3 Reasons That Will Convince You To Learn Finance Management!

By Daniella Rand

If you’ve got a knack for numbers and an intuitive understanding of market forces, you may well be a good fit for the finance management business. Are you willing to do what it takes to earn your finance degree?

Only you can answer that question, of course. And there’s no use pretending that the road ahead won’t be daunting. But that shouldn’t stop you from taking a glass-half-full view of that road. If you’re willing to look for them, you can find plenty of good reasons to choose a career in finance.

Daniella Rand

3 Compelling Reasons to Learn Finance Management Today

Not sure where to look first? Consider these three compelling reasons to pursue your career in finance management today.

1. You’ll Have a Wealth of Career Options at Your Fingertips

Individual financial management professionals have no qualms about specializing, but the field itself boasts endless diversity. No matter what your professional and personal strengths, you’ll no doubt find a career path that lines up with them quite well. Whether you’re more comfortable crunching the numbers in the back room or shaking hands with prospective clients out front, there’s a line of work with your name on it here.

2. Your Degree Will Carry a Ton of Cachet (And You’ll Be Compensated Commensurately)

Let’s face it: a finance degree is a coveted certification. Even if you’re not the sort to go into a particular line of work because of what it’ll do for your reputation, you simply can’t ignore the fact that financial professionals are, by and large, quite well compensated. 

3. Your Services Will Always Be in Demand, Even as the Industry Changes Around You

Anyone who tells you the financial management industry will look precisely the same in 10 years is not being straight with you. Like so many other sectors of the economy, wealth management is changing rapidly. Those committed to its practice must do what they can to keep pace.

Fortunately, credentialed wealth management professionals don’t have to worry about obsolescence anytime soon. Demand for hands-on finance management remains high, and for finance managers willing to leverage technology to render their practices more efficient, the future looks far brighter than the past.

The real question is: Do you have what it takes to keep up? If you can answer in the affirmative, you’ll find wealth management a rewarding career.

Ready to Up Your Finance Management IQ?

If the foregoing sounds like precisely what you’re seeking in a career, you owe it to yourself to enroll in a financial management program and begin the admittedly long, strenuous process of earning your wealth management credentials. If and when you emerge victorious at the end of your journey, you’ll find open road ahead.

And if you’re not convinced that finance management is right for you? Don’t despair. Despite rampant change, the broader financial services industry remains open to ambitious folks willing to put in long hours and pay their dues. You will find your place in this business, even if that place isn’t precisely what you envisioned at the outset.

Effective Tips For Risk Management

By Daniella Rand

Managing risk is few upwardly mobile professionals’ idea of a good time. But it’s arguably the most important aspect of project management. In the sporting world, it’s said that defense — not offense — wins championships. Substitute “defense” for “threat mitigation” and you’ve got a ready-made slogan for business, too.

Of course, knowing that you need to anticipate and parry threats before they mushroom is one thing. Effectively doing so is quite another. 

Fortunately, risk management isn’t rocket science. Even if you’re not the most careful person around, it’s well within your capabilities.

Daniella Rand

6 Effective Tips for Better Risk Management

As your next project gets underway, try out these six effective tips for better risk management.

1. Conduct a SWOT Analysis Before You Begin

Before your project kicks off, conduct a thorough SWOT analysis to set a baseline risk posture. “T” is indeed for “threat,” but the goal here isn’t just to identify the risks you’re most likely to encounter. You’re also looking for hidden opportunities — and, in this framing at least, “O” comes before “T.”

2. Assign a Process Owner (If It’s Not You)

In more blunt terms: Figure out where the buck stops if and when it all goes sideways. The hope is that things never get to the point that someone needs to be held accountable, but fortune does favor the prepared.

3. Give Non-Owners Narrow Domain Authority

For practical purposes, the ultimate process owner won’t have direct responsibility for every moving part of the project. Make sure roleplayers have some skin in the game as well — and are intimately familiar with the biggest risks facing their remit.

4. Rank Discrete Threats By Probability and Severity

Zoom out and rank the threats you’ve identified by the relative likelihood that they’ll actually occur and the severity of the risk they pose to your project. Where it’s not possible to assign a precise value, educated guesses will have to do.

5. Assign Mitigation Resources Accordingly

Your team can’t be everywhere at once. Based on the numbers you’ve crunched, assign mitigation resources where they’re most likely to be needed — without completely shortchanging risks with a low but non-zero chance of occurrence.

6. Develop Best-, Middle-, and Worst-Case Scenarios for All Realistic Threats

For each realistic threat, develop three distinct scenarios: a best-, middle-, and worst-case. Those with a laid-back temperament might be inclined to assume the best and resist preparing for the worst; those predisposed to catastrophizing may do something like the opposite. Your goal is to strip away the emotional aspect of threat preparation and go where the facts take you.

Pick Your Battles, Control Your Exposure

These risk mitigation tips will help reduce your organization’s exposure to knowable risks, and may well make the difference between a particular project’s success or failure. But let’s be clear: They won’t completely insulate you from downside risk. Nothing can.

Nor can these tips guarantee that you won’t face “unknown unknowns,” those dreaded threats that by their very definition are not within your power to anticipate.

Between now and the (hopefully) successful completion of your project, you’ll endure plenty of moments of high drama and suffer through more than your fair share of sleepless nights. You owe it to yourself to pick your battles, control your exposure, and keep looking on the bright side, even when things seem their darkest.