IFS Career Encyclopedia

Transcription

1 IFS Career Encyclopedia Banking Insurance Securities...

2 IFS Cluster Sponsors Connecticut has one of the largest concentrations of insurance and financial services companies in the U.S. Start your career in one of these dynamic and globally recognized companies:

3 B a n k i n g Examples of Banking Occupations Banking is the largest of the three IFS industry sectors, encompassing all depository institutions and credit unions. One way an individual or business can safeguard funds is to deposit them at a bank. In turn, banks take the money they receive from their customers, or depositors, and use that money to make loans, mortgages and investments. In order to protect their clients funds and to make a profit, it is critical for banks to have accurate methods of analyzing and measuring risk, and people appropriately trained to do so. Banks are profitable when they generate more money from lending, fees and investments than they pay out in costs to attract and retain customers and provide banking and related services. Although the primary function of taking deposits and making loans has remained constant, banks now also sell other financial products, such as insurance, securities and retirement packages. This change allows banks to meet all of their customers financial services and money management needs and offers new opportunities for banking careers. Customer service, sales and marketing skills are essential for business growth and can be found in all levels of the banking organization. With technology advancements (ATM machines, debit cards and online banking and related services), new careers in information technology have also emerged in banking. There are many types of banks ranging in size and services. Some are independent with only one or a few local or regional locations while others are large institutions with hundreds or thousands of branches across the nation. International banks also exist, conducting business, such as international lending, on a global level. Banks in the U.S. can be federally or state chartered. Types of Banks Commercial Banks Federal Reserve Bank Industrial Banks Investment Banks Thrift Institutions (Savings & Loan Associations) Credit Unions Entry Level Bank Tellers Customer/Client Service Representatives Office Administration Specialists Bank Operations/Processing Specialists Intermediate Level New Accounts Specialists Computer Systems & Technology Analysts Credit Analysts Teller Supervisors Call Center Managers Operations Managers Commerical/Business Analysts Loan & Mortgage Officers Securities, Commodities & Financial Services Sales Agents Executive Level/Management Level Accountants Auditors Financial Managers Portfolio/Regional Managers (Commercial & Small Business Lenders) Branch Managers & Regional/Market Managers (Retail) Requirements/Designations for Advancement (Not inclusive but recommended for various banking careers) Bachelor s and/or Master s Degree Specific State Licensing & Certification Loan Review Certificate program Certified Mortgage Banker (CMB) FINRA Series 6 or 7 (formerly NASD) Certified Management Accountant (CMA) Certified Public Accountant (CPA) Chartered Financial Analyst (CFA) Certified Financial Manager (CFM)

4 Insurance Insurance is the IFS industry sector that guarantees protection against financial loss that may arise from various unforeseen events or disasters. The three main segments of insurance are health, life and retirement and property casualty. Insurance companies provide asset security to their clients, or policyholders, so that their clients current and future financial needs are protected. For instance, depending on coverage, the policyholder (an individual or business) will be reimbursed for losses resulting from events such as car accidents, theft, property damage due to natural catastrophes (fire, flood, hurricane, etc.), health problems, disability or death. In essence, the insurance company absorbs the risk that is transferred to it when a client purchases a policy. In turn, insurance companies set prices according to the amount of risk they are taking on and collect premiums for the services they provide. Insurance products are designed and developed to respond to today s risk and needs. For example, terrorism and identity theft insurance are new products available to consumers and create new opportunities for employment. Other types of insurance include: Property Casualty Auto, Home Life & Retirement Life Insurance, Annuities Health Indemnity, Managed Care, Dental, Stop Loss Long-term Care Disability Short-term, Long-term Specialty Wedding, Pet, Identity Theft, Flood, Crop Business Occupations in insurance vary by the type of insurance establishment. Insurance carriers are companies that provide insurance to policyholders. They can be classified as either direct carriers meaning they underwrite the initial policy or annuity or reinsurance carriers, which provide insurance policies to insurers. Insurance agencies and brokerages act as intermediaries by selling insurance policies to individuals or businesses and by providing advisory services to their clients. Most recently, banks are able to sell a variety of insurance products. Examples of Insurance Occupations Entry Level Customer/Client Service Representatives Office Administration Specialists Medical Coding & Processing Specialists Intermediate Level & Executive Level Auto Damage Appraisers Claims Investigators, Examiners & Adjusters Sales Representatives (Insurance & Financial Services) Junior & Senior Associate Underwriters Computer Systems/ Technology Professionals Marketing & Sales Professionals Account Managers Financial Analysts Actuarial Associates Executive & Management Level Underwriters Accountants Actuaries Auditors Insurance Agents & Brokers Requirements/Designations for Advancement (Not inclusive but recommended for various insurance careers) Bachelor s and/or Master s Degree Specific State Licensing & Certification FINRA Series 6 or 7 (formerly NASD) Chartered Property Casualty Underwriter (CPCU) Registered Health Underwriter (RHU) Registered Employee Benefits Consultant (REBC) Certified Management Accountant (CMA) Certified Public Accountant (CPA) Associate and Fellow Actuarial Certification (ASA, FSA) Certified Financial Planner (CFP) Chartered Financial Consultant (ChFC)

5 Securities... Another sector in the IFS industry relates to securities, commodities and other establishments, referred to generally as the securities industry sector. All of the various institutions in the securities industry sector engage in the facilitation of transferring monies from the client, or the investor, to the chosen institution that will invest the funds. Activities include the sales of securities (stocks, bonds, mutual funds, etc.), sales of commodities (oil, grains, metal, etc.), money and investment management and financial advisory services. Some establishments focus on one specific function of the sector, such as financial planning, while others offer an array of related services, such as asset management, retirement services, investment banking and securities trading. Executive Level Securities, Commodities & Financial Services Sales Agents (including Traders, Brokers, Dealers, Account Executives, Market Makers and Floor Brokers) Financial, Business, Risk & Investment Analysts Executive & Management Level Accountants Auditors Marketing & Sales Analysts and Managers Personal Financial Analysts, Advisors & Planners Financial Services Managers & Portfolio Managers Commodity Trading Advisors/Managers Hedge funds, while not all the same, are a type of investment that includes more flexibility in their use of investment returns, volatility and risk. Hedge fund managers use derivatives, and other types of hedging strategies, to manage investments and the associated risks and returns. As in the rest of the IFS industry, the securities sector demands a savvy and knowledgeable workforce. All sales representatives must be licensed by FINRA (Financial Industry Regulatory Authority), formerly NASD, in order to sell securities and/or make recommendations regarding investments. This includes representatives at all levels who engage in securities sales from sales or brokerage assistants to principals of the firm. Examples of Securities Firm Occupations Entry Level Customer/Client Service Representatives Office Administration Specialists Requirements/Designations for Advancement (Not inclusive but recommended for various careers within securities) Bachelor s and/or Master s Degree Specific State Licensing & Certification Certified Mortgage Banker (CMB) FINRA Series 6 or 7 (formerly NASD) Professional Risk Manager (PRM) Associate Professional Risk Manager (Associate PRM) Financial Risk Manager (FRM) Certified Management Accountant (CMA) Certified Public Accountant (CPA) Chartered Financial Analyst (CFA) Chartered Financial Consultant (ChFC) Certified Financial Manager (CFM) Certified Financial Planner (CFP) Intermediate & Executive Level Computer Systems Analysts & Technology Specialists Sales Brokerage Assistants/Associates Investment Specialists

6 The Actuary Risk is a daily reality and it assumes many forms, influencing the lives of people and the operation of companies. To safeguard the well-being of both, actuaries utilize complicated math, statistics and modeling techniques to evaluate scenarios involving different types of risk. They use this data to analyze the financial consequences of risk to insurance providers and to conceptualize methods by which risk can be managed. Actuaries work in a wide variety of industries, but for those actuaries who work for insurance companies, responsibilities include setting terms and conditions of policies that protect people. Actuaries assist in a wide range of industries to develop and implement procedures that mitigate the impact of risk, enabling efficient operation of companies. $65, to $160, Little to no travel Paid to learn Part of leadership team Bachelor s Degree in Actuarial Science or Math, Economics or Finance Rotational or specific internship in actuarial realm Microsoft Office Suite (specifically Excel) Experience with databases and computer programming Successful completion of actuary exam series (7-8 years) Strong analytical aptitude Willingness to assume leadership role Ability to oversee projects from start to finish Strong verbal and written communicator Serious, research-oriented multi-tasker Participate in your school s math league Challenge yourself at associated competitions Work in treasury or operations for a small biz Intern for an insurance company s actuarial unit Job shadow an actuary for a day - A.M. study time to prep for exams (offered 2x annually) - New project intro: opportunity to learn ratings, biz writing - Meet with underwriting, IT & management on issue - P.M. data in-put, stats analysis - Report findings, continue solution development

7 The Analyst/Advisor This professional analyzes financial news and data to help clients make informed decisions relative to their investments and general finances. Clients may be companies or individuals and they look to this professional for assistance in trading stocks or understanding maximized use of pensions or real estate. The analyst/advisor follows financial news sources, big and small, to create forecasts of business and market conditions. These conditions determine how the analyst/advisor counsels his or her clients. This individual is an avid reader, a mathematician and a people-person who is able to interact with individual clients as well as those in large companies. $46, to $120, Little to no travel Long-term relationship with clients Bachelor s Degree in Accounting, Finance, Economics or Math M.S. in Accounting or Finance, or M.B.A. Microsoft Office Suite Budgeting software such as Naviplan or other industry standard Successful completion of CFA (Chartered Financial Analyst) examination series Top-notch verbal and written communication skills Analytical thinking Ability to read and connect with people Ability to internalize data and make decisions Obtain customer service experience in retail Intern for an investment firm Research and seize opportunities in banking - Meet with A. Smith to review portfolio - Catch up on Bloomberg, read Wall Street Journal - Create timelines for clients D.N. and P.A. - Assess A.C. s portfolio... any changes? Coming Soon - Meet with new client... determine objectives

8 The Auditor Auditors are financial investigators and documentation sleuths: they ensure that a company or individual s public records are kept accurately and their taxes are paid correctly. They assess a client s financial information, processes, products, employee roster, etc., and may also provide services that include budget analysis, investment planning and asset protection advice. An auditor, with his or her team, makes recommendations to the client on how best to structure operations to maximize efficiency and to ensure compliance with government regulations. Auditors ensure that a company or individual has the checks in place to follow proper financial and operations reporting protocol. $37, to $104, % of time spent in the field Industry expert Bachelor s Degree in Business or Accounting Master s Degree in Accounting/Taxation or Business Administration Familiarity with accounting software Successful completion of CPA (Certified Public Accountant) examination Strong analytical and accounting background Effective verbal and written communicator Ability to anticipate the next step Deadline-oriented Superior team-building skills Intern for an auditing and accounting firm Work for a small biz s bookkeeping department Volunteer during tax season via Volunteer Income Tax Assistance (VITA) program Serve as treasurer for a school organization Tutor a friend in accounting arena - Prep with team for next new client... meet staff - Build relations with client, gather books & records - Analyze client s operations, expenditures, profits and legal deals - Finalize work with team, present results to client

9 The Branch Manager The branch manager is the guiding force behind the daily operations of a bank branch. This individual oversees all activities within the branch and ensures a top-notch customer service experience through management of the branch s sales and service team. Branch managers are responsible for operational excellence. This includes maintaining a high-caliber sales and service team, coaching members in achieving personal goals and in methods by which to establish relationships with customers and execute successful sale of products. Branch managers must be well-versed in all bank products and services. These individuals are also responsible for compliance with Federal and State laws, company policies and completion of audits and inventories. $37, to $90, Based in bank branch Leader in community High School Diploma/G.E.D. Bachelor s Degree preferred Coursework in Banking and Finance 3-4 years of experience in customer service and sales 2-3 years of experience in supervision Understanding of financial statements, investment products and services Management Certificate from bank or program Computer and word processing skills Demonstrable achievement in goal-attainment Strong leadership ability Works well with diverse staff and clientele Excellent analytical and assessment skills Empowers colleagues for benefit of branch Obtain customer service experience in retail Manage cash-flow as treasurer of a club Assume role as a teller at a bank Climb ladder with increased leadership roles - Meet with staff this A.M. for personal goal-setting - Update portfolio with new bank products/services - Observe & coach branch team in daily operations - Keep eyes peeled for opportunity to bring in new business - Day s end... check # s to measure branch success

10 The Business Analyst This professional determines the activities necessary to solve a customer s business problem. The business analyst represents a blend of the IT and business realms. He or she identifies the business need of a customer, refines and clarifies the definition of that need and creates a solution strategy that can be reasonably implemented by the business. The business analyst develops work-plans to manage teams, activities, tasks, deliverables and schedules. They identify and communicate risks and issues to the business, and comply with and uphold organizational standards and use best practices. They identify, build and manage relationships with stakeholders (internal & external). The business analyst is a critical role in a development project from beginning to post-implementation. $35, to $100, Little to no travel Potential to telecommute Bachelor s Degree in Information Technology or Business Experience in business and program analysis Understanding of Software Development Life Cycle (SDLC) Understanding of an entreprises s process flows, policies, procedures, operational reports, IT issues Microsoft Office Suite Strong analytical background Excellent interpersonal and relationship-building skills Ability to assess business problems, internalize requirements for solutions and devise a plan for results Deadline-oriented Project leadership and presentation skills Intern for a company s IT division Serve as operations manager for an organization Join your school s computer science league Take an independent study in IT Complete a project that tackles a specific problem for a business - Prep with team for next new project: New biz line opening for product division... need to determine what impact new line will have on past & future clients & data - Continue other projects; reviews metrics & assess

11 The Consultant Consultants are dynamic, problemsolving professionals that are brought in to address a company s business challenges and to devise and implement solutions for these challenges. These individuals work, often as part of a team, to improve a company s strategy, business operations and information technology. Consultants are experts in diverse fields and are assigned to different projects and companies in a variety of industries on average every six months. They enjoy a wide variety of projects and travel to any number of locations for their assignments. These professionals provide expertise that a company does not have readily available and they therefore perform a valuable service in ensuring that the company reaches operating efficiency and can continue to grow. Potential earnings are commensurate with experience Travel involved Bachelor s Degree Master s Degree preferred Depend on area of practice: could be accounting, finance, technology, manufacturing, insurance, health care or other Effective communicator Good interpersonal skills Strong strategic thinking and analytical ability Results-oriented Flexible, likes change Intern for a small or large consulting firm Join your school s Future Business Leaders of America club Check out opportunities with Junior Achievement Work on a large-scale project with peers - Identify biz improvement opportunities with client - Collaborate with in-house team and own colleagues - Develop & implement leading-edge technology - Learn about international markets & business techniques - Apply knowledge to local situations

12 The Sales Agent The financial sales agent is a product encyclopedia for the company or firm he or she represents. This professional matches company and individual investment needs with financial products or services. This professional may travel to the home of a client to review a portfolio, work in a stationary office or travel to a company location to provide an overview of investment options to senior management. The financial sales agent is a blend of an advisor and sales professional: an individual with a great personality, a wealth of knowledge about financial opportunities and a strong understanding of market trends. All this is channeled to assist the client in financial decisions. $60, to $139, % of time spent in the field Personal financial consultant Bachelor s Degree in Accounting, Finance, Economics or Math M.B.A. Microsoft Office Suite Budgeting software such as Naviplan or other industry standard Top-notch verbal and written communication Pleasant personality, analytical thinking Ability to read and connect with people Ability to tailor messaging and match clients needs with products Obtain customer service experience in retail Intern for an investment firm Research and seize opportunities in banking - Meet with D. Jones & spouse to review portfolio - Study current trends & variables of change in market - Create timelines for clients P.F. and S.D. - Schedule annual meeting with ABC Corp. re: investment - Present firm with review of latest client/stat roster

13 The Teller The face and front line of a banking facility, the teller provides customer service to diverse clientele through counter-based transactions. This professional performs a wide range of duties relating to customer assistance and utilizes his or her rapport with customers to identify opportunities for the sale of banking products. Tellers have an immense amount of customer contact and meet people from all walks of life; the teller s goal is thus to connect with customers, assist their financial endeavors and promote bank products that might suit their needs. Tellers may rise in their occupation to supervise other tellers or may climb to branch management depending upon ambition and desire to learn. Face of the bank $18, to $32, Based in local bank branch, but with flexible work and relocation opportunities High School Diploma/G.E.D. 1-2 years of work experience in office or customer-oriented environment Exposure to cash-handling General computer processing skills Ability to use internet and intranet platforms Excellent verbal communication Excellent interpersonal skills Strong organizational aptitude and multi-tasking Persuasive in selling idea or product Obtain customer service experience in retail Manage cash-flow as treasurer of a club Assume role as an office assistant for a small biz - Meet with supervisor to determine personal goals - Process customer transactions on-demand - Follow up with M. Reed on interest in product - Order supplies, process mail - Service & settle ATM for day... prep for tomorrow

14 The Trader Trading is a fast-paced career that demands confidence, focus and the ability to quickly analyze and decide the impact of financial realities. The trader is a professional that scours various sources of financial reporting, including newspapers and electronic media, and utilizes learned financial insights to make decisions in the stock market. Trading can be high-stakes, as traders buy and sell stocks directly on behalf of a firm or individual. Some traders work from a home office and trade electronically, while other are based on the exchange floor. Trading requires an aptitude for data analysis and an understanding of financial market trends. Remaining up to date with trends by way of reading financial news is key. $150, to $250, No travel involved Bachelor s Degree in Finance, Math, Economics or Statistics Master s Degree in one of the above disciplines Bloomberg MatLab C++ Visual Basic Disciplined and focused Confident self-starter Ability to analyze information or situations and quickly make decisions Highly analytical Read Wall Street Journal and other financial news Join your school s investment club Follow global events and track how the market responds Take calculus, economics and statistics Check out Investopedia.com - Read, read, read! (Wall Street Journal & other news) - Check calendar for to-be-realeased industry reports including economics news, government reports, etc. - Put on headset to communicate with colleagues - Watch market from LCD screens at my desk

15 The Underwriter Insurance companies protect individuals and organizations from financial loss by assuming the financial equivalent of various types of risk. Underwriters in turn protect insurance companies, as they determine whether coverage is provided and according to what terms. Underwriters identify the risk that an insurance company assumes for coverage of a specific entity. These professionals analyze insurance applications, weighing all related variables, to determine whether or not to issue an insurance policy. These are technically minded data investigators that piece together different bits of information to determine coverage. $45, to $65, No travel involved Direct impact on sales/profit of enterprise A.S. or B.S. in Business Coursework in Economics, Business Law and Accounting Options via Insurance Institute of America Microsoft Office Suite (with specific strength in Access and Excel) Data in-put and analysis of out-put Successful completion of CPCU (Chartered Property Casualty Underwriter) examination series Highly analytical in assessing situations Strong decision-making ability and instincts Investigative, curious, technical mind-set Strong writing, verbal and interpersonal skills Willingness to assume leadership role Participate in math, science or engineering club Manage bookkeeping for a small biz Learn to navigate databases Intern for an insurance company s underwriting unit - In-take of latest submitted policies from sales dept. - Evaluate variables, assess & calculate risk to company - Draft policy to cover and send back to sales - Reassess current policies on books... consider new legislation, state requirements, any company changes

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