Professional Development LAP 15 Careers in Business

Identify types of careers in business. O bjectives: Describe traits, skills, and educational requirements needed for success in business careers.

Identify types of careers in business.

Careers in business: Come in many shapes and sizes Are very appealing Have endless possibilities Vary so much that you may be considering one without even knowing it!

Management and Administration Finance Marketing Management and Administration Finance Marketing  Many different ways to sub-divide business careers  For this LAP:  Many different ways to sub-divide business careers  For this LAP:

The sector or industry in which the business functions The product or service it provides Regardless of: Career opportunities that are dedicated to: Performing dynamic business processes vital to the success and ongoing existence of a business organization These jobs are everywhere! They keep businesses running smoothly.

Information and communication management Data processing and collection Project tracking Administrative Services  Facilitate business operations through a wide range of duties, including:

Customer-service representative Administrative Services  Often referred to as support staff positions  Exist in any area of a business  Examples: Executive assistant

Project manager Business process architect Functional specialist Business Information Technology An umbrella term covering those careers that provide a bridge between business processes/ initiatives and IT (information technology) Employees help align business and IT goals. Examples:

Financial resources Human resources Material resources Corporate/General Management  Careers focus on planning, organizing, directing, and evaluating part or all of a business organization through the allocation and use of:

 Store manager  Director  Owner Examples:  Have supervisory responsibilities  Make decisions, either big or small Employees:

HR careers are all about people. Every business has employees. Planning Recruitment Selection Careers focus on the staffing activities that involve employee: Human Resource (HR) Management Orientation Training Performance appraisal Compensation Safety

Human Resource (HR) Management Those who work in HR serve as a link between top management and employees. Examples: HR generalist / manager Recruiter Training manager Being an employer comes with certain responsibilities.

Operations Management Careers focus on planning, organizing, coordinating, and controlling the resources needed to produce/provide a business’s goods and/or services. Examples of activities: Quality control Scheduling Examples: Purchasing manager Chief operations officer (COO) Master scheduler Procurement Warehousing

Career opportunities that relate to making strategic decisions to report, obtain, save, protect, and grow the financial assets of businesses and individuals Wide variety of opportunities Career opportunities that relate to making strategic decisions to report, obtain, save, protect, and grow the financial assets of businesses and individuals Wide variety of opportunities

Accounting Encompasses careers that record, classify, summarize, analyze, and communicate a business’s financial information and business transactions for use in management decision-making Activities such as: Encompasses careers that record, classify, summarize, analyze, and communicate a business’s financial information and business transactions for use in management decision-making Activities such as:  Bookkeeping  Systems design  Bookkeeping  Systems design  Analysis  Interpretation  Analysis  Interpretation

Examples:  Accounting clerk  Public accountant  Auditor  Accounting clerk  Public accountant  Auditor Accounting

Banking Services Primarily concerned with :  Accepting deposits  Lending funds Services include:  Cash management  Short-term investments  Mortgages and other loans  Credit cards  Bill payment  Extending credit

Banking Services Services are delivered via a number of different institutions :  From commercial banks and other traditional means:  To newer ventures through: Savings and loan associations Credit unions Local banks Insurance companies Brokerage houses “Internet”  Examples: Loan officer/counselor Branch manager Credit analyst

Corporate Finance Function in a company to manage policy and strategy for (and the implementation of): Capital structure Budgeting Acquisition and investment Financial modeling and planning Funding Dividends Taxation Examples: Financial clerk Foreign exchange manager Cash manager

 Industry exists to protect individuals and businesses from financial losses.  Delivers “products” that transfer risk from an individual or business to an insurance company  Examples:  Industry exists to protect individuals and businesses from financial losses.  Delivers “products” that transfer risk from an individual or business to an insurance company  Examples:  Insurance agent  Benefits consultant  Underwriter

Securities and Investments  Industry consists of: Brokerage firms Investment banks Stock exchanges All of these support the flow of funds from investors to companies and institutions. Brokerage firms Investment banks Stock exchanges All of these support the flow of funds from investors to companies and institutions.  Related services include: Financial planning Asset management Hedge fund management Custody services Financial planning Asset management Hedge fund management Custody services  Examples: Securities sales agent/ broker Financial planner/advisor Investment banker Securities sales agent/ broker Financial planner/advisor Investment banker

 Career opportunities whose processes: Create, communicate, and deliver value to customers Manage customer relation- ships in ways that benefit the organization and its stakeholders Create, communicate, and deliver value to customers Manage customer relation- ships in ways that benefit the organization and its stakeholders

 Involves marketing activities that inform, remind, and/or persuade the targeted audience  Examples of techniques:  Involves marketing activities that inform, remind, and/or persuade the targeted audience  Examples of techniques: Advertising Direct marketing Digital marketing Advertising Direct marketing Digital marketing  Examples: Marketing-communications manager Public relations manager Media buyer/ planner Marketing-communications manager Public relations manager Media buyer/ planner Marketing Communications Publicity/public relations Sales promotion Publicity/public relations Sales promotion

 Careers involve all marketing functions, including: Channel management Marketing-information management Pricing Product/service management Promotion Selling Channel management Marketing-information management Pricing Product/service management Promotion Selling  Employees can be involved in a number of different industries, including: Sports Fashion Travel Sports Fashion Travel  Examples: Marketing specialist Marketing director Marketing manager Marketing specialist Marketing director Marketing manager Marketing Management

Jobs focus on marketing activities that involve determining information needs, such as: Designing data-collection processes Collecting data Analyzing data Presenting data Using data for marketing planning Designing data-collection processes Collecting data Analyzing data Presenting data Using data for marketing planning Employees look for meaningful clues about: What customers need and want Why customers do what they do What customers need and want Why customers do what they do Examples: Market analyst Market research manager Product analyst Market analyst Market research manager Product analyst Marketing Research

Careers involve marketing activities that are focused on efficient and effective: Product planning Selection Buying for resale Product planning Selection Buying for resale Examples: Buyer Merchandise manager Merchandising coordinator Buyer Merchandise manager Merchandising coordinator Merchandising

 Determine customer needs/wants  Respond through planned, personalized communication to: Careers involve marketing and management activities that: Influence purchase decisions Enhance future business operations  Examples: Sales agent Sales representative Sales manager Professional Selling

Describe traits, skills, and educational requirements needed for success in business careers.

Business Business administration Management Business Business administration Management  The best career prospects are available to candi- dates who have earned a bachelor’s degree.  Many different degrees can lay a solid foundation for a business career:  The best career prospects are available to candi- dates who have earned a bachelor’s degree.  Many different degrees can lay a solid foundation for a business career: Education Finance Economics Even communications Finance Economics Even communications Marketing Accounting Marketing Accounting

May be formal or informal Will be invaluable to you as you add to your skill set May be formal or informal Will be invaluable to you as you add to your skill set  You will most likely receive on-the-job training when you start a new position. Education

Stock broker  Some positions require special certifications or licenses: Education Real estate agent

Learn new skills or update the skills you have. You might: Learn new skills or update the skills you have. You might:  Continuing education and professional development is important as well. Education Go back for your graduate degree. Participate in workshops or seminars specific to your career. Go back for your graduate degree. Participate in workshops or seminars specific to your career.

Skills and Traits Math skills Communication skills “People” skills Computer/ Technology skills Decision-making/ Problem-solving skills Math skills Communication skills “People” skills Computer/ Technology skills Decision-making/ Problem-solving skills Creativity Enthusiasm/ Good attitude Trustworthiness Flexibility Self-confidence Creativity Enthusiasm/ Good attitude Trustworthiness Flexibility Self-confidence

 Throughout the next week, try to notice business careers wherever you go.  The restaurant manager at the diner where you always eat breakfast  The payroll clerk who hands you your check at your part-time job  The banker who cashes that check  In your notebook, keep track of all the business careers you encounter.  What types of skills and personality traits did each person exhibit?  What careers appealed to you?  How many might you encounter each day?

 She wants an online business degree.  She has limited funds.  School she finds: Kathleen’s Dilemma  Inexpensive  No homework or tests  Unclear accreditation  What should she do?

Acknowledgments Original Developers: Lelia Ventling and Sarah Bartlett Borich MarkED Version 1.0 Copyright  2007 MarkED Resource Center

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