Texas used car loan

Many jobs are available for people who understand how to manage money and how to help others use their money well. Jobs in the money management field include positions in the stock market and with banks and finance companies.

Financial Advisors, Consultants, and Stockbrokers

Elise Davis, resident manager of Merrill Lynch in Lubbock, Texas, has been helping people for 15 years decide how to invest their money to make it grow. As a financial advisor, she studies the stock market and overall economy to see what the best places are to invest money. She also works closely with various types of people who have many different goals.

"We work with clients interested in planning for retirement, for their children's education, for estate planning, and for charitable giving," Davis says. "These people want to have financial planning done. We go through the process of managing their money for them, advising them on different ways to handle their money to meet their dreams and aspirations."

When parents with a new baby think about paying for that child's college education 18 years in the future, they may realize that they should start saving their money now. Investing money to make it grow is a good way to be sure that the child has enough money available to finish college.

Being interested in business, good at math, and able to work well with people are important characteristics for those who work as financial advisors. Davis says that it is not necessary to have a college degree in finance or banking. In fact, she herself has a bachelor's degree in music education and a master's degree in conducting from the University of Tennessee.

"At Merrill Lynch, you can find people working with almost any major," she explains. "In our office here, we've had people with degrees in chemical engineering and marketing. The most important traits for financial advisors are to have self-discipline, drive, and the ability to communicate and work with people. You also have to be naturally competitive--with yourself.

"In order to get hired, you have to be extraordinary at what you do. Having a 4.0 grade point average is not as important as having a list of extracurricular activities and successes. For example, doing volunteer work, serving as an officer of a club, and other accomplishments are important They show you are a cut above the rest of the people applying for the job."

To work as a financial consultant, people must undergo training at a brokerage firm. In addition to their college education, Davis and her co-workers at Merrill Lynch all have undergone a rigorous four-month training session to prepare them for their work

How financial advisors do their jobs varies from person to person. For example, some financial advisors work 60- or 70-hour weeks, while others choose to spend only 35 hours a week on the job.

"In this business, there's no such thing as overtime," Davis adds. "We just work. Most of the time, people work very, very long hours. When you're starting out, long days are not uncommon."

A typical day for Davis starts at the office, where she spends most of her time reviewing research generated from her company about the latest stock market information and the overall economy. During the day, she might talk with clients on the phone or in person. She spends a lot of time discussing people's financial concerns and finding ways to help them put their money in the best places for them.

Making money grow, and in turn helping people to reach their goals, is rewarding. In a world where the stock market plays such an important role in business success, jobs for financial consultants/stockbrokers will continue to be available.

Loan Officers

At one time or another, almost every-one will need to borrow money from a bank or finance company to buy a car or house, to start up a business, or to attend college. Loan officers are the people who decide whether or not someone should receive a loan.

For example, when you apply for a loan for a new car, you must be able to prove that you are capable of paying back the money. First, you have to fill out an application that shows how much money you make or how much you have in savings. You also may have to provide a credit report that shows whether or not you pay your bills on time. A loan officer reviews your application and credit report to see if you would be a good risk. In other words, he or she has to decide if you are responsible enough to handle a loan.

The basic requirement for a loan officer is a bachelor's degree in finance, economics, or mathematics. Loan officers deal with numbers all the time. They also must keep up with the economy because it affects how much interest (a percentage of the amount borrowed) they charge customers for loans.

There are three types of loan officers: consumer, commercial, and mortgage. Consumer loan officers work for banks, credit unions, or finance companies and provide loans to people to buy cars or boats, to take a trip, or to renovate their houses. Usually these loans are short-term (three to five years).

Commercial loan officers also work for banks and finance companies, but they generally deal with businesses and provide larger loans than consumer loan officers do. Many commercial loan officers lend money to people wanting to start stores or companies, or begin construction projects. When a company applies for a commercial loan, it must provide financial records. Loan officers review these records before approving the loan.

A mortgage company provides loans to people who want to buy houses. The mortgage loan officers at mortgage companies must be able to work well with government agencies such as the Federal Housing Administration (FHA) and Veterans Housing Administration (VHA). Mortgages are complicated because they generally are high-dollar, long-term loans of up to 30 years.

In addition to being able to work well with numbers, loan officers must have good human relations skills. They work with customers all the time, and they also work with other people in their banks or companies.

Although loan officers work in offices, they also may have to spend time on the road, visiting people who want to take out loans, or trying to get business for their banks or companies. Most of them work more than 40 hours a week.

As long as the population continues to grow--and the economy continues to fluctuate--people will continue to need to borrow money; and there will be jobs for loan officers.

Budget Analysts

All kinds of businesses need people to help them decide how to spend their money wisely. Budget analysts hold the purse strings to money in both private businesses and government agencies.

In order to run well, a business must have an annual budget or a financial plan that predicts how much money it will have over the next year and how much money it can spend. Analysts put together budgets by studying company financial documents. In companies with several departments, the department heads usually submit a proposed budget to the analyst. The budget indicates how much money the department will need to operate.

Once a budget analyst receives proposals from all the departments in a company, he or she puts together an overall budget that shows how much money each department can have. After a budget is set, the analyst keeps track of how the money is spent. He or she may also be in charge of approving requests for additional money.

Most budget analysts have a minimum of a bachelor's degree in finance, accounting, or economics, but some companies are beginning to require a master's degree. Usually analysts must have several years of experience in finance or accounting.

Computers are important tools for budget analysts, so strong computer skills are essential. A good understanding of statistics and economics is helpful because analysts must make financial projections about the company's money.

Although analysts often work in office settings by themselves, they need to be able to work well with people because they interact with many people inside their company and also some outside of it. Being able to write and speak well is a plus because many analysts must prepare reports and speak at meetings.

The larger a business is, usually the larger a budget it has. Budget analysts play an important role in helping businesses make money.

Jobs in the money management field can be a good fit for people who like challenges, math, and helping others.