Careers in Finance – An Overview

Finance is a very broad subject. Speaking in terms of employment doesn’t narrow the term much. There are a wide variety of careers and job positions available in the Finance field. Education requirements and salary expectations depend on the area of interest, as well as the geographical position.

Several careers opportunities are available in Finance. Banking is probably the more common position that comes to mind. Commercial Banking, Corporate Finance, Financial Planning, Insurance, Investment Banking, Money Management, and Careers in Real Estate are all related to the field of Finance. Studies done recently have shown that the need for people in the Finance field is growing. Incidentally, as long as there is money involved, there is a need for finance. Some characteristics of Finance professionals include; Strategic thinking, and the ability to comprehend complicated matters fairly quickly, a new, fresh perspective, and candor. If you are interested in a career in finance, you should also possess some leadership qualities, have a firm understanding of risk management, and have strong analytical and problem solving skills.

Keeping in mind that Finance is a global industry, a second or even third language would be a very helpful skill in this field. Education requirements vary, depending on the career path that you have chosen. An Associates Degree would be beneficial for a few minor career choices, but most companies require at least a Bachelor’s Degree for jobs such as accounting, investment banking, commercial banking, and so forth. You can opt to pursue your Master’s Degree, and expect to earn a much higher annual income. Income ranges with a Bachelor’s Degree start around $25,000 per year and top out at over $40,000. Starting salaries with a Master’s range from $30,000 to $80,000 annually. Incidentally, if you choose a Bachelor’s degree, your starting title would probably be “Junior Financial Analyst”, as with a Master’s it would be “Financial Analyst”. So, besides the annual income being higher, with a Master’s Degree, you can expect to have more responsibility and a much higher “clout” with companies than if you simply pursue a Bachelor’s Degree.

Whatever degree you decide to obtain, there will be specific courses of study that you must take. Actual course titles will, of course, vary by institution, but an example of your required courses would be: Developing Business Perspective, Management and Leadership, Fundamentals of Business, Marketing and Sales, Human Resource Management, Organization and Communication, Finance and Accounting, Financial Markets and Institutions, Investment and Portfolio Management, Business Ethics, Public and Nonprofit Finance, and Risk Management. Keep in mind that these courses are not the only ones that you will be required to take, depending on your choice of degree, and the institution that you attend.

The Government Finance Officers Association has information, news, and helpful links to help you whether you are in the Finance industry, or just thinking of entering finance. You can find lists of companies that are hiring, as well as their salary requirements and educational requirements. There are also links to local training events, as well as general news that affects the finance industry in the United States and Canada.

A look at some current job openings in the finance field, shows that the need for financial advisors is very much in demand. In California, an Assistant Chief Fiscal Officer, for a county government office, with only 1 year of experience, has a salary range of $81,765 to $99,424 annually. There are many opportunities in the government, if you have a finance degree, and you can expect the salary to be very competitive. Other, non-government companies, such as AIG, American Express, and local banks are a good place to get your start in the finance world. Also, private firms such as Deloitte & Touche Corporate Finance Canada, Inc., Chapman and Cutler, and William Blair & Company, all which serve the US and Canada, and other private firms hire periodically for new positions, and offer competitive salaries.

If you are inclined to seek your career in the finance industry, research companies well to find the best one for you. Educationally speaking, most colleges and institutions offer a wide range of courses, depending on the focal point of your finance choice. You would need to delve into the path of finance that you are planning to pursue, and with a little research and a good head for business, you could well be on your way to a very lucrative career in the ever-growing Finance World.

Construction Equipment Financing Takes Planning

Establishing or expanding an existing construction business can be an overwhelming experience.
In deciding the proper direction you’ll need to plan out what type of equipment to purchase but more importantly how to pay for it. Are you able to pay cash or will construction equipment financing be necessary? Is it better to buy new equipment or will refurbished or used equipment be a better value.

Unable to pay cash is not unusual and often the need to seek out a construction equipment finance company is the best alternative. In researching equipment financing you’ll want to have a clear understanding of what your company needs in the way of equipment and how your cash flow will allow you to pay for it.

Determine The Type Of Equipment You Need

Your construction equipment finance company will need to know exactly what type of equipment you intend to purchase, as they will tailor the finance terms to match the need. Different types of equipment will have different types of financing. For example, if you plan to upgrade your computer system the finance company may offer shorter term financing as computer equipment becomes obsolete in a short amount of time. The purchase of a bulldozer or cement truck may have a much longer life span and be eligible for longer term financing.

Consider Used Or Refurbished Equipment

Once you decide how much equipment to buy, the brand you want or need, how much your budget can support, etc. you will then need to decide if buying new or used equipment is the best route to follow. Refurbished or used equipment may be an ideal solution, especially if the primary use is to be used as a back up to your existing construction equipment and not put into use on a daily basis. Not all used construction equipment will be reliable enough if you plan on making it your primary equipment. Just as you’d research the pros and cons of purchasing a used car you should perform diligent research on your proposed used equipment purchase.

Not All Financing Companies Are The Same

Now that you know what you want or need and have decided between refurbished or new it’s time to start researching financing companies. A good place to start is the bank that maintains your business checking account. Although they may not offer the most attractive financing options it may offer a good comparison to a company that is a construction equipment finance specialist.

Because it’s all that they do, an equipment financing company will be more knowledgeable than a commercial bank with regards to your specific business and equipment needs. Seek out a company that maintains its own underwriting department since these companies are more able to respond to your request for equipment financing quicker than if they had to send the application out of the department for review. The end result will be you have your financing quicker and delivery of your new equipment will not be delayed due to financing.

If you’re not in a position to purchase new or refurbished equipment another option often offered by equipment financing companies is equipment leasing. This is a great option for a seasonal business, someone just starting out or where tax advantages come into play. If you’re concerned about tying up liquid assets as you establish or expand your current construction equipment fleet, look to a construction equipment finance company. They have the experience and knowledge to help guide you in financial decisions that are right for you.

Ups and Downs of in Home Finance

Home finance is a type of financing provided by the company which either manufactures or sells the product or investment which is being purchased. A good example of this type of financing would be a car manufacturer offering the financing to a person who is buying a car. Financing any form of purchase in this method has some advantages and some disadvantages.

The most obvious advantage of in-home financing is how easily it can be done. Since the company which is offering the financing is also selling the product there is no issues in regards to proving the value of the purchase. While typically it is taken as fact that the loan request is equal to or less than the actual value of whatever is being purchased there are some exceptions.

Most mortgage lenders require a property appraisal to verify that a home or condo which is being purchased is worth at least as much as the loan amount. With in home financing this is not required since the lender set the sale price on the home or condo. In some situations this type of financing can also be easier to get than traditional lender financing. This is often associated with the fact that the company making the sale stands to lose less if a person defaults on a loan than a standard lender. This is due to the fact that the company selling whatever is being financed usually has a certain amount of markup built in. This sometimes leads to this form of financing being more readily available to people with slightly lower credit scores.

There are also some disadvantages to in-house financing. The most obvious factor is the fact that in most cases this type of financing offers a slightly higher than average interest rate. This is important to look into however since in some circumstances the manufacturer may offer lower interest rates to buyers with a good credit score. It is also important when looking at this type of financing to consider the size of the manufacturer and their lending department.

There are manufacturers which offer in house lending which have a large lending department. Automobile manufacturers are a good example of this. In some cases however smaller companies may attempt to offer in house lending. While this can be successful there is a high probability that the loan is sold off to another lender. In this type of situation it can sometimes become confusing to the borrower.

In-home finance is an excellent option for some people, and in certain circumstances. Automobile loans are one of the most common areas to see this type of financing. It is also one of the only areas where this type of financing can be a good alternative to another lender. In any circumstances where in house financing is being considered as an option it is important to pay close attention to the details and terms which are written into the loan contract. This will help to avoid future problems as a result of a missed condition.