1 Lecture 16 Lecture 16 CAREERS IN BUSINESS
1 Lecture 16 Lecture 16 CAREERS IN BUSINESS. 2 STUDENT LEARNING OUTCOMES 1.Identify the career field and business specialization in which you’re interested.
Dec 18, 2015
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1
Lecture 16Lecture 16
CAREERS IN BUSINESS
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STUDENT LEARNING OUTCOMES
1. Identify the career field and business specialization in which you’re interested
2. Provide typical job titles and descriptions for your career field
3. List and describe the IT skills you need to gain while in school
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INTRODUCTION
o Business people must possess multiple acumenso You can’t just focus on marketing, for exampleo You need skills in all areaso One important area is information technology (IT)
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ACCOUNTING
o Language of businesso Accountants communicate financial informationo Accountants must understand all areas of
business
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ACCOUNTING
o Five broad accounting areas– Public practice– Industry– Government– Non-profit– Education
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Accounting Jobs
o Chief financial officer – usually a VP; responsible for all accounting/finance
o Management accountant – records and analyzes the financial information of the organization
o Environmental accountant – helps businesses understand their environmental costs and factor those costs into decision-making processes
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Accounting Jobs
o Government agent – frequently a law enforcement officer; prepares materials for prosecutors and testifies in court
o Internal auditor – ensures that company policies are followed
o Public accountant – performs a broad range of functions/consulting functions for variety of clients
o Tax accountant – tax planning and tax return preparation
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IT Skills for Accounting
o Accounting information systems – all are computerized
o Database management – all accounting information is stored in a database
o Database design – must understand database design to follow transactions
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IT Skills for Accounting
o Wed research – for consulting rules and regulations
o Spreadsheet modeling – for extensively analyzing financial transactions and projections
o Network security – for security of information and financial assets
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ACCOUNTING
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ACCOUNTING
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FINANCE
o An important part of all decision makingo Tracks include corporate finance, banking, and
investmentso Draws from three disciplines
– Accounting– Economics (especially micro-economics)– Statistics
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Finance Jobs
o Corporate treasurer – controlling the cash needs; invests surpluses and acquires cash for shortfalls
o Corporate financial analyst – aids in investing corporate resources
o Bank loan officer – provides funds for individuals, small businesses, and large corporations
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Finance Jobs
o Trust officer – works with personal estate trusts and bond issuers
o Security analyst – provides investment information to individuals and institutions
o Portfolio manager – works for institutions such as mutual funds or insurance companies
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Finance Jobs
o Stock broker – works primarily with individuals to aid in investment in stocks and bonds
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IT Skills for Finance
o Spreadsheet modeling – advanced knowledge here is essential
o Statistical packages – for measuring the risk inherent in a project
o Database management – all finance information is stored in a database
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IT Skills for Finance
o Internet and Web portals – for providing investment information to investors
o Search engines – for accurately and efficiently gathering information
o Technology strategy and innovation – for creating new customer self-service systems
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FINANCE
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FINANCE
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HOSPITALITY & TOURISM MANAGEMENT
o One of the world’s largest and most diverse industries
o By 2007, $7.1 trillion in this industry, employing 8.3% of the world’s population
o Every academic discipline is in hospitality & tourism management
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Jobs in Hospitality
o General manager – oversees the entire operation (theme park, hotel, etc)
o Controller – responsible for accounting and financial aspects
o Director of sales and marketing – sales and marketing activities and group business
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Jobs in Hospitality
o Director of human resources – for all staffing and team building
o Director of room operations – for all guest services in a hotel
o Revenue manager – responsible for setting rates, restrictions, and selling strategies
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Jobs in Hospitality
o Food and beverage manager – responsible for purchasing these items and point-of-sale systems; culinary expertise is a plus
o IT manager – oversees the various computer systems in the organization
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IT Skills for Hospitality
o Personal computer applications – essential for this industry
o Hospitality-specific applications – much vertical market software in this industry
o Database management – databases are the underlying technology in this industry
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IT Skills for Hospitality
o DSS/EIS – for analyzing and interpreting information and making decisions
o Electronic commerce – effectively and cost-efficiently reaching consumers and serving them
o Distribution channel management – for managing all suppliers to the operation
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IT Skills for Hospitality
o Customer relationship management – the guest is the primary reason for being in business
o IT strategy – for aligning IT with the business strategy and allocating resources
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HOSPITALITY & TOURISM MANAGEMENT
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INFORMATION TECHNOLOGY
o What this book is all abouto IT specialists must know IT, for sureo They must understand all aspects of business to
successfully build and apply IT solutions
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Jobs in Information Technology
o Programmer – writes software in a programming language (C++, ASP, etc)
o Business analyst – gathers system requirements from end users
o Database design/developer – creates database solutions for IT systems
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Jobs in Information Technology
o Web Services expert – builds network-based IT systems using .NET, J2EE, etc
o Network engineer – designs, develops, implements, and maintains IT networks
o Data warehouse analyst/developer – creates data warehouse solutions for decision-making activities
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IT Skills for Information Technology
o Programming languages – these are for writing software
o Development platforms – integrated environments for developing IT solutions
o Databases – the heart of any information management activity
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IT Skills for Information Technology
o Data warehouses – for supporting decision-making tasks and business analysis activities
o Networks and security – hardware technologies and communications protocols
o Multimedia tools – for information not in textual or numeric form
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INFORMATION TECHNOLOGY
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INFORMATION TECHNOLOGY
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MANAGEMENT
o Critical to shaping the future of a businesso Must be well-educated, creative, and effectiveo The most eclectic of all business disciplineso Found in every business and in every industry
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Jobs in Management
o Project manager – developing strategic and tactical plans for all projects
o Retail manager – day-to-day management of a department or store
o Business development manager – developing meaningful and profitable relationships with business partners
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Jobs in Management
o Human resource manager – deals with hiring, promotion, and termination and hopes to increase job satisfaction
o Supply chain manager – managing and improving the supply chain of products and information
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Jobs in Management
o Management analyst – defines nature and extent of problems and develops solutions
o Entrepreneur – begins a small business and becomes his/her own boss
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IT Skills for Management
o Database management and integration – as all types of business information are stored in databases
o Internet and Web portals – for finding and accessing information
o Spreadsheets – for organizing work, calculating value, developing graphs and charts, and comparing costs
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IT Skills for Management
o Enterprise resource planning – for communicating and sharing information corporate wide
o Geographic information systems – for understanding and working with spatial information
o Electronic commerce – for B2B and B2C success
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MANAGEMENT
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MARKETING
o Includes product development, advertising, PR, promotions, and sales
o Sell a company’s products and services in a profitable way
o Must know CRM, SCM, statistical tools, etc
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Jobs in Marketing
o Creative marketing specialist – designs marketing solutions for all media types
o Marketing coordinator – manages and directs marketing and ad campaigns
o Account manager – manages large accounts, with often only one customer
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Jobs in Marketing
o Market research analyst – designs, implements, and analyzes information from market research instruments
o Market development manager – defines and develops new market opportunities
o Brand manager – drives branding strategies and external communications
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Jobs in Marketing
o Product development manager – from customer insights, drives product specifications and quality
o Product manager – works for profitability within a product line
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IT Skills for Marketing
o Customer relationship management – because marketing is the primary interface to a customer
o Budget analysis/impact software – to determine product feasibility
o Database management – for working with vast amounts of information in a database
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IT Skills for Marketing
o Data warehouse and data-mining tools – for aggregating and analyzing large amounts of information
o Communication support software – for all types of communication
o Desktop publishing software – for developing high-quality ad copies, etc.
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MARKETING
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MARKETING
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PRODUCTION & OPERATIONS MANAGEMENT
o Production, manufacturing, warehousing, and transportation of products
o Also scheduling in many industrieso Very technical and rewarding field
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Jobs in Production & Operations Management
o Production scheduler – usually in manufacturing for scheduling operations and flows
o Inventory manager – facilitates planning for and procuring inventory items
o Quality assurance analyst – ensures quality assurance/control guidelines are met
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Jobs in Production & Operations Management
o Purchasing manager – works with suppliers to develop low-cost acquisition of high-quality materials
o Operations analyst – recommends how to optimize business operations by reducing costs
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Jobs in Production & Operations Management
o Statistical/research analyst – analyzes operations to improve a company’s operations
o Logistics analyst – develops optimal solutions for logistical issues (cargo weights, transportation, etc)
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IT Skills for Production & Operations Management
o Statistical tools – the most important tool set in this career
o Advanced DSS spreadsheet features – for developing and analyzing optimal solutions
o Supply chain management – to integrate internal operations to maximize customer value
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IT Skills for Production & Operations Management
o Production and inventory control software – for minimizing internal production and inventory costs
o Material requirements planning software – for optimally modeling all operations
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IT Skills for Production & Operations Management
o Data-mining tools – to understand relationships inherent in massive amounts of information
o Scheduling software – for optimal scheduling of business resources
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PRODUCTION & OPERATIONS MANAGEMENT
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PRODUCTION & OPERATIONS MANAGEMENT
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REAL ESTATE & CONSTRUCTION MANAGEMENT
o Not limited to residential real estateo $3 trillion per year industryo Residential, office, retail, industrial, and many
other property typeso How real estate assets can add to bottom line
profits
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Jobs in Real Estate and Construction Management
o Commercial real estate loan officer – soliciting and servicing commercial real estate loans
o Commercial real estate appraiser – examines and evaluates commercial property to estimate fair market value
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Jobs in Real Estate and Construction Management
o Property manager – responsible for financial and physical maintenance of properties
o Real estate development manager – acquires property for development or redevelopment
o Real estate development rep – assists in acquisition of property
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Jobs in Real Estate and Construction Management
o Construction manager – responsible for overall management of construction projects
o Construction field superintendent – oversees daily construction activities at a work site
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IT Skills for Real Estate and Construction Management
o Internet and Web portals – for virtual project sites and sharing documents
o Geographic information systems – for analyzing and selecting sites
o Database management and integration – for accounting, lease administration, finance, property management, etc
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IT Skills for Real Estate and Construction Management
o Spreadsheet modeling – for discounted cash flow analysis, ratio analysis, etc
o Computer aided design (CAD) – for the digital imaging of architectural designs
o Project scheduling – for construction project scheduling and monitoring
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IT Skills for Real Estate and Construction Management
o Automated valuation – statistical and other analyses to automate the loan underwriting process
o Customer relationship management – combines contact, calendar, schedule, and client information
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REAL ESTATE AND CONSTRUCTION MANAGEMENT
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REAL ESTATE AND CONSTRUCTION MANAGEMENT
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End of Lecture
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