1 Lecture 16 Lecture 16 CAREERS IN BUSINESS

2 STUDENT LEARNING OUTCOMES 1.Identify the career field and business specialization in which you’re interested 2.Provide typical job titles and descriptions for your career field 3.List and describe the IT skills you need to gain while in school

3 INTRODUCTION oBusiness people must possess multiple acumens oYou can’t just focus on marketing, for example oYou need skills in all areas oOne important area is information technology (IT)

4 ACCOUNTING oLanguage of business oAccountants communicate financial information oAccountants must understand all areas of business

5 ACCOUNTING oFive broad accounting areas –Public practice –Industry –Government –Non-profit –Education

6 Accounting Jobs oChief financial officer – usually a VP; responsible for all accounting/finance oManagement accountant – records and analyzes the financial information of the organization oEnvironmental accountant – helps businesses understand their environmental costs and factor those costs into decision-making processes

7 Accounting Jobs oGovernment agent – frequently a law enforcement officer; prepares materials for prosecutors and testifies in court oInternal auditor – ensures that company policies are followed oPublic accountant – performs a broad range of functions/consulting functions for variety of clients oTax accountant – tax planning and tax return preparation

8 IT Skills for Accounting oAccounting information systems – all are computerized oDatabase management – all accounting information is stored in a database oDatabase design – must understand database design to follow transactions

9 IT Skills for Accounting oWed research – for consulting rules and regulations oSpreadsheet modeling – for extensively analyzing financial transactions and projections oNetwork security – for security of information and financial assets

10 ACCOUNTING

11 ACCOUNTING

12 FINANCE oAn important part of all decision making oTracks include corporate finance, banking, and investments oDraws from three disciplines –Accounting –Economics (especially micro-economics) –Statistics

13 Finance Jobs oCorporate treasurer – controlling the cash needs; invests surpluses and acquires cash for shortfalls oCorporate financial analyst – aids in investing corporate resources oBank loan officer – provides funds for individuals, small businesses, and large corporations

14 Finance Jobs oTrust officer – works with personal estate trusts and bond issuers oSecurity analyst – provides investment information to individuals and institutions oPortfolio manager – works for institutions such as mutual funds or insurance companies

15 Finance Jobs oStock broker – works primarily with individuals to aid in investment in stocks and bonds

16 IT Skills for Finance oSpreadsheet modeling – advanced knowledge here is essential oStatistical packages – for measuring the risk inherent in a project oDatabase management – all finance information is stored in a database

17 IT Skills for Finance oInternet and Web portals – for providing investment information to investors oSearch engines – for accurately and efficiently gathering information oTechnology strategy and innovation – for creating new customer self-service systems

18 FINANCE

19 FINANCE

20 HOSPITALITY & TOURISM MANAGEMENT oOne of the world’s largest and most diverse industries oBy 2007, $7.1 trillion in this industry, employing 8.3% of the world’s population oEvery academic discipline is in hospitality & tourism management

21 Jobs in Hospitality oGeneral manager – oversees the entire operation (theme park, hotel, etc) oController – responsible for accounting and financial aspects oDirector of sales and marketing – sales and marketing activities and group business

22 Jobs in Hospitality oDirector of human resources – for all staffing and team building oDirector of room operations – for all guest services in a hotel oRevenue manager – responsible for setting rates, restrictions, and selling strategies

23 Jobs in Hospitality oFood and beverage manager – responsible for purchasing these items and point-of-sale systems; culinary expertise is a plus oIT manager – oversees the various computer systems in the organization

24 IT Skills for Hospitality oPersonal computer applications – essential for this industry oHospitality-specific applications – much vertical market software in this industry oDatabase management – databases are the underlying technology in this industry

25 IT Skills for Hospitality oDSS/EIS – for analyzing and interpreting information and making decisions oElectronic commerce – effectively and cost- efficiently reaching consumers and serving them oDistribution channel management – for managing all suppliers to the operation

26 IT Skills for Hospitality oCustomer relationship management – the guest is the primary reason for being in business oIT strategy – for aligning IT with the business strategy and allocating resources

27 HOSPITALITY & TOURISM MANAGEMENT

28 INFORMATION TECHNOLOGY oWhat this book is all about oIT specialists must know IT, for sure oThey must understand all aspects of business to successfully build and apply IT solutions

29 Jobs in Information Technology oProgrammer – writes software in a programming language (C++, ASP, etc) oBusiness analyst – gathers system requirements from end users oDatabase design/developer – creates database solutions for IT systems

30 Jobs in Information Technology oWeb Services expert – builds network-based IT systems using.NET, J2EE, etc oNetwork engineer – designs, develops, implements, and maintains IT networks oData warehouse analyst/developer – creates data warehouse solutions for decision-making activities

31 IT Skills for Information Technology oProgramming languages – these are for writing software oDevelopment platforms – integrated environments for developing IT solutions oDatabases – the heart of any information management activity

32 IT Skills for Information Technology oData warehouses – for supporting decision- making tasks and business analysis activities oNetworks and security – hardware technologies and communications protocols oMultimedia tools – for information not in textual or numeric form

33 INFORMATION TECHNOLOGY

34 INFORMATION TECHNOLOGY

35 MANAGEMENT oCritical to shaping the future of a business oMust be well-educated, creative, and effective oThe most eclectic of all business disciplines oFound in every business and in every industry

36 Jobs in Management oProject manager – developing strategic and tactical plans for all projects oRetail manager – day-to-day management of a department or store oBusiness development manager – developing meaningful and profitable relationships with business partners

37 Jobs in Management oHuman resource manager – deals with hiring, promotion, and termination and hopes to increase job satisfaction oSupply chain manager – managing and improving the supply chain of products and information

38 Jobs in Management oManagement analyst – defines nature and extent of problems and develops solutions oEntrepreneur – begins a small business and becomes his/her own boss

39 IT Skills for Management oDatabase management and integration – as all types of business information are stored in databases oInternet and Web portals – for finding and accessing information oSpreadsheets – for organizing work, calculating value, developing graphs and charts, and comparing costs

40 IT Skills for Management oEnterprise resource planning – for communicating and sharing information corporate wide oGeographic information systems – for understanding and working with spatial information oElectronic commerce – for B2B and B2C success

41 MANAGEMENT

42 MARKETING oIncludes product development, advertising, PR, promotions, and sales oSell a company’s products and services in a profitable way oMust know CRM, SCM, statistical tools, etc

43 Jobs in Marketing oCreative marketing specialist – designs marketing solutions for all media types oMarketing coordinator – manages and directs marketing and ad campaigns oAccount manager – manages large accounts, with often only one customer

44 Jobs in Marketing oMarket research analyst – designs, implements, and analyzes information from market research instruments oMarket development manager – defines and develops new market opportunities oBrand manager – drives branding strategies and external communications

45 Jobs in Marketing oProduct development manager – from customer insights, drives product specifications and quality oProduct manager – works for profitability within a product line

46 IT Skills for Marketing oCustomer relationship management – because marketing is the primary interface to a customer oBudget analysis/impact software – to determine product feasibility oDatabase management – for working with vast amounts of information in a database

47 IT Skills for Marketing oData warehouse and data-mining tools – for aggregating and analyzing large amounts of information oCommunication support software – for all types of communication oDesktop publishing software – for developing high-quality ad copies, etc.

48 MARKETING

49 MARKETING

50 PRODUCTION & OPERATIONS MANAGEMENT oProduction, manufacturing, warehousing, and transportation of products oAlso scheduling in many industries oVery technical and rewarding field

51 Jobs in Production & Operations Management oProduction scheduler – usually in manufacturing for scheduling operations and flows oInventory manager – facilitates planning for and procuring inventory items oQuality assurance analyst – ensures quality assurance/control guidelines are met

52 Jobs in Production & Operations Management oPurchasing manager – works with suppliers to develop low-cost acquisition of high-quality materials oOperations analyst – recommends how to optimize business operations by reducing costs

53 Jobs in Production & Operations Management oStatistical/research analyst – analyzes operations to improve a company’s operations oLogistics analyst – develops optimal solutions for logistical issues (cargo weights, transportation, etc)

54 IT Skills for Production & Operations Management oStatistical tools – the most important tool set in this career oAdvanced DSS spreadsheet features – for developing and analyzing optimal solutions oSupply chain management – to integrate internal operations to maximize customer value

55 IT Skills for Production & Operations Management oProduction and inventory control software – for minimizing internal production and inventory costs oMaterial requirements planning software – for optimally modeling all operations

56 IT Skills for Production & Operations Management oData-mining tools – to understand relationships inherent in massive amounts of information oScheduling software – for optimal scheduling of business resources

57 PRODUCTION & OPERATIONS MANAGEMENT

58 PRODUCTION & OPERATIONS MANAGEMENT

59 REAL ESTATE & CONSTRUCTION MANAGEMENT oNot limited to residential real estate o$3 trillion per year industry oResidential, office, retail, industrial, and many other property types oHow real estate assets can add to bottom line profits

60 Jobs in Real Estate and Construction Management oCommercial real estate loan officer – soliciting and servicing commercial real estate loans oCommercial real estate appraiser – examines and evaluates commercial property to estimate fair market value

61 Jobs in Real Estate and Construction Management oProperty manager – responsible for financial and physical maintenance of properties oReal estate development manager – acquires property for development or redevelopment oReal estate development rep – assists in acquisition of property

62 Jobs in Real Estate and Construction Management oConstruction manager – responsible for overall management of construction projects oConstruction field superintendent – oversees daily construction activities at a work site

63 IT Skills for Real Estate and Construction Management oInternet and Web portals – for virtual project sites and sharing documents oGeographic information systems – for analyzing and selecting sites oDatabase management and integration – for accounting, lease administration, finance, property management, etc

64 IT Skills for Real Estate and Construction Management oSpreadsheet modeling – for discounted cash flow analysis, ratio analysis, etc oComputer aided design (CAD) – for the digital imaging of architectural designs oProject scheduling – for construction project scheduling and monitoring

65 IT Skills for Real Estate and Construction Management oAutomated valuation – statistical and other analyses to automate the loan underwriting process oCustomer relationship management – combines contact, calendar, schedule, and client information

66 REAL ESTATE AND CONSTRUCTION MANAGEMENT

67 REAL ESTATE AND CONSTRUCTION MANAGEMENT

68 End of Lecture