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Career Research Report: Different Industries

  0 Downloads   |   16 Pages 3,829 Words   |   Published Date: 29/09/2017

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 the opportunity to work with various people. In addition to this, by working on different projects I can enhance my skills and capabilities in this industry. Along with this, I will form new s in my profession for getting further opportunities in order to have a successful career. However, for this profile initially, I have to struggle for work and required to be adjusted with nominal pay to gain experience.

Areas for further improvement

As a management accountant, the enhanced communication skill is an essential factor with educational qualification. The above research has cleared many of my confusions regarding my work and also assisted in taking an efficient and appropriate decision. For this job profile, I will for the small organisation at initial level in order to attain practical knowledge. In addition to this, it will add experience in my resume through which employers will provide preference over other candidates.

 

Textile Industry

S1: Three specific areas of employment

Nature of work

Working as a Tax consultant of a big organisation in the textile industry is my career aim. As a Tax consultant, financial analysis of incentive data is to be done. Knowledge related to technology used for different estimations and of the industry is a necessity (Parmenter, 2015). The related post is a senior assistant. Their main responsibility is to provide a recommendation for tax strategies by considering interpretation and implementation of tax laws. Further, they will also be required to prepare provisions of tax schedules by reviewing, preparing and consolidating financial information.

Environment

The corporate environment will be formal as an individual has to deal with managerial parties in order to resolve their tax issues. However, work profile will be flexible as tax consultant have to work on a various project simultaneously in order to ensure compliances of overall legal factors in a commercial entity.

Education and skills

For this job profile, individual must possess Results Driven and Deadline-Oriented skills. Further, they must be post graduated in relevant field. Description of technical skill required for this job profile is as follows:

  • Minimum 5-year experience within Tax
  • Experience of working with textile company will be preferred
  • Knowledge of commercial, legislative and industry
  • Ability for applicability of Q&RM procedures
  • Bachelors’ degree
  • Professional qualification preferred such as CMA

Salaries

The salary is approx. 5500$ per month. Along with this amount, various benefits are provided such as profit amount on penalty saved or amount involved in particular case situation. Further, if the individual is not employed then they will get fees per case on the basis of nature of business. In addition to this, by procurement of viable certifications and experience, they can attain a significant increase in annual salaries (Apostolou, Hassell and Watson, 2013). Study of AICPA shows that tax consultants who have obtained licensure as a CPA are able to 10-15% higher in comparison to individual who have not achieved this designation.

Other factors

Another related job for this profile is a tax accountant, senior financial consultant, internal auditor etc.

S2: Description of employer

Organization description

The organisational structure is based on step by step methodology. The information of other branches and subsidies is also availed for ascertaining whether the policies have been followed by them or not. The environment should be peaceful so that existing issues should be effectively cleared out (Chen and Severns, 2016). Critical analysis of automotive incentive programme is being provided to the organisation. The culture of the organisation should be developed and changed according to change in social factors. I am preferring to work with 3 Wishz Metal Fabrications situated in Auburn, NSW Australia. It is a large company operating in the textile industry. The company follows the proper hierarchy and strict adherence to same.

Client and services     

Textile industry produces cloth and threads thus they deal with producers of garments. They provide raw material to On this job profile, I will be required to provide services like Analysing Information, managing Corporate Finance, Dealing with Complexity Accounting, Strategic Planning, Financial Diagnosis, Tax, Legal Compliance and Reporting Skills.

Opportunities for promotion

S3: Career path

Entry-level positions

Entry level position for this job profile is assistant or secretary. In this, no experience is required and enhanced training is also made available for development. More than one path cannot be taken as more concentration is needed. The educational qualification required is having Master’s degree in major finance or business.

Middle to upper-level positions

  • Compliance/Regulatory Affairs Manager
  • Chartered accountant
  • Tax analyst
  • Financial trader
  • Risk analyst

Required qualifications

For developing career as a tax consultant, individual must be able to analyse and solve tax issues by providing maximum benefits to their clients. In addition to this, an individual must possess Results Driven and Deadline-Oriented skills (Tan, 2013). Further, they must be post graduated in relevant field. It is because; on this profile, individual has to deal with the senior client so maturity and confidence are required to gain the trust of all level of people.

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 qualification such as qualification of Certified Public accountant is required to justify the profile role.

After completion of my post-graduation, I will fight competition exams.   

Interpersonal skills

3

Excellent communication and analytical skills are required for this profile. However, presently I am not able to analyse critical tax issues.

I will solve case studies of taxes and pursue a professional course to assist the company in resolving their tax issues.

Industry experience

1

Currently, I don’t possess industry information.

I will work in apprentice program in a well-known textile company and solve case studies.

Job satisfaction level

This profile is interesting because learning comes with various growth opportunities. It is because; resolving tax issues enhance practical knowledge and built reputation in the market. Thus, by working on this profile I will get the opportunity of creating my own identity. In addition to this, on this profile, I will earn good money to secure my future.

Areas for further improvement

In the above research, many new methodologies of estimation were known and that assisted in further calculations also. I was qualified as per educational requirement but with this analysis, the base and reason of many circumstances were known. It has enriched me with knowledge of many factors which are to be considered in this sector, through which effective initiative could be approached. For working on this job profile I am required to learn various things such as interpretation and applicability of taxation law in the different business situation. Further, I will be required to upgrade my knowledge with the changing laws in order to provide viable tax solution to companies with whom I will be working.

Conclusion

In accordance with the present study, it can be articulated that for job profile of financial accountant, tax consultant and management accountant high qualification and industry experience is required. It is because; a profile of financial manager comes with various roles and responsibilities. By considering this factor, individual must have knowledge of industry along with qualifications and interpersonal skills. On the basis of the present study, I will work on my interpersonal skills to enhance my capabilities. Furthermore, I will join apprenticeship program to have industry and work experience. This approach will improve my practical knowledge and make my resume more worthy and attractive. By the applicability of above describe factors, I will be able to attain good opportunities in my career.

 

References

Books and journals

Apostolou, B., Hassell, J.M. and Watson, S.F., 2013. Accounting education literature review (2010–2012). Journal of Accounting Education. 31(2). Pp.107-161.

Chen, L. and Severns, R., 2016. A Study of Interest and Perception of the Financial Planning Profession among Finance Undergraduate Students. Journal of Financial Counseling and Planning. 27(1). Pp.130-140.

Heferen, R., Mitchell, N. and Amalo, I., 2013. Tax policy formulation in Australia. Economic Round-up. (2). P.1.

Hong, H. and Kubik, J.D., 2003. Analysing the analysts: Career concerns and biassed earnings forecasts. The Journal of Finance. 58(1). Pp.313-351.

McGivern, G., Currie, G., Ferlie, E., Fitzgerald, L. and Waring, J., 2015. HYBRID MANAGER–PROFESSIONAL IDENTITY WORK: THE MAINTENANCE AND HYBRIDIZATION OF IN MANAGERIAL CONTEXTS. Public Administration. 93(2). Pp.412-432.

Nasseri, A., Yazdifar, H. and Askarany, D., 2016. Management accounting education for the 21st Century firms. International Journal of Finance and Managerial Accounting. 1(1). Pp.75-77.

Parmenter, D., 2015. Key performance indicators: developing, implementing, and using winning KPIs. John Wiley & Sons.

Tan, L.M., 2013. Towards an understanding of the tax practitioner-client role relationship: A role analysis. Routledge.

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