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Do you want to be a Software Engineer

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With above average salaries, office jobs with perks and the demand on the rise, a career as a software engineer sounds lucrative. This article presents the basic info you need to know if you want to be one.

Computer programming is an excellent and lucrative career choice that offers career development and advancement to aspiring professionals. In order to become a successful computer programmer it is essential to develop technical knowhow of the field along with practical experience.

 

What is a Software Engineer?

According to Bls.gov: Software engineers first analyze users’ needs. Then they design, construct, test, and maintain the needed software or systems.

 

What is the Job Outlook for Professionals with Computer Science Degree?

The U.S. Bureau of Labor Statistics (BLS), states that job prospects for computer programmers and software engineers are quite good. Employment opportunities are expected to increase by 21 percent through 2018. Professionals having a bachelor’s degree in computer science will have an advantage in the job market.  Swiftly evolving technologies and information security have raised employment rate for computer programmers.

 

A day in the life of a Software Engineer:

Best Resource

A software engineering job encompasses different roles and responsibilities and covers a range of job titles. The Occupational Outlook Handbook offers the best insight to the roles and responsibilities, worth a good look and understanding if you want to know in-depth about this career. You’ll find most of what you want to know about a career as a software engineer on the BLS website.

 

Meet ANDY – The Software Engineer on Job

Ungerboeck Software International is currently hiring for positions in St. Louis and this is their take on what it takes to be a software engineer.

To become a software engineer, you need an education. But to become a good software engineer, you also need experience and drive. But don’t let that scare you. It’s highly rewarding, and you can advance your career in whatever direction works for you.

But don’t take our word for it. Meet Andy.

When Ungerboeck Software International’s products need tweaking, updating, or new features, Andy is one of the software engineers that makes it happen.

As a computer programmer, you might work on complicated computer programs by using several computer programming languages including Java, Visual Basic, C or C++. Computer programmers are also responsible for updating, modifying, repairing programs that already exist.

 

Education or Experience – What Matters Most?

While he has a bachelor’s degree in computer science, Andy says much of his education came through experience and his own interest in technology.

“[Becoming a software engineer] requires a general interest in computers and programming and a lot of personal initiative and effort,” he says. “Besides going to school, I did an internship, but it’s really going out and practicing. You have to have to experiment and work with both new and existing technologies. Kind of like [how] an artist creates their own portfolio when looking for a job. You have to be familiar already with code development, creating applications, and things like that.”

If he could change one thing, Andy says he would have gotten an even wider array of practical experience before starting his job. And he recommends that anyone interested in becoming a software engineer do the same.

“My advice would be to try to keep up with current trends and technology. We’ve changed to a different software platform I didn’t even know existed when I started working here,” Andy says. “You really have to enjoy critical thinking and planning things out. [Software engineering] is going to become more complex as time goes on,” he says. “As all these new technologies come out, you’re going to have to try to stay on top of things.”

 

Degrees, Knowledge and Skills

Andy feels the vast areas of knowledge needed as a software engineer is one of the most challenging aspects of the job. While there is always on-the-job learning and training, he thinks there’s simply too much for one person to know, so that shouldn’t overwhelm you. He says you’ll grow and learn by relying on co-workers to fill in the gaps in your knowledge and skills.

Interestingly, he finds this one of the best parts of the job.

“It requires a lot of critical thinking and what I like to call puzzle solving. Every day is a challenge. You are always engaged in what you’re doing.”

Aspiring professionals can study computer programming at all education levels ranging from certificate levels on up to associate’s, bachelors, masters to PhD level degrees. Preparation to become a computer programmer includes a bachelor’s or associate’s degree in computer science, computer information, mathematics and software engineering.

For more advanced career positions, a master’s degree may require.

In addition, online certificate programs in computer science are also available to keep students up-to-date with the latest technology and provide them with a strong competitive advantage. You might choose to study general programming topics or you may write compute programs for a specific field like finance, business or accounting. Either way, you will increase your core competencies and programming skills.

 

Is an Online Computer Programming Degree worth it

Pursuing an online bachelor’s degree in computer programming equips students with specialized knowledge and deep insights into computer languages, computer architecture, software engineering, programming language design, and more. If truth be told, earning a computer science degree online gives students all the necessary skills and knowledge required to become a successful and professional computer programmer in the competitive job market.

 

Salary Information

With regards to salary, the U.S. Bureau of Labor Statistics (BLS) states that entry level programmers may earn a median salary of $53,598, while those having several years of experience can earn up to $97,819 yearly. In order to improve your career and earning potential, you might consider earning a bachelor’s degree or certificate programs to get familiar with programming tools and knowledge of multiple programming languages.

Since, computer programming is a challenging and highly skilled job that requires analytical and abstract thinking and the knowledge of multiple programming languages, therefore, it is essential to enroll in a computer science degree to get the latest knowledge of the field.

 

 

Contributors to this post:

Kelly Gibson is a professional webmaster. Her main area of interest is educational research. Check out her blog for affordable online learning options, useful articles on online education, accredited online schools, universities and much more.

and

Ungerboeck Software International: If you are interested in working with the world leader in end-to-end conference planning software for meetings, exhibitions and associations, visit http://ungerboeck.com/AboutUSI/CareerOpportunities.aspx

 

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Career in Human Resource Management

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Alan CollinsIn the Careers series on Careerbright Blog, we feature an interview with Alan Collins, President & CEO at SuccessInHR.com and author of: “Unwritten HR Rules: 21 Secrets For Attaining Awesome Career Success in HR“. Alan was formerly VP HR with Pepsi and Quaker Oats – with 25 years of field, managerial and executive leadership experience in human resources. Alan has written over 100 articles and white papers on HR including features in HR Executive Magazine, HRM Today, Linked:HR, Personal Branding and other nationally-known publications for HR professionals.

Greetings Alan, it is a pleasure to have you informing our readers who want to pursue a career in Human Resources! Please tell us something about yourself and how you decided on a career as an HR professional?

First of all, I’m thrilled to participate in Careerbright’s Careers series.  I stumbled into Human Resources purely by accident.  I was pursuing my B.S. degree in marketing at Purdue fully intending to become a marketing brand manager in a large corporation someday.  My academic advisors suggested that it would be helpful to get a summer internship in marketing to gain experience.  So I did.  I interviewed with and got hired by Dow Chemical into their marketing summer internship program.  However, when I arrived to the company headquarters to start the summer, the marketing project I was to have worked on was cancelled at the last minute because of funding.  And, I ended up working on a project with the Human Resources group.  The project involved helping them assess their recruiting program for new college graduates.   At first, I was disappointed by this change in plan.  However, after a week, I realized this was the best decision that could have ever been made!  I loved the project and had a blast that summer!  I discovered my calling.  I decided to return to finish up my B.S. degree in marketing and then pursue a M.S. in industrial relations in order to best prepare me for a career in HR.  That’s what got me into the HR field.

I then began acquiring experience in HR starting as a labor relations trainee at Inland Steel Company. And since that time, I’ve moved through 16 different HR jobs over my 20+ year HR career. For the last nine years of my corporate career, I was VP of Human Resources at Quaker Oats and then PepsiCo. And, I’ve been fortunate to have had a variety of great experiences in HR. I led HR initiatives for Pepsi’s Quaker Oats, Gatorade and Tropicana businesses. I led an HR organization of 60 HR managers and directors, spread across 21 different locations in North America and was accountable for their performance, careers and helping them succeed. I helped architect the annual HR strategic plan for five years for a workforce of 7000 employees. I’ve done M&A work helping to integrate new acquisitions as well as divest existing businesses. And, I provided HR leadership for the largest single change initiative in the history of the organization. I’ve had generalist roles and HR specialist roles. And, it was a great, great ride.

Last October, I left my HR executive career in corporate America and am now pursuing my lifelong dream of becoming a published author in HR. My new book, The Unwritten HR Rules, was released last October and it has consistently ranked among the top 20 best selling books for HR professionals on Amazon.  In addition to the book, I’m running a blog, I’ve founded a scholarship program, and I’m working on a number of other initiatives to help make a difference in the HR profession.  A few years ago after the death of my son, I re-purposed my life and career. At this point, my life’s work is all about giving back and making a difference. As part of this, my mission is to continue to serve the Human Resources profession, contribute to causes that I care deeply about and continue to use my strengths to strengthen others. HR has given me a fulfilling and extremely rewarding career and it’s time for me to return the favor and “pay it forward” to other HR professionals. And, today I’m doing that and having a blast!

Your new book “Unwritten HR Rules: 21 Secrets For Attaining Awesome Career Success in Human Resources” describes career advancement strategies HR professionals and executives can put into action. Is this book also useful for those planning on a Human Resources career? Tell us something more about this book.

unwritten-rulesUnwritten HR Rules was written to help and provide needed career guidance to up and coming HR professionals.  It lays out twenty-one different strategies for addressing common career issues in HR and describes how to take one’s HR career to the next level. Much of the wisdom described in the book is either not known or not readily shared by HR leaders or headhunters. But now, armed with the tell-all information in this book, upwardly mobile HR professionals have a better chance of surviving and thriving in their careers.

I decided to write this book after being approached by a number of frustrated HR professionals seeking career advice who were troubled about possibly being laid off in their organizations. I discovered that many didn’t know who to seek out to get untainted, objective advice about their own careers.

Typically HR professionals can turn to their boss, a mentor or a headhunter for career advice. However, often the advice given is biased. If the company is cutting costs and the boss can’t replace you if you leave, he or she may try convince you to stay even when leaving may be a better choice for your career. On the other hand, if you’re about to get the ax, your boss may not even warn you until minutes before it happens.

As for recruiters and headhunters, they’re fighting over a shrinking number of open HR jobs and tight commissions, and so they’re incented to persuade you to leave your job even if you shouldn’t.  All of this creates a huge dilemma for the career-minded HR professional.  And my book can help you address these frustrations.

What have you found most challenging in the career as a HR Executive?

For me, the most challenging part of the job is working with individuals and groups to resolve problems and disputes. Often in HR, you “intervene” in situations between people or with differing groups that are at war and you work to try to find common ground.  For example, you could be trying to resolve disputes between a manager and employee over compensation, a promotion, an appraisal rating or in alleged discrimination or sexual harassment complaint.  Or it could involve a labor contract negotiation between the union and your company.  The role you play in these situations is important and tough. And often it’s tough to find common ground.

In all these situations, I’ve tried to keep in mind the title of Spike Lee’s movie from a few years back, “Do The Right Thing.” You can’t waffle; you must do your homework, gather the information, and get input from the right people to guide you. But then take a stand and do the right thing. HR folks that lack a point of view or are indecisive don’t last long. I’ve found that if you stay true to your values and the company’s principles and you’ll be able to look at yourself in the mirror at the end of the day. Sure, you’ll make enemies now and then. But you’ll be able to control who they are and how many there are. And you’ll feel better about yourself.

With outsourcing, downsizing and limited hiring being the norm for the past couple of years, how do you see HR jobs evolving in the next 5 years?

I certainly don’t have a crystal ball, but I believe the future is bright for HR. Obviously I’m biased, but I’ve never met a business leader who is not interested in improving the performance of the business through people. And working with these in crafting initiatives that do this is exactly what HR is all about. So in the future, I don’t see HR going away any time soon. However, I do see the work that HR does changing dramatically.

For example, most large businesses are going global or are already, so the HR professional of the future will absolutely need to have global experience and be able to design HR strategies that can work in cultures like India, China, Germany and other countries in Asia and Western Europe.

As more baby boomers defer retirements because of the recession, the HR professional will need to help address generational issues at work. We’ll see more innovations in benefits like elder care, pet care, concierge services, paid time off and flextime. With companies competing for top talent, HR folks will need to come up with these and other newer benefits to meet the diverse generational needs of the millennials, Xs, Ys they want to attract and keep.

I believe we’ll also see, as a result of the financial banking crisis, HR stepping up and playing a stronger internal role in the regulation of issues such as fairness in the workplace, executive pay, 401k’s, and ethics. Or at least, I hope so. No one wants their company to be the next AIG.

Finally, in the future, I envision seeing an HR executive appointed as CEO of a Fortune 100 company. I don’t know when it’ll happen, but certainly it will happen in my lifetime. HR executives have already moved into senior-level operations roles, marketing and sales positions for years with great success. So I believe it’s only a matter of time. And when that does happen, it’ll be a great sign that the HR profession has finally arrived.

Some tips or advice for those planning on pursuing career in Human Resources?

If you’re interested in a career in human resources, I would strongly advise getting a master’s in HR.  Then going to work for a company that has a formal HR development program.  Companies like Pepsi, GE and Johnson & Johnson are examples of companies that will actually invest up to two years of the company’s money in a new HR person’s development. That’s a valuable career launching pad for the new HR professional. These companies have well-developed HR practices and are constantly innovating them so they are great learning labs. Sure, this can also happen at start-ups and at smaller companies too, but it’s a lot more difficult. Smaller firms often don’t have the resources and the structure and you often have to do things without an “old hand” available helping to guide you — which is not a good situation if you’re trying to learn the profession from the ground floor up.

If your company doesn’t have a formal development program, then work with your boss to create one that works for you and the company. It’s worth the investment to do this both for you and the business.

Which universities or online programs would you recommend for education and training in HR?

The best university based programs for HR are at Illinois, Purdue, Cornell, Michigan State and Minnesota.  At Pepsi, we recruited HR talent at these universities often and were very impressed with the quality of the candidates.   Most online programs are too new at this point to have a proven track record so I don’t have any to recommend at this time.  I highly recommend the university-based programs.

Your website and contact information?

For those interested in more information about ways to advance your HR career, feel free to check out my blog at SuccessInHR.com.
And for those interested in TWO FREE CHAPTERS of my book, UNWRITTEN HR RULES: 21 Secrets For Attaining Awesome Career Success in Human Resources, you can download those at UnwrittenHRRules.com.

Other Resources:

You can also apply for a Human Resources bachelors or masters program through the University of Phoenix which offers online or campus based degree programs.

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Blogging as a Career

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Amit-labnolLet’s meet Amit Agarwal who is a famous blogger based in India. He is also called “the founder of the Indian blogging revolution”; and authors the hugely popular and award winning Digital Inspiration blog where he writes about computer software, consumer gadgets, mobile phones and web applications that help us become productive. Digital Inspiration website is an award-winning technology site with 5,000+ articles, how-to guides and video tutorials on all things related to personal technology, software and useful web apps.
Amit also writes a weekly column on personal technology for Indian newspaper The Hindustan Times.

Hello Amit, tell us something about yourself and how you got interested in taking up blogging as a career?

It happened by chance.

I was working for software company in Hyderabad and was not exactly bored with my 9-to-5 job but wanted to do something on my own. One of my colleagues had a blog and that’s how I got exposed to this blogging thing for the first time. Initially, I thought of using my blog to get freelancing projects but that changed very soon and now I make a living directly from the blog.

What according to you is a successful blog? Are the success benchmarks set on the number of visits or the amount of money a blog makes or something different?

It depends. For some people, success may be defined by how many dollars they make at the end of the day but I think its more to do with influence and not just traffic or money.

If what you write can create buzz (i.e. there are conversations happening around your blog), I think you are successful. If people in your industry value what you write, you are successful.

This of course doesn’t apply to “private” bloggers who write mostly for their friends and family members.

What are some of the advantages and drawbacks in this profession?

You are your own boss. You not only get to do what you love but you also get paid for it. But I think what matters most is that you have a platform to share your voice and opinions.

The downside is that there are risks involved which are not in your control. What if search engines decide to put your site out of their index? What if you there are no online advertisers in your industry?

What have you found most challenging so far?

When you start a new blog, it’s almost like putting a billboard in the middle of a desert. Nobody knows about you – some people will only accidentally stumble upon your site and if they like it, they’ll probably help in spreading the word. Like all new bloggers, that was my biggest challenge – finding readers.

What does your typical work day or week look like?

It’s more like a 9-to-8 job now. I rarely cover “breaking news” so never really face that “time pressure.” I have about 500 feeds in my newsreader so it takes about 2 hours daily to clear the queue. Site management (like comment moderation, design tweaks), social media interactions (mostly twitter and facebook), emails, etc. take another two hours. The remaining time goes in writing stuff.

Weekends are mostly reserved for family.

How do you see blogging as a career evolving in the next 5 years?

I think more and more youngsters (especially college students) will start jumping into the blogging bandwagon. They may not take blogging as a “full-time” career but it will at least help them pay most of their utility bills.

Some tips or advice for those looking forward to taking up blogging as a career?

Always have a fall back plan. Get some good education, gain work experience and then maybe think of taking up blogging as a career.

Even if you have good ideas and write really well (blogging is all about writing), establishing yourself in the over-populated blog world can take months so don’t feel disheartened during the early stages. Just keep on writing and they’ll come.

Your website and contact information?

Twitter – http://twitter.com/labnol

Facebook – http://www.facebook.com/digital.inspiration

YouTube – http://www.youtube.com/labnol

Resources that help you Launch a Blogging Career

Problogger has very useful tips for those wanting to launch a career in blogging and for the advanced bloggers. You can also subscribe to the problogger forums and learn from the members/mentors and others who are in the same boat as you. Some recommended blogging resources are also a must see here.

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Career in Financial Planning

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greg_nazvanovDr. Greg Nazvanov is known as one of the Australia’s 10 best financial advisers and specializes in Wealth Management, Technical Analysis, Financial Planning, Tax, Trusts, Asset Protection, Alternative Investments, Art and Real Estate. Greg Nazvanov has written several publications and Books which provide detailed information on Business Management, Financial Strategy, M&As, Art Investing, Estate & Succession Planning, Real Estate, Social Security and more. (Get links to this wealth of information here in this interview)

If you are looking for a career as a Financial Advisor then this is the place to get some pearls of wisdom from Dr. Nazvanov.

Greetings Greg, it is a pleasure to have you informing our readers who want to pursue a career in financial planning! Please tell us something about yourself and how you decided on a career as financial advisor?

Came from a family of academics, where the only assets they had were knowledge and creativity, yet mom and dad retired broke.  I did not want to end up like them and am proud that can take care of them now in their old age.

About Greg Nazvanov:

Dr Greg Nazvanov MBA is a professional financial planner and wealth management consultant with a successful track record of commitment to his clients.  Greg has built wealth management businesses for commercial banks and entrepreneurs by applying leading-edge expertise and collaboration to gain a foothold in several industries through professional networking.

Greg is a passionate philanthropist who has donated hundreds of thousands of dollars to charity and cultural organizations.  He gives away art, and buys paintings from Aboriginal art groups then donates them to charities. (The Philanthropist: creativity fosters community spirit”, Planner -The Financial Planning Magazine, FPA (April 2008, pp.40-43)

fin-planning-2afin-planning-2b

Both activities bring huge benefits, by supporting the Aboriginal artists, and by the funds generated for the needy in Australia and overseas. Dr Nazvanov is a regular benefactor to the McDonald College and the McDonald Foundation Cultural Trust.

The McDonald Foundation Cultural Trust is a philanthropic foundation that supports the promotion of literature, music, a performing art, a visual art, a craft, design, film, video, television, radio, community arts, and Aboriginal arts.  Join Greg in his endeavors to Support the Trust. fin-planning-3

Financial Planning Expertise:

For the past 12 years, Greg has expanded his expertise in all aspects of Financial Planning and Wealth management.  He has been coaching and advising clients at INKOM Wealth Management, Citifinancial, Credit Suisse Private Bank, BT Financial Group, Westpac Private Bank and Westpac Business Banking, and worked in partnership with Macquarie Equities, Colonial First State, ING Funds Management, Deutsche Asset Management, Barclays Capital, Vanguard Investments, Investors Mutual, Merrill Lynch, Platinum Asset Management, Templeton, Man Investments, Fidelity, UBS and many other asset managers.

He is also an art specialist investment adviser and founded ArtTrust.com.au.

Apart from Greg’s many academic and professional qualifications in Finance, Human resources and management, his main strength lies in his ability to communicate with his valued clients and help them demystify the money-go-round.

In 2006, Greg Nazvanov became a CFP® or CERTIFIED FINANCIAL PLANNERTM practitioner.  The CFP® or certification is the global symbol of financial planning excellence.  As a CFP® professional, Nazvanov has completed rigorous study in financial planning, has extensive industry experience, and abides by the Financial Planning Association (FPA) Code of Ethics and Rules of Professional Conduct.

In February, 2007, Nazvanov was named as “One of the nation’s top 50 best financial planners” by Australian Financial Review Smart Investor (Feb 2007, p.46).  He was the only adviser from BT and Westpac to receive this award that year.

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Once again he was awarded as one of the top 10 financial planners in Australia in the prestigious Australian Financial Review Smart Investor Masterclass for Financial Planning in 2008 (Feb 2008, pp.52-53).  The award recognizes his high level of knowledge and expertise that enables him to provide exceptional advice to his clients.

The following is an excerpt from the article ‘Masterclass for Financial Planning’ that accompanied the announcement by FPA: “Forget investment advice – these days a planner needs to be a technical whiz with an in-depth knowledge of the myriad laws and rules that govern our financial affairs, as well as the nous to use that knowledge to work out strategies to come up with the best results for their clients.”  The Smart Investor fin-planning-6Masterclass was first introduced in 1998 in response to readers (of the then Personal Investor magazine) begging for recommendations for financial planners they could trust with their financial affairs. The Masterclass for Financial Planning is a test of technical knowledge of a financial planner and an ability to apply expertise to common scenarios.  The areas of knowledge tested in the exam include financial structures, tax, superannuation (including self managed super funds) asset allocation, social security, and investment strategies.  Professionals are eligible to sit the exam only if they are a CFP member of the FPA or a CPA financial planning specialist member of CPA Australia or a CA of the Institute of Chartered Accountants in Australia.”

fin-planning-7In 2009, Greg completed a MGSM Master of Business Administration (MBA) which has a reputation as a leading management qualification in the Asia-Pacific region. Renowned for its quality, flexibility and extensive subject range, the MSGM MBA is designed specifically for individuals in positions of responsibility who have been identified as possessing higher management and leadership potential, and for those who aspire to a general management position. The program is intensive and rigorous, with strong emphasis placed on workplace relevance.

fin-planning-8MGSM has received EQUIS (European Quality Improvement System) international accreditation by the European Foundation for Management Development.  Leading business schools in Europe to have gained EQUIS accreditation include INSEAD and London Business School.

UNICON was established in 1972, initially as an informal common interest group of executive education program directors.  The group soon evolved into an incorporated, not-for-profit organisation with a commitment to thefin-planning-9 development of university-sponsored executive education.  With a key mission to promote executive education and foster its continued development, UNICON has become the pre-eminent voice for management and executive education and development worldwide.  Members of UNICON include Harvard, Stanford, Cambridge and many other leading business schools worldwide.  Candidate organisations must meet the rigorous requirements of UNICON’s membership criteria.  Only those organisations with the necessary resources, management structure and highly credible track record in the development and delivery of executive education are selected.  MGSM is included amongst the elite UNICON membership.

Greg loves market analysis and has created a system (with his team) offering FREE Mobile Financial apps for free including INKOM Blue that offers FREE LIVE access to global markets from India to London to LA to Hong Kong.

Having spent a decade in Business Advice for BT and Westpac Banking Corporation, Greg helps SME to startup grow and gives ALL ebooks for free.

 

What professional certifications are required to be a financial advisor? Is it different in all countries?

They differ from country to country.  In Australia, the financial advisers are licensed through ASIC.  ASIC Chairman, Mr Jeffrey Lucy, today reminded consumers that anyone providing financial advice or offering financial products needs to be licensed through ASIC.

A financial planner is a practicing professional who helps people deal with various personal financial issues through proper planning, which includes but is not limited to these major areas: cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners). The work engaged in by this professional is commonly known as personal financial planning. In carrying out the planning function, he is guided by the financial planning process to create a detailed strategy tailored to a client’s specific situation, for meeting a client’s specific goals.

As a financial planner, you are part of one of Australia’s most dynamic and fastest growing professions. The CFP Marks will allow you to set yourself apart from other financial planners.

Read more about CFP here.

In the above article you will also find some valuable information on how licensing for Financial planners works in different countries.

Does a financial advisor sell products or services or both? Please elaborate.

Most advisers view themselves as salespeople and use Risk analysis questionnaires and similar Profiling tools to box the client into a particular category, then sell them a preset amount of products based on the box that they tick.  In my early days in Banking & Wealth Management giving retail advice was somewhat a car manufacturing plant.  In the latter years at Westpac Banking Corporation I was given a rather peculiar title of an “Executive Business Hybrid Financial Planner”, which stands for “someone who works in a Hybrid role in the Private Bank, Business Bank and Institutional Bank and can provide a full range of advisory services to SMEs, corporate, government and private clients who are HNW individuals”.

As clients’ needs become increasingly complex and their orientation more global, they can only be addressed with tailored strategic advice in all areas, not just sell pre-set product from a list.
Often the strategy had to be tailored with the help of Technical Strategy experts like Sean Fannin (who is still at Westpac) and Aman Ramrakha (who since left to Commonwealth Bank). Clients could expect unique investment, insurance, business, retirement and estate planning advice and comprehensive financial planning. We did this with passion and full dedication.  My personal recipe for success is quite simple: We do well when our clients do well.  I first spoke about clients’ financial goals and objectives, their personal and business circumstances and understanding of different risks (liquidity, currency, market, etc) Only when we were clear about these aspects we devised an overall investment strategy covering all entities, both business and personal.

Product-wise, besides in-house managed portfolios, we used various external Absolute Return and Hedge Funds, Sector funds, ETFs, complex investment vehicles and approaches, structured solutions, ‘tax-effectives’, Corporate and personal pension plans, direct property trusts, actively managed direct equity portfolios and institutional bank solutions.
I had no product limitations and all of my time was spent on strategy and implementation.

How easy or difficult is to find clients if someone has recently stepped in the financial planning career with little or no experience?

Yes, working as an apprentice or asking for a work experience will typically help.  Having gained sufficient skills and expertise it is very easy now for me to network in social groups like Twitter or LinkedIn and ask for business, network through Chambers of Commerce or other professional groups.  For someone who just started they would have very little belief in themselves, usually not goal-driven and a mentor is the best gift they can have.  I had a mentor who was Dan O’Dea.  Dan originally created the Business Advice for Westpac Bank in Australia.  He was passionate and generous with his time, guiding me in the first 2 years before I could truly feel that I could stand on my both feet.  He since ran the Financial Planning at the Commonwealth Bank of Australia and recently retired.

I am open to be a mentor for all planners out there, so that all of you can achieve your life dreams and aspirations.

What does your typical work day or week look like?

Depends on your time management and the size of the business.  These days I do not have an assistant to fill my diary, although at the Banks this is done for you. I make proactive calls; upload my books on Investing, Tax and other topics in forums and Social Media, then link back to my company webpage.  When people download my books, they leave their contact details and I call them asking if they need any clarification or further help.   This has been a very successful approach, where we get over 500 enquiries a month.  On top of that I network through Cultural Foundations, Charities, Business Groups  and alike to source further business.

I allocate 1.5-2 hours a day to creating and managing my new business flow, 1 hour to meet with my admin support staff regarding the status of submitted business, and the rest to face-to-face client meetings and strategy creation.  Our para-planning department will then prepare the financial plan based on my instructions.

What are some of the advantages and drawbacks in this profession?

Advantage is that if you do the right thing all the time for people, this is the most rewarding profession, as you feel like managing not just the money but people lives, holding their hand through all the hurdles that life throws at them.  The drawback is when the client is not tuned in, not willing to accept professional advice.  For example, if someone is spend-drift and refuses to follow budgeting, then the most perfect investment strategy may fail as a result.  The solution is to build a client base of homogenous clients, who appreciate your expertise and follow your advice.

Effectively, you assume a role of their personal CEO and they assume a role of the Chair-persons.

 

What have you found most challenging so far?

Work-life balance.  I finally had a break through where I block the time in my diary to focus on me and my family.  I now play the violin, dance Jazz and Latin, Scuba dive and Travel around the world.  I lost 52 kg in the past year with a personal trainer (again, one needs a mentor, a coach!) and now attend gym and swimming pool daily.

Greg’s View on Equity Markets

I have been in this advice business long enough and advised many people about owning shares via the traditional buy and hold, at any time and at any price method for long enough to know that hindsight and recent movement in share markets can lead to a range of emotions and views that are not always helpful.

Whilst feeling good about being invested in the share market from 2003 through 2007, even gains from the strongest bull market in history can vanish very quickly.  We are at a point in time where the risk of a long term sharemarket decline is very real and have written a book to explain those risks and what you can do about it.

Whilst it is always frustrating to watch the market go up sharply knowing you had funds that you wanted to have invested and quite possibly could have been invested, these gains could well be illusionary with the traditional methodology.

I am reluctant to blow my own trumpet too much, but what we use the Directional Market Decisions (DMD) technology which is literally unique to the financial planning or investment advice world.  It is literally a mathematical method to capture the large portion of market gains whilst avoiding the large portion of market declines.

As good a discovery as it is, it is so vastly different from anything we, let alone anyone else in the financial advice world, have tried to put into practice for clients before, that I needed to know I could properly implement it before putting client funds to work. DMD methodology, it works far better and with much less downside risk than any form of buy and hold investing, in both long term secular bull and secular bear markets.

As a final note, whilst I am convinced we have now entered a secular bear market in the U.S., which will most likely spill over substantially to the rest of the world, whether this holds true or not (and of course only time will tell whether this is indeed the case as the next few years unfold), investing via the DMD methodology with a facility that allows me to do this for our clients, is a dramatically safer way to invest than anything either of us have seen before, with far better results as well.

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Other Resources:

You can also apply for a a bachelors or masters program in finance or accounting through the website phoenix.19gi.comwhich offers online or campus based degree programs.

Related Articles:

Financial Planner Licensing in Different Countries

Financial Analysts and Personal Financial Advisors – BLS website

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Alternatives to Full-time Employment

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Working peopleThe alternatives to a permanent full time job include part-time work, contract jobs, job share and all, but there are other options too which you could explore and see what suits your needs and interests the best.
New work arrangements of the 21st century are perhaps the call of the times. Millions are unemployed in the US and around the world as the world rides the recession wave, job losses are by the thousands every month and not so many are coming back. It is time to explore the career options which can be an alternative to a full-time or the regular 9 to 5 office job which had been the norm for the past century.

Some of the ‘non full-time jobs’ options that you could consider are:

Employment as apprentices or trainees

If you have been in a layoff and for some reason do not intend to go back to the industry you have worked with, and can sustain financially for some time at least; then considering a career change could be one fabulous (forced) opportunity for you now. And since it is difficult to (successfully) change careers without having the right skill set, seeking employment or voluntary work as apprentice or trainee could be an option now. Seek training in the area of specialization where the jobs would be in future. The US department of Labor Employment and Training Administration (ETA) has some good information on its website http://www.doleta.gov/OA/ . (For the readers not in the US, check out your government website for related information, there are also many career centers in various cities which can provide in information on vocational training institutes etc.).

Freelance

Freelance – Use your skills and talents and work on your own from where you want. Many website provide the tools and advertising you need to be visible to those who might need your skills, but you must first know how to market yourself and if at all it would be worth spending the time freelancing either in the short-term or long-run. You must build a reputation and credibility before you see yourself ‘thriving’ as a freelancer. There are better resources out there to research on freelancing if you are attracted to the idea, some of these are:

Small business opportunities

Start your own business – it is not the time to sit and think that nothing would work out if you started your business now in a bad economy. The world is always on the move and people need solutions to their problems. So if you present an answer to someone’s need be it as a product or a service, you might fare better as an entrepreneur than in any permanent job. Often we do what we have been doing or what are skills or education were, only when a major change happens for example a layoff and finding another job in the same field is extremely difficult it is time to reinvent your career and being your own boss (if you have the aptitude of course) could be one of the most lucrative careers and opportunity of a lifetime.

On your own – But Selling for others

The work from home options are very much in demand especially by stay at home moms who want an extra income or single mothers who need additional income. And of course, this area is not restricted to the “mom” group. If you have a knack in marketing and confident on your computer skills (or are keen to learn both); then working from home selling others products can be a very attractive opportunity in terms of value of your time and learning the first steps towards entrepreneurship – since marketing and sales are key to this type of business.
Some examples are:

  • Avon (cosmetics)
  • Selling information products – as eBooks, or educational products
  • Phone/computer Customer Service (for example, live-chat responders to service based or product selling websites)

Beware — Although these above options and websites may make it look like a very simple and easy set up to make great money but be aware that internet marketing may be challenging a business. And not to mention the various internet scams that are working overtime to lure and steal your identity.

WAHM.COM offers work-at-home job listings and they do try to screen jobs to present some legitimate ones; but your judgment must be based on careful analysis and research.
Relevant reading: Nice Work If You Can Get It: Web Sites for At-Home Jobs

eBay as a Part-time earning resource

Many online resources will guide you towards selling on eBay and also good books such as eBay for Dummies is a good investment for research, planning and implementation.

Blogging as a Career

A few years before no one would have even thought that blogging could be a full-time career but as the internet evolves and the recent news in business magazines Entrepreneur and BusinessWeek often citing success stories from not one or two but quite a few bloggers on how they are making decent money blogging full time, blogging could soon be on the list of full-time careers.
The first step towards your decision to be a full-time professional blogger must be to research thoroughly on how previous successes have been achieved and what are the real life scenarios – do not get enamored by the one page websites of all those bloggers around who want to sell their software or services and get you making a 5 figure income in a month through blogs – easily; making good money from a blog or a few of them is not as easy as it sounds or those who might want to sell it to you.
There are some great blogger tips websites; Darren Rowse on ProBlogger perhaps tops it all. One of his posts: Do you call yourself a blogger, is worth a read and also see the interesting comments that follow this post.

Here are some other websites where you can get some quality advice:

All set to hunt on a job board for professional bloggers? Check this out:
http://jobs.problogger.net/

Franchise options

It might be a good time to get into franchise business; there are reports of quite a few of the systems are cutting down on the fees to attract more franchisees in the economic downturn. Research well and assess your financial situation well before getting into the franchise market. Although most of those selling you on franchise options will try their best to convince that it is easy to get loans and start the business right away; it is always wiser to research on your own and calculate running costs and your capability to commitment to a business in the long-run.


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Recession Proof Jobs and Jobs of the 21st Century

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business__peopleWhat is recession?
According to Wiki definition, a recession is a decline in a country’s gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.

We fear recession since it could result in more than normal job cuts, financial tension and the burden of managing the needs of the family increases. With less or no employment growth the scenario looks bleak.
Although you might have Googled the best jobs to have during recession hoping to receive a comprehensive answer to this question and in all probabilities have received a lot of information already, but my advice first is to research outside and research within to find the right answer.
By “research outside”, I mean finding out the present industry strengths, researching job market trends, following the stock market and investigating on the future of some promising careers.
By “research within”, I mean delving deeper into your present expertise, your abilities and your inclination and passion towards a particular career.
Once you understand the working dynamics of these two together you can surely come up with your jobs search or career search strategy. Although, if you are already a victim of a layoff and getting a job is a priority, the career exploration phase has to wait ( that is, if financial responsibilities are pressurizing you and the first step is to land a decent job which helps you pay for your family’s health insurance as well).

Protect your Present Job
Before you venture out to look for new jobs or those that will hold on during recession it is best to try to protect your present job first. When there are few employers hiring the best bet is to stay where you are (though not entirely in your hands, but you could try to be one of those not handed the pink slips in the coming weeks or months). I have some tips on how to manage your career during recession which you might find helpful now.

What are the Present Industry Trends?

What have you observed in the papers, which companies are still advertising the jobs and what are the predicted trends? The trend could be more towards jobs in the environmental or solar sector or some new jobs which are government sponsored where money is being pumped in research and development in certain areas.
There are quite a few cities which are working towards increasing jobs in the “clean-tech” area. Read the newspaper and articles on the economy and you shall get some pointers on where the funds are being pumped in and where they are being taken away.
Find out more about those jobs that interest you the most. And if you are in a layoff and are looking for a new job then explore those jobs that are in demand at present. Recession or an economic downturn could be the right time to diversify and reorganize your skills. There are some reports published periodically on the trade magazines, job boards and other job related websites which predict or analyze the career and jobs which will be in demand over the present year or mark a trend for the rest of the century. For example check these out: 

  • Top 25 Careers to Pursue in a Recession - This article suggests the following careers that can be expected to thrive during an economic downturn:
    Health Care, Energy, Education, Utilities, International Business, Food, Pharmaceuticals among others.
  • CNN Money has a good report on Best careers to have in a recession. They have there the Bureau of Labor Statistics’ list of 30 occupations expected to grow fastest over the next decade, then asked compensation experts PayScale to identify the 10 white-collar jobs among them with the best combination of high pay and high security.

Getting out of the “Slumped” Job Sector

If you anticipate a layoff, the best bet now is to be proactive and start planning on war footage on your next moves towards acquiring a new skill set to jump to another job sector. For example the present housing market slump has resulted in major slash down on construction jobs, realtor jobs and other house financing jobs.
Do a reality check on your skill set and either work toward developing new ones or if you are passionate on getting back to the housing jobs, research on some part-time jobs which could help you to “ride-out” the recession period.

Reinvent your Career or Join in the New Green Workforce

All around there is a “green buzz”. We want to head back to the basics and reduce our carbon footprints but that is not easy. We need new solutions and reduce costs of the existing “green” technology. That produces new jobs and careers. These are also the jobs of the 21st century.

And where to look for the new jobs and the ‘Green’ careers that we talk about here (see below)? The idea is to be aware of where the government and private funding is being channeled; which companies are the VCs investing in. And if you are an innovator just go ahead and create a solution to present demands and you can create a career and job for yourself. Innovate and reinvent your present job: Seek inspiration from this story on CNN.COM:

Andrew Cartland figures he would have left the recruiting world if he had stayed in his job placing people in tech or telecom positions. But instead he started his own firm, London-based Acre Resources. Acre specializes in finding people to fill jobs in the burgeoning fields of environmental sciences, corporate social responsibility, sustainable development and climate change. And business is booming. Acre doubled its revenue in the past year, sending Cartland on his own hiring spree.

Which Jobs are “Recession-Proof”

If you are searching for recession-proof jobs, then the BLS statistics of the first quarter of the year 2008 says it all:

  • Health care continued to expand in March, rising by 23,000 employees. Hospitals accounted for the majority of the job gains, growing by 14,000. Over the past 12 months, health care has added 363,000 jobs.
  • Employment in natural resources and mining rose by 6,000 in March; the results are in line with the steady growth the industry has recorded over the past year.

When it comes to a major economic downturn affecting the world, there are virtually no completely recession proof jobs as such, but of course there are some industry sectors which are close to “recession-proof” and witness growth even in a bad economy.

Website Developer and Creative Web Media Expert

Many of those in the layoffs are seeing entrepreneurship as an attractive alternative to full-time office work. And your business in the 20th century thrives on a creative web presence. If you have the skills to develop some creative interfaces and websites, there are many seeking help and expertise in web development to get their business up and running in the shortest time during a recession and this means that you could be in business in no time. All you need coupled with the technical skills are good marketing and sales skills. You are how you market yourself.

Sales and Marketing

During the tough times, businesses need to aggressively market their products and services and skilled sales and marketing people will always be in demand. Keep your portfolio up-to-date and quantify your achievements; even if you are in a layoff right now, with good records and right personal marketing you would land another job faster than others in different tech positions.

Handyman

A plumber and a handyman in the US can make around $50 to $200 per hour and there is always a demand. True some people might want to do-it-themselves to save some money for the small fixes at home, but note that with more people staying home and more appliances and activities in the house, the usage and wear and tear is on the increase. Repair jobs are required and your services can be more in demand now than before. If you have the interest and some relevant skills, then it is time to train on some handyman skills.

Law Enforcement and Security Personnel

A major downside of tough economic times is increase in crimes and security breaches. Look up your local government and other private offices job requirements and you might see the “open” jobs in law enforcement or need for police officers staying on the list. Get trained soon, if you have an aptitude for such jobs.

Energy Industry and “Green” Careers

Of course, you will say. Are not all major funds being directed towards renewable energy industries and towards clean tech? Sure enough, follow the trends see where the money is and you can have that recession-proof job till the next recession at least.

In May 2009, the US government announced money for Green Jobs, training will come from the stimulus package.
The energy, education and labor departments also announced a partnership to help link the unemployed with jobs, training and education opportunities.
Read more at: http://www.huffingtonpost.com/2009/05/26/government-to-announce-bi_n_207843.html

CNN.COM article reports:

A survey by Acre Resources found that the number of specialists working in climate change, including carbon traders, analysts and project managers, tripled between 2006 and 2007. “We have experienced a massive upsurge in climate change and energy jobs over the past 12 months,” Cartland says. “Most of those are in the United Kingdom, United States and Dubai. It must be one of the fastest growing job sectors in the world at the moment, and we don’t see any reason why it would slow.”

Although these are the sectors where new jobs would continue to continue to grow in the 21st century, do not expect that it would be easy to undergo a career change during recession, however channeling your skills in new areas can be done easily with little time investment.
A complete career change demands time and more efforts towards new skill development as compared to changing jobs in your current field. If you are in a layoff and finding it hard to find jobs in your field it could be one of the best time to continue on developing your skills, either towards present career enhancement or towards a long-term career change.

Recessions are Temporary
G. Michael Maddock in an article in Business Week says: Recessions by definition are temporary. Great companies and great executives don’t abandon their growth strategies in light of temporary setbacks. They attack aggressively, while everyone else is pulling back.

Do not overreact; it is best to be prepared but did you know that the 2001 recession was over in around eight months (but note again that the jobs were not coming back that easily even after a year). Perhaps it is good to fall in some such cycles to help us be prudent about our spending and proactive towards our careers.

What I have above are just some suggestions from a career expert, but as always you are the best judge for your own good.

Be inspired by Ayn Rand here:

“Throughout the centuries there were men who took first steps, down new roads, armed with nothing but their own vision.”
~ Ayn Rand

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How to Find a Job when there are none around

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If you cannot see something it does not mean it is not there; it only means that you have to try harder and perhaps with a different vision to find the unseen.
If you are in a layoff as a result of the economic downturn; then you will benefit from these tips on how to find a job when there is a hiring freeze everywhere and the companies are getting our of business left and right.

Network to Penetrate the Unpublished Job Market
Where all to look for jobs, when there are none being advertised? The answer is: Do your research and the answer shall come to you.

  • Read newspapers, trade magazines, journals, BLS website (this is the US Bureau of Labor Statistics and would be different statistics if you are not in US). What are the current industry trends? Where all is the funding money being channeled? These could towards the new solar development companies or other green-tech; there might be many unadvertised jobs here and all you have to do is first find out which ones could be the ones to apply for and how.
  • Research and find out which companies are showing good profits and sales increase in the tough economy; they could be the ones looking for hiring new employees since money is not a constraint with them.
  • Research to gain knowledge on those companies that are launching new products and there is a possibility that the project teams could be expanding.
  • There could be some jobs that are recession proof, perhaps there could be the right job for you where you can channel or re-package your skills. (Read more at: Best Jobs to have during Recession )

Once you are ready with your research the next action step is finding the right contact to approach the position internally. Do not be put off if you do not see any advertised jobs on their online job boards. Some internal positions are not advertised and you can very well approach these jobs by smart networking.

Vocational Training for a new Job and Skill
May non-profit vocational training center and job placement centers offer training sessions for jobs like JobTrain which serves hundreds of youth (ages 14-21) each year in both in-school and out of school programs. Trainees also learn to improve their communication skills, to understand the importance of punctuality and working hard, and to build self-respect and self-sufficiency. JobTrain youth can spend summers working and gaining real-world experience, or can earn high school credit in non-traditional courses. This is very important for the youth especially since just out of college you may not land a job immediately during an economic downturn.

Use your Current Skills to Freelance
It won’t bring in the same money that you might be getting as a full-time job but when paying your bills and taking care of a family are the priorities then any supplemental income is welcome. Also make sure that you spend say about 40 percent of your “work” time in freelancing and rest of the time in networking with friends and ex-colleagues on any possible job openings leads and enhancing your skills.

Find Work that you can do during Weekends
You or your spouse can work a few hours during the weekend to make some extra dough – not a bad idea in a recession. Well, it could be as simple as helping in advertising for a local pizza place to showing your web savvies online by either learning a new skill (there is tons of information online and self help courses that you can learn from) or teaching others and charging them for it – Ok that means have your website or blog (Note: you may not monetize this option in a short time, it needs time and careful nurturing and advertising.. but yet again, it is good to begin something that and then evaluate the options on the returns and your interest in taking it to different heights).

Be Ready to Relocate
Many good corporate jobs are moving overseas, there have been many reports during the last few months where companies in India and China have offered good positions to those laid off from Lehman and others affected from the Wall Street roller coaster debacles. Asian economies are growing and many companies are eager to absorb these globally experienced professionals.
An international experience would only enhance your portfolio and there is always a possibility to return to your native land when the going gets good.

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How to Negotiate Flexible Work Hours

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check_it_2Many working women think about going part-time due to work-life balance issues, dependent care responsibilities or due to personal problems or preferences. Part-time works or flexible working hours gives many a working mothers a considerable choice to not opt-out of the workforce after having a baby.

According to the US Office of Personnel Management, The courts have also ruled that flexible and compressed work schedules are fully negotiable. In Bureau of Land Management v. Federal Labor Relations Authority, 864 F.2d 89 (9th Cir. 1988), (Bureau of Land Management), the court held that “[i]n order for employees to have the flexibility and choice envisioned by the [Flexible and Compressed Work Schedules] statute, both the overall contours of the employees’ available choices and the manner in which an individual’s choice is exercised within those contours, must be subjects included within the terms of the collective bargaining agreement and hence negotiable.”

Here are some of the terms and their definitions that you must be aware of before proceeding with the negotiations.

Flexible Work Hours
This is the part of a flexible schedule during which employees may, within agreed upon limits, choose their arrival and departure times.
Credit hours
These are hours–in addition to the basic work requirement–that employees elect to work so as to vary the length of a workweek or a workday.
Other-than-full-time employees (includes Part-time employees)
Work hours are lesser than the regular 40 hours per week as defined for a full-time employee. Because these employees work fewer than 40 hours a week and fewer than 80 hours a pay period, they are not always entitled to the same treatment/benefits as full-time employees.
Compressed Work Schedules
A compressed work schedule means that an employee’s basic work requirement for each pay period is scheduled for less than 10 workdays. Compressed work schedules are always fixed schedules. Another difference between flexible and compressed work schedules is that an employee on a flexible work schedule may be credited with a maximum of 8 hours towards the employee’s basic work requirement on a holiday or Sunday, whereas the number of holiday or Sunday hours for an employee on a compressed work schedule is the number of hours regularly scheduled for the employee to work on that day if not for the holiday.

For more details on the definitions see, the Handbook on Alternative Work Schedules.

The Part-Time Employment and Job Sharing Guide, has some interesting tips on how to make your full-time job a part-time job.
Here they are:

Keep a detailed record of what you do.
• Could all your most important tasks be done in fewer hours?
• Could less important tasks be discontinued or done by someone else?
• Could your job be shared with another part-time employee?

Get information about your salary and benefits.
• Assess changes to salary, leave earning, health insurance cost, and retirement and life insurance benefits.
• Could you afford to earn less pay and pay more for insurance?
• Could you do with less leave and potentially less retirement?

Research policies and practices
• Study Government wide policies in this guide.
• Consult your supervisor about your agency’s policies and programs.
• Talk to part-time employees about their experiences.

Devise a strategy
• Propose restructuring your full-time job into a part-time job.
• Find a partner and propose a job sharing arrangement.
• Apply for any part-time/job sharing vacancies.

Make a written proposal
• Propose a schedule and explain how your duties would be handled.
• Focus on employer’s needs, not your own.
• Suggest a pilot test where managers, clients, and co-workers could assess the arrangement.

The above tips were adapted from Flexibility at Work … 5 Steps To Get You Started, a brochure produced by the Association of Part-time Professionals.

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The Upsides and Downsides of a Contracting Job

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Who is an independent contractor?

People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors.

If you are an independent contractor, you are self-employed. 

(Source: IRS.gov)

 

Contracting may be for you if you relate to these points:

  • You want the choice to be selective of those you work with and work according to your preference.
  • You love variety in your life – “Are you kidding? One job for a life?!!” or even the thought of working for the same employer for 5-10 years brings shivers down your spine!
  • You want to be in control; the independence to manage your time is the major lure for working independently.
  • You are a fast learner and know how to implement your ideas independently. The learning curve is also very high when working independently; you learn marketing sales and finance management all at the same time.

However the wants may be many but reality hits hard if you cannot meet your needs first. No matter how much you may want the independence, the variety and being in control freedom, you have to bring in a steady income and plan on sustenance of your business. Work hard to hone your business acumen to ensure a steady start and ongoing success.

The above are most certainly the upsides of a contracting job, however the downsides sometimes outweigh the upsides of a contracting job:

Why being a contractor can be tough?

  • No or limited benefits, contract positions are generally not covered under 401(k) plans and other benefits that are available to a permanent employee.
  • No guaranteed income you maybe in a good paying contract for months together but be prepared to be “on the bench” for a long time too – especially when the going gets tough for the employers, the first headcount crush comes to the contracting positions.
  • Your vacations are unpaid and you may not even take leave during a contract depending on the project deadlines or contracting agreement.
  • You would end up paying your own Social Security and income taxes and for those ever-expensive health coverage, so keep in mind all these points when setting your hourly rates as a contractor.
You may also want to read this informative piece on SBA.gov outlining the differences between a contractor and an employee: Independent Contractors vs. Employees

Estimating your asking rates


One question that most new contract employees have tough time deciding –

What should be my hourly rate, especially in the tough economy, will the employer pay what I ask for?

One of the most tested way to decide on this is first to look up or check with other professional contractors in your field and assess accordingly on your asking rate.
And of course, statistics always are the best way to come to a final close figure. As you have read in the downsides above – you are the person responsible for the many payments on health care, social security and other business expenses (plus covering all costs when no steady income is coming in).

Salary.com has an relevant article on this topic, they say:

If you work as an independent contractor without going through an agency, you have some leeway in establishing your professional fees, but you should charge close to market. To calculate this rate, start with the prevailing full-time salary for that job. Then divide by 2080, the number of work hours in a year (2080 = 52 X 40). This is the hourly rate for your job if benefits are being paid for by the employer.But as a contractor, you need to pay for your own benefits, as well as additional Social Security contributions, so the number needs to be higher. Salary.com uses an adjustment factor of 30 percent to convert an hourly wage for a salaried employee to an hourly wage for a contract employee. Multiply your unadjusted hourly rate by (1 + 0.3) to get your adjusted hourly rate. For example, if your unadjusted hourly rate comes out to $20 per hour, your contract rate should be $20 * (1.3) = $26.

An example shows how this works for a senior-level web designer in Kansas City. A Web designer III working in Kansas City makes $66,244. The unadjusted hourly rate for this position is $66,244/2,080, or $31.85. Adjusted by 30 percent, the contract rate comes to $41.40.
Contracting may or may not be the right option for you; though the downsides may loom large over the positives it is up to you in the end to make a contracting position most beneficial and profitable. And during an economic downturn when most of the permanent positions are being axed left and right a contract position could be an alternative.

 

Question: What has been your experience with a contracting job? Would you prefer it as opposed to a full-time job?

 

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Career in Fitness – Fitness Instructor

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Opportunities and avenues for better income as a fitness instructor have never been better before. With more businesses recognizing the importance of and benefits of healthy employees – more fitness programs are offered in large and small organizations. Wellness and fitness programs are also promoted in the corporate sector through benefits and compensating for the gym fees etc.

Aging baby boomers are healthy and they want to stay healthy – a fitness instructor or a fitness program is more in demand at health clubs these days.

Our younger generation needs adequate training as well – with obesity on the rise a fitness instructor can help a generation get on their feet and be healthy. You can be in the “do-good” “feel-good” job with added benefits to your health if you choose a career as a fitness instructor.

With health club memberships on the rise and the growing demand for this profession, it is most likely that the earning potential increases for those in wellness, fitness career.

If you are looking for a career as a fitness instructor it is first suggested to gain a thorough knowledge and requirements of the profession, you can get some very good tips here from Sheldon Wesley – a fitness instructor in the Bay Area, California, who might inspire you to take on a career as a fitness instructor.

As a fitness instructor you may find your career in a gym or a health club, in your own studio, as a personal trainer or even as a corporate fitness expert. It all depends on where your interests are how you want to diversify your talent and expertise.

An interview with Sheldon Wesley – FITNESS INSTRUCTOR

What Skills and personal attributes required to be a fitness instructor?

  • You body is your business card, be in the best of the shape.

You have to really like exercising. Keep yourself motivated and the best way to do that is to exercise everyday. You must have a passion for fitness.

  • Learn to get along with the people.

Being a fitness expert is a peoples’ job. Learn to know what your clients want even if they do not know what they want or not communicating to you entirely.

  • Gain knowledge.

Besides any of your formal education I would advice you to go for a personal training certification program. If you want to join health club then you need to have some sort of certification. The duration of the training can be over a week to a year. I would suggest that take up certification courses in Anatomy / Physiology/ Kinesiology and/or Nutrition. It would help a lot in understanding how the body and the heart work.

Although, the best education I got had nothing to do with certification it had only to do hanging out with the people in the fitness centers and clubs , again- you must learn to deal with people.

What advantages do you see in being a fitness instructor?

I am my own boss. From the time I get up. To making decisions on my daily schedule till the day ends. No one tells me what to do.

You make as much money as you build up on clientele.

Some drawbacks in this profession?

Drawbacks could be having some inconsistency in your profession. You don’t know how much you will bring in a particular month. Some days many clients sign up, other days some clients drop off and some months you do not have clients. You do not know how a many people you may get in a month.

Also, since many fitness instructors work part-time and not employed by an organization, they might have to take care of their own health benefits, insurance, or retirement plans.

But hey, you do get to use the gym to take care of your fitness!

What would be a fast and easy path to be a trainer / instructor?

The easiest way to personal training is to go to a gym say, 24 Hour Fitness. Apply as a trainer and they train you for free. Note: this is a no cost start-up that they offer you; you do not have to pay anything. When training is done, you work with the clients in the gym. When you have gained enough experience and feel that you are ready to move on, you can join bigger clubs or start on your own.

But hey, remember, the training is cost free, an incentive enough to be a fitness instructor!

What is a typical work day for you as a personal trianer?

You have to be ready to spent major hours on your daily schedule.

For me, the day starts really early, might start at 5 for an early morning crowd who want to workout before leaving for work. The morning slot lasts usually 5am till 10 or 11 am.

You might have some gaps in the afternoon when everyone is at worked then again you have the night time when people want to workout, usually 5 pm to 8 pm.

Usually when you training yourself or build your routines then afternoon is the slot you get for yourself.

Also remember for your own business you have to be on your own. You car may be your home for the whole day, be prepared and organize your food and clothes for the day if you are full time trainer. You don’t want to run back and forth when you are between client sites. Also be prepared to sleep in your car too!

Some tips

  • If you are working outside of the health club then have your own liability insurance.
  • Be prepared for the day before the day begins.
  • Keep fit, always.
  • Learn new techniques in fitness training to keep abreast of competition.

Contact Sheldon Wesley

Sheldon is willing to be mentor to those who want to take-up fitness training as a career. You can find Sheldon’s contact information and bio at http://www.footworksfitness.com/

 

Career Path as a Fitness Instructor

Quoting Michael Farr in the book titled 100 Fastest Growing Career:

Personal trainers may advance to head trainer, with responsibility for hiring and overseeing the personal training staff and for bringing in new personal training clients.

Group fitness instructor may be promoted to group exercise director, responsible for hiring and coordinating exercise classes.

A next possible steps is the fitness director who manages fitness budget and staff. the general manager’s man focus is on financial aspect of the organization, particularly setting and achieving sales goals; in a small fitness enter however the general manager is usually responsible and involved with all aspects of running the facility.

Some instructors go into business for themselves and open their own fitness centers.

 

How much does a fitness instructor earn?

Of course it depends from country to country, working in a city or suburb, your experience, certification and training, your people’s skills as well as your personal marketing abilities. So there is no one answer to this question; you will have to ask around and do your research, what is presented here are some stats based on research on the internet:

In the US:

The U.S. national average salary for a certified personal trainer is $34,000 – $48,000. Why the range? Because of all those other factors listed above. Many trainers earn over $60,000 and if you start your own personal training business you can easily grow to over $120,000 per year ($150,000 if you sell complimentary products and services).(Source: http://www.aftacertification.com/ )

In today’s market, some personal trainers earn $50 – $150 per training session. After building a successful clientele, you can easily earn $50,000 – $ 80,000 per year!

In the UK:

(Source: http://www.discovery.uk.com/salaries-in-fitness.html )

As a rule of thumb, if you are employed by a gym then you should be looking to earn between £16k – £20k in your first year but this does vary wildly and each facility will have its own arrangements for remuneration.

Freelance Personal Trainer can get as high as £500 per month in some clubs.

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