Career Plan Research Paper (Research Paper Sample)

Name
Institution
Course
Supervisor
Date Submitted
Career Plan Research Paper
Introduction
Career planning is the systematic process of matching individual skills and interests to the strategic long term goal of economic and social accomplishment. For students in a degree or masters program, career planning is essential given that it helps them develop a basic knowledge of various career opportunities for their specialties and thereby selecting jobs suitable with their lifestyle. Brown (324) states that the activity of selecting a good career does not only contribute towards individual development but also organizational growth and effective achievement of corporate goals brought about by individual fulfillment.
Method
Career planning will be conducted by the researcher while following a sequential process that entails; knowing future plans, establishing the most interesting occupational preferences, comparing the selected choices through critical evaluation and determining the appropriate strategy to put the plan into action.
Results
The researcher is undertaking an Economics major and intends to pursue masters in accounting; therefore, the optimal occupational categories are business, finance, administration and accounting. The first and second careers of choice were identified through analysis of their descriptive factors and identification of appropriate working conditions that suited the researcher’s preference. The occupational inclinations for the researcher were; a personal financial advisor or an Accountant.
Discussion
Career 1 Personal Financial Advisor
What they do
Personal financial advisors offer professional advice to people to assist them in making informed financial decision on investments, insurance and taxation. They analyze the financial position of individuals and offer guidance on the appropriate decisions either long-term or short-term regarding their expenses and investments. In addition, they may opt to be licensed in order to buy and sell financial products directly including stocks, bonds, insurance and annuities.
The basic duties of a financial investor can be summarized as:
* Meet with clients to discuss financial goals
* Inform clients about investments options and their potential risks
* Suggest optimal investments or select on behalf of the client
* Help clients in planning for specific circumstances as education or retirement expenses.
* Manage clients’ accounts and determine if improvements are needed
* Evaluate new investment opportunities
Education
Personal financial advisors are required to have a bachelor’s degree in either finance, economics, business, accounting or mathematics. A master’s degree will boost the chances of advancing in the occupation and attaining a much higher compensation or better working conditions. According to Hirsh and Jackson (202), for a student to undertake master’s degree in economics, the minimal requirements are completion of 45 units whereby 40 units must be from the Department of Economics. They must attain grade B- or better in ECON 202, ECON 270 and ECON 271. Most graduate schools recommend a minimum of two years working experience for lower grades. While preparing for the GRE exam, graduates need not underestimate it rather engage in consistent study of 1.5 hours per day for 2-3 months at least.
Compensation
The estimated median annual wage for a personal advisor is $67,520 whereby the lowest 10 percent earned less than $32,280 and the top 10 percent earned wages higher than $187,200. Bonuses paid to personal financial advisors who work for financial investment firms or those who charge a percentage of client’s assets are not included in the wage data.
Graph showing median compensation
Figure 1
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Work Environment
They mainly work for financial and insurance companies; however, 20 percent of financial advisors are self-employed. Most of their occupational activities are carried out in offices while some also travel to teach finance classes or attend conferences to bring in more clients. For their work schedule, most work full time with an estimated 3 out of 10 working for over 40 hours every week as of 2012. Further, they often go for meetings on evening and weekends and spend more time concentrating in getting new clients but also have more available time to relax or take holidays.
Job outlook and prospects
Employment of personal advisors is estimated to grow at 27 percent from 2012 to 2022, faster than the average for other occupations. The percentage indicates a much higher growth in the demand for personal advisors thus signifying more opportunities. Indicated by Shatkin (133), increase in the aging population is the driver for growth of the occupation given that as life expectancy increases; there will be longer retirement periods. Another factor is the decreased funds for corporate and more employment opportunities in state pensions.
Chart showing Personal finance advisors employment
Figure 2
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Career 2 Accountant or Auditor
What they do
Accountants and auditors conduct examinations and preparation of financial records for a given company either as internal employees or external consultants. Through monitoring and assessing financial statements, they help in ensuring that the organizations’ operations are carried out smoothly, accurately and without malpractices.
The key duties of this occupation consist of:
* Prepare and examine financial statements to ensure compliance with laws and regulations
* Organize financial records
* Compute organizational taxes, prepare tax returns and ensure timely payment
* Asses financial operations and make recommendations for best practices
* Analyze best ways to reduce cost, improve profits and revenues
* Act as a watchdog for the organization against fraud and theft of assets
* Advice management on financial decisions
In addition, they may offer extra services such as; assurance, risk management, and consultancy depending on the corporation size or requirements. The occupation has a variety of titles including; public accountant, management accountant who analyzes costs, government accountant, internal auditors and information technology auditors.
Education
Accounting and auditing occupations require a minimum of a Bachelor’s Degree in accounting or/and any other related field such as business administration and finance. Likewise, a certification of CPAs (certified public accountants) will enable a student to undertake the profession. However, other employers prefer to hire applicants with a Master’s Degree in Business Administration or Accounting with specialization to accounting. Tobin (455) states that in order to pursue the masters program, it is a requirement that students complete 30-37.5 graduate credit hours including not less than 15 credit hours in courses related to graduate accounting and also pass the GMAT exam. In order to pass the GMAT, candidates should be able to adequately manage the time and also handle pressure during the limited time.
Compensation
Accountants and auditors have a median annual wage of $63,550 whereby the lowest 10 percent earned less than $39,930 and the top 10 percent received more than $111,510.
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