Chapter 1, Problem 1IQ

Program Plan Intro

Finance:

Finance is a field of economics and is defined as a science of money management that is concerned with the investments of assets and liabilities in areas of time, space, risk or uncertainty.

Explanation of Solution

Background in finance:

Finance is a specialized area of study that forms the backbone of each industry or organization and having a sound team of financial experts is the key to success for any business.

One can build a background in finance by taking up financial program at the university level.

Then one can build a career in finance in anyone of the three sub-categories: public finance, corporate finance and personal finance.

Explanation of Solution

Courses in finance:

Some of the best courses to study in order to build a career in finance are:

• MBA: MBA stands for Masters in Business Administration and this degree is awarded to students who have mastered the study of business.
• CPA: CPA stands for Certified Public Accountant and it gives license to provide accounting services to the public. CPA’s aid business in staying strong and competitive and ensure financial integrity through account analysis.
• CMA: CMA stands for Certified Management Accountant and it demonstrates the professional expertise one need to have in financial planning, analysis, control, decision support and professional ethics.
• CFA: CFA stands for Chartered Financial Analyst and is a professional credential offered internationally to investment and financial professionals.
• Chartered Accountancy: Chartered accountancy is a course clearing which one can work in all fields of business and finance, including auditing, taxation, financial and general management.

Explanation of Solution

Yes, I have worked in financial industry as an investment banker after completing MBA degree.

Explanation of Solution

Working in financial industry:

While working in financial industry one does the following:

• Having a career in financial services ensures that one never stopped learning as constant innovation is commonplace and it creates a fast paced work day.
• Working in financial services plays a key role in maintaining the working of economy as at a micro level the work that financial services professionals do every day is responsible for maintaining economy.
• One could provide accountancy services to clients, or could be the accountant in a company whose main business is not finance such as being a car manufacturer.
• Working in investment management firms involves merging and investing their clients’ wealth while keeping in mind the level of risk that clients want to take and their financial goals.