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Career Explorations - Business & Finance
About This Cluster:
The rapidly growing information technology (IT) field offers thousands
of career opportunities in industries such as financial services (which
includes banking, accounting, insurance and international business)
and in the business of health care administration and management. Computer
programming, networking and technical support jobs are growing and offering
high salaries and excellent benefits in Connecticut.
In addition, businesses found in other career clusters, such as manufacturing
or media, need people with business and financial skills in order to
keep their companies running smoothly.
Types of Jobs and Where They Are
- Analysts review and analyze information as well as perform
qualitative and quantitative data analysis.
- Administrative Support personnel provide administrative assistance to other workers. Support
personnel include administrative assistants,
filing clerks, receptionists, secretaries and other positions.
- People
in Accounting perform related functions in the areas of auditing,
billing, collections and systems. They ensure timely and accurate
completion of the reporting cycle.
- Legal and Regulatory workers
research, interpret and monitor state and federal regulations. They
monitor laws and plan legal strategies
to meet the needs of their organizations and customers.
- Information
Technology professionals design, adapt and implement technology
applications to meet the needs of their customers or other employees.
They develop new computer software programs and computer
networks
and design Web sites. They usually provide businesses with
technical support or may develop new products and services for the
Internet.
- Sales and Marketing people identify product and market opportunities,
communicate these opportunities to customers, sell the products
or services, address customer needs, and ensure customer satisfaction.
Managers in sales and marketing formulate marketing sales
policies; plan, organize and execute advertising; and create public relations
activities for their departments or organizations.
- Financial
Professionals plan, organize, direct and monitor the money-making
activities and expenses of their organizations or clients.
- Investment
Specialists advise individuals and organizations on investment strategies.
They recommend specific investments to enable
clients to reach their goals.
- Human Resources Professionals plan and coordinate
the personnel training and labor relations of an organization or department.
- Executives
and Managers are responsible for a broad range of functions, including
planning strategies and directing their implementation,
setting annual goals, overseeing departments, and communicating
through line supervisors or other executives.
To give students a picture of the exciting
career opportunities in the state, we filmed people at work in a variety
of careers in member companies and agencies throughout the state. The
careers highlighted in the videos included jobs for graduating high
school students, people with 2-year, 4-year
and
advanced
degrees.
Examples of jobs highlighted in the videos are: Bank
teller, Web
site developer, Certified
Public Accountant and Human
resources consultant.
There is also a video available for this
cluster that includes worksite footage and interviews from the following
companies: Aetna Inc., Computer Sciences Corp., Kostin, Ruffkess and
Co. LLC, People’s Bank, and Pitney Bowes Credit Corp.
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Educational Background Needed
The high school academic background needed for companies in this cluster
includes courses in math, English, marketing and business. Although
knowing how to use a computer is necessary in every company today, it
is absolutely essential in the business and finance area. Some entry-level
jobs can be entered directly from high school. Bank tellers generally
receive training on the job and can move up to other jobs in the bank
if they are highly motivated and have good work skills.
Some administrative support jobs require only a high school education.
In most cases, however, employers prefer to hire people who have had
additional education after high school. Managers, accountants and financial
analysts are usually expected to have a bachelor’s degree or a
graduate degree.
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Kinds of People Who Work in This Cluster
Working in this cluster often appeals to people:
• Are interested in how products are marketed and sold
•
Are willing to keep track of financial details
•
Enjoy the challenge of taking a risk when making a decision
•
Appreciate the fact that working with numbers provides information that
helps businesses succeed
•
Are comfortable working closely with others to get the job done
Characteristics and Skills Vital for Advancement
Employers and experts cite the following practical and academic skills
as keys to advancement in the Business & Finance Cluster and all
job clusters. (Download
the Industry Skills Standards for Business & Finance
- 12 page PDF file)
•
Strong literacy and excellent communication skills
•
State-of-the-art computer and technology skills
•
Strong math skills, and science in some fields
•
Teamwork skills
•
Flexibility and desire to learn new skills
•
Cross-functionalism: the ability to transfer skills and learn new ones in order
to perform many functions in the workplace
•
Multicultural awareness
•
Fluency in at least one other language, in some fields
Students who pursue the many career opportunities available in this cluster should
enjoy working in an office, although today’s offices can be found in a
variety of settings
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Education Requirements and Average Salary Levels
Note: All salary ranges listed are current industry averages. Actual
jobs may pay more or less depending on a number of factors.
Level
of attainment: High school diploma, college associate’s
degree, or specialized training:
- Administrative Support $14,000 - $32,000
(Administrative Assistant, Receptionist, Secretary, Bank Teller)
- Analyst
$21,000 - $29,000
(Financial Assistant/Analyst — credit, loan, benefit; Research
Assistant, Underwriting Technician)
- Accounting $19,000 - $28,000
(Accounting Technician, Billing Collection, Bookkeeper, Tax Technician)
- Information
Services $19,000 - $35,000
(Client Server/Computer Hardware Technician, Programmer, Computer
Operator, Computer Network Technician)
- Legal/Regulatory $19,000
- $29,000
(Assistant Auditor, Compliance/Regulation Specialist)
- Sales and Marketing
$13,000 - $22,000
(Customer Service Representative, Financial Services Sales Representative,
Real Estate Agent — Telemarketing Representative)
For Bachelor’s, Masters or Doctorate Degrees/Other Professional
Degrees & Certificates
- Management Information Systems
Bachelor’s Degree $38,000 -
$67,000
(Computer Programmer, Systems Analyst, Database Administrator, Telecommunications
Analyst)
Master’s Degree $43,000 - $125,000
(Computer Systems Analyst and Engineer)
- Sales and Marketing
Bachelor’s Degree $33,000 - $80,000
(Customer Service Administrator and Manager, Marketing/Communications
Specialist — writing, publications, advertising; Mortgage
Originator, Assistant Branch Manager)
- Financial Professionals
Bachelor’s Degree $33,000 - $64,000
(Accountant/Auditor, Health Insurance Underwriter, Loan Officer
and Counselor, Investment Banker, Treasurer, Financial Operations)
Master’s
Degree $38,700 - $83,800
(Financial Manager, Accountant, International Financial Analyst)
- Investment Specialists
Bachelor’s Degree $33,000 - $77,000
(Account Executive, Securities Broker)
Master’s Degree $37,000
- $106,000
(Retirement Planning Specialist, Certified Financial Planner)
- Human Resources Professionals
Bachelor’s Degree
$31,000 - $54,000
(Compensation or Benefits Manager, Labor Relations Manager/Specialist)
Master’s
Degree $40,800 - $76,500
(Human Resources Manager)
- Legal/Regulatory
Bachelor’s Degree $27,000 - $55,000
(Compliance Analyst)
Master’s Degree $40,000 - $61,000
(Compliance Officer)
Law Degree - J.D. $49,000 - $150,000
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Additional Resources
Business & Finance Career
Explorations Video
Teacher's
Guide for Careers in Business & Finance (PDF
file)
Student
Activity Sheets for Careers in Business & Finance (PDF file)
Industry
Skills Standards booklet (Business & Finance
section only) (PDF file)
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