I can make important decisions
How do you feel about having the final word? If you’re the confident sort who isn’t afraid to take the plunge when it comes to important decisions, there will certainly be a place for you in business and finance!
But it isn’t all down to trusting your gut! Getting a good feeling in your waters won’t get you by completely in this game. You need to mix your strong-mindedness and confidence with some exceptional reasoning and logical thinking!
Gut instinct may contribute, but decision-making roles are fundamentally about grounding your moves on strategy and statistics and other data. If reason goes out the window, then a lot of money could follow very close behind!
Relevant areas of finance:
You’ll find managers just about anywhere and there are plenty of roles about when it comes to business, finance and accountancy. Whatever the area of expertise, managers in modern finance roles will now be expected to have a certain amount of experience under their belt already (for example, a few years working up the ladder from junior/analyst level), and there is increasing demand for managers to possess a professional qualification which certifies their experience and ability to uphold industry standards – essential due the enforcements in regulation the business and finance world has been experiencing in recent years.
So what kinds of things do managers do? Well, in accountancy and tax they could have the sign off on audits or tax returns. Insurance managers could sign off on insurance package premiums and agreements. They are often the most experienced members of their teams, so their final word on these documents goes…They have to be able to make solid decisions, and also take the heat if anything goes wrong!
They’ll have to make decisions relating to how best to handle a client, and also internal decisions about their team and how to deploy their team members in the best way to get jobs done to the right standard…and on time!
Consultants & strategists…
As a rule, managers in any finance role will have to utilise analytical tools and techniques, industry knowledge and advice to help with decision making. This is particularly true of consultants and strategists, who need to have the confidence to decide on the best advice to provide their clients.
They have to be good listeners! It’s not about the ego trip of having the final say on what to present to a client; it’s about making informed, measured decisions that won’t jeopardise their financial stability. They need to be able to come to important decisions effectives in unison with their management team (if they are an in-house business strategist).
Decisions under pressure…
When others crumble, you stay strong! Trading is a classic example of a finance career that will require you to make important decisions of on a daily basis in an, at times, notoriously pressured environment. Can you keep your cool and not get carried away in the moment to make the right call on an asset at the right time? It’s one of the most intense jobs out there, but if you can get the decisions right – and stick to your risk strategy – then the bonuses you could earn can be massive.
Important decisions on behalf of others…
Account managers, fund managers and trustees (for a pension fund for instance) have to call the shots with portfolios of a diverse range of assets on behalf of their clients. In one of these positions, clients have put their faith in you to grow their money as much as possible and keep it safe. In some cases you may be entrusted with all of a clients’ investment decision-making or estate management (fiduciaries will sometimes do this, for instance). Another big dose of pressure. But yet again, the big responsibility can bring with it big pay packets!