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Career Research Report: Different Industries

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Question: Section 1: You are required to research three specific areas of employment in the industry in which you are interested in pursuing a career. Your research should be undertaken with respect to discussion of all aspects of the ‘field’ including the following: the nature of the work, the environment, the education, skills, training and personality traits required to be successful, average salaries, the labour market outlook, related positions and typical employers. Sources to use include: books, periodicals, newspapers, professional journals, trade journals and websites. Section 2: This section of the assignment requires you to research a specific employer in each ‘field’ you have researched in section 1. You are required to include the following in your report: the nature of the employer including the size of the organisation, its history, the organisational structure, its culture and/or mission, branches or subsidiaries, clients or customers, products or services, opportunities for promotion, etc. Most medium to large size organisations have this information on their web site, however you are encouraged to research information from other resources other than the organization itself. Section 3: A description of the typical career path one follows as he/she advances in this career. What is an entry-level position? What are other names of entry-level positions? Is there more than one path one could take? What are the middle to upper level positions? What qualifications are required? Section 4: Your reflection on the above three sections. For instance, reflect on how well you think you would fit in with this employer. Describe your satisfaction in working in the career field you have investigated. How has this research confirmed or changed your plans and why? Are there any areas in which you need to continue to develop skills? Which aspects of the field/position do you like/dislike and why? Which aspects/characteristics do/do not fit? Refer to the exercises completed on interests, skills, and values. Specifically state how there is, or is not a match among these. Thorough and thoughtful analysis is critical to this section. Give specifics!   Answer: Introduction In this report, a research on the three specific area of a position in three different industries has been analysed. Automobile, Fashion and Textile has been focused for the assignment. It includes the skills and job profile required for the post. Further, job areas considered in the file is tax accounting, management accounting and finance accounting. The report will include description nature of work, work environment, qualification required and self-reflection on each profile. In addition to this, the present study also reflects the manner in which I have changed my plans and values after completing this research in order to get better job opportunity in a future period. Automobile Industry S1: Three specific areas of employment Nature of work I am interested in working as a finance manager for a corporate. Functions of finance manager are similar to the position of treasurer. Finance manager continues dealing with in-house financing operations and efficiently matching up customer need with its credit has to be done. They are required to assist the management team in making operational decisions (Nasseri, Yazdifar and Askarany, 2016). For this aspect, they are required to plan financial activities to enhance return on the environment along with making a reduction in risk. Primary accountabilities of this profile are the management of funds, budgeting and financial analysis. Environment For this job profile, primarily an office environment will be required. Further, I will be required to visit subsidiaries in order to review their operational activities for preparation of the better financial plan. By considering overall business activities financial planning will be done to achieve aims and objectives of organization in an effective manner. Education and skills Initially, bachelor degree will be required in finance or accounting. Further, MBA with major in business or finance will be required. Experience and knowledge of the industry is an essential requirement (Parmenter, 2015). Minimum experience will be of 5 years of working on a similar profile on major corporate. The previous study shows that preference is provided to individual having qualification of Certified Management Accountant or Certified Public accountant. In addition to this, I must possess managerial skills such as leadership, resolve work issues, remove work barriers and analysing work activities in an effective manner. Along with this, excellent communication skills will be required for the purpose of presentation of analysis of financial aspect to the managerial parties. By considering the industry aspects, individual must possess commendable knowledge of automobile activities in order to provide a cost advantage to the business. Salaries The salary is approx. 6000$ /month. Enhanced communication skills are required because as a manager assistance to another employee is also given. Further, incentives will be attained on annual basis by considering performance. In addition to this, appraisal of salary will be done in accordance with the policy of business. Other factors The related posts are department manager, internal auditor, financial analysts and cost accountants etc.   S2: Description of employer Organization description For this job profile, the multinational organisation will be selected. It is because for operating in this industry high amount of resources are required. In addition to this, the company must have a global presence (Tan, 2013). I am preferring to work with Hyundai Motor Company. It was founded by Chung Ju-Yung in 1967. It is headquartered in Seoul, South Korea. This company operates the world’s largest integrated manufacturing facility. Selected company employs 75000 people and it provides an opportunity to qualified fresher. Corporate culture This company had a strict hierarchy and 60 subsidiaries and branches. In addition to this, the company is continuously expanding their operational activities in the global market. However, the company has flexible work culture to support their staff but it is supported by a strict hierarchy. As a finance manager high paced and high-pressure environment has to be faced. The perspective of customer satisfaction has to analyse with concentration (McGivern, Fitzgerald and Waring, 2015). The information of other branches and subsidiaries should also be known to the manager for taking appropriate decision. Client & Product The company mainly deals in automobile, construction, engineering, retail, steel, defence and Aerospace industry. However, I am focused on employment in Hyundai Motor Company which mainly deals in automobiles. A client of the company is retailers as they direct do not deal with individual customers. For this company, basically financial planning will be done in order to assist them in executing operational activities in a cost effective manner. In addition to this, future forecasting will be done to minimise future risk and maximise possibility of potential gains. On periodical basis variance analysis to identify difference between actual and forecasted figures. By forming this analysis prevention of differences in variances will be done by preparing better strategies. Opportunities for promotion In this company, I will get various growth opportunities as there is the huge scope of learning new facts and improving my skills and capabilities. Further, I will be able to make use of knowledge in a viable manner. In addition to this, on the basis of my work performance I will get promotion and get senior managerial position with the time. S3: Career path Entry-level positions Entry Level position is one which doesn’t need experience; its other names are Sale Associate, inside sale representative. The path is chosen according to alternative available. The middle upper position can be said for the position of Sr. Loan Consultant or Senior Loan Processor. Middle to upper-level positions (From top to middle-level position) Finance manager Financial analyst Account coordinator Consulting Analyst Junior assistant Required qualifications The main qualification for entry level position in the knowledge of the industry and qualified education. In addition to this, the experience of working in the similar industry to the related job is also essential to justify the allocated roles and responsibilities.   S4: Self Reflection Current capabilities Skills Rank (1-5) Justification Scope of improvement Bachelor degree in finance 2 This qualification is not sufficient for this job profile as high qualified individuals are required to justify the profile role. I will pursue MBA in finance and prepare for competition exams. Interpersonal skills 3 At present, I am good in leading people but I still face various issues in managing people in a proper manner. I will attend the workshop and participate in college activities in a role of leader. Industry experience 1 Currently, I don’t possess industry information. I will work in apprentice program in a well-known automobile company. Job satisfaction level Working on this profile is not highly satisfactory because the individual has to face high pressure as one mistake can lead to losses of millions $. In addition to this, work is monotonous and demanding due to which employee satisfaction level is reduced and they feel over-burdened. However, there is the vast scope of growth and development but the possibility of attainment of this position is very low. Areas for further improvement For working as a financial manager in the automobile industry, I am having qualified education and appropriate experience but with the above analysis, I have to improve my communication skills and other interpersonal skills. Fashion Industry S1: Three specific areas of employment Nature of work To be a management accountant in the fashion industry is the aim of my life. In this industry, I will provide services as a service provider rather than being an employee. In this position, different budgets will have to be prepared according to the need of projects (Chen and Severns, 2016). The role of management accountant is to perform various tasks in order to provide financial security to companies or business organisation. For this job profile, I will be required to handle the financial matter in order to boost overall management strategies. Three core job areas for this profile is financial planning, management issues and cost accounting. Further, job responsibilities will vary as per experience. Although, general responsibilities will be budgeting, handling taxes, aiding in strategic planning and managing assets in order to determine benefit packages and compensation. Environment Typical employers of this profile are public and private institutions having accounting and financial department. Flexible work environment will be provided as per project on which we are working. Education and skills For this job profile, any degrees acceptable in this profession. However, employers may provide preference to individuals having a qualification in business or management or mathematical subjects. For becoming a qualified management accountant, it is mandatory to get training with the professional bodies (Nasseri, Yazdifar and Askarany, 2016). In the various situation, employers provide a clear description in their job profile regarding training institute as they want to work with a service provider having a relevant degree with permit exemptions such as CIMA. For this job profile, good maths and computer skills are required. Key skills for management accountants is as follows: Exceptional investigative and numerical abilities Excellent written and oral communication skills The ability to coordinate with another individual by adopting flexible approach Salaries Intra- personal skills and qualified education will be required for this position. The related position is Budget Analyst, The salary is approx. 5000$ /month. Other factors Related jobs for the similar profile is Accounting manager, senior accountant and Cost accountant.   S2: Description of employer Organization description The size of organisation can’t be said fixed as it depends on a project we are working on. The structure of the organisation is complex as we have to deal in many sectors regarding budgets. The services provided will be an estimation of sources available and the limit to which it can be extended. The culture and environment of every project should be critically analysed in order to ascertain the further or next move. For this job profile, I will not work with single company as I will be working on the projects provided. With the completion of one project I will switch of another one. Customers and services Customers of fashion houses are both end consumers and retailers. This industry provides fashion products such as wearing apparels to their clients. On this job profile I will provide cost consultancy to different organization in order to assist them in minimising cost of different operational activities. Opportunities for promotion In this industry there is fewer opportunities for standard promotion but an individual can attain commendable growth by their hard work. Further, the experience will assist in gaining more work with good payment (Heferen, Mitchell and Amalo, 2013). By considering this factor, it can be said that in the initial period, individual has to struggle for their success but once they prove their capabilities then companies will approach individual for their services. However, for this aspect, individual must have good knowledge of the industry and appropriate qualification. S3: Career path Entry-level positions In this industry the entry level position are an assistant controller or a post of budget assistant. In this industry more than one path can be taken as large exposure is available and one can put efforts in ways possible till succeeded (Hong and Kubik, 2003). Middle to upper-level positions CFO Accounting manager or senior accountant Junior internal auditor Cost accountant Staff accountant Required qualifications The qualifications required is MBA or Macc—and/or CPA or CMA certification is desired for entry level. In addition to this, Strong technology skills (specifically in Microsoft Excel) will be required because the individual has to prepare budgets for financial planning in order to make optimum utilisation of available resources and maximisation of profitability. Further, Fashion houses will prefer a candidate with strong communication and analytical skills. S4: Self Reflection Current capabilities Skills Rank (1-5) Justification Scope of improvement Bachelor degree in finance 4 This qualification is appropriate for this job profile as in this small tax issues are required to be resolved. However, for further improvement, I will resolve practical cases to enhance my practical knowledge. Interpersonal skills 4 At present, I am good in managing my individual’s tasks. However, I face the issue in multitasking. I will attend the workshop and participate in college activities in a role of leader. Industry experience 3 Currently, I possess industry information as my acquaintance is working on similar profile and they had provided me good guidance for this. I will work in an apprentice program with on various projects for further improvement. Job satisfaction level This job profile is satisfactory according to me because I will be able to learn various new things and get
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