Finance professionals operate in almost every industry that handles money in one way or another. Therefore, the field of finance is very broad. However, finance practices can be divided into three main areas where you can choose to work. Granted the positions of work in these different areas are still quite divers, they are similar in some aspects and hence grouped together. They include:
Personal finance is ideal for finance professional who want to interact with people on a daily basis. People make personal finance decisions all the time. From deciding whether to buy a cup of coffee to buying a real estate- financial decisions make a significant part of everyone’s life. The role of a personal finance professional is to offer advice and strategies on how one can improve personal finances, reduce debt and invest. There are six key areas of personal finance planning:
- Financial position: Personal financial advisors help individuals determine their financial position. This includes determining their net worth, their level of debt, income and assets. By determining ones financial position, you are better positioned to know what resources are available to make investments and good financial decisions
- Financial protection: financial advisors can guild households from unforeseen financial risks through taking necessary precautionary measures.
- Tax planning: paying taxes and filing tax returns is the responsibility of every working citizen. Personal finance advisors also help in planning how to pay individual taxes and filing the annual tax returns as required by the law.
- Investment and accumulation: investing widely and saving are all great strategies to amassing personal wealth. It is the role of the financial adviser to help identify great investment opportunities and conveyancing 24-7
- Retirement and estate planning: preparing for retirement and writing a will are all important parts of financial maturity. Many people often want to plan for the education of their children, continuity of business and distribution of property in case of demise.
Corporate finance is all about allocating the funds necessary to keep a business in operation and to expand its operations with time. Corporate finance professionals deal with all kinds of financial challenges on a daily basis. They are responsible for
- Balancing risk and profitability
- Maximizing stock values
- Studying and forecasting economic trends
- Managing business funds including expenditure and portfolio of investments
- Financial risk management
- Creating company financial reports and reviewing these to improve financial efficiency.
Public finance professionals deal with public related entities such as state matters, government agencies and school districts among others. Public finance professionals are involves in similar roles to corporate finance professionals. Some public finance professionals also get involved in the political field and can use their experience to vie for positions in public office. Since money matter is a great concern to many citizens, having a good understanding of the financial afflictions that most of the general public face can garner quite a number of votes.
Joel Mason is a financial analyst working with various state and corporate entities. You can read more about Mason from his website – Conveyancing 24-7
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Daniel & David
Three Main Areas of Finance to Build Your Career