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Mayank

Mayank Chandel  |331 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on May 26, 2023

Mayank Chandel has over 18 years of experience coaching and training students for various exams like IIT-JEE, NEET-UG, SAT, CLAT, CA and CS.
Besides coaching students for entrance exams, he also guides Class 10 and 12 students about career options in engineering, medicine and the vocational sciences.
His interest in coaching students led him to launch the firm, CareerStreets.
Chandel holds an engineering degree in electronics from Nagpur University.... more
Baban Question by Baban on May 23, 2023Translate
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Career

Hello Sir I am a commerce graduate .how can I explore my career

Ans: Dear Baban,
Being a commerce graduate you can go after Master of Commerce (M.Com), Master of Business Administration (MBA), Chartered Accountancy (CA), Company Secretary (CS).
These are just a few of the many career options available. The best career path for you will depend on your interests, skills, and future goals.

All the best.
Career

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Aashish

Aashish Sood  |80 Answers  |Ask -

CAT, Management Expert - Answered on Jul 29, 2023

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I am pursuing Final year of BBA Finance ? I am so much confused to ake my career.Kindly advice what should i do for my career growth?
Ans: It's completely normal to feel confused about your career path, especially when you're in the final year of your undergraduate studies. The good news is that you have already chosen a specialization in BBA Finance, which means you have a solid foundation in finance-related subjects. Here are some steps to help you plan your career growth:

1. Research Career Options: Explore the various career options available to BBA Finance graduates. Some potential career paths include financial analyst, investment banking, corporate finance, risk management, financial planning, and wealth management. Research each option to understand the job roles, required skills, and growth prospects.

2. Internships: Consider doing internships or part-time jobs in finance-related roles. Practical experience can give you a better understanding of the industry and help you discover what you enjoy and excel at.

3. Further Education: Depending on your career goals, you might consider pursuing further education, such as a Master's degree or professional certifications (like CFA, FRM, or CFP). Additional qualifications can enhance your skills and marketability in the finance field.

4. Skill Development: Identify the key skills required for your desired career path and work on developing them. These skills may include financial analysis, data analysis, communication, problem-solving, and decision-making.

5. Stay Updated: Keep yourself updated with the latest trends and developments in the finance industry. Subscribe to financial publications, join professional finance forums, and attend workshops or webinars to expand your knowledge.

6. Job Search: Start looking for entry-level job opportunities in your chosen finance area. Many companies offer graduate trainee programs for fresh BBA graduates. Apply to positions that align with your interests and career goals.

Remember, career growth is a continuous process, and it's okay to start with a job that aligns with your interests and learn and grow from there. Stay persistent, be proactive in your career exploration, and trust that with time and effort, you will find a path that suits you and allows you to achieve your career aspirations.
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Moneywize

Moneywize   |59 Answers  |Ask -

Financial Planner - Answered on Feb 25, 2024

Asked by Anonymous - Feb 24, 2024Translate
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I will be retiring in October 2024 and expecting a retirement corpus of Rs 80 lakh. I would be spending 60 per cent of this amount on my son’s medical admission and studies. How should I invest the rest in different sectors to earn monthly income of nearly about 40,000?
Ans: Given your retirement corpus of Rs 80 lakh and your plan to allocate 60% of it towards your son's medical admission and studies, which amounts to Rs 48 lakh, you'll have Rs 32 lakh remaining for investment. To generate a monthly income of approximately Rs 40,000, you'll need to carefully plan your investment strategy. Here's a suggested approach:

1. Assess Your Risk Tolerance: Before investing, consider your risk tolerance, investment horizon, and financial goals. Since you're retiring soon and seeking a regular monthly income, it's advisable to focus on relatively stable and income-generating investment options.

2. Allocate Funds: With Rs 32 lakh available for investment, you can allocate the amount across different investment instruments to achieve diversification and manage risk.

3 Income-Generating Investments: To generate a monthly income of Rs 40,000, you'll need investments that offer regular payouts. Here are some options to consider:

a. Senior Citizen Savings Scheme (SCSS): This government-backed savings scheme offers quarterly interest payouts. You can invest up to Rs 15 lakh individually and earn regular income at a fixed interest rate, currently around 7.4% per annum.

b. Post Office Monthly Income Scheme (POMIS): Another government-backed scheme that provides monthly income. The maximum investment limit is Rs 4.5 lakh for an individual account and Rs 9 lakh for a joint account. The current interest rate is around 6.6% per annum.

c. Fixed Deposits (FDs): Consider investing a portion of your corpus in fixed deposits offered by banks or financial institutions. Opt for monthly interest payout FDs to generate regular income.

d. Debt Mutual Funds: Invest a portion in debt mutual funds that focus on generating steady income with relatively lower risk compared to equity funds. Choose funds with a track record of consistent returns and low expense ratios.

4. Systematic Withdrawal Plan (SWP): For investments in mutual funds or other growth-oriented instruments, consider setting up a systematic withdrawal plan. SWP allows you to withdraw a fixed amount regularly, which can serve as your monthly income.

5. Emergency Fund: Set aside a portion of your corpus as an emergency fund to cover unexpected expenses or contingencies. This fund should be easily accessible and parked in liquid or low-risk instruments like savings accounts or liquid funds.

6. Review and Adjust: Regularly review your investment portfolio to ensure it remains aligned with your financial goals and income requirements. Adjust your asset allocation and investment strategy as needed based on changing market conditions and personal circumstances.

It's crucial to consult with a financial advisor or planner who can provide personalised advice based on your specific situation and goals. They can help you create a comprehensive retirement plan and investment strategy tailored to your needs, risk tolerance, and income requirements. Additionally, consider tax implications on your investment income and consult with a tax advisor to optimise your tax efficiency.
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