Path to be a Financial Planner - Annotated Bibliography Example

The Path to Be A Financial Planer Before I entered the college, I have never seriously considered my career. In fact, I do not know what I want to do with the future work. My father is a businessman who owns a small Private-owned company, and he wants me to be a government official, because businessman is at a disadvantage in China. However, my father made me confused with choosing which career, because I don’t want to be an official as the salaries of officials are considered low in China. It is also common in China that public officials become corrupt and take bribes, because they earn a little salary that is not fitting with their identities. That is true, and I don’t want to be a corrupt official. Before I went to this school, I realized that I had to think of something good as I must decide to choose a major which is related with my future career. After much consideration and consultation with my parents, I finally chosen finance and investment. I decided to learn business not only because of my father who is my idol as a businessman, but also because I believe it can offer you higher salaries that could allow me to live a comfortable life. However, the question of choosing the major was still an issue to b resolved. The most conversant career that I know is the financial planner. In high school, my teacher Mrs. Fang in China informed us a lot of about our majors. Of course, I heard a lot about my profession which I am most interested in. She told us the major subject always provide you an opportunity to train as future professional financial planners in the after graduation. We can work at security companies, insurance companies, banks, investment advisory companies, asset management companies, futures companies, fund companies, and other financial enterprises as financial advisers, financial planners, industry analysts, account managers, counter staffs, and other positions in the company can operate within the financial planning process. Furthermore, my teacher told me that it is easy to find a job as a graduate who learns the finance major. Among them, I selected financial planner. However, it is still difficult for me to decide to be an entrepreneur or an employee. At the time I chose my major, I decided to study in America as it is easy to find a job. Then I successfully entered the university, and was admitted to the major I am now - finance and investment. However, the cost of learning in America shocked me. Calculating the cost of $477 per undergraduate credit hour, I would pay $ 14,306 just in tuition as a full time student, and the total fee would be $ 26,716 for living on campus (Tuition 2010-2011). For getting my bachelor degree, the total fee would be close to $ 100,000. Although my father said he would pay all of these because of the Chinese’s culture that parents pay all fees for their children, I need to think about whether it is worth or not. In fact, I must get the degree, because in the future knowledge is very important. If I wanted to be an entrepreneur, having a bachelor degree would be enough for me. People know Bill Gates dropped out of Harvard University for working in his own company as an entrepreneur. I thought maybe I could be a person like him, so I could cut down expenses on tuition fees. However, after I learned Management 101, I gave up with my idea of being an entrepreneur. The eight characteristics of entrepreneurs are vision, high energy level, need to achieve, self-confidence and optimism, tolerance for failure, creativity, tolerance for ambiguity, and internal locus of control (Kurtz, 194-198). Most of them are not owned by me; Moreover, I don’t have capital to set up my company. As a result, I gave up the idea of being an entrepreneur. Although I couldn’t be an entrepreneur, I could decide whether to be an employer who have a bachelor degree or master degree. Financial planning requires a bachelor’s degree or higher from an accredited college or university, and is needed to attain CFP® certification (Rose). However, a person who owns a master degree is easy to find a job with high salary in Well-known Enterprises. According to Tuition 2010-2011, the cost of per undergraduate credit hour is $556.35 in Purdue Calumet (Tuition 2010-2011). I would pay $ 15,577 just in tuition as a full time student, and my total fee would be about $ 28,000 for living on campus. If I took a part time job in campus, I would pay about $ 20,000 per annum. It would be much cheaper; also, my father will pay it for me. Sullivan said, “The survey reports that junior financial planners with one to three years experience earn about $48,500 each year”. It means I could earn the fees of two years for just working for one year. It’s a good deal for staying at school to learn for a master degree. The next thing is to pay attention to this professional financial planner. A Qualified financial planner offers expert advice to his clients in terms of managing their money. A financial planner therefore offers his clients a expert opinion as to what are some of the risks involved in any investment, which investment can be profitable and where the client should invest his money in order to take maximum benefit out of it. It is also important to note that the financial planners need to be qualified in order to offer such advice. With the development of Chinas economy, families, companies as well as enterprises have an increasing number of idle funds needed for efficient investment in order to get higher returns. The method about how to make money be safe and achieve high returns caused the emergence of a new career - financial planners. America also needs financial planners. According to Sullivan, “Nearly half of financial planning firms report they plan to hire additional staff in the next 12 months”. In this way, we can see there is a lot of demand for financial planners no matter in China or America. Then I found my professional idol who is a called Mr. Wang who works in the Chinese-American Banking. Mr. Wang helped me see the problem which is I am not a good financial planner in my life. I am not able to manage my assets in good order, then how could I manage other’s assets? How can I become a qualified financial planner? After the appointment with Mr. Wang, I began to think about my problem, and try to find a way to solve it. First I need to know what financial management is. By research, I know financial management is a way of life, and it comes from living life to serve the same time. The value of a financial planner was embodied in practice. A competent financial planner should be able in practice to create the most value for customers, and help customers make financial arrangements that can be recognized by customers. Then I followed two steps. First of all, I want to lay a solid knowledge base. Financial management is a wide caliber of professionalism, covered knowledgeable, which is not only having economic, financial and other basic knowledge, but also needed to understand the financial industry and the collections, real estate and other related subjects. The second is to enrich my social experience, like learning a little psychology to understand interpersonal skills. I must learn to tap the real needs of customers inside, and learn how to communicate with others. The real needs of customers tend to show its not the same language with the needs they show in the second. How to identify the real risk of customer orientation is the knowledge does not come from books. Of course, the other two important things that I should focus are to finish my Bachelor and Master degree, and passing CFP® certification examination. I believe these two things are not difficult to me, just try my best to accomplish my school work is enough. In recent years, the subject of bank management with new management tools and management techniques developed rapidly. According to my parents, in 2008, the global financial crisis has a great impact on Chinas financial industry; especially those of us appear to be "untimely" financial students. Nevertheless, I think this has a great role in promoting one aspect of the improvement of Chinas financial industry, and qualified people are more easily come to the fore. As a result, my future career prospects are full of both opportunities and challenges. Fortunately, I have a very long time for achieving my dreams effort. I believe my dream job is under the guidance of my career goals in life - become a financial planner, who eventually experienced numerous difficulties and frustrations to see the rainbow in the future. Works Cited Kurz, David L., and Vivian, Young. Contemporary Business. South-Western: Neil Marquardt, 2009. This book provides a very good understanding of how the contemporary business works and what are some of the new strategic tools available to the firms to apply and achieve their competitive advantage. Tuition 2010-2011. University: Academic Catalog 2010-2011.Print. Fang, Fang. Class Lecture on choosing your major. First High School in Liaohe Oilfield. Spring 2007. Lecture. Rose, Jeff. “How To Become a Certified Financial Planner.” GoodFinancialCents. 3 August 2009. Web. 3 November 2010. This source provides enough and rich information regarding the process to become the certified financial planner. Sullivan, John. “FPA Releases 2010-2011 Financial Planning Salary Survey.” AdvisorOne. 17 September 2010. Web. 3 November 2010. This is a good source to provide an insight into the overall salary and earnings which financial planners are making. 17 September 2010. 17 September 20 John Sullivan. 17 September Read More