Financial planning & strategies

A Career in Consumer Financing

A Career in Consumer Financing

What is consumer financing? Basically, this enables the customer to buy certain items either through their credit card or a loan. Some examples of these include purchasing a house, a car, college tuition or home improvement and given that these are necessities, you may have a career in consumer financing.

Your career will start by being a sales agent and offering credit cards to customers. Unlike debit cards that are provided by banks, the consumer can only spend a certain limit monthly and then pay these back when the bill comes.

Some of the people that are interested have never had a credit card before while others are getting another one.

If you know the features and benefits of the card you are selling very well, you may even persuade others to transfer their existing balance thus increasing the number of clients that your company is serving. This is better known as debt consolidation.

Other products that companies are offering these days include financing campaigns, interest free loans, installment loans and revolving credit.

Those who do well selling credit cards, your boss might let you handle something else like approve loans to card holders. This is financial institutions allow you to do more than just buy items from the store. You can use your credit card to pay for home improvement, tuition or buy a car.

The terms for these purchases vary and it is the responsibility of the person to pay the amount otherwise these will be repossessed when it is impossible to pay these back with the amount of interest that has been incurred.

But not everyone will be out in the field selling credit cards. There are those who work in the head office who analyze the behavior of the customer. If there was a sudden large purchase, that person is tasked to call the card holder and ask if a transaction was made or not given that identify theft is on the rise.

Some will be tasked to approve or disapprove the application of the customer for a credit card or a loan. The basis will be that person’s credit history. If it is good, then there won’t be any problems but if there is red flag, chances are this will not disapproved as the individual is a high risk individual.

For those who have been in the consumer financing industry long and want a new change of atmosphere, they can join organizations that help people get a good rating once again. They are tasked in counseling individuals who have spent beyond their means by helping them pay back the debt. This is better known as consumer credit counseling so that person will always have financial stability.

In fact, the information provided by such companies also used as basis whether or not to approve a customer’s loan. If everything is in good order, then there shouldn’t be any problems.

Consumer financing is expected to grow given that people don’t always have the cash on hand to buy whatever they want. Some of the companies that you can apply to if you want to start a career in consumer financing include American General Finance Inc, CitiFinancial, General Electric Finance, HSBC and Wells Fargo Financial.

You just have to apply for the position and hopefully be hired.

The Career Goal in Finance

The Career Goal in Finance

What is the end game after years of going to school? Perhaps to have a stable career and life but this does not happen overnight. It takes blood, toil, sweat and tears which is also the career goal in finance.

How do we do that? Well, people always say that a good education opens doors. A finance career works the same way given that there are different companies that you can work in after graduation which is why you should do some research first to find out what aspects of the industry interests you the most.

Just to give you an idea, some of the things you could find yourself in after graduation could be commercial banking, commercial lending, corporate finance, financial planning, investment banking, private equity and sales and trading.

When you are able to do some research in each of them, it will be easy for you to develop the skills needed to excel in this in the future.

A career in finance can happen if you graduate with a degree in math, economics or statistics. But since the market is very competitive, you have to make yourself shine by earning an MBA degree years later. You don’t have to get one after a couple of years of work since there are some individuals who are studying in their 40’s.

Apart from that, it is best to read up journals and participate in conferences and become a member of a professional organization. You have to be informed of the latest trends and build up your network because that someone you know may get you that job you are looking for.

Two examples of these organizations include the American Bankers Association and the Association for Financial Professionals. They have events scheduled all year round that will allow you meet new people with similar career goals.

For those who don’t have an idea what aspect of financing yet to pursue, this is the time to ask help from one of your professors. Surely, this person can tell you what kind of job is closely related to what was taught in class. With that in your head, it is time to look for companies that engage in exactly that.

While you are still in school, another thing that could help will be to apply as an intern in one of these firms. Some companies will give a salary while other won’t. If you do well here, they will probably give you an offer even before you graduate or encourage you to work for them full time.

If the company you are looking for doesn’t have any vacancies at the moment, leave your resume or application anyway so that if an opening comes up, someone will give you a call so all you have to do is give it your best during the interview.

At the same time, be active in your school organization because an alumni member may on the lookout for new talents which will be beneficial for the company.

We all need to focus on something so an idea can be turned into a plan and then executed. A career goal in finance is just one example because people with other interests can do the same thing and succeed in whatever endeavor they choose to pursue.