5 answers
Nirmal
Student
Greater Noida, Uttar Pradesh, India
1
Question
Asked
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I Know a bit about Finance, Accounts, Banking, etc. But I Don't know how it Practically Works in Business Organization .?
#Just to gain Knowledge and brain development
#finance #business #marketing #accounting #entrepreneur
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5 answers
Leonard A. Golub
Executive; Head of UBS Wealth Advice Center
6
Answers
New York, New York
Updated
Leonard A.’s Answer
Nirmal -
Thank you for your question. There is, of course, a significant difference between theoretical, classroom knowledge one obtains and practical experience one gains by simply "doing." To the extent possible, I encourage those preparing to join the workforce in the coming years to gain as much practical experience as possible. But, easier said sometimes than done. Internships are, of course, extremely useful in this regard but can be challenging and competitive to "land." Don't let that arrest your efforts. This summer, my son who was challenged to get an internship as a Freshman in college successfully asked a team within a large financial services firm if he could "shadow" them for 2 weeks - not to add a resume item but simply to gain a practical view into the firm's business and gain real life exposure. A good networking plan can help you in this regard.
By the way, he further gained practical experience by joining a financial "club" of sorts where the members study financial analysis and learn about various elements of finance. One other thought, when you do seek employment, do not be dismayed if you struggle to find the exact role that you want. Instead, focus on joining an institutional setting in which there is fluidity and broad opportunity. In my career, I have taken several roles within my firm, some very unexpected. Some that were not my first choice. If you accept roles that may not be ideal, and do them well, you will be recognized and additional attractive opportunities will present themselves. Network, ask questions, read, listen and keep pursuing your goals. Your career is a journey. It will not always be perfect.
Best of luck!
Thank you for your question. There is, of course, a significant difference between theoretical, classroom knowledge one obtains and practical experience one gains by simply "doing." To the extent possible, I encourage those preparing to join the workforce in the coming years to gain as much practical experience as possible. But, easier said sometimes than done. Internships are, of course, extremely useful in this regard but can be challenging and competitive to "land." Don't let that arrest your efforts. This summer, my son who was challenged to get an internship as a Freshman in college successfully asked a team within a large financial services firm if he could "shadow" them for 2 weeks - not to add a resume item but simply to gain a practical view into the firm's business and gain real life exposure. A good networking plan can help you in this regard.
By the way, he further gained practical experience by joining a financial "club" of sorts where the members study financial analysis and learn about various elements of finance. One other thought, when you do seek employment, do not be dismayed if you struggle to find the exact role that you want. Instead, focus on joining an institutional setting in which there is fluidity and broad opportunity. In my career, I have taken several roles within my firm, some very unexpected. Some that were not my first choice. If you accept roles that may not be ideal, and do them well, you will be recognized and additional attractive opportunities will present themselves. Network, ask questions, read, listen and keep pursuing your goals. Your career is a journey. It will not always be perfect.
Best of luck!
Wayne Archibald
Cybersecurity Associate Director here to share knowledge!
210
Answers
Silver Spring, Maryland
Updated
Wayne’s Answer
Hi Nirmal,
This is recurring theme in entry level job search is the lack of experience factor. Work experience makes you more marketable as a job candidate; it also gives you the opportunity to gain greater understanding about your chosen field. You will be able to find out in advance about many of the positives and negatives. Then you can truly enter your field with your eyes wide open. Or step back early from what might have been a major career mistake. Employers are not only looking for experience, but the right experience.
So as you approach the task of gaining real-world experience, do it from a "sponge" perspective—be ready to soak up every bit of information that comes your way. Full-time or part-time. Paid or unpaid. Worker or observer.
Consider the following to be a comprehensive (although not all-inclusive) listing of possible avenues for gaining further experience:
Internships/co-ops
Summer jobs
Campus jobs
Entrepreneurial/self-employed jobs
Temporary work
Volunteer work—school, church, club, not-for-profit organizations
Special projects within your degree program
Research papers in your classes, especially those with job—and industry—focus
Certification courses
Campus activity participation and leadership positions
Fraternity/sorority/social club leadership positions
Extracurricular or sports leadership positions
Review the above list. Use it as your checklist. Don't fall into the trap of saying that you don't have any real experience. If you haven't experienced it yet, create it or make it happen on your own. Remember—even though we are talking about entry level positions, experience is number one on nearly every employer's list of preferred attributes. Make sure it is also number one on your list as well.
And if it is late in the year (or already past graduation) it's still not too late to generate real-world work experience. Temp. Volunteer. And also be sure to look back on what you have already accomplished. You may have already gained real experience that you have not fully recognized. And your future is still wide open for additional experiences. Keep it focused toward your goal and do everything within your power (and then some on top of that) to reach your goal.
Good luck!
This is recurring theme in entry level job search is the lack of experience factor. Work experience makes you more marketable as a job candidate; it also gives you the opportunity to gain greater understanding about your chosen field. You will be able to find out in advance about many of the positives and negatives. Then you can truly enter your field with your eyes wide open. Or step back early from what might have been a major career mistake. Employers are not only looking for experience, but the right experience.
So as you approach the task of gaining real-world experience, do it from a "sponge" perspective—be ready to soak up every bit of information that comes your way. Full-time or part-time. Paid or unpaid. Worker or observer.
Consider the following to be a comprehensive (although not all-inclusive) listing of possible avenues for gaining further experience:
Internships/co-ops
Summer jobs
Campus jobs
Entrepreneurial/self-employed jobs
Temporary work
Volunteer work—school, church, club, not-for-profit organizations
Special projects within your degree program
Research papers in your classes, especially those with job—and industry—focus
Certification courses
Campus activity participation and leadership positions
Fraternity/sorority/social club leadership positions
Extracurricular or sports leadership positions
Review the above list. Use it as your checklist. Don't fall into the trap of saying that you don't have any real experience. If you haven't experienced it yet, create it or make it happen on your own. Remember—even though we are talking about entry level positions, experience is number one on nearly every employer's list of preferred attributes. Make sure it is also number one on your list as well.
And if it is late in the year (or already past graduation) it's still not too late to generate real-world work experience. Temp. Volunteer. And also be sure to look back on what you have already accomplished. You may have already gained real experience that you have not fully recognized. And your future is still wide open for additional experiences. Keep it focused toward your goal and do everything within your power (and then some on top of that) to reach your goal.
Good luck!
Thank You Wayne . I get it
Nirmal
Kristina Verras
Accountant
39
Answers
Hartford, Connecticut
Updated
Kristina’s Answer
The distinction between what you learn about a subject and how a job in the field may actually work in the real world is a really important distinction. The fields you mentioned are pretty expansive, and there are a wide variety of career paths within them. A good first step could be to do a bit of research and think of a handful of different career ideas that interest you. From there, you can spend time trying to gain insight into the field and understand the true daily work in that career, progression over time, etc. The best way to do this is to gain exposure to the position or to people in the position. I recommend seeking out shadowing opportunities, internships, etc. In a prior answer, Wayne provided a great list of ways to gain that insight. This exposure will help you find the the right fit for you, and it can also help you build a resume to land future jobs.
Matt Adams
Indirect Tax Manager
8
Answers
Houston, Texas
Updated
Matt’s Answer
Hi Nirmal,
That's a broad question, on how finance applies in the business world! It may help you to narrow your question a bit, and try to ask how a specific role would function in a larger organization. For example, you can look at a finance organization broadly and see how each department is broken down as a reporting structure. FP&A (financial planning and analysis), Treasury (banking and payment tasks), Tax (compliance and planning), Accounting (bookkeeping and financial reporting). Each of these departments has specific roles and tasks, and all of them work together differently.
Good luck to you!
Specifically define what it is you want more information about. There are many departments within accounting/banking/treasury organizations.
Look up job requisition descriptions online. Job descriptions have good detail about what specific tasks are performed daily.
Look up a CFO or other job title on linkedin, and see what other jobs they have held previously. Look up these roles for open job descriptions.
That's a broad question, on how finance applies in the business world! It may help you to narrow your question a bit, and try to ask how a specific role would function in a larger organization. For example, you can look at a finance organization broadly and see how each department is broken down as a reporting structure. FP&A (financial planning and analysis), Treasury (banking and payment tasks), Tax (compliance and planning), Accounting (bookkeeping and financial reporting). Each of these departments has specific roles and tasks, and all of them work together differently.
Good luck to you!
Matt recommends the following next steps:
Mia Petrillo
Business Manager
10
Answers
New York, New York
Updated
Mia’s Answer
It's a good basic skill to have that you can apply anywhere.