jargon. I know that the group only had so much time to present, but I was left wanting to learn more. Specifically, I would have liked to have learned a more complete understanding of each type of finance, such as going over a financial advising or personal finance role. Another question I had after the presentation was, how could one start gaining financial literacy? How do you use financial analysis methods and models to evaluate a person – or even firm’s – performance, and how do you begin making informed financial decisions to start with? Questions like these are ones I am eager to learn. As a freshman with an interest in finance with no clear path on what field of finance I want to pursue, I really hope to learn more about finance, and with Lehigh’s amazing resources, I will find a window of opportunity for me to discover a class, topic, or club I really enjoy, and learn there.
TEAM FEEDBACK:
1.
What are 2 things this team did WELL in their presentation? One aspect I really enjoyed in this presentation was the wrap-up activity, with the investment buy-or-sell activity. As the group mentioned, it was a nice break from the technology and gameplay aspect to test knowledge, but rather bring the groups together and discuss whether to buy or sell a firm – a great way to incorporate all the audience members and introduce the topic. The 30-second pitch required me to think critically and make judgements with a team. Another aspect of the presentation that I thought the finance team did very well on was the thoughtfulness put into not only the PowerPoint, but the responses to our questions as well, specifically Saad. Saad is a senior studying finance, so I was excited to hear his insight as he has gone through most of the ropes
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already. I noted his advice to freshmen studying finance, referencing joining clubs and making connections early on. Overall, he was very well-spoken, and offered great, applicable advice. Zachary and Sean also did very well with the presentation, I remember
I took good notes on their slides when they were presenting.
2.
What are 2 things this team COULD DO BETTER or DIFFERENTLY in their presentation?
I thought one thing this team could have done better was to talk more about some points on their slides. Sometimes during the presentation, the slides changed too quickly, some slides only getting about 5-10 seconds of view time. I felt like I could not take efficient notes on slides at that pace. The finance group had a stellar presentation that was
easy to understand at times. However, if I were to do something differently, I would have maybe rehearsed slides more, and really cemented down points I wanted to make on each
slide I was presenting on, spending one to two minutes per slide to come across more clearly and effectively. Another thing I would have done differently is I would have liked to see variation in those who responded to questions for the class. There is no doubt Saad had prior experience in the field, and he knew how to answer questions that were posed the team’s way, but I would have liked to hear from other members of the team more. I would have liked to see all members of the team ask questions, call out specific individuals, and gather their feedback to engage them throughout the presentation. If the finance group were to ask an engaging question like, “How many of you have had some type of financial education in high school?”, this type of simple question would keep the audience active and attentive. These are the only negatives I can note however – the finance team did an excellent job on their presentation regardless.
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