Career Management in Business: Plan - Special Academic Support

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This section asks you to outline your current career aspirations. You should identify your chosen occupation and job role within that. You may choose to differentiate between short, medium and long term aspirations.

You should also identify the types of skills/competences that are required to be successful in this role (this must be supported by relevant sources and references), and your current strengths and weaknesses in relation to these skills/competences. Please identify ONE strength and ONE weakness only, and provide detailed supporting evidence.

Career aspirations

Data and analysis have been my strengths as a student and I have always aspired to be able to use them in the job I get into. The financial working and the method of forecasting the economic outcome and future of a nation or business intrigued me and I knew I always wanted to do it. I have always been intrigued by the vast collection of data available, online which could be processed to find innumerable meaningful insights. Fuelled by this desire, I have often tried to do it myself and found it to be both interesting and a challenging task to do. My interests lay in working in the field of financial interest, be it public or private. Given these basic criteria of choosing a job, I came to one and only outcome, which could give me the opportunity to fulfil these desires I harboured to be a career for me. Thus, I chose my career goal to become a business economist.
A business economist, as I understand, is an expert in the field of economic working of businesses or industry or nation at the macro level. They heavily rely on theory and personal observation, which they then apply on macro data. The field of profession is rich with history of exceptional business economists who have enriched the field.
As a business economist, I will have the freedom to work independently as a consultant or work for any private or government organization. My goals can be segregated into three levels beginning with a short run, entry-level job. I intend to become a traditional corporate economist or get into corporate planning initially and deal into international financial market. Then gradually I intend to get into the field of country risk analyst. This will include working in the area of economic development. Working in these fields will give the opportunity to work to ultimately become a central bank economist in the end.
I plan to become a business economist because there is always an element of challenge and uncertainty involved in the job. I will be able to understand the economics of running the country the elements of the demand and the trend of it. I will be able to watch indicators and analyze trends. As a business economist, I will be able to make models and framework for investments, help the people within the company outside the company, and help them understand the effect the external economic environment may have on the cost structure of the company and devising ways to dissipate the risk.
Therefore, my main aim is to become a business economists who will always the opportunity to have analyze the trends in macroeconomics and applying it to micro level to make measures to leverage opportunity and dispel risks.

Skills required/demanded in your chosen occupation/role

Before describing the skills required becoming a business economist, it is important to understand what a business economist does. First, business economists are advisors to the organization they are working in. They sometimes are advisors to the government or public bodies, industries, corporate, investors, developmental institutions, etc. Their main job is doing a lot of research, analysis, and interpretation from the macroeconomic information in order to project the expected performance or macroeconomic decisions. These factors may include both national and international factors. They do a lot of data analysis; find implications for their finding, which are then used to forecast change. As a business economist, I will be required to solve problems of complex nature and utilize a range of economic tools for analysis.
First the educational qualification that is required for becoming a business economist are as followed:

At the GCSE level, maths and English are necessary. Knowledge of history and geography are also important. Extraordinary marks in mathematics, preferably A level is often recommended. This is so because mathematics becomes a vital part in the economics degree.
At a higher education level, a first degree definitely above 2:1 is required in economics. Alternatively, if the individual persona may even pursue a business studies degree in order to pursue a career as a business economist. Presently many universities run courses in advanced business economics.
At the entry level the education skills that one must have is a good academic background in Economics or Business Studies.

The Personal Skills required to become a business analysis are discussed as follows:

An analytical frame of mind is required to become a business economist as many data crunching and analysis is required. The person needs to be methodical in his/her operations. Another skill, which is inevitable, is accuracy. For forecasting based on the data analysed, one has to be accurate in calculations and analysis done.
Further, the ability to communicate with effective clarity is of utmost importance in case of both verbal and written communication as this is required for making reports and presenting the idea.
Computing skills are required, especially the ability to work with statistical and analysis software is required.

ONE Strength (with examples)

One skill that I believe will help me to become a business analyst is my analytical skill. As a student, I have conducted many economic researches based on secondary data collected online. I have successfully interpreted them to bring out meaningful result out of it.
In order to hone my analytical skill I have taken up case studies which I have used as instances to derive meaning insight from it, and bring forth substantial meaning and recommendation. Further, this task has effectively helped me in understanding the method in which the analysis has to be used.
Therefore, my strong analytical skills provide me the ability to take in a large quantity of data and analyze them to find meaningful trend and/or results. I have also been able to solve problems at schools relating to country or company analyses we were required to do.
In my previous job, I have helped clients implement key strategic processes and investments initiatives, which had been made in order to boost growth and profitability of the company.

ONE Weakness (with examples)

One of my weaknesses is I am a perfectionist. By this, I mean I have a tendency of being carried away with numbers. I have an in ardent admiration for numbers. I love to use them for simple things. However at times number scan be deceptive and I realize that they are just a tools to make intuitive conclusions. However, at times I tend to use too much of numbers when simple explanations can be used to explain the required problem.
I have often at loss with the page limits and word limits in order to fir the amount of written material that I done for the given assignment. This again stems from my core desire for a perfect job, which entails me to continue looking for relevant explanation for the given problem.

Reflection on Your Skills Development

This section asks you to reflect on THREE significant experiences/incidents where you have learned a new, or developed an existing, skill or competence. These experiences/incidents could be based in any relevant context (e.g. work, university, home, social clubs etc.) but must refer to skills that you believe will be important in your future employment and career.

Experience 1

Describe the experience	As a student were asked to do a company analysis of any multinational company and analyse the future strategy of the company. This assignment was a team-based assignment and there were four members in the group selected by the instructor. The group met in the first meeting and we decided to divide our work into four parts among ourselves. I was given the part, which required doing a financial analysis of the company based on the financial results of the company in different segments and finding what were the strengths and weaknesses of the company. We were given a time one month to complete the paper. We were supposed to meet once a week to review our work. We were supposed to complete our tasks before the beginning of the fourth week and complete the paper before submitting. For my work, I studied the financial results of the company for the last five years. Based on the financial ratios I deduced meaningful results. I even did a study of the business segments and studied which are more lucrative than the others.
What did you learn?	As responsible for the making of the financial analysis and finding the internal and external strength of the company, I had to undertake a complete study of the companys annual reports. Further, I researched on all the secondary material on the company and its operations. This was a helpful assignment as this helped me to understand the steps that should be taken to do an internal analysis of a company. I realized that not all the information pertaining to the companys strengths and weaknesses are available in the numbers presented in the financial highlights. This helped me overcome my weaknesses of overemphasizing on numbers to a great extent. I learnt to interpret the numbers, which is an ultimate important task for a business economist. Ratios are meaningless until they are interpreted properly. I learnt to find meaningful result of these ratios and used them to interpret the situation the company is in vis-a-vis a few years back. This also taught me to understand the way these numbers should be interpreted to be communicated to others. Another important thing that I learnt from the task is the language that should be used in business reporting. There is always a fixed lingo, which should be used for writing a report. In case of economics, too there is a fixed language that should be used. I learnt to use this from reading the language of the annual reports. This showed that reporting has to be clear and precise. This showed me how to go through the annual reports of the companies and where the important information is listed. Apart from this task, being required to be done in-group taught me to be a team player. Ti showed how a complex task could be taken up and completed with little diligence. This task was an important step to understand the real effort that is required to an intern analysis of a company.
How have/will you use this new skill to aid the achievement of your career aspirations?	The new skills that I have acquired through the task are of great importance for a business economist as this task helped me to grasp the skills required to do a real life analysis of a company. This was the first step towards the analysis that I will be required to do as a business economist. Further, this has taught me team-working skills. Here I had to work with fellow students I actually did not mix with. So I was initially sceptical to work with them. However, it turned out to be an enriching experience as they had skills, which I did not have, and I had some skills, which they did not have. Therefore there was a lot of compatibility and helped us to finish the task within time. Further, there was team discussion before the conclusion to the paper was drawn as to why we should take a suggestion and why leave the others. Here my verbal skills were tested, as I had to justify the recommendations I had suggested based on my research. I was equipped with numbers as well as the facts that I gathered through my research. This was an enriching experience in terms of acquiring both technical as well as soft skills.

Experience 2

Describe the experience	When in college I did a short-term project with a small company. It was a market research project. The company had launched a new brand of hobby stationeries. However, the brand was not picking up sales. Though the project was a typical market research project and involved data collection from primary sources, and actually understanding the analysing the data to recommend the company solutions. So I was required to formulate a questionnaire, give it out to the retailers, and find out how and why the sales of these products were not picking up. Then based on the data collected we were to do a statistical analysis to find the reason behind the then current situation.
What did you learn?	I learnt a lot of primary research and data collection method. First, I did a preliminary research on the available research on product sales studies, which provided me with a basic methodology to conduct the survey and framing the interview and questionnaire survey. I divided the research into two parts first contained how the customers (end customers) perceived the product, and the second part was based on the understanding of the local retailers point of view of the product and how they displayed the product and the promotions done by the company. The survey results were analysed using a statistical software SPSS, which was a new learning for me. The results were then correlated with the findings of the interview, which was analyzed qualitatively. Based on the research, recommendations were given in accordance with the current literature. Therefore, the study showed me the skill to do primary as well as secondary research. Then it helped me to understand the process of conducting a survey and analysis of it. Further, I learnt to use new software. Apart from these, I learnt to do qualitative analysis, which did not involve numbers.
How have/will you use this new skill to aid the achievement of your career aspirations?	Market research and the skills required to qualitative and quantitative analysis is an important skill for a business economist. For a business economist too have to at times use these to understand the current market sentiments. This research has helped me to become more analytical. Apart from this, it has taught me the skill of organization organization of both thought and work. As I was responsible for the whole task, I had to first decide the steps to be taken to conduct the research and then complete the task to achieve the perceived goal. Therefore, this also enhanced my goal setting skills.

Experience 3

Describe the experience	Learning how to drive a car was an insightful experience for me. I went to a driving school to learn how to drive. As a novice, I was first put through the drill of understanding the basic mechanism and then going through the simulation, I was actually put to the task of driving a car. There were so many decisions that had to be taken at one instance, changing the gear, turning the car, lowering the speed, showing the indicator. The instructor insisted that I get it all correct. However, initially I was perplexed by the amount of multitasking I was expected to do. However, taught me to look into things that I would have never have thought to observe. As I started learning, the act I become more aware of the innumerable strategically decisions one had to take if one had to go ahead in a chaotically crowded road. I had to take decisions at the split of the moment and do it accurately as one wrong decision could me my life.
What did you learn?	Learning to drive a car was an experience, which taught me many things. First was multi tasking. I learnt to do many works at one time. Keep my mind and eyes open together. It alerted my senses, which increased my concentration. The second thing that I learnt is accuracy. Driving involves doing things accurate. Passing the car between two speeding cars, I have to do it accurate otherwise, it may cost me my life. The third thing that I learnt is taking immediate decisions. I thought I was incapable to take serious decisions. However driving a car forced me to take decisions at every moment and decisions, which were serious enough as it was a matter of life and death. This decision-making skill was first infused in me when I first learnt how to drive.
How have/will you use this new skill to aid the achievement of your career aspirations?	For a business economist, one of the most important skills is to be accurate in his findings. I derived this skill from my first driving lesson. As a student I was told innumerable things which I required to follow. However, as a driver I became an accurately conscious of the accuracy with which I drove. This honed my skill of being accurate. Multi tasking is required in any field and I believe it is more so required for a business economist as he has to deal with a plethora of data and do things, which may change every moment. Keeping a track of the real time data and finding a solution to the problem is definitely a job, which requires developed multi-tasking skills. It is important to take decisions as a business economist. Whether the country where the investment is to be made is a risk taking or a lucrative option has to be decided upon. Such decisions are to be made by the business economist before presenting the report he has prepared. Therefore, the skills that I have acquired as a driver are that of accuracy, multi-tasking, and decision making which are important skills required for the job of a business economist.

Career Management Action Plan

The following section asks you to set yourself THREE key objectives related to your career development for the next twelve (12) months. Each objective should be SMART, i.e. Specific, Measurable, Achievable, Realistic and Time-framed.

For each objective you should outline specific actions that you will have to undertake if you are to achieve each objective. You must also set a specific and detailed time frame for achieving each objective.

Objective 1

State the objective.	Increase my expertise in the technical skill required to become a business economist.
Outline of specific actions associated with the achievement of the above objective.	The first task that I will do is to hone my mathematical skills related financial and statistical analysis. I will have to become more aware of the financial and statistical mathematical tools, which are required by a business economist. This will be complete with my becoming adept with the usage of statistical software
Time frame for achievement of the above objective.	In order to become completely comfortable with these tasks is to complete these in a period of 4 months.

Objective 2

State the objective.	The second objective will be to hone my skills of analysis.
Outline of specific actions associated with the achievement of the above objective.	This will be done through a thorough understanding of the numbers, which have a number of stories to tell. I will use these numbers to bring out the real story, which need to be revealed. I will apply these numbers to different situations and develop models to predict the future, which might happen. This will be done through immense scenario analysis. Further, I will try to think more analytically which would involve analyzing the external environment through the eyes of a business economist.
Time frame for achievement of the above objective.	Though this is a continuous process, however, I will set a time period of 5 months to do this.

Objective 3

State the objective.	The third objective is to improve my communication skills.
Outline of specific actions associated with the achievement of the above objective.	For this, I will read regularly read research papers and business writings in order to grasp the particular lingo required to follow while writing a business paper. Then I will hone my presentation skills as being a business economist also requires to express my ideas. Communication can also be improved by increased speaking. I will try to be more participative in public speaking possibilities in order to remove any hesitance on my part.
Time frame for achievement of the above objective.	For this task, I will require 2 months to improve my communication skills.

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