Why Finance?
The financial industry
expanded at a fast pace for almost three decades. Currently, the industry is a
major employer. It ranks behind only construction and health care in the number
of jobs. The major banks alone employ more than 170,000 individuals. There are
no signs that this trend will change any time soon. Recent developments suggest
that the industry is expected to grow at a faster rate. As the number of
individuals who will be retiring per year over the next ten years is increasing,
the need for financial services is likely to increase.
The growth in the financial services increased the
complexity and sophistication of the industry jobs. Financial experts are asked
to perform highly technical tasks that require knowledge of specialized
management techniques designed for that particular task.
Usually, salaries will rise with the complexity and
sophistication of the jobs. As the number of individuals who will be able to
perform a task decreases the salary that will be demanded by the competent
individuals will increase. The financial industry pays relatively higher
salaries compared to other industries.
The Department of Finance and Management
Science
The department is well
positioned to prepare students for future careers in finance. The Faculty are
experts in their fields of specialization, competent and dedicated educators,
and appreciate student needs and aspirations. They are dynamic and active to
keep up with changes in the market place and provide their students with state
of the art knowledge. The courses and the topics within the courses are
carefully selected to provide students with background and management skills
necessary to prepare competent financial managers. Students enter the program
with high expectations and they get more than what they expect. They graduate
well trained and ready to compete and succeed in the market place.
Likely Career Path of Students
The typical finance
graduate will secure a related job within one year after graduation. Students
who have prior experience, part or full time and not necessarily related to the
financial industry, will normally get a job soon after graduation. After two to
four years in the first job, our graduates always managed to move upward
quickly toward their goals. Feedback from our students is encouraging.
There are many careers in the financial industry.
The attached table provides an extensive list of potential jobs. Some of them
are entry level while some others will require extensive industry experience.
The table divides these jobs between different areas. Yet, the recent changes
in the industry are making the divisions highly irrelevant. Financial
institutions are demanding from their employees more specialization as well as
broader knowledge.
Financial services provide excellent opportunities
for entrepreneurs and self motivated individuals. The table points out several
of these opportunities.
Programs of Study
The department offers
advanced courses, which gives students a wide spectrum of specialization
choices within the finance area. These include corporate finance, financial
institutions and services, investments, insurance, financial planning, and
financial risk management. In addition, the Edwards School of Business has a
number of options available to students in which they can prepare themselves
for careers outside the focussed disciplinary areas. The department provides
students with the flexibility to engineer their own programs to match their
perceived career plans.
Depending on a
student's expected career, the courses can be selected to give the student the
desired knowledge. For example, it is essential for a student who is planning
to work in the banking service area to take Intermediate Corporate Finance
(COMM 363), Security Analysis and Evaluation (Comm 367), and Management of
Finance Institutions (COMM 469), and Derivative Securities (COMM 419).
The first familiarizes
the student with analytical techniques and theory of corporate finance.
Professionals such as loan officers, credit managers, and investment bankers
would need these skills. Also, employment in the banking industry will require
knowledge of the principles and techniques of investing in securities.
Bankers must be
familiar with the sources of investment information and with the techniques of
evaluating the information. They must appreciate the risks and returns
associated with various investment instruments. COMM 367 is specifically
designed to satisfy this need. Finally, in COMM 469 students learn and acquire
the skills to be successful bank managers. This course exposes them to the
problems of some important financial institutions such as chartered banks,
insurance, trust and investment companies. Students learn the techniques of
managing the assets and liabilities of these institutions.
Conclusions :
Growth in financial services employment increasing
complexity and sophistication of the industry. Because the number of
individuals who will retire per year over the next ten years to increase,
demand for financial services is likely to increase.
Source :