Types of careers in Finance

• Financial Analyst- Financial analysts according to the wise geek on wisegeek.com, “ are concerned with providing a comprehensive understanding of the financial status of a given investment opportunity.”  Financial analysts can expect to find jobs in banks, investment firms, mutual and pension funds, and insurance companies.
• Personal Financial Advisor- “Financial advisors develop a game plan for their client that fits their financial circumstance.” (About.com)
• Accountant- According to Lesley Barker on ehow.com, Accountants “help people to navigate the frequently changing financial investment and tax laws so that they can keep as much of the money they earn as possible.”
• Auditor- Being an auditor is a vital service.  Auditors basically check financial business records for accuracy.
• Loan Officer- Loan officer’s help people apply for loans.

3 types of loan officers

1. Commercial loan officers- Businesses
2. Mortgage loan officers- Deal with people who want to buy a house or real estate.
3. Consumer loan officers- Loans for cars

Before you officially decide on whether or not to pursue a degree in finance, (degrees such as: an Associate’s, Bachelors, Master’s, etc.) you may be interested in reviewing some of the reasons why to pursue a degree and then a job in this field:

10 reasons to study Finance

1. The broad range of job opportunities.
2. A very bright future for your career.
3. Compensation is coveted.  Because this field is considered “white collar” you will most likely be paid very well.
4. A job in finance is very prestigious, not just anyone will get the job.
5. This field is often challenging. Your responsibilities and performance on the job is crucial to the company you are working for.
6. Continuing education
7. A chance to go places and travel.
8. Very competitive, it’s important to stay on top of your knowledge and skills in the field.
9. Job opportunities are long term.  You can most likely expect to retire from a job in this field in the future.
10. Finance is in high demand.

If all of these above reasons are of interest to you, what type of degree in finance would you be interested in studying?  If you are unsure, here is a brief list of the types of degrees in finance:

Types of Finance Degrees

• Associates in Accounting- Kaplan University
• Bachelor of Science (BS) in Business-Finance-University of Phoenix
• Bachelor of Business Administration (BBA) in Corporate Finance-Jones International University
• Master of Business Administration (MBA)- AIU Online
• Master of Science in (Specialty) Management-Boston University

*If you are currently going to school for a degree in finance or currently possess a degree in this field, please share your experiences with us.  Any knowledge you have to share regarding finance is greatly appreciated.

Well, there are lots of people out there who want to help. One of them is Tami Peter, a financial guru of sorts. She has the resume, which includes stints at Moody’s Analytics, SG Americas Securities and as treasurer on the board of Bottomless Closet, a New York City non-profit that helps women get back on their feet and get a job.

Tami has volunteered her time to Bottomless Closet since 2001, creating and teaching a monthly Personal Finance Series, which has grown to a 16-part program. Her goal, she said, is to make every woman in the series empowered to accomplish her financial goals, and through knowledge, action, and self-confidence ultimately achieve financial independence. Tami also created a Financial Mentoring program and Debt-Free Bootcamp for those challenged with heavy debt, which resulted in a decline in the attendees’ overall debt by 50 percent in six months.

Here is what Tami suggests for your financial New Year’s Resolutions:

• First of all, it is not out of the ordinary to feel overwhelmed when considering the necessary steps and the environment of the recession when thinking of our finances. Breathe, take a step back, and reevaluate a way to coordinate your finances.
• Create a Personal Net Worth statement. Make a list of the things you own: cars, accounts, investments and subtract the things you owe such as credit card debt, mortgage, etc. This number is your Personal Net Worth.
• Create a separate savings account you do not allow yourself to touch, except for in emergency situations. Set up direct deposit so that a portion is transferred over each pay period.
• Print your monthly checking account statement. Seeing all that we spend is a true eye-opener.  Categorize your spending. When doing this it is easy to see the money spent on frivolous items, things we don’t use, or how often we eat out, etc.
• From the previous step, create a realistic written budget.
• Create a list of everything you owe. Prioritize this list beginning with plans to pay off bills with the biggest balance and highest interest rates.
• Visit annualcreditreport.com to check that information is accurate and your finances are in order.
• Your employer offers retirement benefits for a reason, use them.
• If you can, avoid using your credit card. Consumers often forget they must pay back these debts in the future, then with interest rates and other expenses, our debt adds up.
• Sometimes it is necessary to get help, as spending money can become a psychological issue. It becomes a habit we get so used to and is often difficult to kick.
• Create an emergency fund. Most financial planners recommend a stock pile of six to eight months worth of income to cover a job loss or other emergency.

Once your finances are in order, much of the stress in our lives can more easily dissipate, Tami says.

Sound good to me! What’s your take?

That’s where financial aid comes in. Yes, the Free Application for Federal Student Aid (FAFSA) is a great place to start, but don’t let that be your only avenue, especially if you’re a military veteran or enrolled in active military service. Two of the most overlooked sources of financial aid for veterans and service people are the Post 9/11 GI Bill and the Yellow Ribbon Program.

The Post 9/11 GI Bill pays up to the maximum instate tuition for an honorably discharged veteran who has served at least 90 days in the military (post September 11, 2001). The amount of aid a person receives depends upon the state in which he or she lives and what kind of degree they’re pursuing. Specific financial benefits for those who qualify for the Post 9/11 GI Bill include:

• Tuition and fees paid directly to the school (so you don’t have to front the money).

• A housing allowance for veterans with families who live on campus (not applicable for online degree programs).

• An annual books and supplies stipend of up to $1,000.

Plus (and this is huge), as of August 1, 2009, for the first time in the history of the military, service members enrolled in the Post 9/11 GI Bill can transfer their education benefits to their spouse or children. Yes, you heard that right. Now if you decide not to use your education benefits your family can have them. Of course, there is a list of qualifications you must meet if you want to give your education benefits away, the biggest being that you must commit to at least 10 years of military service. But even so, the fact that there is now a way to put your kids through college as a result of your military service is a very big deal.

But sometimes even the Post 9/11 GI Bill won’t cover all the tuition costs of your degree, and in that case you can turn to the Yellow Ribbon Program. The Yellow Ribbon program is a supplemental tuition plan for schools that cost more than the Post 9/11 GI Bill will pay for. For example, if you want to go to a college or university where the tuition is higher than the Post 9/11 GI Bill tuition cap, you can apply to the Yellow Ribbon Program to lower the tuition cost for you. If you qualify the college or university will recognize you as an honored veteran and thus reduce the tuition fees down to those covered by the Post 9/11 GI Bill. However, you must qualify for the Post 9/11 Bill in the first place, as the Yellow Ribbon Program is an add-on.

Other considerations of the Yellow Ribbon Bill include:

• You must choose a college that participates in the Yellow Ribbon program (a list can be found on the program’s website).

• There is an annual limit on the number of students who can apply (so apply early, if you think you qualify).

• The Yellow Ribbon Bill is administered through each college’s financial aid office. So each school handles it differently, even though the outcome is the same. (Therefore, pick a school that efficiently administers financial aid paperwork in a timely manner.)

• The money from the Yellow Ribbon Program is a tuition waiver and therefore never has to be repaid.

Time and space limit me from getting into all the logistics of military financial aid however, the Veterans Administration has produced a great short YouTube video on the details of the The Yellow Ribbon Program.

So what are you waiting for? If you’re a military veteran working at a job that doesn’t exactly thrill you (or even if you just want a better education), now might be the time to go back to school. After all, you did your part for our country, why not let our country give back to you?