siness managers with information technology backgrounds should not decrease in the long run. The marketplace has changed dramatically with the introduction of companies like ebay and Amazon.com; most companies now recognize that they must develop and maintain e-Business programs in order to remain competitive. Consequently, the need for employers with e-Commerce skills remains. E-Commerce opens up entirely new business opportunities around the world; as old market practices incorporate new technologies, the field will increase in importance.
3. Entrepreneurship
What do entrepreneurs do?
Entrepreneurs have many options: they can be business owners and managers, venture capitalists, or small business consultants. In addition, some become intrapreneurs within established companies.
What is intrapreneurship?
Intrapreneurs work within corporations to develop new products, increase innovation, and build employee morale. Intrapreneurship appeals to some because it allows them to pursue creative business ideas with the support of a large company’s resources.
What degree options are available in this area?
Some schools offer undergraduate degrees in Entrepreneurship. In addition, graduate students can earn an MBA with an entrepreneurship concentration.
What subjects will I study?
Entrepreneurship MBAs are encouraged to draw upon their creative potential as they learn to build ventures. They are prepared to manage different stages of growth for business enterprises. Entrepreneurship programs allow you to focus on the specific business skills needed to bring an early stage company or small business to life. In addition to the core MBA course, you may take classes in entrepreneurial management, growth strategies, venture financing, cash flow management, and market research.
Many MBA programs offer students chances to work with small businesses; some also give top MBA students opportunities to launch their own ventures in the second year of study.
What skills will I need?
In addition to an overall comprehension of business administration, entrepreneurs should have:
Business savvy: You must understand business theories and practices to build a successful venture. Although some entrepreneurs have not attended graduate school, others believe that an MBA provides small business managers with invaluable administration skills.
Innovation and creativity: Creativity is imperative to entrepreneurs. How will your business stand out from its competition? Your venture may benefit from the introduction of new products, public relations techniques, or even new management practices. It will be up to you to determine what is best for your business.
People skills: As an entrepreneur, you will be the one who pitches products to potential investors or assists customers during sales. Understanding the needs of clients is crucial to your success, as is the ability to communicate with your partners and supporters.
The ability to multitask: Even if you start a business with other partners, you will probably have to tackle a range of tasks in different areas before the venture returns enough capital to hire additional employees. You may meet with potential clients in the morning, then design advertisements at the office during the evening.
The ability to take risks: Starting your own venture always entails uncertainty. You will put your own business reputation on the line, donating personal time and effort to build a customer base. Moreover, a new business requires sizeable financial investments – a start-up is not easy, but the opportunity to manage business operations is probably worth the risk.
What’s the overall career outlook for this field?
Entrepreneurs have always been the backbone of the American economy. Today’s corporate conglomerates were started by men and women with innovative – even outlandish – ideas who had the dedication to make their new ventures thrive. As an entrepreneur, you will be a leader in the business community, whether you take over the family business, purchase or start your own venture, or work within a larger company to revitalize its practices.
4. Finance
What do finance professionals do?
A tremendous range of opportunities for finance professionals can be found in the private, public and non-profit sectors. Most in the financial services industry are employed in such areas as commercial banking, corporate finance, financial planning, investment banking, money managing, insurance, and real estate. Also, almost every firm, government agency, and organization have financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies.
Commercial Banking: A career in commercial banking offers opportunities in financial management, accountancy and auditing, securities, commodities, and financial services sales, as well as in financial and credit analysis.
Corporate Finance: Employees working in corporate finance find the money to run the business, grow the business, make acquisitions, plan for it''''s financial future and manage any cash on hand.
Financial Planning: Financial planners help individuals plan their financial futures.
Insurance: Jobs in insurance involve helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems. A variety of areas in insurance include work as an underwriter, a sales representative, an asset manager, or an actuary.
Investment Banking: Investment bankers help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice.
Money Management: Money managers hold stocks and bonds for institutional clients.
Real Estate: In the real estate fields many are employed such areas as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development.
What degree options are available in finance?
Undergraduates can earn a bachelor¹s degree in finance or take finance classes as part of a business degree. MBA students can choose concentrations in finance, and some schools offer master’s degrees in finance or PhD programs.
What''''s the difference between a master''''s in finance and an MBA with a finance concentration?
The basic difference between these two options is that a master’s in finance is a highly specialized degree that will allow you to focus almost exclusively on issues related to finance. In contrast, an MBA program will allow you to develop a general set of management skills in addition to specific finance knowledge. There are advantages to each: a master¹s program will enable you to delve into finance issues in greater depth; an MBA program is will allow you to spend your first year developing a set of skills that can be transferred to other areas. While both a master¹s degree and an MBA concentration will prepare you to hold management positions within the field of finance at some point in your career, an MBA degree may also qualify you to hold management positions in other fields, should you become interested in a different career.
What will I study?
Coursework generally covers statistics, economics, accounting policies and procedures, corporate budgeting, and financial analysis methods. Advanced courses in options pricing or bond valuation and knowledge of risk management are often covered. Courses in investments, taxes, estate planning, and risk management also are helpful.
What skills are necessary to work in the field of finance?
Financial professionals must be detail-oriented, highly motivated researchers, and knowledgeable about U.S. and international tax laws, economics and money markets. In addition to self-confidence, maturity, and the ability to work independently, candidates for financial industry positions need a broad range of skills including:
Excellent mathematical and computer skills
Excellent analytic and problem solving skills
Excellent oral and written communication skills
Strong interpersonal skills
What certification or licensing is necessary?
A college degree, and in most cases an MBA, is recommended for a career in the finance industry. A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate, may need licenses to perform these additional services. Certification, although not required for financial analysts or personal financial advisors to practice, can enhance professional standing and is strongly recommended by many financial companies. Financial analysts may receive the title Chartered Financial Analyst (CFA) and personal financial advisors may obtain a Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) designation. Both titles demonstrate to potential customers that a planner has extensive training and competency in the area of financial planning.
As an MBA graduate what career options will I have in finance?
The financial field offers many possibilities to MBAs, but the most sought after jobs are within corporate finance, investment banking, and securities firms. Finance MBAs often go into the corporate world as Financial Analysts or Investment Banking Associates. Other careers for MBAs are in asset management, equities research, and private client services. Many MBAs become management consultants with expertise in cash management, restructuring and workouts, emerging markets, or strategy. MBAs on the corporate side may aspire to careers that lead to corporate treasury, and ultimately the Chief Financial Officer (CFO) role in the corporation. Financial analysts may advance by becoming portfolio managers or financial managers, directing the investment policies of their companies or those of clients. Personal financial advisors who work in firms also may move into managerial positions, but most advisors advance by accumulating clients and managing more assets.