How to Change Current Career Path Into Different Employment ?
Readers ask how to enter the fields of insurance underwriting, with undergraduate degrees already under their belt. It takes more education.
Finishing an undergraduate degree doesn’t mean the graduate has to stick to that field. There’s no time like the present to get further education and get into a specialized stream of employment, and it won’t cost another degree to do it.
Career in Insurance Underwriting
Q. My name is DF and I am finishing my Bachelors Degree in Business Administration this year and seeking a career in insurance underwriting and would like the proper advice on what to do and how to do things appropriately.
A. Much depends on where you live, as state and provincial requirements change due to local laws. The best approach is to contact an insurance company you would like to work for and ask about their inside training programs. Most will help you through the training program so that they have a new employee at the end of it. Often there are specific career fairs where insurance or investment companies actively recruit potential employees such as yourself – a degree in business makes you a top candidate!
Talk to Someone Already Working in Insurance Underwriting
Ask for human resources when you call, and explain you are looking to become an insurance underwriter, and if there is someone you might talk to at the company to help direct you to appropriate training. Once you have that name, be sure to either email or call them. Either way, explain you would like some information about becoming an underwriter, and if you could please have about 10 min of their time now. Even better, offer to meet them and you will provide the coffee from a local Starbucks or Tim Hortons – who could resist that offer?
Related Career – Financial Advisor, Insurance Claim Adjuster or Appraiser or Examiner
You may also become interested in their programs to be a financial advisor – again, most insurance and investment companies offer company-sponsored training. Many companies will also hire you while you are training through their program.
As well, once you have the necessary training under your belt, you may want to consider becoming an insurance claim adjuster, or an insurance appraiser, or an insurance examiner. Again, the company would train you through their own program. Remember, while there are rules governing these paths, each company can decide it’s own regulations within the laws. The company decides the risk level, etc.
The Insurance Writers handbook (USA) site will help you decide on your path.
If you are looking for a career in banking, then you can choose from an immense number of career opportunities. These have a vast number of options such as client facing, trading, operational and so on. Due to such a plethora of choices, banking is very exciting and a job field that is ever changing. The diverse nature attracts many and as a result of this it is becoming highly competitive. If you decide to pursue a career in banking, you have to keep in mind the complexity of the industry which often leads to various pitfalls. The recent mortgage bubble burst and the collapse of some world leading banks which had to be bailed out by the government has concentrated the limelight on this industry. As a result of this crises, billions of dollars have been lost around the world. The activities that banks take up are being scrutinized now more than what they used to be. As the banking industry is emerging from the abyss it had plummeted to, it is coming up with innovations designed to serve its clientele better and make more money. Thus, for all those looking for a career in banking this is an exciting news as the right kind of work can push you up the first rung of career ladder.
There are four major types of banking which you can choose for your career. These are:
- Retail Banking – Direct dealing with individuals and small scale business owners.
- Private Banking – A service for rich individuals on a one-to-one basis.
- Commercial or Corporate Banking – Offering banking facilities for medium to large enterprises.
- Investment Banking – Assisting clients to raise capital by mainly investing in the capital market.
When it comes to large global banks, they generally deal with all these four verticals. These are often called as universal banks. The services that you would provide include:
- Providing advisory services to corporations for their mergers and acquisitions.
- Trading on stock markets
- Handling the finances of well-to-do individuals
- Managing the risk capacity of investment of wealthy individuals and enterprises.
- Doing restructuring of corporate finances
- Development and marketing of new financial products which majorly includes structured packages for investment.
- Designing new finance related technologies and implementing them.
- Handling daily transactions of individuals such as loans, savings accounts, checking accounts.
If you are a part of a large financial institute, you may find yourself managing internal processes too. These include:
- Handling the own finances of the bank and not just that of other individuals.
- Nurturing and guiding new talent ( a function in the Human Resources capacity)
- Identifying, assessing and mitigating any risks which can arise from their own internal or external processes and trading their own assets.
Thus you can see that banking is a intricate career option to choose which has many possible career paths for you. You should choose wisely the deliver your best.
Unless someone is pretty wealthy, when they are in the market to get a new car (especially if it’s new), there’s a pretty good chance that they’re going to need to make arrangements to have the vehicle financed. And when that’s the case, they are usually going to require a car finance broker. They are the individuals who serve as “the middle man” between the one who wants to obtain a car loan and the institution that will grant it to them.
If this sounds like something that you would be interested in doing and you’d like some information on the steps that you need to take in order to become successful in the field, we have enclosed five of them for you below:
Have the right kind of personality.
In order to thrive in this kind of industry, there are certain kinds of personality traits that you are going to need to have. You need to be professional and courteous. You need to be a great communicator in-person, over the phone and on email. You need to be sympathetic to different kinds of financial circumstances. You need to be analytical and very solutions-oriented. And you also need to spend a significant amount of time studying America’s consumer credit system. Remember, when people come to you, they are going to be looking for you to get them approved for a loan and so you have to be willing to do all that you can in order to make that happen.
Get a college degree.
Although there are some businesses that may be open to hiring you without a degree, because this is somewhat of a competitive market, it really is to your advantage that you have a bachelor’s in something like business or finance. This will definitely serve as a foundational tool to be successful within the profession.
Work in sales or customer service while you’re in school.
There aren’t too many people who don’t find themselves needing to work, at least part-time, while they’re in school in order to help make ends meet while they’re pursuing their education. Well, in order to sharpen your people skills, we recommend taking some kind of job in sales or customer service—even if it’s simply something in retail.
Look for a job as a car finance broker.
Eventually, you may discover that you want to run your own company. However, in order to do that, you first need to establish some reputable connections within the car dealer and car finance industry. That’s why we recommend that you spend at least a couple of years working at as a car finance broker for a company that specializes in automobile financing. If you go to a job search website like Indeed or Simply Hired and you put “car finance broker” in the search field, you’ll find several positions available.
Develop a niche.
Something that can help you to gain even more customers is to spend some time developing a niche. For instance, you might want to work mostly with individuals who have bad credit. Or you might want to specialize in financing exotic cars (like the ones on the top speed website). Or maybe it’s first-time buyers that you would prefer to work with. Just remember that if you are able to perfect a certain kind of clientele, that is what can help you to become an expert in the car finance broker field and quite possibly earn you as much as a six-figure salary. Not bad, for helping others get car financing. Not bad at all.
If you happen to be someone who enjoys working with numbers, you consider yourself to be extremely organized and you don’t mind working in an office environment (or even as a consultant for a company), have you ever thought about either becoming a bookkeeper or an accountant? They are both competitive jobs, the pay is good and they can be challenging yet fun positions.
However, before you start combing the newspaper or internet for bookkeeping or accounting positions, we did want to take out just a moment to share with you some of the differences between both professions; just so that you can select one what will ultimately be the best for you.
So if you’d like to know what a bookkeeper does vs. an accountant, please keep reading.
The Role of a Bookkeeper
When a company is looking for someone to keep up with its financial books, there’s a pretty good chance that they will either hire or contract a bookkeeper. With the help of a software program like QuickBooks, bookkeepers are able to record business transactions, keep up with accounts payable, inventory and sometimes, they are also in charge of handling payroll. They are usually also required to turn in either monthly, quarterly or annual reports of the work that they’ve been doing. As far as the educational requirements that you need for this position, while not all employees will expect you to have a four-year degree in business or accounting, an associate’s degree (a two-year program) is strongly desired. Also, working to obtain a national bookkeeper certification (from the American Institute of Professional Bookkeepers) is preferred. This is something that you can apply to get after having two years of working experience as a bookkeeper and having the certification helps to make you a major contender when applying for a bookkeeping position.
The Role of an Accountant
An accountant is a level up from a bookkeeper. Although they can do the duties of a bookkeeper, their focus is more driven towards strictly dealing with a company’s finances by preparing detailed reports and also helping them to prepare their finances. As a matter of fact, if an accountant works to become a Certified Public Accountant (CPA), they are also able to represent a company when it comes to dealing with the IRS as it relates to some kind of tax issue, including an audit. In order to land an accountant job, you will need to earn your four-year degree, preferably in accounting. And although you are not required to be a CPA in order to have an accounting job, by passing that exam, it does give you a certain level of credibility within the industry along with a substantial pay increase.
No matter which profession you choose, you will need to be patient, analytical, organized, have strong math skills and willing to sometimes work long hours (especially during tax season). But if you feel like you have the right traits for either position, it’s definitely something to strongly consider. For more information on how to become a certified bookkeeper, visit certifiedpublicbookkeeper.org. For more information on how to come a certified accountant, visit CPAExam.com.