killexams.com CABM test PDF consists of Complete Pool of Questions and Answers and CABM Dumps checked and confirmed along with references and explanations. Our target to gather the CABM Questions and Answers is not always only to pass the CABM test at the first attempt but Really Improve Your Knowledge about the CABM test topics.
Financial
CABM
Certified Associate Business Manager
https://killexams.com/pass4sure/exam-detail/CABM Answer: A Question: 335
A formal research effort that evaluates the current state of HR management in an
organization is called:
A. HR Service
B. HR Mandate
C. HR Audit
D. HR Examination Answer: C Question: 336
The formula for Return on Investment is calculated as:
A. Return on Investment = A / (B + C)
B. Return on Investment = (A + C) / B
C. Return on Investment = (A + B) / C
D. Return on Investment = C / (A + B)
A = operations costs for a new or enhanced system for the time period
B = one-time cost of acquisition and implementation
C = value if gains from productivity improvements for the time period Answer: D Question: 337
In Maslow�s hierarchy of needs which of the following factor is NOT included?
A. physiological needs
B. self-actualization needs
C. safety and security needs
D. equipment and technology needs Answer: D Question: 338
What is defined as the perceived fairness of what the person does compared with what
the person receives?
A. Actuality
B. Equity
C. Justice
D. Evenhandedness Answer: B Question: 339
Expectation theory focuses on:
A. Effort performance expectations
B. Performance reward linkage
C. Value of rewards
D. All of the above Answer: D Question: 340
All of the above the underwritten expectations employees and employers have about the
nature of their work relationships is known as:
A. Fairness contract
B. Psychological contract
C. Loyalty contract
D. None of the above Answer: B Question: 341
Which of the following is NOT the type of turnover?
A. Involuntary turnover
B. Functional turnover
C. Faulty turnover
D. Controllable turnover Answer: C Question: 342
Some employees have a ______________ program in which vacation time, holidays, and
sick leave for each employee are combined into its that account.
A. non-faulty
B. paid time-off
C. value-added
D. relief-sanction Answer: B Question: 343
Organizing tasks, duties, and responsibilities into a productive unit of work is known as:
A. Job design
B. Job description
C. Job plan
D. Job model Answer: A Question: 344
Increasing the depth of s job by adding the responsibility for planning, organizing,
controlling, and evaluating the job in called:
A. Job rotation
B. Job enlargement
C. Job enrichment
D. Job extension Answer: C Question: 345
The extent of individual freedom and discretion in the work and its scheduling indicates:
A. Autonomy
B. Self-rule
C. Feedback
D. Sovereignty Answer: A Question: 346
A larger work segment composed of several tasks that are performed by an individual is
referred to as:
A. Task
B. Duty
C. Responsibility
D. Chore Answer: B Question: 347
Which of the following is NO the step in developing job descriptions and job
specifications?
A. Draft job descriptions and specifications
B. Review and compile data
C. Review drafts with managers and employees
D. Identify recommendations Answer: B Question: 348
Duties that are part of a job but are incidental or ancillary to the purpose and nature of a
job are called:
A. Marginal functions
B. Essential job functions
C. Frequency functions
D. Supervisory functions Answer: A Question: 349
Basic characteristics that can be linked to enhanced performance by individuals or teams
are called:
A. Proficiencies
B. Competencies
C. Expertise
D. Capabilities Answer: B Question: 350
By which reason organizations use a competency approach?
A. to communicate valued behaviors throughout the organization
B. to raise the competency levels of the organization
C. to emphasize the capabilities of people to enhance organizational competitive
advantage
D. All of the above Answer: D Question: 351
______________ are the external supply pool from which employers attract employees.
A. Labor markets
B. Recruiting markets
C. Applicant markets
D. Administrative markets Answer: A Question: 352
A system in which he employer provides notices of job openings and employees respond
to apply is the job posting.
A. True
B. False Answer: A Question: 353
A comparison of the number of applicants at one stage of the recruiting process to the
number at the next stage is called:
A. Labor ratios
B. Surrender ratios
C. Yield ratios
D. Revenue ratios Answer: C Question: 354
Characteristic that a person must have to do a job successfully is known as:
A. Intelligence criterion
B. Selection criterion
C. Job performance tactics
D. Skills of service Answer: B
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A certified financial planner (CFP) is a type of financial advisor who possesses one of the most rigorous certifications for financial planning knowledge. They must have several years of experience related to financial planning, pass the CFP test and adhere to a strict ethical standard as set by the Certified Financial Planner Board of Standards.
Unlike some other types of financial advisors, certified financial planners are held to afiduciarystandard, meaning they are obligated to act in their client's best interests.
What does a certified financial planner do?
Financial planners who earn a CFP designation must demonstrate proficiency in risk management, investment, tax, retirement, income and estate planning.
This means that they can work with clients to provide comprehensive services across a broad spectrum of financial planning concerns.
CFPs who provide holistic planning can help you to create and maintain afinancial planby determining your financial goals and discussing your current financial situation and appetite for risk. They can also advise on retirement planning, saving for short- and long-term goals, choosing investments and tackling debt.
Some CFPs specialize in a certain area, such as divorce or retirement planning, while others tend to work with specific clients, like small-business owners or retirees. Because of this, it’s helpful to have an idea of the services you need before you choose a CFP.
How to become a certified financial planner (CFP)
It’s not easy to become a certified financial planner, and for good reason. Helping people navigate their finances is an important job. On average, it takes between 18 and 24 months to become a CFP and can cost a minimum of $925 if you already have an undergraduate degree and can bypass the coursework requirement.
Candidates who don't hold existing financial designations typically also need to fulfill an experience requirement, which can take from 24 to 36 months to complete. Here’s what else you'll need to do:
1. Complete the education requirement
The CFP Board requires completion of specific coursework on financial planning and a bachelor’s degree or higher. Applicants have up to five years from the date they pass the test to receive their bachelor’s degree. Those who have completed related courses in the past — or who already hold certain types of professional credentials or designations — may be eligible to skip the CFP Board–mandated coursework.
Certified Financial Planner Board. Eligibility. Accessed May 18, 2023.
2. Pass the exam
The test consists of 170 multiple-choice questions to be completed in a total of six hours. According to the CFP Board, an average of 68% of first-time exam-takers passed in 2022.
3. Gain professional experience
To meet the experience requirement, prospective CFPs need to complete either 6,000 hours of professional experience related to financial planning or 4,000 hours of apprenticeship that meets additional requirements. These hours can be completed either within 10 years before taking the test and/or within five years after passing it.
4. Adhere to the ethical standard
The final steps of becoming a CFP are to sign the Ethics Declaration, in which you commit to acting as a fiduciary for your clients, and pass a background check conducted by the CFP Board.
How much does working with a CFP cost?
Not everyone needs help with their finances, but for those who do, having a CFP in your corner can be invaluable. If you aren't sure how to organize your finances, navigate investing or balance your financial priorities, a CFP can help.
The 2020 Kitces Research survey on financial planning found that CFPs charge, on average, $1,800 or $2,500 for a comprehensive financial plan, $250 for hourly services and $4,000 for flat-fee retainer services.
And while there is no set fee that CFPs charge, it’s usually more than what a non-certified advisor might charge.
Online fiduciary financial advisors, some of which offer access to CFPs, typically charge a small percentage of your assets under management, often between 0.3% and 1%. (Read more abouthow much a financial advisor costs.)
How do I find a certified financial planner?
Some online financial planning services offer access to CFPs for less than what an in-person advisor charges. The CFP Board offers a directory of all its certified CFPs, which makes it easy to find an in-person advisor in your area.
This site also allows you to check a CFP’s certification status and check for any instances of disciplinary action.
What is the difference between a CFP and a CFA?
The various designations financial advisors hold can cause some confusion. More often than not, a financial advisor who is a CFP will be able to help you with your financial planning needs, but other advisors may be able to better assist you in certain areas, such as tax planning. Some advisors even have multiple designations, making them more competitive within their field.
Here are a few common designations anadvisorcan have.
Chartered financial analyst:CFAs specialize in investment analysis and portfolio management. While CFPs typically help individual clients with their financial planning, CFAs often serve as financial advisors for corporations.
Certified public accountant:CPAs are a bit more distinct from some of the other financial advisory certifications. The CPA certification is common amongtax preparersand accountants (even though CPA has the word "accountant" in it, not all accountants have CPA certifications). If your financial advisor has a CPA, they may be able to help you optimize your tax situation.
Chartered financial consultant:While ChFCs are less common than CFPs, the two certifications require similar coursework, and recipients of each are likely headed down the same career path: financial advisory and planning services. ChFCs may have more training in modern financial planning topics, such as behavioral finance, planning for same-sex couples and planning after a divorce, but CFPs have more stringent academic and examination requirements.
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What is the difference between a CFP and a financial advisor?
The main difference between a CFP and a financial advisor is that CFPs hold a certification that ensures they have several years of experience and are held to a fiduciary standard. The term financial advisor, on the other hand, does not necessarily denote a specific credential. It's an umbrella term that refers generally to the many differenttypes of financial advisors.
Remember, if you have any doubts about your advisor’s CFP status, you can check their status on the CFP Board website.
Fee-only vs. fee-based financial advisor
It's also important to consider how exactly your advisor is getting paid. This is determined in part by whether they are a fee-only advisor or a fee-based advisor.
Fee-only advisors are solely paid by their clients, creating fewer opportunities for conflicts of interest. Fee-based advisors can receive a commission on products they sell, which can sometimes create those conflicts, such as suggesting a worse product over a better one because they would receive a commission. Bound by their fiduciary duty, CFPs have to put their clients’ needs first regardless of their fee structure (though it’s always a good idea to ask any advisor, CFP or not, what their fee structure is, and to work with afee-only advisorif possible).
Mon, 06 Mar 2023 16:15:00 -0600en-UStext/htmlhttps://www.nerdwallet.com/article/investing/certified-financial-plannerHow to Pick the Best CFP Program to StudyNo result found, try new keyword!When pursuing a financial certification, you can't ignore the ... "You may not get as much out of the courses to really have the knowledge necessary to provide real personal financial planning ...Thu, 28 Jan 2021 02:41:00 -0600text/htmlhttps://money.usnews.com/financial-advisors/articles/how-to-pick-the-best-cfp-program-to-studyCertified Financial Planner Program
The Leavey School of Business, in partnership with Dalton Education, offers both self-paced and virtual classroom courses that fulfill the CERTIFIED FINANCIAL PLANNER™ certification education requirement necessary to attain your CFP® certification. Both of these programs are designed to fulfill the education requirement to sit for the CFP Certification Examination. Whatever your learning style, we have the perfect program for you:
For many financial advisors, professional designations are becoming increasingly important. These marks of academic and professional achievement are signified by lettered acronyms that appear after the advisor's name. These designations distinguish them from the competition and suggest a higher level of competence, specialized knowledge, and standard of professionalism.
In accurate years, the number and scope of professional designations available have grown, and many advisors are now unsure of which credential will serve them most effectively. This is especially true when it comes to specialized designations within the senior citizen market.
Here we will take a closer look at some senior designations and whether they are worth pursuing for those looking specifically at retirement planning, retirement income, longevity planning, and legacy/estate planning.
Key Takeaways
Many financial advisors are specializing in retirement planning and income.
As a result, these advisors have sought out targeted training and education to validate their expertise and skill in this segment.
Several professional credentials and designations are now available to signal expertise in senior financial planning with the Certified Senior Advisor (CSA) being the most-recognizable.
The Chartered Advisor for Senior Living was a popular certification that is no longer accessible to new entrants (though existing license holders are still required to continue their education).
Some designations like the Certified Senior Specialist (CSS) face restrictions from state bodies and are not recognized as valid licenses in some areas.
Another well-rounded certification option is the Chartered Senior Financial Planner (CSFP).
What Are Senior Designations?
Within the financial planning industry, a number of new designations have been created in accurate years. These designations focus on the senior market and primarily involve financial strategies for older individuals typically aged 50 and older.
This demographic segment of financial planning consumers has become increasingly targeted from almost every direction by the financial services industry, including banks and insurance companies as well as independent financial and estate planners. With potentially higher portfolio balances dues to a longer investment timeline as well as increased needs for services as they approach retirement and succession planning, there's plenty of opportunity when working with seniors.
FINRA does not approve or endorse any professional designation. The designation’s inclusion in its database does not imply that FINRA considers the designation to be acceptable for use by a registered representative.
4 Main Designations
Here are four main designations that financial professionals may use in the senior financial advice market:
Certified Senior Advisor
Offered and recognized by the Society of Certified Senior Advisors, a Certified Senior Advisor (CSA) is probably the best-known senior advisory certification on this list. Candidates need to pass a certification examination on social, health, cultural, financial, and legal aspects of aging to become a license holder.
There is no prescribed training or education program, but the SCSA offers various resources like textbooks and live courses. Preparation for the test usually takes 50–60 hours. Candidates are also required to complete 30 hours of continuing education and pass a criminal background check every three years to maintain their certification.
CSAs are typically professionals in different fields who work exclusively or often with the aging and want to supplement their professional knowledge with the designation. Many advisors who earn this designation work primarily with fixed or indexed annuities; however, there are also a number of non-financial professionals who carry this designation including estate planning attorneys, health care professionals, and administrators. CSAs are required to inform consumers that the designation alone does not imply expertise in financial, health or social matters.
Chartered Advisor in Senior Living
Offered by The American College, the Chartered Advisor in Senior Living (CASL) designates a professional's commitment to helping aging clients achieve financial security. Prior to sitting for the exam, advisors are required to have worked with senior clients for a minimum of three years. Applicants must also adhere to The American College's Code of Ethics.
The CASL designation is no longer offered to new students; however, existing certificate holders are required to participate in the Professional Recertification Program to maintain their credentials. A CASL advisor is tested on retirement distributions from pensions, Social Security, planning for health and long-term care needs, and effective estate planning strategies.
Certified Senior Specialist
The most academically advanced of the senior designations, Certified Senior specialists (CSS) contains a more rigorous academic curriculum covering retirement planning, estate tax planning, annuities, Social Security, and Medicare. The test also covers long-term care and elder care issues, demographics of the senior market, charitable estate planning techniques, and reverse mortgages.
The CSS license is issued by Certified for Senior Studies, although not all jurisdictions recognize the designation. For example, California code treats this license differently than the CSA. This designation may not be used by agents or brokers where the sale of insurance to a senior may occur. For this reason, the CSS license holds much less value than other licenses.
Chartered Senior Financial Planner
Issued by the Association of Chartered Senior Financial Planners, the Chartered Senior Financial Planner (CSFP) designation trains recipients in advanced retirement and estate planning strategies. To take the exam, trainees must have two years of insurance experience, two years of securities experience, or be a licensed attorney or CPA. Three-day course training is available prior to the exam, and 16 hours of continuing education are required every two years.
Like other exams, the CSFP designation prescribes a code of ethics and demonstrates a holder's proficiency in pre-retirement, post-retirement, and asset protection strategies.
Broad Based Designations That Serve Seniors
While senior designations may differ substantially in the level of academic training that is required, it is clear that none of them can compare to the curriculums for established and respected designations such as Chartered Financial Planners (CFP), Chartered Life Underwriter (CLU), or Chartered Financial Consultant (ChFC).
In all fairness, most senior designations tend to cover senior demographics and issues relating to Social Security and Medicare in more detail than the major designations. If advisors wish to market their services to seniors, this is a legitimate market.
However, if they want to position themselves as "experts," financial advisors should consider earning one of the more traditional, comprehensive designations first. Then, they could earn one of the senior designations that focus specifically on senior issues. At that point, their competence in the senior market would mean a great deal more as they started with a broader approach to investment strategy to later hone in on specific topics. They would also be subject to a code of ethics that can be enforced.
Pending Consequences
Unfortunately, many seniors have become the victims of scam artists and charlatans who are skilled in emotionally manipulating elderly clientsand prospects into investing in products or services that often tie their money up for long periods of time. As a result, state regulators have begun to take notice of both the inadequate academic training and the business approach taken by many senior advisory certificate holders.
Many other states can also cite a marked increase in the number of investigations and complaints relating to senior advisory firms in accurate years. One of the main limitations that regulators face when dealing with this problem is that there is no overarching agency that monitors the financial designation community like there is for insurance or securities licensing. Therefore, any "rogue" credential must currently be dealt with on a state-by-state, individual basis.
What Is the Best Senior License Designation?
The Certified Senior Advisor (CSA) designation is the most recognizable professional license. Though it still falls well short of the breadth and depth of wide-scale professional licenses, it remains a strong option for those looking for specific certification in senior financial matters.
Is It Worth Getting a Senior Designation?
There is mixed opinions on the value of senior license designations. Some argue any sort of formal training and test provides value and boosts your validity as a financial planner. Others point out the gap in education between senior license designations and more broad financial planner certifications. As long as your clients understand the limitations of what senior license designations mean, there is some value in pursue these opportunities.
Are All Senior Designations Recognized?
No, senior license designations are widely recognized on a state-by-state basis. Each state will have their own reporting requirements, and many do limit the recognition of some designations. When a designation is limited in a state, the financial advisor can not use that title during the pursue of sale of an insurance or security. To check whether your license is recognized in a specific state, check with the state's Department of Insurance.
The Bottom Line
While the differences between designations such as the CFP and CSA may be apparent to those in the business, most seniors looking for financial advice may have difficulty comprehending the gap in training between the two. Although it would be unfair to label every financial professional who holds a senior advisory designation as dishonest, the increasing pressure coming from state regulators is making the future of these designations uncertain.
Advisors who are considering whether to pursue a senior advisory designation may want to check with their state's insurance commissioner and/or securities bureau before enrolling in a program. While bogus designations can fool prospects and clients at least for a while, regulators are certain to eventually rectify the situation, one way or another.
Mon, 22 May 2023 08:37:00 -0500entext/htmlhttps://www.investopedia.com/financial-advisor/close-look-at-certified-senior-designations/Course Descriptions & Registration
The Financial Affairs Training Team offers online courses for UAB employees on several UAB Administrative Systems and general UAB procedures managed by the Office of Financial Affairs.
Employees can register and complete individual courses at their convenience in the UAB Learning System. Upon completing the course, you will receive a certificate of completion, as well as obtain access to course videos and reference material for future use.
Using Axiom Software to Build the Fiscal Year Budget (Online)
Course Description
This course explains how to use the Axiom Budgeting Software system. courses of discussion include: accessing and navigating the Axiom system; understanding the plan file layout, building budgets for labor, expenses, and revenue; and creating transfers.
Learning Objectives
At the conclusion, participants should be able to:
Log into and navigate the Axiom Budgeting Software system.
Enter, edit, and review budget data for labor.
Enter, edit, and review budget data for expenses and revenue.
Enter, edit, and confirm budget data for transfers.
This training course is intended for new users of BuyUAB. BuyUAB is a new eProcurement system which allows employees to access and shop from contracted vendors using a UAB purchasing card (P-Card).
Learning Objectives
At the conclusion, participants should be able to:
Navigate the BuyUAB system
Understand the BuyUAB User Terms
Know how to shop using contracted vendors within the system
Know how to checkout of the BuyUAB system to complete a purchase
Understand Amazon Business and how it's business process differs from other vendors in BuyUAB
Effort Reporting: Effort Report Certification Process Overview (Online)
Course Description
This course provides an overview of UAB Effort Reporting process for a semi-annual certification period. This includes why UAB is required to certify effort reports and how an effort report is calculated. It also includes an overview of the certification path, as prescribed by UAB Effort Reporting policy and procedures. This course is designed for departmental effort officers, faculty, and staff involved in the certification of effort process, as well as UAB project employees required to certify an effort report. The intent of the course is to ensure all parties are aware of the importance of timely and accurate effort report certification.
Learning Objectives
At the conclusion, participants should be able to understand the UAB Effort Reporting process in the Oracle Administrative System.
Introduction to Oracle Administrative Systems (Online)
Course Description:
The following courses will be covered:
What the Oracle Administrative System is, and reasons for its use.
How to access and navigate the system.
Understanding document workflow.
How to log out of the Oracle Administrative System.
Learning Objectives
At the conclusion, participants should be able to:
Access and navigate the system.
Understand document workflow.
Log out of the system.
Overview of Oracle Financial Accounting (Online)
Course Description:
In this course, we will overview the Oracle Administrative System and then dig in to the Finance module. courses covered include the General Ledger and Grants/Plant Accounting.
Learning Objectives
At the conclusion, participants should be able to:
Recognize General Ledger and Grants/Plant account types.
Define the differences between GL & GA accounts, and when each is created.
Access and navigate both the GL End User and GA End User responsibilities in Oracle.
Financial Affairs has updated the PCI training course. The course provides valuable information regarding protection of credit card data as it relates to payment processing at UAB.
It is required for everyone involved in processing credit card payments across UAB Campus and Hospital. To enroll in the course, contact Financial Affairs at 934-5121.
Understanding Payroll and Labor Distributions in the Oracle HR and Finance System
Course Description:
In this course, we will overview the importance of payroll and labor distribution. courses covered will include the following: the ORACLE ACT document, the UAB Payroll process, labor costs and how they are distributed to fund employee assignments, proactive management of labor costs and corrective management of labor costs using available Oracle resources.
Learning Objectives
At the conclusion of this course, participants should be able to:
Know the importance of the ACT document and it’s role in the payroll and labor distribution processing.
Understand how UAB Payroll works and the importance of processing deadlines.
Understand how labor costs are distributed and fund employee assignments.
Know how to proactively manage any financial inaccuracies BEFORE payroll and labor distributions have been processed.
Know how to use available Oracle resources to correct financial inaccuracies AFTER payroll and labor distributions have been processed.
Fri, 14 Jun 2019 11:18:00 -0500en-UStext/htmlhttps://www.uab.edu/financialaffairs/system-training/course-descriptions-and-registrationGraduate Certificate Programs
Our 18 credit hour graduate certificate program is now available for Fall, Spring, and Summer admission and is offered 100% online. Required courses include:
FIN 5070: Tax Planning for Financial Planners (3)
FIN 5310: Investment Management (3)
FIN 5720: Retirement/Insurance Planning (3)
FIN 5750: Fundamentals of Financial Planning (3)
FIN 5780: Estate Planning (3)
FIN 5800: CFP Capstone (3)
*For more information about the MS in Finance degree or the CFP Graduate Certificate , including tuition and fee information, please email Justine Tydings, our Recruiting Coordinator.
Online Energy Business Certificate
The Online Energy Business Certificate is designed for professionals working in the energy industry. The identified courses provide students with the opportunity to gain knowledge related to real-world application within the highly competitive industry. Tailored towards the working professional with a busy schedule, this certificate can be completed in two semesters.
Individuals electing to pursue this non-degree seeking graduate certificate will take the following three (3) energy focused courses:
Energy Industry Value Chain Examines the overall energy industry with detailed exploration of the major energy subsectors and supply chains. Students will develop knowledge of the energy industry value chain including coverage of market dynamics, prevalent strategies, finance, operations, externalities and network effects, environmental and ethical considerations, and associated policy issues.
Energy Finance: Project Evaluation
This course introduces students to the key methods used to evaluate investments in energy industry projects from the perspective of the developer as well as the lender and other stakeholders. courses include project finance modeling, techno-economic considerations, business structures, regulatory and legal issues, risk analysis, and deal terms.
Fundamentals of Accounting in the Energy Industry Introduces students to basic financial accounting and reporting issues related to energy producing activities. Specifically, the course will investigate current accounting practices of energy producing companies related to exploration, acquisition, development, and delivery of energy products. The course will also cover the financial requirements of the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC).
Tue, 20 Jul 2021 08:56:00 -0500entext/htmlhttps://www.uwyo.edu/acct-fin/graduate/certificate-programs.htmlIMA's new chief has major plans for attracting more accountants
Michael DePrisco took over as president and CEO of the Institute of Management Accountants in early April, and he is hoping to expand the reach of the organization and its Certified Management Accountant credential as the accounting profession continues to experience a shortage.
He succeeded Jeff Thomson, who led the IMA for nearly 15 years as president and CEO. "Jeff's been a great partner," said DePrisco. "I've been working with him on ensuring a smooth transition. Jeff was at the helm for 15 years and really has done a wonderful job of helping IMA become a global organization. My priority as the new CEO is to ensure the long-term relevance and sustainability of the organization and, quite frankly, to ensure a leadership position globally for the next 50 to 100 years."
IMA president and CEO Michael DePrisco
He plans to focus on delivering value to the IMA's members and stakeholders. "If we're making an impact on the individuals we serve, in terms of helping them upskill and reskill, and add value to their organization's success, then we'll grow as an organization and I think that is the winning formula for us as we move forward. It's been 60 days, and I've spent a lot of time listening to the community — whether it's practitioners, academicians, volunteers, board directors, or our staff — I'm having a lot of conversations to learn about the organization and to learn about the opportunities that we see in front of us."
First he wants the IMA to add value to every member to support their careers and professional development. A second area of focus is on looking at the IMA's product portfolio and how to expand it to help members distinguish themselves.
"Beyond the CMA, what else do they need to further differentiate themselves in the area of skill building," said DePrisco. "What do they need, perhaps as younger professionals just getting started, who may not be ready to take the CMA? Are there things that we can offer them to help them learn the language, learn the profession and gain some credibility to help them get to that next level."
His third area of focus will be on the IMA's community. "We have a robust community of chapters and volunteers located throughout the world who are champions for IMA and who are really in a unique position to deliver value locally in their communities," said DePrisco. "I think that is a real differentiator for IMA. I want to make sure that we're doing everything we can to support them, help them and ensure that we have a dynamic and vibrant community moving forward."
Attracting young accountants
Both the American Institute of CPAs and the IMA have seen declines in the number of people entering the accounting profession. The Financial Times reported that the number of CPA test takers in 2022 was a little over 67,000, down from 72,000 in 2021 and short of the AICPA's forecast of 74,000, the lowest level on record. The IMA also saw a 5% decline in CMA candidates in the U.S. last year.
"I think that, generally speaking, most organizations are trying to crack the code when it comes to how to attract more young people to the profession," said DePrisco. "Certainly, I think the accounting and finance profession has that challenge. We see various articles and headlines around the declining enrollment in accounting programs, and in general the declining enrollment in colleges and universities and things of that nature. But at the end of the day, the accounting and finance profession is really integral to helping businesses work and function and how value gets delivered today. I do think it provides a very solid career opportunity for individuals."
He sees the challenge as making young people more aware of the opportunities that the accounting and finance profession affords them today and to look past the stereotypes about what an accountant does.
"We have to work through changing the perception of the profession and really demonstrating that accounting and finance professions are on the leading edge of what organizations are thinking about today, whether it's about how to optimize enterprise performance, how to mitigate risk, and respond to disruption, how to analyze data and turn data insights into actionable solutions, how to think about and report in a meaningful way on ESG-related matters," said DePrisco. "This is what management accountants do. They're on the front lines of helping organizations deliver value. That's the narrative that I think we have to be telling youngsters as they go through high school and college, and when they're considering various careers. That's something that the IMA is well positioned to do, with a large footprint in the academic space. We continue to invest heavily in student programs that raise awareness, that provide students opportunities to learn real skills, and experience what it's like to be in a corporate environment, whether it's through our student case competitions and other types of programs that we do. That's something that I really want to work with my team on relative to enhancing the brand, the reputation of the profession, and how we serve organizations worldwide."
One of the goals is to increase the number of students entering the accounting profession.
"The supply of accountants is just not meeting the demand, and there are a few reasons for that," said Dennis Whitney, senior vice president at the IMA. "Fewer students are majoring in accounting, and I think the problem is the perception of accounting. We need to show them that it's not just number crunching and checking that everything balances. It's also more strategic."
Some students and accountants are thinking about their jobs being taken over by artificial intelligence programs.
"Some of the things that are happening now with AI, a lot of people talk about it as a threat to accounting, and I think it will eliminate some of the more mundane manual type tasks," said Whitney. "But actually, I think it's a great tool for the profession and will open up more interesting types of jobs, more strategic and decision-analysis type jobs. And I think if we can get that message across that being an accountant gives you the opportunity to be a business partner in a company, to help the company grow in a sustainable way. The second part of the equation is to show that accountants have a role in helping with sustainability. There's going to be a lot more reporting requirements on sustainability in the future, and accountants can help attest to the accuracy of that data. A lot of that data is not as clean as it is with financial data, so we can help with that. And then we can help a company make decisions on doing something that is more sustainable for the environment and for the company in the long term."
DePrisco is not an accountant himself, but he plans to leverage his background in education and management of a professional organization. He came to the IMA from the Project Management Institute, an association for the project, program and portfolio management profession, where he was operating officer and interim president and CEO starting in 2021. He worked with the PMI for a decade and prior to that was president of the Art Institutes, a group of art and design colleges. He served as campus president at three different Art Institute locations in the Mid-Atlantic region. Before that, he served as vice president of student affairs at Education Management Corporation.
"I've spent 30 years of my life and career in for-purpose organizations that are very much focused on helping individuals acquire skills, capabilities and competencies for personal professional growth, whether that was in a higher education environment, or whether that was at Project Management Institute, where I spent the last 10 years," he said. "I think that I bring a unique perspective from those different experiences to IMA, and I can help IMA accelerate some of their initiatives and plans relative to member acquisition, member retention, member value and so forth."
Rebuilding abroad
He sees the opportunity to help the IMA, which went through a strategic restructuring earlier this year and had an undisclosed number of layoffs, to transform further.
"Many organizations, not just IMA, coming out of the pandemic have been facing some headwinds relative to inflation, interest rate hikes and so forth where they're in a position where they realize that they need to make some challenging and difficult decisions relative to their staffing levels," said DePrisco. "Like many organizations, we did face a bit of a slowdown, mostly as a result of some of the challenges coming out of China, but other markets as well. We'll work through that. Our team is very much focused on the future. We feel very bullish and optimistic that the future's bright, and we have a team in place that's committed to making that happen. Some of the signals that we've seen from an economic and inflationary perspective suggest that the economy is unwinding from some of the challenges that we've been seeing, versus a bounce back or quick rebound, so we're planning accordingly. We're being very judicious in how we're looking at our spending and so forth, to ensure that we can maintain the staffing levels that we have today."
He acknowledged there have been some declines in membership, particularly in China. "If you look across our entire portfolio, membership is relatively flat, maybe declining a little bit, mostly due to some of the declines that we've seen in China," said DePrisco. "If you look at our membership trends regionally, we are seeing pretty much flat growth in the U.S. But in other parts of the world, we're seeing some really good growth, for example, in places like India, the Middle East, Europe and the Asia Pacific. So we remain optimistic that we have a really good value proposition to offer to the market, that we're offering individuals who join IMA an opportunity to not only get certified, but to be a part of a global community that values learning, networking and helping to lift the profession to new heights."
The dropoff in China seems to have been in part a result of the pandemic lockdowns keeping students and members from attending events. "Many of the lockdowns that occurred due to the pandemic really slowed down a lot of the training and testing availability," said DePrisco. "Now we're unwinding from that and slowly but surely getting the testing and training operations going again. We've seen some good signals. We're seeing China coming back relative to the number of people that are signing up to take the test, joining, renewing and so forth. But it's still down from where it was post COVID."
Among the areas of the world growing in membership are Dubai, Egypt, South Korea and India. "I just came back from Dubai, where I attended a chapter event where there were close to 400 individuals that showed up for a day of learning, networking and connection," said DePrisco. "Our Dubai chapter is one of the largest in our system and really doing some fantastic work. We've seen a lot of activity in Egypt, very much a lot of interest from students and young professionals in certification. We're working with our team on the ground in Egypt to generate opportunities for people to connect with chapter development. India is of course a big market with a strong chapter community there. We're seeing a lot of interest there from students and younger professionals who really see certification as a differentiator for them relative to career opportunities."
Certification growth
DePrisco plans to build on the IMA's certifications. "CMA is a 50-year-old certification," he said. "It's to me the gold standard for the professional management accounting area, and it's something that we will continue to move to focus on, invest in and ensure the long-term sustainability of that certification. We just completed a job task analysis where we looked at the curriculum, and based on feedback that we've gotten from experts around the world, we'll make some revisions and changes to the test curriculum to ensure that it's keeping pace with what's happening in industry. We're 100% committed to the CMA, but we've recognized that there's more that individuals want from IMA."
Some of the IMA's stakeholders have asked for entry-level types of fundamental courses and certifications they could earn before the CMA. For those that have a CMA, they are sometimes asked for other credentials so the IMA has been developing additional certifications in areas like data analytics, risk management, sustainability and diversity, equity and inclusion.
"We will continue to develop new offerings to meet those needs," said DePrisco. "We already have what I think are really one of a kind certificates in DE&I and sustainability best practices. We released a sustainability business practices certificate program last year. It's an excellent program. Anyone that has an interest in ESG and sustainability will get value out of that certificate. Our DE&I certificate is very much top of mind for a lot of organizations. It provides some really good information, scenarios and case studies for individuals to learn how to ensure their organization is diverse, equitable and inclusive."
As the new CEO of the IMA, DePrisco plans to take some of the lessons he learned while at PMI and apply them to the events at the IMA. "While at PMI, I had the opportunity to help that organization transform, and really think about how we could provide value to individuals in a changing professional association landscape, where people are looking for different ways to connect and affiliate," said DePrisco. "The model of perhaps coming together once a month and meeting in a certain city in a certain ballroom has been replaced by real-time meetings, whether they're virtual or in person, with digital delivery of products, services, knowledge and content. Even the landscape for events has changed. People seem to now favor more localized one-day drive-in events to take advantage of networking, learning, and content consumption, versus taking three, four or five days off and flying somewhere to attend an association type of experience. All of that is changing, and it requires professional associations like IMA to rethink the overall value proposition and how they can best serve stakeholders based on what they need and want today."
He noted that the IMA Women's Leadership Summit that recently took place in Nashville was a one-day event that attracted 200 individuals across the accounting profession to promote the role that women play in accounting and some of the challenges and opportunities the IMA sees for the profession. The IMA also hosts a Student Leadership Summit, a two-day event that brings hundreds of students from around the country together. The IMA events in China, India, the Middle East and Europe are also typically one- to two-day events.
The IMA plans to hold its conference next week in Minneapolis, where it's expecting approximately 600 to 700 attendees.
Mon, 05 Jun 2023 13:29:00 -0500entext/htmlhttps://www.accountingtoday.com/news/imas-new-chief-has-major-plans-for-attracting-more-accountants‘I need to stop the bleeding.’ I’m 49 with $133K in my 401(k), but I haven’t contributed in two years and recently lost $25K. Is it worth getting professional help?
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Question: I am a 49-year-old woman and towards the end of 2022 I had $132,870 in a 401(k) from a prior company. I was let go during the COVID-19 pandemic, and I have another job now but don’t have a new 401(k). I have not made any contributions to my current 401(k) in over two years, and it’s losing funds because a lot of it is tied up with the stock market. I am losing my shirt and pants. I have lost over $25,000, and I need to stop the bleeding. I am thinking of moving to a Roth IRA. What would you suggest?
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Answer: The year 2022, when you wrote to us, was a rough one for stocks, so first let’s look at whether your losses during that year were in the normal range, and then look at how you can get professional help with your investments and whether that will be worth the cost in a case like yours. Finally, we will weigh the pros and cons of a Roth IRA. (Looking for a new financial adviser? This tool can match you to an advisor who may meet your needs.)
Certified financial planner Joe Favorito at Landmark Wealth Management notes that the 2022 “downturn is simply the result of the current bear market we are in, which is temporary, but unsettling.” If you started with about $157,870 and lost $25,000, you’d now be down to $132,870 — that’s a drop of about 16%. That’s in line with what happened to a lot of investment portfolios in 2022.
“These fluctuations are to be expected with balanced equity and long-term bond investments. In fact, it’s within the ballpark for professionally managed target date portfolios for 2035 and 2040 assuming that’s when you’d retire or otherwise need the money,” says certified financial planner Bradley Nelson at Point Loma Advisors. (Looking for a new financial adviser? This tool can match you to an advisor who may meet your needs.)
Adds Favorito: “Since there’s no reliable way to consistently predict which years will be positive and negative, it’s necessary to stay invested and ride through the negative periods.” But that said, were you invested in a way that matched with your target retirement date?
Is it worth hiring a financial planner?
You do, however, want to make sure that the portfolio risk level is appropriate for your age and situation, which is something a financial planner should be able to help with if you don’t feel comfortable determining that on your own. That said, this can be costly.
It may be worth meeting with a planner who can work with you on an hourly or project-basis, so they can do a comprehensive look through your situation. “The small upfront cost you’ll pay to hire a financial planner is far less than the potential tax ramifications of an accidental Roth conversion, or making a major investment/portfolio change and missing out on the eventual upswing when the market recovers,” says Jessee. (Looking for a new financial adviser? This tool can match you to an advisor who may meet your needs.)
The cost for hourly and per-plan advisers varies depending on location and expertise but you should expect an hourly adviser to charge roughly $150 to $450 per hour, while flat-fee planners charge anywhere between $2,500 and $10,000. There’s also the much more affordable option of DIY-ing your finances, which you can do with the assistance of a robo-adviser or by educating yourself on some of personal finance basics and taking matters into your own hands.
Have an issue with your financial adviser or looking for a new one? Email picks@marketwatch.com.
To brush up on financial literacy and learn different investing methods, Udemy’s free Personal Finance 101: Everything You Need to Know course is available online, as are Purdue University’s Planning for a Secure Retirement and Indiana University’s Planning for Risk, Retirement and Investment courses.
Should you convert your 401(k) to a Roth IRA — and do you need a pro to help with that?
A down market is typically a more advantageous time to convert to a Roth IRA, but there’s a lot to consider, like whether you have the money to pay the tax that will be caused by a conversion, and the impact this would have on your tax bracket given you have a new job, certified financial planner Alonso Rodriguez Segarra says.
“Every dollar converted is taxable income. It doesn’t necessarily pay to convert if you’re creating too much income in one year. Depending on your deductions and how much taxable income you can take on without raising your effective tax rate too high, it may pay to convert portions of the IRA annually,” says Favorito.
Your income this year will help determine whether transferring your assets to a Roth IRA is a good decision from a tax perspective. “In addition, moving your assets to a Roth IRA will not stop the chances of your investments decreasing. Nevertheless, it’s an excellent opportunity to evaluate if your investment portfolio matches your risk tolerance, goals and time frame,” says certified financial planner Danielle Miura at Spark Financials. (Looking for a new financial adviser? This tool can match you to an advisor who may meet your needs.)
If that left you thinking “huh?” pros say you may want to consult with a tax adviser before converting anything, since a conversion can’t be undone and the new tax code no longer permits a conversion to be recharacterized, which simply means reversed.
In general, you may want to think of a 401(k), IRA or a Roth IRA as simply the wrappers that hold your investments, says certified financial planner Taylor Jessee at Impact Financial. “It holds your stocks, bonds, mutual funds and if you own the same, or similar funds in your 401(k), then the results would be nearly identical if you owned them in a Roth IRA instead. If your goal is to avoid or minimize stock market losses, then moving funds won’t help. It’s more about changing the types of funds within that account that will make the difference,” says Jessee.
Other things to consider: Keep investing even in tough times
At 49, you have a long way to go to retirement, and certified financial planner Anthony Ferreira at WorthPointe Wealth Management says you should resume making contributions to some kind of retirement account, consider rolling your 401(k) to a traditional IRA and making current contributions to a Roth IRA, assuming you’re below the income threshold. (Looking for a new financial adviser? This tool can match you to an advisor who may meet your needs.)
Questions edited for brevity and clarity.
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Sat, 03 Jun 2023 01:15:00 -0500en-UStext/htmlhttps://www.msn.com/en-us/money/personalfinance/i-need-to-stop-the-bleeding-i-m-49-with-133k-in-my-401k-but-i-haven-t-contributed-in-two-years-and-recently-lost-25k-is-it-worth-getting-professional-help/ar-AA1bYPMLUpskilling the non-technical: finding cyber certification and training for internal hires
Finding qualified staff to replace vacancies or build out an expanding team can be a nightmare for already overburdened CISOs, especially given there’s a pernicious and ongoing shortage of skilled cybersecurity workers in the job market. One creative alternative to frustratedly trolling job-search sites is to look inward, rather than outward — to find capable, smart people already working at a company in other areas and train them to fill roles on the cyber team.
There are many benefits to upskilling over hiring anew: current employees don’t need to adjust to the corporate culture, they have institutional memory, they have relationships within the company, and they’re already in the human resources channel. The downside is their lack of training and certification — but that’s a small price to pay for gaining a talented team member.
Pam Nigro, vice president of security for Medecision, is no stranger to upskilling non-technical workers with complementary skills to extend her security team. In a previous job at Health Care Services (HCSC), she cross-trained employees who worked in audit and vendor relationship management to staff up a new third-party risk management program. After passing internal security fundamentals training, they received HITRUST certifications and were able to begin validating third-party vendor compliance.
Training the non-technical is only the beginning
“At HCSC, we developed a career path for upskilling and recertifying employees with complementary skills, and I’ve carried that to my current job. Now my partners from IT and networking work with me on cross-training to move people forward,” Nigro says. Certification is part of the employee upskilling journey, she says, “but I never look at the certification as the end of skills building, I look at that as the beginning and a foundation to build on.”
Nigro is also an adjunct professor at Lewis University, where she teaches graduate-level security, risk, and governance courses. And she is board chair and vice president at ISACA, where she teaches the Cybersecurity Fundamentals course, specifically designed for upskilling people with no security background. It’s part of a larger set of certificates required to earn the more advanced Information Technology Certified Associate (ITCA) certificate that requires passing tests in five fundamentals: computing concepts, networking and infrastructure, cybersecurity, software development, and data science.
Upskilling is a “strong option” to solve staffing issues
According to CompTIA’s Workforce and Learning Trends Survey, released in April 2023, 75% of respondents said they plan to increase the scope of their talent mobility programs and processes through increased training and certification. “Broadly speaking, this is a strong option for a lot of companies trying to solve their supply/demand skill imbalance,” says Seth Robinson, VP of industry research at CompTIA. “There are circumstances where you can take someone who’s not in a technical job and, with the right amount of training, you can get them to work in security. But they’d start at a foundation level and if they show strong aptitude they can advance to higher-level security and compliance roles.”
As more organizations seek to upskill employees to grow their security teams using internal talent, there are a variety of certifications and career paths available to employees depending on how their existing skills can align with different security roles. To be successful in upskilling non-technical employees into security roles, it’s important to properly map that pathway, advises Diana Kelley, CISO at Protect AI and founder of Security Curve, a cybersecurity advisory.
Identify transferrable skills
“If you are moving people into technical security from other parts of the organization, look at the delta between the employee's transferrable skills and the job they’d be moving into. For example, if you need a product security person, you could upskill a product engineer or product manager because they know how the product works but may be missing the security mindset,” she says. “It’s important to identify those who are ready for a new challenge, identify their transferrable skills, and create career paths to retain and advance your best people instead of hiring from outside.”
In most types of upskilling situations, Kelley recommends the CompTIA Security+ Certification, which also has no pre-requisites, although students would benefit from having a basic understanding of computer networks, perhaps starting with the A+ or Network+ certifications, which is mapped in CompTIAs career pathway.
In addition to CompTIA and ISACA certification, the SANS Institute also has several courses geared toward upskilling employees who are new to cyber, including the new GIAC Foundational Cybersecurity Technologies (GFACT) certification, and the GIAC Information Security Fundamentals certification (GISF).
SANS also has introductory classes for digital forensics and cloud computing — the latter is among the hottest training tracks in demand today, says SANS curriculum director Rob Lee. He also notes that for upskilling, there are niches within niches; for example, cloud architecture or cloud pen testing, and specific cloud environments such as AWS, Azure, or Google. (Google has also recently added a new six-month cybersecurity certificate to its Google Career certificate program).
Specialty training can be key when upskilling
Other specialty areas include security skills for ICS or SCADA systems, as well as financial system auditors. To transfer skills to the specialty areas where talent is needed, he recommends using the SANS cyber talent skills assessments, which cost $200 each. “SANS cyber talent assessments provide managers with the ability to identify their team skills, performance, and training investment,” Lee says. “If you have someone new to a cyber role and want to identify who is going to be the superstar, assessments will help identify them and then you can put them on a fast track to more training and certifications.”
While upskilling and certifying existing employees would help the organization retain talented people who already know the company, Deidre Diamond, founding CEO of cyber talent search company CyberSN, cautions against moving skilled workers to entry-level roles in security that don’t pay what the employees are used to earning. Upskilling financial analysts into compliance, either as a cyber risk analyst or GRC analyst will require higher-level certifications, but the pay for those upskilled positions may be more equitable for those higher-paid employees, she adds.
CyberSN is a free search platform with standardized job requirements for 45 security roles, all of which require some networking and security experience, and most of which require certifications, including the analyst roles, which are the most searched for, followed by DevSecOps and security engineers.
Train outside the box
In addition to the obvious certification bodies, there are a wide variety of other training programs to prepare non-technical employees for work in cybersecurity. For example, look to economic mobility programs, such as the Ventura County Digital Upskilling Training Program. The state-funded pilot program led by the Economic Development Collaborative (EDC) provides free certification training to local businesses, including CompTIA A+ and Security+ certifications.
Additionally, critical infrastructure Information Sharing and Analysis Centers (ISACs) provide training courses for their member companies. For example, the Financial Services ISAC offers training for boards and employees of member companies on cyber fundamentals, offense, defense, intelligence, applications, and cloud.
Similarly, in the UK, the National Cybersecurity Centre provides training and certifications at a reasonable price for beginners, such as its BCS in information security management principles, which applies to those with cybersecurity backgrounds wanting to learn more, but also to business unit information asset owners and those with legal compliance responsibilities.
Some governments offer cyber-upskilling programs
In addition, the UK’s Department for Science, Innovation, and Technology (DSIT) and the SANS Institute announced the second iteration of the Upskill in Cyber program to help UK professionals make a career change into cybersecurity. The program lasts 14 weeks and offers free training and advice to support UK workers looking to forge a cybersecurity career.
Also, look into cybersecurity boot camps at local universities such as Rutgers and the University of Texas. In its literature, the University of Texas boot camp shares examples of upskilling people from technical writing, project management, law, finance, corporate security, and law enforcement. It also cites statistics showing that certifications are useful to both employees and employers.
Expect about a year for non-technical people to ramp up and achieve most of the basic certifications they need to move into cybersecurity, Lee advises. Most of the top certification bodies, SANS included, offer training and certifications across multiple countries and regions around the world and are priced as in-class or virtual, with or without hands-on labs, and include additional costs for taking the tests to earn the certifications.
“Think of upskilling and certifications as a way to support employees that are ready for a new challenge because they've outgrown their existing role,” Kelley says. “More organizations should look at what’s right for their employees' future success by building on the transferrable skills they already have and helping them skill up from there.”
When it comes to seeking out financial advice, people tend to stay close to home. A new GOBankingRates survey of more than 1,000 adults found that nearly half the country — 46% — turn to their family and friends for money guidance first. That’s almost three times more than the 16% who look online, the 14% who look on social media, the 9% who rely on well-known money experts and the 8% who seek advice from an accountant or financial advisor.
A Financial Planner Turns to a Familiar Source — His Mentor
Many top financial professionals credit their success to the people who coached and guided them early in their careers. Those close and trusted confidants often remain the first and best source of information for life.
“I consult my mentor or my fellow financial planners who are more senior than I am and whom I trust personally,” said Raymond Quisumbing, MBA, a registered financial planner affiliated with Bizreport.com. “By consulting more senior advisors, I get to benefit from their accumulated knowledge, as they have had a wider range of experience with various kinds of clientele. At other times, I read books or attend continuing professional education courses created by senior financial planners that cover advanced personal finance topics.”
A Wealth Manager Used Books To Tune Out the ‘Deluge of Noise’
“Early in my career, I consumed too much financial news,” said Jennings. “I spent hours a day trying to keep up with everything going on in the economy and markets. I was in the trees and couldn’t see the forest. In the wake of the financial crisis, I shifted my focus to reading more books and taking a bigger-picture approach. This shift has made me a better advisor.”
Some of his favorite books include “The Success Equation” by Michael Mauboussin, “Winning the Loser’s Game” by Charles D. Ellis, “Thinking Fast and Slow,” by Daniel Kahnemann, and “Unconventional Success: A Fundamental Approach to Personal Investment,” by David Swenson.
“Reading more books and less news allowed me to focus on investment wisdom and pull myself out of the deluge of noise in which we’re all immersed,” said Jennings. “This change in focus has made me a better advisor and has significantly reduced my stress levels.”
A CFP for Gen Z Takes a Holistic Approach
One of the benefits of life as a financial professional is access — access to professional networks, industry gatherings, insider data and specialists across different fields. The wisest among them take advantage of them all.
“As a financial advisor, I believe in a holistic approach to seeking money advice,” said Akpan Ukeme, certified financial planner (CFP) and founder of Finance4Zoomers. “I seek counsel from colleagues and specialists within the field, engaging in discussions, attending conferences, and participating in professional networks. By leveraging a combination of credible publications and collaborative relationships, I can stay up-to-date with the latest insights and provide well-rounded advice to my clients.”
A CFA, CEO and University Professor Trusts His Go-To Podcasts
If you turn to money-themed podcasts for financial advice, you’re in good company. Not only do nearly one in three respondents to the GOBankingRates survey do the same, but so does Professor Michael Collins, CFA, of Endicott College in Beverly, Massachusetts, and founder and CEO of WinCap Financial.
Some of his favorite podcasts are Streetwise, Numbers by Barron’s, and The Compound & Friends.
“Streetwise hosted by Jack Hough goes into specific investment courses weekly,” said Collins. “Numbers is a quick daily podcast giving you a brief market synopsis. The Compound & Friends talks about a variety of courses that cater to both the retail investor and professional.”
The Industry Standard Is To Utilize Every Available Resource
Kami Adams, a financial advisor and founder of Creative Legacy Group, dished not only on where she turns when she needs money advice, but where her colleagues and other industry pros tend to turn for guidance, as well.
In her experience, industry professionals typically use a combination of sources and outlets that the others discussed on an individual basis. The first is trusted colleagues and specialists.
“We often collaborate with our peers and consult industry specialists to discuss complex financial matters and gain diverse perspectives,” said Adams.
Like 9% of the GOBankingRates survey’s respondents, they also look to well-known money experts and authors. “Some of us also follow renowned authors and publications that provide reliable insights on personal finance, investing, and wealth management,” said Adams. “This helps us to stay updated on the latest trends and strategies.”
Finally, there’s the resource that insiders enjoy that the general public does not — conferences and other industry gatherings. “Attending conferences, webinars, and workshops allows us to learn from industry experts, network with peers, and explore innovative financial solutions,” said Adams.
It’s worth noting that not a single professional who spoke to GOBankingRates mentioned social media or its many “finfluencers” as a potential source of financial advice. That puts them in lockstep with the average person. The largest percentage of respondents to the GOBankingRates survey — nearly one in three — cited social media as the source they were least likely to turn to for money guidance.
