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Is Financial Planning a Good Career?

 Description: Find out if financial planning is the career for you by exploring its requirements, pros, cons, income, and opportunities. 

 In the financial world, one of everyone’s greatest concerns is how to manage their wealth. This makes a profession like financial planning as integral to society as anything else, allowing financial planners to form meaningful connections and rewarding opportunities.

So, is it a good idea to pursue financial planning as your career? The answer is yes, but it may change depending on your skills and qualifications. After all, t’s necessary to pay attention to what financial planning requires and entails.

Let’s explore this sector in more detail.

What is the job description of a financial planner?

A financial planner not only helps people manage their wealth but also creates detailed, long-term plans for their clients. Financial planners guide the monetary endeavors of clients from different backgrounds. Especially in the United States, clients need support in navigating financial planning systems.

 This means that financial planners have to spend a significant amount of time with their clients: to understand their circumstances and to build a relationship of trust. They must work with companies, individuals, families and help their clients achieve financial goals.

 Financial planners have to create comprehensive financial strategies based on the unique circumstances of their clients, regardless of the size of their organizations.

 For their clients, financial planners create:

 ●       Detailed personal budgets

●       Expenditure control plans

●       Targets for savings

●       Financial strategies that will lead their clients to expand their wealth

 Many financial planners work hand-in-hand with financial advisers, mutual fund companies, and investment managers.

Educational requirements to become a financial planner

To become a financial planner, you will need a comprehensive education in fields that relate to financial planning. Experts even recommend building a strong foundation of business subjects from high school.

 A bachelor's degree in financial planning, finance, accounting,     business, or economics        

A master's degree in Business Administration        

Courses in fields such as finance, economics, and accounting

 Employers in financial planning require candidates who have taken courses about investments, estate planning, risk management, and taxes. Many colleges offer programs in financial planning for bachelor's degrees, so make sure you take advantage of that.

 Of course, the education required in legal terms varies according to your state. But the Certified Financial Planner (CFP) exam is always recommended for a prestigious career in financial planning.

 Not only does passing the two-day CFP exam increase your credibility, but it also attracts potential employers and clients.

How do you qualify for the CFP exam?

 ●       A college-level degree in personal financial planning or similar, CFP-accepted fields.

 ●       You need a bachelor's degree to receive the certificate, but not to register for the exam.

 ●       You need to have 6,000 hours of standard pathway experience or 4,000 hours of the apprenticeship pathway.

 ●       You will have to meet the ethical standards of the CFP board. You will undergo a background check and also share your background information in an application to CFP.

 Aside from the CFP, designations like the Certified Financial Analyst (CFA) and Chartered Financial Consultant (ChFC) are also favored.

 You will not need a license to work as a personal financial planner, but if you intend to sell mutual funds or insurance then you'll need licenses like 6, 7, or 63. Overseen by the Financial Industry Regulatory Authority (FINRA), these exams require sponsors by self-regulatory organizations or even member firms.

 Financial planner competencies

Aside from your educational background, your set of soft skills and qualities will heavily affect your prospects as a financial planner.

 In order to perform well in financial planning, you'll need these skills/qualities:

 1.   Analytical thinking

Financial planners must be able to analyze market trends and give their clients the best financial advice. They have to meaningfully interpret their clients’ financial information.

 You will have to consider every aspect of a step, and weigh the pros and cons before letting your client make a decision.

 2.   Forecasting problems and solutions

As you interact with your client, you need to develop a sense of any potential problems. Because you are their financial planner, you must predict the outcomes of an investment or insurance and lead your client to the most rewarding, safe options.

 3.   Interpersonal communication

Networking is the core of financial planning. You will need to constantly build close connections with people and organizations in order to find clients. Unlike 9-to-5 office jobs, financial planning demands someone who can creatively develop interpersonal relationships.

Aside from forming new connections, a financial planner also needs to maintain their relationships with clients. You will be working with people from different age groups, racial backgrounds, and genders.

 A financial planner must empathize with the client’s circumstances and respond in a way that ensures the client’s complete trust in them.

 4.   Presentation

With networking, there comes a need to present yourself and your ideas. You need to display your achievements as a financial planner and attract as many opportunities as possible for your career to flourish.

 Instead of a product, you’ll be selling your consulting services to clients. And for them to choose you, your presentation must be top-notch.

5.   Persuasion and negotiation

Why should an organization pick you as their financial planner? While you may present yourself as an excellent professional in finance, it’s also necessary for you to convince potential clients of the benefits of choosing you.

 And once you have the clients you want, you will need to persuade them to make decisions that you know will work in their favor.

 6.   Planning and organizing

The entire purpose of a financial planner is to plan endeavors for their clients. Investing how and in which market will lead to what results, which insurance company will offer your client the most benefits, etc. will all be a part of your job.

 Financial planners must organize a personalized financial plan for their clients.

 7.   Awareness of the small picture

As a financial planner, you must be able to think on a micro-level. Your topmost priority will be the financial goals of your client, and how every step will affect its progress. Details are everything when it comes to financial analysis -- if a financial planner misses so much as a single factor, the entire plan they’ve set for their client may topple.

 Pros and cons of financial planning as a career

 According to the US Bureau of Labor Statistics, these are the pros and cons of financial planning as a career:

 Pros

Excellent job prospects: the Bureau predicts a 27% growth in     financial advising fields

High salaries

Not many complex educational requirements for a good salary

Flexible hours

Licensing is not difficult or expensive to earn

 Cons

Earning certification after completing your education and     experience prerequisites

Lengthy work hours (often over 50 hours a week)

You will be on your own to network and build a client base

You'll need to earn a master's degree in order to advance

Your license must be sponsored by a company or firm

 Financial planning salary

According to Glassdoor, on average, a United States financial planner can earn a base salary of $62,079 per year. But it's important to note that a financial planner's annual income primarily comes from fee-based planning services and commissions. For example, the sale of annuities, life insurance, mutual funds, investment securities, and exchange-traded funds.

 The Bureau of Labor Statistics in 2016 reported that a financial planner's income ranged between around $41,000 to over $200,000.

 The commission payout varies per the organization you will work in as a financial planner. If you belong to a large investment firm, for example, then your payout will be much lower than if you run your own firm.

Financial planning jobs and career

Financial planners typically work in banks and investment firms. There are also many self-employed financial planners, and also those who work in small practice groups.

 This line of work calls for a great amount of traveling for visiting clients and attending networking events and conferences. Of course, this means that financial planning is a field that requires dedication and time commitment.

 Because it depends on your client workload, your work schedule can be under 40 hours to over 40 hours. It will vary according to your client workload because you must be available for any meetings and consultations.

  Financial planning as your career

 After reading this article, you must have developed a clear idea of how suitable financial planning will be for you. Ultimately, it will be up to you to make financial planning a good or bad career, because it all boils down to your own qualities and priorities.

 While the income may be attractive, you can lose weekends and many hours of rest in financial planning. Are you a good communicator? Are you comfortable with working alone with clients? How do you feel about networking? Make sure that you ask yourself these questions before you make the decision to become a financial planner.

 Let us know in the comments if you have any questions, and good luck!

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Kattas Raj Temples, 2020

Credit: Filza Haider

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4 Common Problems for Students and How to Overcome Them

Keywords: past papers, matric, intermediate, Pakistan, board exams

Description: Here are the 4 most common problems faced by students in matric and intermediate with solutions to overcome them.

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Students in Pakistan are always faced with an onslaught of problems as soon as board exams arrive. This happens due to multiple reasons. From not knowing what to study to extreme stress, every student has different troubles. In order to overcome that, there are certain things that you can do. They can include studying on time, taking good notes, and using high-quality study materials like solved past papers.

Here are 4 of the greatest problems faced by students in matric and intermediate:

1.      Not having enough time on your hands to prepare

Students are often prone to procrastination. They waste time on unnecessary activities and take their exams too easy. To avoid that, students can study properly by getting an early start. In fact, your matric/intermediate exam preparation starts with the commencement of your academic year.

 2.      Using low-quality past papers and notes

Every student in Pakistan is familiar with the study method of using past papers to prepare. If you know that too, then you should be aware that using good past papers is important. Solved exam papers and past exams are easily available in the market. But, if you want good solutions, then you should be using online solved exam papers, such as the ones on tutoria.pk.

 3.      Getting distracted easily

Your constantly buzzing phone, loud TV, chatty friends, and other jarring noise in your surroundings are all certain culprits of distractions. You won’t get any studying done if you’re not wary of distractions. To overcome this obstacle, start keeping your phone on Do Not Disturb mode or simply powering it off. Pick a study spot where there’s less noise and no immediate distractions.

 4.      Failure in understanding the subject

If you’re not attentive in class, you’ll definitely be confused about many things by the end of the year. If you wish to overcome a lack of understanding, carefully listen to your teachers and ask questions whenever you have doubts about something.

 As a student in matric or intermediate, you should be aware by now that you will always reap what you sow. Make sure that you’re not about to face the abovementioned problems and work hard to improve your understanding of a given subject. Good luck with your board exams!

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Cultural Diversity in Pakistan: A Sociological Perspective

The world is made up of over seven billion people who belong to different kinds of cultures. From the Native Americans in the US to the Mongols in Mongolia, every ethnic group has its own culture. And the coexistence of these cultures within a society without homogenization or cultural hegemony is cultural diversity.

What is culture?

Culture is the lifestyle - a way of being – for ethnic groups. For every ethnic group in a race, there are certain aspects of their culture that define their identity. For example, Muslims in the sub-continent make halwa on Shab-e-Baraat and dress in shalwar kameez on Fridays; Mursi women from southwestern Ethiopia have lip plates; the Chinese deep-clean their homes on New Year’s eve; members of the Māori culture in New Zealand greet each other by pressing their noses and foreheads together.

Culture is a set of unwritten but lasting rules passed down through language from generation to generation. Sometimes there are certain reasons that support a ritual, but there are also times when people cannot explain why members of their ethnicity perform that action. This is because people are inclined to accept their culture as simply the way to exist. Anything else to them is strange and jarring, as evident in the concept of ‘culture shock’.

Where do cultural practices come from?

A society’s religion and geographical territory (including climate and environment) are what make its cultures. For example, the culture in Middle-eastern regions involves both men and women dressing in long, loose garments made with light fabric (tawb for men; abaya for women) because of the desert climate. They have also been covering their heads even before Islam spread its influence due to the harsh daylight and cold nights (climate).

Using the example of the Arabs again, their culture includes cooking that uses dates, olives, and lamb a lot. This is because the most common livestock in that region were sheep and camels and date and olive trees grew in abundance (environment).

Vegetarian cuisine is extremely popular in India, being an essential part of its culture. This comes from the Hindu religion, in which meat and some other ingredients are forbidden. And, it is the norm to greet each other with Salam in Pakistan because it’s a part of Islam. These parts of the culture come from religion rather than the climate or environment.

Cultural Diversity

The heterogeneity and independence of cultures existing within a single society and/or social group is cultural diversity. For instance, if a society’s members include African Americans, Indians, Mexicans, Europeans, Arabs, and East-Asians, as they practice their respective cultures, it will be considered a culturally diverse society.

The inclusion of members of different ethnicities and cultural backgrounds without social prejudice and racism is cultural diversity. If a society has members from different ethnic and cultural groups but they do not/are not allowed to practice their culture, it is not culturally diverse. Instead, such societies are monocultural due to ethnocentrism. Examples of such societies may include certain communities in the USA – especially historically – and even the Pakistani society, to an extent.

Cultural Diversity in Pakistan

Pakistan is a heterogeneous country, comprising of many cultures and religions. The ethnic groups in Pakistan include Baloch, Hazaras, Pashtuns, Punjabis, Pothwaris, Sindhis, Saraikis, Kashmiris, Makranis, Baltis, Burusho, and Muhajirs, out of many others.

Pakistan’s dominant religion is Islam, however, and that influences the cultures in the country in an essential manner. From greeting styles to food, weddings, funerals, and naming, the Pakistani society follows Islam – the Sharia laws and Sunnah – very closely.

And, by association, a considerable part of the Middle-eastern culture (especially Saudi-Arabian), has been integrated into Pakistan’s culture. The concept of wearing an abaya and naming children with ‘Ibne’ and ‘Binte’ suffixes are examples of Arabic culture being infused in Pakistani society.

There is also significant Western influence integrated into the lifestyles of the pre-Independence urban societies, such as the ones in Karachi and Lahore, from the era of the British rule in the sub-continent. Now, due to globalization, there’s also an American influence on Pakistan’s urban societies.

Aside from external influences, there is a significant amount of xenocentrism amongst several cultural groups in Pakistan. There is also a deep sense of religious exclusivism in the Muslim majority that – either directly or indirectly – suppresses other religious groups, such as the Hindus and Christians.

Although Pakistan appears to be a culturally diverse state, it’s actually an amalgamation of different cultural and religious groups suppressing others. Urdu is the national language of Pakistan, but many urban Punjabi, Sindhi, Pashtun, etc. groups fall into two extremes with the language: they either hate it and refuse to speak it unless necessary, or they abandon their native languages in favor of blending in with the historically-urbanized groups in major cities. The same applies to their culture, which results in cultural attrition (or acculturation).

Now, the majority of the bourgeoisie classes are more attuned to Western cultures instead of their native identities. The adoption of the American lifestyle - in regards to social relationships, religion, and values - is evident in nearly all urban groups.

Thus, it can be said that Pakistani society is actually consisting of various pseudo-cultures, set apart only in physical attire and the ‘secular vs. religious’ differences. There is almost no ethnic group in Pakistan that is entirely subscribing to its original culture; instead, these groups have been reshaped by Middle-eastern influences and then Western ideologies.

The cultural diversity that is celebrated in Pakistan is not an acceptance of cultural differences; instead, it’s surface-level momentary cooperation that’s represented through a superflux of Pashtun pakuls, Punjabi bhangras, Sindhi ajraks, and Urdu poetry. There is still ethnocentrism that flips into xenocentrism upon exposure to different cultures prevalent in Pakistan.

Introducing Cultural Diversity in Pakistan

Ethnic groups in Pakistan can celebrate their cultures by accepting them in a way that does not imply they’re superior over others.

1.      Acceptance of one’s own culture: The first step that should be taken in order to make the Pakistani society culturally diverse would be to accept one’s own culture and values. There is no shame in being belonging to a culture that’s vastly different from the ones shown in popular (mostly American) TV shows, or having a mother who’s unable to communicate in English or Urdu.

2.      Respect for differences: Ethnic accents or dressing styles should not be subjected to ridicule, a pakul is not merely a hat to be worn in cultural festivals, and a saree is not a symbol of Bollywood influence or Hinduism, it’s a traditional garment worn by the women of many cultures. The association of cultural pride with daily attires and preferences should be put an end to. If a person prefers to wear jeans over shalwars on regular days, it does not mean they are ashamed of their culture. And, similarly, if a person feels comfortable listening to music in their native language, it does not mean they harbor animosity towards those who prefer Western music.

3.      Recognition of other cultures: An Urdu-speaking family in Karachi is not Hindustani or Sindhi – they’re Muhajirs, and they are allowed to take pride in the customs of their ancestors that were practiced in the region that is now India instead of Pakistan. Gilgitis are not the same as Kashmiris or Baltis or Pashtuns – they have their own identity and culture. Pashtuns are not a carbon-copy of Afghans, Saraikis are not “hybrid Sindhi and Punjabi”, and not all Muhajirs are from Dehli or Lucknow.

4.      Empowering all cultures: The Pakistani entertainment industry and media should be used to spread acceptance, through movies, dramas, and children’s programs. A new wave in Urdu, Pashto, Punjabi, Sindhi, Balochi, etc. literature and art should be encouraged, creating stories and poetry that would attract the modern generation and keep the languages alive.

5.      Acceptance through languages: A multilingual society should be promoted instead of suppressed through Westernized-conditioning. Language clubs and competitions should be inclusive of all the native languages of Pakistan and not just English and Urdu.

6.      Acceptance and diversity from family institutions: Couples that belong to different ethnic groups should cultivate a culturally diverse environment for their children to grow in. Marriages between members of different cultures should not be shameful; instead, they should be encouraged.

7.      Valuing cultural heterogeneity: most importantly, it should be established that no culture is flawless. And that is because culture is not an innately flawless institution. Certain aspects of it may become redundant, but that does not mean the entire culture should be abandoned. Modifying a culture is not mutilating it; it’s a progression that should not be fueled by globalization.

No change can be brought without the active participation and consent of all ethnic, gender, religious, and age groups. Comfort with one’s own identity will allow the acceptance of other cultures, so it’s important to be aware of one’s ethnic and religious values along with a deep respect for those who are different.

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Movie Review: Catch Me If You Can (2002)

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A transfer student walks into a classroom and decided to become a substitute teacher. He immediately writes his name on the board and takes charge of the class – effectively slipping into his intended role. This is only one of the many flabbergasting parts of the story of Frank Abagnale Jr.

Directed by Steven Spielberg and written by Jeff Nathanson, Catch Me If You Can (2002) is a light-hearted biographical crime film set in 1960s America. It’s based on the real-life story of American ex-conman Frank Abagnale. Its cast is stellar: Leonardo DiCaprio, Tom Hanks and Christopher Walken, amongst many others. Each of these actors gave an unforgettable performance.

Accompanied by John Williams’ enthralling jazz-esque numbers, the film shows us the rapid growth of a quick-witted teenager into one of the most notorious frauds in America. Dicaprio portrays Abagnale Jr. with a childish countenance and undeniable charm – the viewer is immediately drawn in.

Spielberg’s hidden gem stays true to its animated opening sequence: the plot is reminiscent of a cat-and-mouse chase, represented between Tom Hanks’ Carl Hanratty and Dicaprio’s Abagnale Jr., albeit with higher stakes. Classic for the director’s works, there is an essence of a father-son bond between these characters.

Although Catch Me If You Can runs long, each scene is delivered with accuracy. The mise en scene of the film is familiar; the lighting, setting, and costuming natural to the 50s-60s America. From the Pan Am uniform Abagnale parades around in – charming women effortlessly – to the monochromatic wardrobe of Hanratty, every costume suits the characters.

The plotline is even and chronological. There are no sudden twists, jumps, or changes in mood. Each character’s emotions are shown with a subtlety. They were meant to be seen in a sympathetic curiosity by the audience and the director succeeded in fulfilling that vision.

Catch Me If You Can ends satisfactorily: all loose-ends are tied and the motives behind every action of the protagonist are transparent. Fans of realistic but nonviolent crime films will certainly enjoy themselves and wonder why Frank Abagnale Jr. is one of Leonardo DiCaprio’s lesser known characters.

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Effective Study Strategies that are Used Abroad

Description: These are the most effective study strategies used abroad that can be helpful for students in matric and intermediate. 

Keywords: past papers, matric, intermediate, study strategies

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Compared to foreign countries, it’s natural for our way of living to differ significantly. Our clothing, food, beliefs, languages, and values -- they all have some or many differences. Another aspect that a lot of us don’t notice is the strategies and methods that we employ for studying and exam preparation.

Whether you’re a matric/intermediate or O/A’ Levels student, chances are that your methods for studying are more or less the same as everyone else in Pakistan. And, after watching all these foreign movies and TV shows, we begin to wonder:

What is it exactly that makes education in other countries so different from our own?

Because of globalization, the definition and concept of education are quite the same all over the world. STEM subjects, arts, literature, and all the other educational fields are studied in every country. This means that the difference lies in how we study instead of what we study.

Here are some of the most common study strategies used abroad that can also be used by matric/intermediate students in Pakistan:

 1.     Elaborative interrogation

Elaborative interrogation, according to The Learning Scientists, is the method of asking “how” and “why” questions (to yourself or a teacher). Finding out the answers to these questions clarifies the most crucial parts of a given topic. This study strategy has grown more popular after modern educational research, especially in Western countries.

 2.     Interleaving practice

Although this method is used to a certain extent in Pakistan too, interleaving practice is mixing, or arranging, topics/subjects to study in a manner that lets learners change their pace of studying. For example, a student will switch to Urdu from mathematics after a few hours of studying the subject. From what research shows, this strategy helps learners retain knowledge better. In fact, research tells us that interleaving practice is helpful for mathematics.

 3.     Practice testing

A highly common and popular method of studying, even in Pakistan, practice testing is another term for pre-testing. It involves testing yourself with questions during exam preparation or after finishing a chapter. A lot of students, both locally and abroad, use past papers to study, which is what practice testing is.

 4.     Self-explanation

 Explaining a given topic or subject to yourself as if you are teaching someone else is an effective method of studying. It’s quite simple, and chances are that you have already been using it throughout your student life in matric or intermediate.

While it’s likely that there are many other methods that students are using abroad in their studies, the 4 study strategies mentioned above are scientifically proven to be effective. If you want to improve the level of your exam preparation and year-long studies, you need to think beyond simply rote-memorizing the material written in book keys or low-quality solved past papers.

Using your traditional studying materials like solved past papers and book notes can be highly productive if you use advanced methods of studying. Good luck!

Link: https://tutoriadotpk.blogspot.com/2019/12/effective-study-strategies-that-are.html

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The Right Way to Answer Essay Questions

Description: Here are 10 tips that will help you answer your essay questions the right way in matric and intermediate exams.

Keywords: BISE Lahore, BISE Karachi, FBISE, BISE Rawalpindi, Board exams, solved past papers, essay questions, matric, intermediate

Category: off-page

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Essay questions, out all the types of questions in an exam, are the most guilty of making students lose marks unexpectedly. This is because these types of questions depend on the writer’s ability to get a point across. Matric/intermediate who are not -- at the very least -- mediocre writers end up having their marks deducted more than their better-writer counterparts.

 But what is the science behind essay questions? What decides the wrongs and the rights?

 This article is a brief guide on how to best attempt essay questions in Pakistan board exams, such as FBISE, BISE Lahore, BISE Karachi, BISE Rawalpindi, etc. exams.

 10 points to keep in mind for essay questions in matric/intermediate

 Make sure that you have a clear idea of what you’re trying to say

If possible, make a mental list of facts/concepts/points that you want to include in your answer

Be mindful of the marks of the question you’re attempting and decide the length and detail accordingly

Try to make your writing have a flow instead of turning points into a paragraph with disconnected sentences

Ensure that your answer contains no grammatical, spelling, or punctuation errors

Use a language that’s formal and objective

Stick to what’s asked of you instead of going off-track

Divide longer answers into paragraphs according to the concepts they highlight

Write neatly and avoid crossing-out parts of  your answers and/or overwriting

Always proofread your answer before submitting your paper in board exams

 While there are no hard and fast rules in attempting an essay question, the abovementioned points should become a rule of thumb for you if you intend to secure good marks in your annual BISE exams. Matric and intermediate students typically receive question papers that mostly require essay answers, so you should work hard to improve your writing skills.

 If you’re a student in BISE Lahore, FBISE, BISE Karachi, BISE Rawalpindi, or any other Pakistan education board, then the tips given above should be enough for you to attempt an essay question correctly. And, for your exam preparation, using an online resource like tutoria.pk will help you gain good marks because of its high-quality solved past papers and book notes. In order to effectively prepare for essay-type questions, it’s important that you properly study with unsolved or solved past papers.

 Good luck with your board exams!

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