The arena of economics covers a wide array of career opportunities. Typically, the field of finance covers the allocation of the hard-earned salary that we each work for, in addition to, the everyday expenses that takes it right back out of our pockets. Financial Advisors teach us how to save money and how to invest it wisely, all while learning how it relates to the ever-changing buying power of the dollar. There are three main sectors of finance you may choose from while earning your online Bachelor’s degree in Finance. They are as follows: personal, corporate and public. With a brief description of each below, perhaps it will help you understand the differences, what your job responsibilities would entail and which division would be a good fit for you.
The personal finance sector describes the ability to manage financial matters that pertain to the private side of your client’s personal activities. Most often, this references transactions that affect the household and everyone in it, from a couple who needs a larger home and the baby who needs new shoes to the minuscule needs of Fido who needs a new chew toy. Everybody always needs (or wants) something.
As an employee in the field of personal finance, your job will be to help the individual learn how to allocate funds for all personal needs, whatever they may be. Some of the responsibilities may include educating your client on the understanding of what resources are available, how much can be spent and the best way to spend it. Advisors are hired to educate consumers on how to protect their families and provide for them in case of emergencies by utilizing health, accident, property and life insurance. They also advise clients about good investments, future retirement, tax planning and estate planning. Other important factors a career in finance may include is teaching the importance of responsible credit card use, how to pay off student loans, obtaining mortgages, budgeting, how to create an emergency fund, in addition to, monitoring your credit score and developing a healthcare power of attorney, living will or a trust.
The corporate sector of finance is about monitoring all economic aspects of the business and industry world. The many activities of running a business smoothly while turning a profit is an integral part of a corporation’s success. While earning an online Bachelor’s degree in Finance, you will learn that a career in this field will require you to focus on long-term and short-term financial planning, including capital investment and investment banking.
Corporate Financial Officers are responsible for doing research on proposed investments and finding the funding to invest. They manage assets and liabilities, budgeting, estimate future cash flow, study and forecast economic trends, as well as, overseeing inventory control and assessing financial risks. It’s a balancing act; all must be considered to assure the best possible results to maximize profits and minimize risks.
Finally, the third sector involves the element of public finance which includes areas that deal with federal, state and local government agencies or school districts. Often, these job opportunities are found in insurance agencies, real estate, military complexes or other governmentally-run entities. A public finance position may also be assigned to elected officials who work hard on the behalf of the public.
Responsibilities may include the regulation of collecting taxes, along with, enforcing laws and administering government purchases and government borrowing. Such spending must be allotted for national defense, infrastructure, police and fire protection, judicial matters, educational needs and for the public transit systems.
A career in finance will afford you a satisfying and rewarding career. If you are interested in this field, check out our choices of the Top 10 Online Bachelor of Finance Degree Programs.