Skills in Employability and Consulting - Case Study Example

Lecturer Skills in Employability and Consulting The discussion compares two categories of skills in the financial market of the United Kingdom. These categories are generic skills, and specific skills. The skills are compares across three companies in the three financial categories. These financial categories are; asset management, fund management, and investment banking. The asset management company analyzed is Aberdeen Asset Management. The fund management organization studied is the Rathborne’s Fund Management. Green Investment Bank is the investment bank that is analyzed in the comparative discussion. The generic skills illustrate the character skills and the meta-skills. The transferable and high order skills are very common in the complex activities like financial management. The generic skills are applicable across different fields or sectors. The skills type enables people to adapt and appropriately apply the specific skills in new circumstances. Examples of the generic skills are; problem solving, persistence, communication, and flexibility. The specific skills are mostly used in the specialized fields like accounting, economics, finance, or information technology. One example of the specific skills is competency in Financial Management Systems. Generic Skills The asset management industry requires competent employees, who possess the skills needed for success in the competitive asset management sector of the economy. Companies in this sector, like Aberdeen Fund Management, thus strive to ensure that the staff recruitment and selection process is tailored towards choosing employment candidates with the desired skills levels (Gregory 2011). The main generic skill in asset management is the high reasoned decision making abilities. The asset managers must possess knowledge and experience on how to conduct feasibility studies, generate reports, and effectively recommend on proper acquisition and disposal of assets of the clients. The asset manger must adequately understand the management of individual assets, and the effects of the individual assets on the financial processes of the entire portfolio. The management of Aberdeen Fund Management, therefore, ensures that the staffs have adequate reasoned decision making skills. The investment banking sector also requires generic skills. One of the skills is high intelligence. Employees with strong intellect have great competencies in the areas of economics, mathematics, and analysis. Intellect curiosity is also important, because it enables individual employees or work teams to generate new ideas that enhance performance of the investment banking products. Relationship building is also another example of generic skills in investment banking sector. Relationship building is important in improving teamwork within the Green Investment Bank, and also improves communication and relationship between the staffs of the investment bank and the clients (Michel 2012). Fund management sector applies generic skills to improve productivity. Rathborne’s Fund Management ensures that all employees have effective communication and reporting skills. These skills are very critical in realizing effective and efficient information flow among the various stakeholders of the company, especially between staffs and clients. The fund manger must continuously provide information to the clients (Edwin & Martin 2014). This will enable the client to better understand the financial position of their investment funds. The fund manager also periodically justifies their financial decisions and plans on the fund management portfolios, to the entire organizational stakeholders. Specific Skills The three companies have specific skills that are critical for their success. Aberdeen Fund Management, the asset management company, requires employees who are very competent in financial modeling. The asset management sector of the economy requires staffs that have adequate knowledge and experience in financial modeling. Financial modeling skills enable the asset managers to effectively predict the value of assets, and thus enable the clients to adequately understand returns for their asset investments. The financial modeling skills also enabled the asset manager to understand the best strategy that can be applied, to yield high revenues and profits (Gregory 2011). The company has a training program that enabled employees to upgrade their knowledge in the area of financial modeling. The most important specific skills required in the investment banking sector is entrepreneurial skills. The investment banking sector is very rigorous. Therefore, the ability of being creative is very high, especially in the development of new investment products that are attractive to the clients. The high entrepreneurial skills also ensure that the Green Investment Bank is very innovative, especially in the area of enhancing customer satisfaction levels. Highly performing investment bankers must be able to generate solutions, through investment approaches that are pioneering and effective (Michel 2012). Rathborne’s Fund Management illustrates critical specific skill that improves success in the fund management sector. One of the critical skills is effective skills in financial management systems. The financial management systems apply information technology in the effective management of financial information. Financial information processing is very necessary in realizing sound and superior fund management processes. The financial management systems also link all organizational stakeholders and, therefore, make communication between them very smooth and timely. The customers are able to access real time data on the value of their invested funds, and the forecasted level. Together with the advice of the fund manager, the clients are thus given adequate opportunity and information of making wise fund investments decisions. The rationale for choosing the asset management industry is adequately discussed. The asset management sector of the United States is very diverse and presently showing high growth rates. The major areas of asset management are; financial, infrastructure, public, and enterprise asset management. Asset management portfolio covers all sectors of the economy, because almost all business organizations have individuals or forms that manage all their assets. Assets management is critical in the economy; because it oversees the usage of wealth ownership instruments that rea very important in the American economy. I’m really interested in interviewing three individuals who are professionals in asset management, in companies such as J. P. Morgan Asset Management. The first person is the portfolio manager. The portfolio manager is responsible for illustrating various asset management products available in the market; for example asset appreciation. The second professional is the Asset Management Consultant. The consultant provides advice to the clients on the most attractive asset investments; for example, real estate investments. The third person that I intend to interview is the Business Development Manager. The manager has the responsibility of ensuring that the invested assets appreciate in value, so as to generate high yield or profit for the clients. Reflective Analysis I possess adequate skills required for effective performance in asset management. The first critical skill that I possess is effective communication. I am fluent in three international languages. These languages are; English, French and Arabic. The effective communication abilities in the three international languages, gives me added competencies required to work in financial multinationals that serve the global clientele. Most asset management companies that operate in the United Kingdom are multinational, and thus serve a clientele that is diverse in terms of religion, language and geographical spread. The second skill that I posses is effective financial trading skills. The financial trading skills adequately enables me understand how to make profitable asset transactions at the international market; for example, appropriate selling procedure that increases the profit margins of the clients. I acquired the financial trading skills in my education courses. Currently, I’m pursuing Masters Degree in the field of global financial trading. The education process has also improved my level of analytical skills; therefore, I possess adequate level of problem solving abilities. The analytical skills give me that ability of understanding the interests of the asset management clients, and guide them on how to effectively realize profitability. However, I need to improve my skills levels in the area of financial modeling. I intend to enhance my understanding in financial modeling, though enrolling for professional training in financial modeling. Financial modeling is important for asset managers, because it ensures proper valuation. I also in tend to improve my team building skill, through establishing adequate relationships and communication network. Asset managers with very many people, and hence the teamwork abilities is very important. Personal Development Plan The personal development plan is SMART, short, measurable, achievable, realistic, and time bound. The first SMART goal entails completing my Master programs after two years. The Masters qualification is very important in illustrating academic qualification in the area of asset management. The second development area entails enhancing team development skills. This will be realized through participating in academic discussion with classmates and lecturers. The discussions are very similar to relationships between asset managers and the clients. Improvement in research skills is also critical for effective asset managers. I have decided to pursue an extra course of statistics, so as to improve my competency in the area of data collection and analysis. The field of asset management requires continuous data collection, analysis and presentation. For example, the customers must be given information on the most profitable asset portfolio, so as to improve investment knowledge. Consultation with the asset management professionals, will also give me the necessary information required to succeed. This is the reason why I intend to conduct interview with three asset managers. The consultation process will aim at illustrating the challenges in the asset management sector, and then discussion the most appropriate solutions. SMART goals Achievement strategy Completing masters in global financial trading Finishing the required course work and research. Improving research skills Pursuing additional course in data collection and analysis. Enhancing team building capacity Participating in academic discussions. Enhancing asset management consultation Engaging in professional interview to collect information. Skills Gap The table below illustrates the skills gap, and the measures taken to enhance or minimize the gap. Skills gap (Insufficient skills levels) Measures to realize adequate skills gap Teamwork Participate in collaborative activities like academic discussions, and professional seminars. Research skills Pursue training in extra training in data collection and analysis. Financial management skills The Masters academic progress provides adequate skills. Financial modeling skills Effective pursuit of the financial modeling course in the Masters program. Customer focus skills Participating in field experience by working part time under professional asset managers. The field experience improves contact with the customers, and hence enhance their customers skills. Bibliography Baird, Gregory. (2011). "Defining Public Asset Management”. Journal of Asset Management. Elton, Edwin & Gruber, Martin. (2014). “Investments and Portfolio Performance.” World Scientific. Fleuriet, Michel. (2012). Investment Banking Explained: An Insiders Guide to the Industry. NY: Mc Graw-Hill. Read More