Author: wayupstudent

What Is a Financial Analyst?

Being a financial analyst is one of the most popular career paths in finance. This is largely because analysts can work in a range of industries and also because the field has some great benefits, including a high earning potential. If you’re a business or finance major, a financial analyst role is definitely worth considering. Even if you’re not currently majoring in a related discipline, you might be interested in finding out more about this role and deciding whether it could be a good fit for you.

Here are some of the key things you need to know about being a financial analyst.

What is a financial analyst?

A financial analyst is someone who makes business recommendations for an organization based on analyses they carry out on factors like market trends, the financial status of a company (or companies) and the predicted outcomes of a certain type of deal. Analysts typically have academic backgrounds as business, finance or accounting majors and are numbers-driven individuals who are comfortable interpreting data and making recommendations based on that data.

What do financial analysts do?

Financial analysts are primarily responsible for creating financial models that can predict the outcome of certain business decisions. In order to do this properly, they need to aggregate a large amount of financial data while also taking in account factors like financial market trends and past transactions of a similar nature. Because the role can be quite different depending on where an analyst works — for example an analyst at an investment bank will be much more focused on assisting with deals and mergers that one working for an insurance company — the industry an analyst chooses to go into defines their day-to-day responsibilities. Overall however, analysts play a significant part in providing decision-makers with the information they need to increase revenue and manage assets successfully.

What are the challenges of being a financial analyst?

Finance is a very data-driven industry and one of the challenges of working as an analyst in being able to analyze and interpret financial statements, market trends and microeconomic conditions in order to offer recommendations on potential business deals and decisions. In addition to the technical challenges involved in aggregating and interpreting this complex data, one of the other challenges analysts face is the fast pace of the finance industry. Fortunately, by knowing what to expect and getting the right training, these challenges can be overcome.

What are the benefits of being a financial analyst?

Although working as a financial analyst does present some challenges, it’s also a career path filled with opportunities, particularly when it comes to having your pick of industries. This is because financial analysts play a necessary part in almost every area of business so whether you’re passionate about music or interested in technology, you’re likely to find an opportunity that’s right for you. In addition to having flexibility when it comes to industries, you’ll be playing a crucial role in pulling together the information required to make these decisions and to develop new strategies. In addition to learning new skills like how to create models in Excel and participating in exciting business processes, being an analyst will also offer you the opportunity to develop a strong professional network, an asset which you can continue to nurture throughout your career.

What is a typical financial analyst salary?

Entry-level financial analyst salaries start at $55,500 (including bonuses and commission). For analysts working in investment banking and asset management, starting salaries can be much higher, typically between $100-$125,000. Irrespective of what field you choose to go into, being a financial analyst is a lucrative career with more senior analysts earning anywhere from $90,000 to $150,000.

Although being a financial analyst comes with certain challenges, it’s also a great opportunity to work in an exciting field and play a key role in the decision-making processes of an organization. If being a financial analyst sounds like it might be for you, consider taking on a summer internship and getting a hands-on feel for the position.

Next, get more career tips for internships and entry-level jobs such as the Top 10 Things You Should Look For in a Company and find answers to common interview questions such as Are You Willing to Travel?

What’s the Difference Between An Offer Letter And A Contract?

Understanding the difference between an offer letter and a contract is one of the key ways to set yourself up for success in your career. Since the terms are closely linked, many recent grads tend to think of them interchangeably when in fact, an offer letter and a contract have some important differences.

Here are the key things you need to know about offer letters and contracts.

What is an offer letter?

Once you’ve successfully gotten through the interview process and received a verbal offer, you’ll soon receive an offer letter. So, what is an offer letter? It’s a formal job offer that includes most or all of the following things:

  • Job title
  • Start date
  • Salary
  • Manager’s name
  • Employee benefits
  • Employment relationship

Intended to lay out the terms of employment, an offer letter is the employer’s way of letting you know exactly what the job entails and what you can expect from accepting the role. Once you receive an offer letter, you typically have anywhere from 24 hours to a week to sign it. If you choose not to do so, the offer will expire.

What is a contract?

Similar to an offer letter, a contract lays out the details of a role and includes many of the same key pieces of information. However, unlike an offer letter, a contract typically has a specific time period attached to it and is used in cases where employers are hiring someone for a certain amount of time. Contracts are likely to be used in the following cases:

  • Freelance positions
  • Temp to perm positions
  • Contract positions for specific projects

Like offer letters, contracts are time sensitive and generally require a signature within about a week.

Are you likely to receive both an offer letter and a contract?

Generally speaking, the answer is no. Although offer letters and contracts serve similar purposes, they’re generally used for different types of work. While an offer letter indicates the beginning of a long term full-time role, a contract is more often used to a establish short-term work relationship or one that does not fit the terms for full-time employment. For example, while you might work standard full-time hours on a contract, you’re unlikely to receive the same benefits as a full-time employee such as health insurance or a 401k plan.

Pro Tip: Temp to perm employees (employees who begin as contractors before transitioning to full-time members of the team) are the exception to the rule. Since these types of employees start off as contracted workers, they work on a contract basis before receiving their offer letter to join the team full-time.

Knowing the difference between an offer letter and a contract is a great way to manage your expectations when it comes to accepting a job offer. This will ensure that you know what each type of offer means and that you’re able to make an informed decision about accepting it.

What Should You Do If You Have A Verbal Job Offer But Not A Written One?

After successfully applying for a job and going through the interview process, the hiring manager says the phrase you’ve been hoping to hear. “We want to offer you the job!” But what happens when several days have passed and you still haven’t received the offer letter? Do you follow up to ask when you can expect it or just sit tight waiting for the email?

Here are the steps to take if you have a verbal offer but not a written one.

Send a follow-up note asking for a timeframe

If it’s been over 48 hours and you still haven’t received a formal offer, contact the hiring manager to express your enthusiasm about the offer and to ask about the status. Keep your note short and to the point, and be specific about what you’re asking.

Say something like:

“Dear Ms. Blocs,

Thank you so much again offering me the social media coordinator position. I’m very excited about the role and looking forward to being part of the team at XYZ company.

One quick question: When can I expect to receive the offer letter? I’d love to review it and understand the timeline by which I must make my decision.

I look forward to hearing from you soon.

Thank you again,
Emily”

Understand what might be causing the delay

Waiting for a job offer can be nerve wracking, especially when you’re not sure of the exact timeframe. A good way to stay calm is to understand some common reasons for a delay. These can include things like the time it takes to coordinate between different departments or the fact that a key member of the team may be away and unable to offer their approval until they return. Whatever the case, there are likely to be several reasons why the offer letter hasn’t arrived yet that have nothing to do with you personally. Sending the follow-up note is a great way to address these issues directly and to get the hiring manager to give you some clarity about the hold up.

Keep going with your job search

Another key thing to do while waiting for the offer letter is to keep going with your job search. Since job offers do occasionally fall apart before an offer letter is sent out, it’s important to keep your options open by continuing to apply to jobs and to go on interviews. This will ensure that you’re not losing momentum in your job search and that you’re able to move on quickly if the offer doesn’t come through. Added bonus: You might get a second job offer in the process.

Although waiting for an offer letter can definitely cause some anxiety, by following these steps you’ll be sure to stay on top of the process and to get hired as quickly as possible.

What Does A Day In The Life Of A Communications Specialist Look Like?

From writing press releases to organizing events, communications specialists enjoy a lot of excitement in their day-to-day work. If you’re thinking of working in communications, you might be wondering what a day in the life of a communications specialist looks like: Is it mostly responding to media enquiries or are you more likely to attend a lot of meetings? The answer depends on your specific role. However, although the tasks might vary from one day to the next, most communications specialists do a combination of the following things:

Responding to media enquiries

One of the key aspects of a communications specialist’s job is to respond to incoming media enquiries. This can include setting up interviews or handling questions about a potential company problem. Whatever the case, communications specialists are responsible for always putting their best foot forward. They also must always act with the company’s best interest in mind.

Crafting press releases and other types of content

Communications specialists are in charge of creating various types of content. That said, they must also ensure that messaging is consistent and in line with company policies. As such, communications specialists often spend time writing, editing, and sharing content with different audiences. This can include the media or the company’s clients

Meeting with teams within the company to provide communications training

For communications specialists who focus on internal communication, providing communications training is an important part of the role. This includes ensuring that employees are aware of key phrases the organization uses when referring to itself. It also means educating employees on the importance of an integrated communications strategy. This ensures they best represent the company when talking to customers or the public.

Organizing events

Another important part of a communication specialist’s day is organizing events. These events can range from fundraisers hosted by the company on behalf of a charity and public events designed to build relationships between the company and their customers. Above all, communications specialists are responsible for ensuring that these events are covered by media outlets and that the generate positive buzz around the company.

A diverse and exciting career, communications offers a lot of opportunities for growth while giving you the skills you need to succeed in your role.

How to Combine an MBA Program With a Rotational Internship Program

If you’re thinking about getting your MBA, you might be wondering about the best way to set yourself up for success during the program. Is there something you can do to maximize your experience and ensure that you’re learning as much as possible while in business school? The answer is yes. In addition to traditional internships and externships, a great way to get some hands-on experience in a variety of different roles is through a rotational program. A type of internship designed to give you a feel for several areas of a business, including marketing, finance and sales, rotational programs can last anywhere from six months to two years, with rotations typically lasting between three to six months.

Interested in adding a rotational internship program to your MBA degree? Here’s how to combine an MBA program with a rotational one.

Research rotational programs related to your MBA program

With many large companies recruiting MBA candidates directly from business schools, the best way to find a rotational program is by researching the programs that are affiliated with your school. Set up some time to speak to a program adviser and ask them about the various aspects of each program including the duration, management structure and the exact roles to which you’ll be exposed. With this knowledge under your belt, you’ll be able to narrow down your options to the ones that are most relevant to you.

Select a program that matches your desired industry and position

Once you’ve done your research, it’s time to create a shortlist of the programs that closely match your career goals. This means selecting programs that are within your chosen industry — for example, technology or finance — and also programs that fit your desired duration. The best way to do this is by making a list of eight to 10 programs that interest you and ranking them in order of preference. While we recommend applying to as many of these as possible, you should aim to apply to at least five in order to give yourself the best chance of success.

Work with program administrators to create an optimal schedule

The final step in seamlessly combining your MBA program with a rotational program is to discuss your course load and responsibilities with program administrators on both sides of the equation. This is a great way to ensure that everyone is aware of your full workload and that they can accommodate any issues that may come up.

Combining an MBA program with a rotational program is a wonderful way to gain hands-on experience in a number of different roles. By following these tips, you’ll be able to expand your skill set and maximize your time in business school.

Next, learn more about grad school such as What Are the Different Types of Graduate Degrees? and get more career tips for internships and entry-level jobs such as 3 Common Internship Mistakes and How to Avoid Them.

Career Opportunities For Psychology Majors

Learning about the ins and out of human behavior opens the doors to a number of different career paths. This is especially true for people focused on helping others. In fact, because of the strong skills you’ll develop as a psychology major, you’ll be in a great position to find a career that’s right for you.

Still, there are many options for psychology majors. Here are some of the most common career paths for this group of students.

Psychologist

As a psychologist, you’ll be working with patients in a one-on-one or group setting. You’ll address personal and mental health issues. This career requires an advanced degree, typically either a Ph.D. (Doctor of Philosophy) or a Psy.D (Doctor of Psychology). Each of these requires approximately four to seven years of study.

This is a wonderful opportunity to learn about the various challenges people face in their personal lives. You can also help them assess and treat those problems through behavioral therapy.

Social Worker

Yet another rewarding career path for those who are interested in helping others overcome personal challenges is the field of social work. Based at a clinic, school, or nonprofit, social workers are licensed professionals who help clients work through a variety of different issues. These can include coping with physical health problems, divorce, or even drug addiction.

Depending on the type of setting you choose to work in, you might be addressing several types of issues or focusing on one in particular. No matter what setting you choose, you’ll be making a big impact in the lives of the clients you work with.

Professor

Love research and teaching? Academia is right for you. As a professor, you’ll divide your time between the classroom and your own research. Working directly with undergraduate and graduate students, you’ll help them grasp the intricacies of psychology. You’ll also help them design and implement research projects that will further existing research in the field.

Guidance Counselor

If you love working with students in more of a mentorship capacity, then consider becoming a guidance counselor. As a guidance counselor, you’ll be helping students plan their academic path and prepare for college. You’ll also work with students on their personal development, helping them address any challenges they face.

Career Counselor

As a career counselor, you’ll help college students and professionals identify and achieve their career goals. From guiding clients on their various career options to recommending relevant professional development classes and editing resumes, you are a valuable resource for all career-related matters.

Whether you’re helping patients overcome personal challenges or teaching others about the field, being a psychology major can open the door to many exciting career opportunities. To find out which one is right for you, try taking on an internship. It’s a great way to get a hands-on feel for a role that interests you.

Next, learn more about this college major. Check out What Is a Psychology Major and Is it Right for Me? and get more career tips for internships and entry-level jobs such as How to Set Career Goals (and Meet Them).

How to Get a Mentor at Work

Whether you’re working at a summer internship or embarking on your first full-time job, getting a mentor at work is one of the best things you can do for your career. A long-established practice, mentorship helps you develop your professional skills while also giving you a better sense of how to navigate challenges (and successes) in the workplace.

Here are the steps you should take when seeking out a mentor at work.

1. Outline your professional goals

Before you can establish a relationship with a mentor, you need to know what you want to get out of it. Are you interested in developing your managerial skills or more focused on identifying a career path you can follow for the next three to five years? Your answer will determine what type of mentorship you need and help you get a sense of the kind of person who can help you achieve those goals.

Pro Tip: If you’re not sure of your exact goals, make a list of the things that you’re most interested in achieving professionally. This can include projects you want to work on, positions you want to hold and the type of environment you want to work in. Once you have your list, structure your goals according to priority and create an actionable plan based on your highest priority goals.

2. Identify the type of mentor who can help you achieve them

Now that you have a good grasp on your goals, identify one or two people at your company who can help you achieve them. For example, if you’re working as an account executive on a sales team and your goal is to become a relationship manager, a current relationship manager or account director could be a great mentor.

Pro Tip: Your mentor doesn’t necessarily have to be someone in a more senior role. Depending on your goals, you might decide to pick a peer instead. This can be especially helpful if you’re trying to learn skills that will help you succeed in your current role and another team member has already successfully developed those skills.

3. Establish a connection with your potential mentor

If your company has a mentorship program, this is a great place to start since mentors in these programs are already willing and able to take on mentees. If not, the best way to develop a relationship with a potential mentor is by asking them to grab coffee and chat about work. If you’re on the same team, you can use your current projects as a starting point. If you’re on different teams, you can explain why you think their expertise is valuable and what you’d like to learn from them.

Pro Tip: Although asking someone to be your mentor might seem a little awkward, it doesn’t have to be. In fact, most people are flattered by the prospect of being asked to mentor others. By establishing a good rapport beforehand, you’re more likely to get a positive answer and to start things off on the right foot.

4. Develop a mutually beneficial relationship

Once you’ve gotten a sense of whether or not the person is interested in becoming your mentor, the next step is to outline your goals and explain how they can help you achieve them. Since your mentor is likely to be a busy professional with a lot on their plate, coming to the mentorship with a clear sense of what you’re hoping to get out of it will ensure that you maximize the time you have with them while also being mindful of their busy schedule.

Pro Tip: A good mentor-mentee relationship goes both ways and it’s important to keep this in mind when you’re establishing a relationship with your mentor. The best way to ensure that you’re adding value to the relationship is by asking your mentor if there is any way that you can help them in return. For example, if your mentor is working on a project that you’d like to learn more about, offer to pitch in and help even if it’s not part of your current responsibilities.

Having a mentor at work can be a wonderful way to advance your career while learning new skills and refining your professional goals. If you’re interested in finding a mentor, having a strong sense of what you want to get out of the relationship (and what you can give back) will go a long way toward helping you establish a great mentor-mentee relationship.

Next, get more career tips for internships and entry-level jobs such as Common First Job Mistakes and How to Avoid Them and find answers to common interview questions such as What Motivates You?

How to Become a Psychologist

Becoming a psychologist is a wonderful opportunity to help patients work through mental health issues and address challenges in their personal lives. If you’re a psychology major, or just considering a career in the mental health field, then you might be wondering what you need to do to become a psychologist. Do you have to pick a specialty before you go to grad school? Do you need to get both a master’s and a Ph.D.?

Here are the steps you need to follow when getting started on a psychology career.

1. Earn a bachelor’s degree in psychology or a related subject

Since being a psychologist requires a graduate-level degree (such as a Ph.D. or Psy.D.), you’ll need to earn a bachelor’s degree before you can focus on more advanced training. Although a psychology degree is recommended since it will give you great insights into the subject and prepare you for advanced study in the field, it’s not necessary to have one. In fact, any major that helps you build critical thinking and research skills will give you the tools you need to succeed in graduate school.

Pro Tip: While you don’t need to major in psychology in order to become a psychologist, most Ph.D and Psy.D. programs do require certain prerequisites so be sure to check in with your advisor and find out which ones you need to take. Once you have this information, a minor or double major can be a great way to fulfill your grad school requirements while also studying another subject you’re passionate about.

2. Select a specialty and complete a doctoral program

Once you’ve completed your bachelor’s degree, it’s time to decide on a specialty and to pick a graduate program that matches your interests. This can be anything from clinical psychology to developmental psychology and often includes both a research and a clinical component. Although some universities combine a master’s and a doctoral program into a single degree program, most schools offer individual master’s and Ph.D./Psy.D programs.

Pro Tip: Since most master’s programs last between two to three years and most Ph.D and Psy.D. programs take anywhere from five to seven years, you should be prepared for a long course of study on your way to a doctorate. The key to making the most of these years is to take a broad range of classes while also continuously refining your research interests.

3. Do a psychology internship

Before you can become licensed to practice in your state, you’ll need to complete a two-year post-doctoral internship. Focused on expanding your clinical experience and ensuring that you’re qualified to treat patients in a clinical setting, this type of internship will give you the hands-on experience you need to be effective in a patient-focused role. And because these internships are almost always approved by the American Psychological Association (APA) they are geared toward helping you develop the exact skills you’ll need to be a successful psychologist.

4. Get licensed to practice

Once you’ve completed your doctorate and your post-doctoral internship, you’ll be eligible to become licensed as a psychologist. In order to do so, you’ll need to pass a national licensure exam called the Examination for Professional Practice in Psychology (EPPP) as well as meeting any additional requirements specific to your state.

Psychology is an intriguing field with plenty of career opportunities for anyone interested in mental health. By following these steps and knowing how to set yourself up for success, you’ll be able to establish a career that will have a lasting impact in your life and the lives of your patients.

Next, learn more about this college major such as What Types of Skills Are Best for a Psychology Major? and get more career tips for internships and entry-level jobs such as 5 Tips for Getting an Entry-Level Job Unrelated to Your Major.

What Types of Skills Are Best for a Psychology Major?

With its deep insights into human behavior, psychology is a fascinating major that helps to develop students’ understanding of mental health. If you’re considering becoming a psychology major, you might be wondering about the types of skills you’ll need in order to be successful.

Here are some of the most common skills for psychology majors.

Open-mindedness

Human behavior is a complex subject and learning about it in detail requires an open mind. In your classes, you’ll be learning about various types of behaviors and mental health disorders, as well as about the different ways that people interact with one another. In order to get the most out of these classes, and to ensure that you’re developing an in-depth understanding of the field, it’s important to be objective and flexible in your thinking and to be willing to change your mind when presented with new information.

Critical thinking skills

Another important skill for psychology majors is the ability to think critically. Since you’ll be learning about various psychological theories and analyzing an array of case studies in your classes, the ability to form connections between different areas of psychology (and to determine which theories resonate most closely with your own ideas) is an extremely important part of succeeding in this major.

Research skills

Psychology majors also need to have well-developed research skills including the ability to conduct experiments and to quantify and interpret data. As a psychology major, you’ll be putting these skills to use by carrying out different experiments and presenting your research to your professors and your peers. You’ll also spend a lot of time reading about various behavioral theories and therapeutic modalities so being able to find relevant texts and pull information from them is extremely important.

Problem-solving skills

Problem-solving skills are important for almost every major and psychology is no exception. In fact, being able to solve problems in an effective and creative way is a necessary part of studying psychology since so much of the subject is focused on assessing and treating mental and behavioral problems. If you’re more interested in research than on the clinical aspects of psychology, having great problem-solving skills will help you design and implement experiments to further your research.

Communication skills

Since psychology trains you to work closely with others, being able to communicate effectively is key. Strong communication skills are also important when it comes to presenting research papers at conferences, so ensuring that your style of communication is clear and effective is a great way to set yourself up for success.

Although psychology majors come from a variety of interest areas and backgrounds, those who really succeed in this major are able to develop these skills and to put them to good use.

Next, learn more about this college major such as What Is a Psychology Major and Is it Right for Me? and get more career tips for internships and entry-level jobs such as 3 Ways to Be More Productive at Work.

What Is a Psychology Major and Is it Right for Me?

Are you fascinated by human behavior and interested in figuring out what makes people tick? Are you passionate about helping others and helping them work through difficult situations? If you answered yes to these questions, a psychology major might just be for you.

What is a psychology major?

Psychology is the study of human behavior at both the individual and group level. As a psychology major, you’ll learn about the various factors that affect mental health (such as cultural and environmental factors), and about the different dynamics that can impact the psychology of a particular group. You’ll also dive deep into the world of psychological disorders and learn about common mental health issues including anxiety and depression.

In psychology classes, you’ll learn the basics of cognitive function and then go on to study advanced theories about what drives particular types of behaviors. Covering physiology, statistics and experimental psychology, this major will give some solid insights into the inner workings of the human brain.

Is it right for me?

Psychology is an exciting field with plenty of career opportunities for those interested in helping people and learning more about the nuances of human interaction.

Here are some questions to ask yourself when deciding whether a psychology major is right for you:

  • Am I excited to do in-depth research on mental health and human relationships?
  • Am I open-minded? Am I able to be objective about the things I’m learning and able to adjust my views accordingly?
  • Do I handle feedback well? Will I be able to deal with constructive feedback from my professors and classmates?
  • Am I willing to devote a lot of time to reading and understanding clinical research in the field?

What can I do with a psychology degree?

A psychology major can be applied to a broad range of fields including social work and teaching. Popular career paths for psychology majors include:

  • Psychologist
  • Social worker
  • Professor
  • Career counselor
  • Non-profit aid worker
  • Guidance counselor
  • Teacher

What do people who major in psychology earn?

The earning potential for psychology majors depends a lot on the types of career paths they choose. For example, entry-level social workers earn approximately $40,000 per year while clinical psychologists with advanced degrees can earn as much as $110,000. No matter what career path you choose, a psychology major will help you develop a broad range of skills that can help you be successful in any role.