Employment

How to Land a Job in Finance Fresh Out of College

The financial industry is notoriously difficult to break into. Being a recent graduate with no real work experience makes it even more difficult. However, it is not impossible. Prepare yourself now so you can land a great job in finance shortly after graduation.

Start Preparing Yourself Now

Preparation is key to developing yourself into an attractive candidate. The following steps will prepare you to find your ideal job in finance once you have graduated.

  • Have a Vision for Your Career. Take time to figure out exactly what you want for yourself. Consider if the financial industry is right for you. If you decide it is, specify which role in this industry you would like. Do you want to be an equity trader, a financial analyst or an account manager? Creating a vision will help you take consistent steps towards realizing it. It will also help you decide which degrees to pursue. You may find that your bachelor’s degree will help you get started but that you will eventually need to earn a master of science in management onlineto advance.

  • Embrace the Right Major for You. Deciding on the right major will be one part of your vision, but its importance must be emphasized. You must be positive that your chosen degree will help you advance your professional goals. Kristi Hedges, a reporter for Forbes, suggests that you fully embrace your major once it’s been declared. Be passionate and enthusiastic about your degree. Hedges suggests that a passionate student will become a passionate candidate when interviewing for jobs — an incredibly attractive quality.

  • Never Stop Networking.According to Forbes, the most valuable skill a student can develop is the ability to network. Forbes suggests that you should request meetings with every relevant professional you meet. During these meetings, you should explain your career vision to them. Ask who they would suggest you meet with to accomplish your vision, and reach out to the people they provide. Follow up and let them know how the new contacts have helped you. This practice will help you establish a solid, professional network. Forbes also states that most people get jobs through connections.

Make the Most of Your Internships

Internships are the backbone of breaking into the finance industry. This means that having an internship will not differentiate you from other candidates. According to Investopedia, maximizing these internships is essential to finding a job in finance.

  • Intern Every Summer.If you just graduated high school and are about to start your bachelor’s degree, use the summer to intern. If you do this every summer during your undergraduate degree, you will have five internships once you graduate. You will receive professional advice while you intern, and you will be able to refocus your vision after each internship. You may discover that you will need to earn a masters of public administration online after you receive your bachelor’s degree, for instance.

  • Learn the Terminology. Some interns have a tendency to lack passion for their internships, largely because they are given low-level jobs. However, use these opportunities to learn the terminology of the financial industry. You will be in direct contact with professionals who will gladly teach you the terms you need to know.

  • Diversify Your Experience.Many interns are tempted to repeatedly intern at the same firm. However, this will limit your marketability after graduation. Investopedia suggests that interns seek internships at different types of firms. Intern at a stock-trading firm one summer and a wealth-management firm the next. You will discover which area of the financial industry is the best for you and have a variety of experience to discuss during a job interview.

Hard Work and Dedication Are Requirements

It will take years of effort and preparation to land a great financial job immediately after graduation. You will need to relentlessly network, intern every summer and be passionate about your chosen field in order to be considered an attractive candidate.

About the Author: George Russell is a contributing writer and financial analyst who recently returned to school for his master’s degree. He was fortunate enough to find his ideal job right after graduating with his bachelor’s degree.  

Image Source: http://www.123rf.com/photo_5632061_view-of-busy-stock-traders-office.html

Money Management

What Is Income Protection?

Income insurance provides coverage for people who find themselves unemployed. In a typical Income Protection plan, you are protected under instances of unemployment, sickness, and accidents. The insurance plan is designed to offer protection up to 70% of the person’s gross salary. The coverage replaces your salary as a tax-free amount so that you don’t have to go through financial hardship while you cannot work.

Why Should You Take Income Protection?

If you feel your current job does not provide a strong level of security, you have dependents, or if you are self-employed, good Income Protection plans are offered by most insurance companies, whilst some specialise in this area of insurance such as www.freedominsurance.com.au. Income protection is a very useful product for anyone who would like to secure their salary so that they don’t end up falling behind on their payments and other expenses.

How Long Does It Last?

The longer you want a policy to have the provision pay for a certain benefit term, the higher the premium will be. There are plenty of short-term policies which are designed to provide you with payouts in case you are not able to work for a set period of time. This is usually between 6 months and a year.

The Long-Term Policies

You can always compare policy terms up to as much as 75 years. However, remember that many plans only provide cover till the time you retire, which usually lasts till one reaches the age of 70 years. Usually, people choose a set period of time that is linked to the expected repayment date of another financial agreement, such as the mortgage on the house. You may not be tied to the policy for as long as that, but you can still keep on paying premiums every month for the protection to remain in your name.

How Much Insurance Cover Is Offered?

How much cover you need depends on the circumstances. It is important not to under or overestimate this amount. There are tons of ways you can get the correct income protection that fits your bill. Even though you can secure up to 70% of your income for your coverage, you can always opt for a lower percentage. This means that your premiums will be lower.

Many insurers offer you the option of also protecting the benefits you are offered during the time of employment. If you choose an Insurance Protection plan through your current employer, you should know that if you choose to leave the place of employment, your insurance protection will end with it. Therefore, be sure to consider self-insuring your income as this way, you will be able to pay premiums no matter where you work or how many times you switch your job.

If you are convinced that this insurance plan is for you, there is one last thing you must know. Even though everyone is looking for ways to save funds for a rainy day, there is a significant amount that can be matched for that sort of payment through a range of policies such as life insurance, income protection, and illness cover.

Investing

Know Your Currency Trading Hours

Forex trading occurs on a 24-hour basis. However, trading sessions skips from one country to another with a few overlapping sessions. One of the most crucial factors in online forex trading is choosing the right currency trading hours depending on the specific currencies that you are focusing on.  The forex trading market is continuous and there are many opportunities to trade within the twenty-four hour period.

There are generally three trading sessions during which the dominant currency of the regions is mostly actively traded. The Asian trading session is usually in-line with business hours in Tokyo where the Japanese Yen is the most active. However, the Asian trading sessions have been noted as the least active of the major trading sessions. If you were focusing your trade on this currency, the best time to monitor and even make orders would be during Tokyo business hours.

The European trading session partially overlaps with the Asian trading session. It is considered the best session to trade because a large amount of forex transactions take place during this session and economies in both eastern and western hemispheres are active.

Second to Europe in trading volumes is the USA trading session, especially during New York Business hours. Up to 19% of forex, transactions occur in New York. The New York and London trading sessions also overlap for at least four hours. The overlapping sessions bear the highest trade volumes and equally high chances of making huge gains in forex trading. Trading currency pairs of currencies associated with the two overlapping regions, such as the USD/EUR, is most profitable at this time.

Other less dominant trading session include the Australian trading session during Sidney business hours.

Your broker will open a trading platform within a certain time frame depending on your location on the globe. It is advisable to use the Universal clock to choose your peak trading hours rather than using your broker platform time since it is often irrelevant. You can find the Market Hours Monitor online that indicates all the various trading sessions in different regions for all trade currencies. 

Money Management

Don’t Make Payday Loans a Scapegoat

Payday loans are the fastest way to get cash before your payday and the best way to get financially ruined in no time. People often forget that any money borrowed from a payday lender will generate high interest rates that summed up to an already existent debt, make payday loans a heavy load to pay off.

If you are already trapped in a debt circle resulting from credit cards, mortgages or another type of loans, you do not really need to add a payday loan to this circle, but find suitable alternatives for your imminent money need. There are at least four alternatives to a payday loan that might be the answer to you are looking for, so simply analyze them and decide yourself which is the best in your particular case.

Negotiating

The most viable way is talking to your creditors and asks the possibility to extend your due date. Okay, you need money, not refinancing or similar thing, but this way you can take the money that you reserve to repay your debt, assuming that you have this money available in a savings account or somewhere at home. There are two possibilities here; on the one hand that you really need the payday loan to repay other debt. In this case, a creditor can extend the due date without reporting to the bureau or charging a penalty for late payments, thus removing the need to get cash advance. On the other hand, you might have never thought to put aside any money to repay your debt, living on a paycheck to paycheck basis.

Credit Cards

However there is a second alternative here, as long as you need the money to buy something or that your credit card grants you access to cash advance. Yes, using your credit card to pay for items is cheaper that borrowing money from a payday loan. However getting a cash advance from a credit card (when allowed) is costly than paying for goods at the time of purchase, although both of these solutions into one financial instrumental will always be cheaper than a payday loan, and some banks give a few days grace period to repay cash advances before interest rates apply.

Family or Friends

The third alternative to payday loans is not always suitable and not always impossible; which is to borrow money from a family member, friend or even your neighbor. Perhaps this last thing will only give you nothing more than a few bucks, but sometimes a few bucks can make a difference. However family members or friends may have your money solutions in their hands and it is about daring to ask them. The main advantage is that they may lend with no interest rates, but there is a risk factor involved here. Money is often responsible for broken relationships, so if you are unsure of your financial capability to repay their money in a timely manner, you will do better select another alternative. Be honest about your financial situation when talking to them and never promise without having the certainty on what you are saying.

Reevaluate Expenses

Perhaps the fourth alternative is the best of all of these; cut down on your bills. Depending on how much money you need, you can cut out some services that you do not need, or you can delay the payment without being reported to bureau if your delay does not exceed past 30 days. If you cannot live without paying your carrier the extra module that enables you to text your friends beyond the limit of you cell phone plan, for instance, then try to cut out the amount of beers that you drink. Tighten your belt for a month or two will not hurt and can give you the extra cash that you need, or can be an “extra” income if you keep reducing expenses consistently.

There are several other alternatives to payday loans, but these are some of the easiest solutions that you can find.

Author Bio: Noel Finlay works for FastCash.org a company that provides information on quick loans. 

Investing

Is Investing In Precious Metals A Rewarding Investment?

Saving a few bucks out of the hard-earned money and investing it for future returns’ sake is every earner’s dream. There is a host of popular investment options for investors such as real estate, stock shares, and mutual funds. Similarly, there is a significant fraction of people who like to invest in strong performing global currencies. Aside from that, investing in precious metals too is considered as a good way to generate significant returns on your savings from a long-term perspective.

Gold, silver, and platinum are the most sought-after popular options when it comes to investing in precious metals. The gold and silver prices for 2017 are likely to maintain precious metals as therelatively less-risky option as compared to other areas of investment. This is because they are less prone to suffer the consequences of the economic market decline and their prices tend to hike, even when markets and oil prices are crashing and the value of leading currencies is falling due to economic recessions, as observed in the economic recession of 2008.

Modes of Investment

Generally, there are two methods of investing in precious metals. The investment can either be made in the form of jewellery or coins or in the form of Exchange Traded Funds (ETFs). ETFs are special stocks whose prices are determined as per the current value of the metal. ETFs are similar and equal to investment in the form of metallic coins or jewellery in terms of returns and benefits.

The Pros of Investment

Precious metals are considered as a good investment since their price trends are generally upward inclined. Even if certain factors such as increasing interest rates or the price of US dollar casts an adverse impact upon the price of gold, silver or platinum, the pricing patterns of these metals have a great tendency to absorb the shock and resume their upward inclination.

Precious metals are a physical commodity, unlike stock shares which are an abstract paper investment. This provides the investor an enhanced sense of security. Furthermore, these precious metals are limited commodities and despite their consistent production through mining, neither will they ever be available in abundance in the market and nor will they be generally affordable for everyone. This eventually implies that these metals will retain their value and preciousness, and their prices will incessantly increase over time.

The Cons of Investment

Aside from the multiple plus points that make precious metals a promising investment choice for investors, the investment comes with certain downsides attached to it. The prices of gold, silver, and platinum are determined on a daily basis. These price trends are extremely volatile in short-term perspectives, and the fluctuation in prices may reach up or fall down by as much as up to 50% in a single year, as observed in the recent decades.

In a nutshell, investing in gold, silver or platinum can be a wise decision provided you do it with some prior research. Before making the investment, it is essential that you get some expert advice about the market trends and forecasts to get a realistic insight into the efficacy of investment and the market drivers that might affect the value of these metals.