A Career in Consumer Financing
What is consumer financing? Basically, this enables the customer to buy certain items either through their credit card or a loan. Some examples of these include purchasing a house, a car, college tuition or home improvement and given that these are necessities, you may have a career in consumer financing.
Your career will start by being a sales agent and offering credit cards to customers. Unlike debit cards that are provided by banks, the consumer can only spend a certain limit monthly and then pay these back when the bill comes.
Some of the people that are interested have never had a credit card before while others are getting another one.
If you know the features and benefits of the card you are selling very well, you may even persuade others to transfer their existing balance thus increasing the number of clients that your company is serving. This is better known as debt consolidation.
Other products that companies are offering these days include financing campaigns, interest free loans, installment loans and revolving credit.
Those who do well selling credit cards, your boss might let you handle something else like approve loans to card holders. This is financial institutions allow you to do more than just buy items from the store. You can use your credit card to pay for home improvement, tuition or buy a car.
The terms for these purchases vary and it is the responsibility of the person to pay the amount otherwise these will be repossessed when it is impossible to pay these back with the amount of interest that has been incurred.
But not everyone will be out in the field selling credit cards. There are those who work in the head office who analyze the behavior of the customer. If there was a sudden large purchase, that person is tasked to call the card holder and ask if a transaction was made or not given that identify theft is on the rise.
Some will be tasked to approve or disapprove the application of the customer for a credit card or a loan. The basis will be that person’s credit history. If it is good, then there won’t be any problems but if there is red flag, chances are this will not disapproved as the individual is a high risk individual.
For those who have been in the consumer financing industry long and want a new change of atmosphere, they can join organizations that help people get a good rating once again. They are tasked in counseling individuals who have spent beyond their means by helping them pay back the debt. This is better known as consumer credit counseling so that person will always have financial stability.
In fact, the information provided by such companies also used as basis whether or not to approve a customer’s loan. If everything is in good order, then there shouldn’t be any problems.
Consumer financing is expected to grow given that people don’t always have the cash on hand to buy whatever they want. Some of the companies that you can apply to if you want to start a career in consumer financing include American General Finance Inc, CitiFinancial, General Electric Finance, HSBC and Wells Fargo Financial.
You just have to apply for the position and hopefully be hired.
Is It Possible to Have an Accounting Career in Finance
There are so many jobs that you can choose from if you want an accounting career in finance. But choosing may not be easy because it will not only depend on you but also the companies and the industries that you want to go to.
You must persevere in finding the suitable job as soon as you have finished school. You will learn when you are already part of the workforce that there are still many things that you need to grasp that were not introduced in all your academic subjects.
For beginners, you can settle for the less paying ones. You must aim to gather experience in the field first before you target your goal towards a higher paying job. But if you already have earned master’s degree and an MBA, you can jumpstart your career with the higher paying jobs first then gather experience as you last in the industry.
Career Path
It is important to have a career path whatever field you are venturing into. This will guide you through the work life and will lead you to success or failure. Of course, you don’t want to fail. You have earned a degree and worked hard for it. You must not lose that idea of perseverance. Apply it when you are already in the workforce.
There are many jobs that you can choose from. Listed here are only some. If nothing interests you, you can still opt to explore the many opportunities that are available for you. You only have to remember to look at the right places with the right mindset leading you through everything.
Accounting Clerk
This is an entry level position. Companies may require you to know the Office applications. You must also be able to relate well with people and must handle stress very well. Your task will be to match the invoices to the vouchers. Data entry jobs will also be assigned to you. And, of course, you are to manage the accounts payable and accounts receivable.
Banking and Finance
If you already have one to three years of working experience, you can also try this field. You can apply as a commercial lender to banks. Your marketing skills will be you best asset on this one and you need to have good networking skills.
For this job, it is your task to determine if people deserve to get their loans and capital funding for businesses. You must review everything regarding the loan process. You must also verify each agreement that you have agreed on.
Billing Manager or Supervisor
This position will gauge you customer service skills. Most companies require at least five years of professional billing experience before they get you for this job. You must know everything about the Office applications. You must be knowledgeable with electronic payment as well as the remittance systems.
Your task is to supervise the billing system of the company and the department assigned to it. You need to reconcile the accounts in the billing to the overall ledger. You must also ensure that the invoices are accurate.
There are really a lot to choose from for accounting career in finance. The idea here is to understand what you are doing. Gather as much experience as possible with every task that you handle. You will be able to use such knowledge as you advance your career towards other paths with regards to the world of finance.
The Career Goal in Finance
What is the end game after years of going to school? Perhaps to have a stable career and life but this does not happen overnight. It takes blood, toil, sweat and tears which is also the career goal in finance.
How do we do that? Well, people always say that a good education opens doors. A finance career works the same way given that there are different companies that you can work in after graduation which is why you should do some research first to find out what aspects of the industry interests you the most.
Just to give you an idea, some of the things you could find yourself in after graduation could be commercial banking, commercial lending, corporate finance, financial planning, investment banking, private equity and sales and trading.
When you are able to do some research in each of them, it will be easy for you to develop the skills needed to excel in this in the future.
A career in finance can happen if you graduate with a degree in math, economics or statistics. But since the market is very competitive, you have to make yourself shine by earning an MBA degree years later. You don’t have to get one after a couple of years of work since there are some individuals who are studying in their 40’s.
Apart from that, it is best to read up journals and participate in conferences and become a member of a professional organization. You have to be informed of the latest trends and build up your network because that someone you know may get you that job you are looking for.
Two examples of these organizations include the American Bankers Association and the Association for Financial Professionals. They have events scheduled all year round that will allow you meet new people with similar career goals.
For those who don’t have an idea what aspect of financing yet to pursue, this is the time to ask help from one of your professors. Surely, this person can tell you what kind of job is closely related to what was taught in class. With that in your head, it is time to look for companies that engage in exactly that.
While you are still in school, another thing that could help will be to apply as an intern in one of these firms. Some companies will give a salary while other won’t. If you do well here, they will probably give you an offer even before you graduate or encourage you to work for them full time.
If the company you are looking for doesn’t have any vacancies at the moment, leave your resume or application anyway so that if an opening comes up, someone will give you a call so all you have to do is give it your best during the interview.
At the same time, be active in your school organization because an alumni member may on the lookout for new talents which will be beneficial for the company.
We all need to focus on something so an idea can be turned into a plan and then executed. A career goal in finance is just one example because people with other interests can do the same thing and succeed in whatever endeavor they choose to pursue.
Future Careers in Finance
Those who are good with numbers may have future careers in finance. This is because most businesses need talented individuals who can manage and at the same time administer money that was entrusted to them in order to post a profit.
But can anyone do it? The answer really depends on the person. In order to get a head start, you need to get quality education. After secondary school, you need to go to college and graduate with a bachelor’s degree in accounting, economics, finance, math or statistics to learn the fundamentals used in the corporate world.
When you graduate from college, you can apply for work in a bank, in a credit agency, insurance, sales or securities.
For those who choose to work in a bank, they will often have to start out as a trainee then be promoted to either approving loans or selling financial services to clients. Some examples of these include bank transfers to financial management.
Credit agencies just like banks offer similar services to clients. The only difference is that their policies with regards to lending are more flexible thus making them friendlier to potential clients.
With healthcare being so expensive, people need insurance coverage and after getting your license, you can go out there and sell these to potential clients.
How can sales jumpstart your career in the world of finance? Simply because people buy things and if these cost a lot of money, someone with your skills can help them plan how they can pay for it. Examples of these include a new home or even a car.
Securities is another field you can get into because the purchase and sale of bonds and stocks increases the value of the client more than keeping money deposited in the bank.
But in order for people to excel in this field, they have to overcome another hurdle and that is to complete graduate school. Why? Because the market is very competitive and there are always new trends and methodologies being discovered that makes you a better professional.
A lot of experts say that a future career in finance also requires a few personal skills. The most important is “people skills” because you will be working with colleagues and dealing with different clients.
You will have to be resilient because when you pitch a sale and things don’t work out how you planned, you have pick yourself up again and be optimistic about the next client that comes your way.
It will also be challenging especially when you will need to work beyond regular hours on occasion to meet the deadline or have a night out with a client. This means you have to be committed if you plan to stick to this career in the long term.
The financial services sector has been growing even before the attacks of 9/11 and will continue to do so in the foreseeable future. Again this path is not meant for everyone but if you are good with numbers and are a people person, you may just have what it takes to excel in this profession.
If you are still unsure, look at your grades in math and talk with your guidance counselor. This person will be able to point you in the right direction then it is up to you whether or not you believe that you have a future career in finance.
A Career in Consumer Financing
What is consumer financing? Basically, this enables the customer to buy certain items either through their credit card or a loan. Some examples of these include purchasing a house, a car, college tuition or home improvement and given that these are necessities, you may have a career in consumer financing.
Your career will start by being a sales agent and offering credit cards to customers. Unlike debit cards that are provided by banks, the consumer can only spend a certain limit monthly and then pay these back when the bill comes.
Some of the people that are interested have never had a credit card before while others are getting another one.
If you know the features and benefits of the card you are selling very well, you may even persuade others to transfer their existing balance thus increasing the number of clients that your company is serving. This is better known as debt consolidation.
Other products that companies are offering these days include financing campaigns, interest free loans, installment loans and revolving credit.
Those who do well selling credit cards, your boss might let you handle something else like approve loans to card holders. This is financial institutions allow you to do more than just buy items from the store. You can use your credit card to pay for home improvement, tuition or buy a car.
The terms for these purchases vary and it is the responsibility of the person to pay the amount otherwise these will be repossessed when it is impossible to pay these back with the amount of interest that has been incurred.
But not everyone will be out in the field selling credit cards. There are those who work in the head office who analyze the behavior of the customer. If there was a sudden large purchase, that person is tasked to call the card holder and ask if a transaction was made or not given that identify theft is on the rise.
Some will be tasked to approve or disapprove the application of the customer for a credit card or a loan. The basis will be that persons credit history. If it is good, then there wont be any problems but if there is red flag, chances are this will not disapproved as the individual is a high risk individual.
For those who have been in the consumer financing industry long and want a new change of atmosphere, they can join organizations that help people get a good rating once again. They are tasked in counseling individuals who have spent beyond their means by helping them pay back the debt. This is better known as consumer credit counseling so that person will always have financial stability.
In fact, the information provided by such companies also used as basis whether or not to approve a customers loan. If everything is in good order, then there shouldnt be any problems.
Consumer financing is expected to grow given that people dont always have the cash on hand to buy whatever they want. Some of the companies that you can apply to if you want to start a career in consumer financing include American General Finance Inc, CitiFinancial, General Electric Finance, HSBC and Wells Fargo Financial.
You just have to apply for the position and hopefully be hired.