Personal Development Plan Essay

I have always been interested in the financial and investment sector. The movements of the stock market and the forces driving the stock values hold considerable degree of interest. I realize that a stockbroker needs to add value to financial information in order to satisfy the customer queries and investigative requirements of the companies being dealt. The consumers today have easy access to a vast range of financial knowledge and data available on the Internet coupled with company specific details that provides extensive information on the current and projected financial trends. The stock broker under such circumstances needs to be highly alert and aware of the market trends and fluctuating stock values in order to meet the needs of an increasingly knowledgeable customer. (Asia One Business Article, Sep 2007) A career as a stock broker requires a complete understanding of the financial markets and environmental forces that drive the stock trading market. A stock broker is an individual responsible for a business deal on a stock exchange. This primarily involves buying and selling of securities on behalf of people and institutions. Usually, a negotiation is made between two authorised members of the exchange. (Eduquity.com) For the purposes of convenience, an ordinary person is no longer needed to walk into the premises of any institution, for instance, the New York Stock Exchange, to enquire on the trade stock. This exchange is done through a broker. However, a stock broker is not just confined in such plain participation in a transaction as there are other stock broking opportunities such as execution-only, advisory dealing, and discretionary dealing, and other related services. Execution-only stock broker involves the implementation of the client’s instructions to buy or sell. A stock broker who focuses on advisory dealing informs and gives important information to the client on which shares to buy and sell, but leaves the task of final decision-making to the jurisdiction of the investor. Meanwhile, a stock broker who is in-charge with discretionary dealing determines the client’s investment intentions and serves as the mainly involved person in all transactions and decision-making functions done on the client’s behalf. In general, stock brokers provide relevant and useful information on trading stocks, for instance on the cases of which stocks or mutual funds to be bought. (estockwise.com) Keeping in mind these specific requirements and my interest in the financial market I aspire to be a stock broker. In order for me to be a full-pledged stock broker, I must be involved in activities and related opportunities that will increase my competencies, particularly those that I need to be a successful stock broker. Of course, it is necessary to finish my studies first. I will begin by providing assistance to a certified stock broker. This is my short term aspiration. By being an associate, I will have direct exposure to the business transactions that my employer deals with. Gaining experience is my key motivation. My medium aspiration is to get promoted or trusted with bigger responsibilities. For example, my employer will ask me to do things that are similar to his/her functions, allow me to decide on important things, expect me to be reliant to classified tasks, and the likes. After staying on this position for a significant period of time, I will try to evaluate myself if I am already capable of entering my long term aspiration – that is – being a stock broker. This can be achieved once I qualify the preconditions to obtaining a stock broker license. I will immediately take up the needed examinations and eligibility requirements. My career goal is to provide my clients with the necessary guidance and direction towards investments that meet their specific needs and requirements. (estockwise.com) Skills Required For the Chosen Role A stockbroker can offer three types of services depending on their individual capabilities and interest.  · Discretionary stock broking service constitutes management of client investments and making financial decisions on their behalf. This type of service requires building of huge trust and confidence within the customer.  · Advisory stock broking service that involves advising the clients on various investment options available and the desirable course of action with predictive impacts on finance. The client needs to decide on the action or alternative that suits his needs best.  · Executing stock broking service where the stock broker is only involved in buying and selling of stocks as per client’s instructions. In this case the advice or knowledge of market expertise is not required. He merely acts as per the client’s instructions. The basic essential job responsibilities of a stock broker are –  · Managing and reviewing investment portfolios for their clients  · Research the financial market with the cooperation of investment analysts who can provide actual and factual information on the performance of companies and markets  · Provide accurate information on stock market performance and stock values to the customers  · Provide various advisory and specialized services to the clients In view of the type of service and role specific needs of the stock broker the skills or competencies required to fulfill their responsibilities have been identified as follows:  · excellent oral communication  · self-confidence and decision making ability  · Persuasive nature  · Professional approach  · Numeric ability  · Logical reasoning  · In-depth market knowledge and attention to detail  · knowledge of current socio, political, and economic trends  · good judgment of risks  · honesty and a trustworthy attitude In addition to the above mentioned competencies an individual aspiring to be a stock broker needs to keep his cool and have the ability to work under pressure. The drive and urge to succeed and excel in their work is a primary requisite to achieve career objectives as a stock broker. (www.Learndirect-advice.co.uk) Personal Strengths A review of my personal strengths and abilities reveal communication as one of the strongest points that can work to my advantage in career management. Petit, Goris and Vaught (1997) noted communication’s function is essential for cases like allowing employees to conduct meetings, make memos, provide feedback and share corporate-wide information. I believed that the previous exposures and experiences that I gained has greatly assisted me in acquiring this core competency. Good communication skill was gained from giving presentations at seminars, supplier and customer service transactions (e.g. issuing clear and concise instructions, advising and assisting customers, etc). I am also used at working on team projects particularly during my course. As a member of the team projects I have proved my abilities as a good and empathetic listener that has enabled me to judge the situation and present effective solutions to the issues in hand. My team leader noticed my natural sense of persuading others in the team to coordinate and cooperate better and agree to the objectives and milestones that were vital for the success of the project. This particular observation was quite helpful since I was given the team coordinator responsibilities in the subsequent projects. My involvement in the capacity of a team coordinator greatly improved my skills of communication and persuasion. Considering the significant role of communication in stock broking, coordinating is among the basic ingredients of my professional success. I also believed to the spill over effects of effective coordinating function like the development of teamwork and successful working relationship. Teamwork is also attributed to the positive effects upon the psychological health and well-being of organisations member (Carter and West 1999). Through effective communication, people are motivated to work in unity and towards the achievement of individual and organisational goals alike. Personal Weakness In my previous job I had landed into an argument with my team member while discussing the feasible alternative that can be adopted to complete the task objectives nullifying the associated risks. The heated argument was not seen in a favorable light by my managers. Indulging in the process of self introspection I realized that I tend to be quite dictating and adopt a more commanding tone while communicating with other people. Though I can persuade and coax people into agreeing to my views and observations the commanding tone that I use to communicate the message is not liked by most people. This is not a favorable attitude and causes problems in development of harmonious relationships with fellow colleagues. This weakness is more a form of autocratic leadership that has become outdated and irrelevant in today’s business world. People and institutions do not favor this style of leadership anymore and this can pose serious limitations to career growth and development prospects. The current management style prefers a softer approach to people in order to develop a productive and effective team. As stated by a few authors (e.g. Cohen and Brand 1993; Hyde 1992), management requires leader’s full participation and involvement instead of designating individual groups who will shoulder all the responsibilities. Furthermore, this also helps in creating a sense of commitment and loyalty (Hill 1991). In the business point of view, good leadership proves to be quite beneficial as aids in effectively meeting job-related demands, creating higher-performing teams, fostering renewed loyalty and commitment, increasing motivational level, and reducing absenteeism and turnover of employees (Drucker 1995).   I presumed that I am the opposite of a favoured leader. I am autocratic which means I tend to be overly manipulative and domineering. This attitude hinders the development of harmonious relationship or esprit de corps among colleagues and most importantly on the part of potential clients. I recognised the need to learn a leadership style that will be instrumental on the achievement of my intended career role as well as the development of other important values useful in my future as stock broker and person as whole.