DisciplinaryLiteracy: Finance Major
DisciplinaryLiteracy: Finance Major
Disciplinaryliteracy is an important field of study that reveals how writing andreading are distinctively used in a given discipline. The primaryfocus of disciplinary literacy is the use of language and text that agiven discipline demands. This makes literacy a significant aspect ofthe practice of any given discipline rather than being a set of toolsor strategies that are brought into that discipline with theobjective of enhancing writing and reading of texts in the subjectmatter. This paper will address disciplinary literacy in the field offinance major. The paper will specifically focus on an introductionto finance major, the analysis of a text, a journal article in thediscipline, and an interview with a student who is finance major inhis senior year.
Financeis one of the key fields of study that are designed to enhance thelearners’ ability to manage individual or organizational financesand improve their financial performance. Most importantly, majoringin finance is a significant idea for students who wish to pursuebusiness-related professions upon their graduation. Majoring infinance provides the graduate with an opportunity to enter positionsin organizations and pursue their post-graduate studies. Majoring infinance requires a student to learn various aspects of financialmanagement, including forecasting, budgeting, investment, andcommercial banking (Conway, 2013). The course content designed forthe finance major increases their capacity plan finances in thelong-term. This in turn improves their position in the job marketgiven that the current business environment force organizations torecruit managers who can help them manage the stiff competition andfinancial constraints.
Financemajors have very positive career prospects. A career in financeencompasses a wide spectrum of positions in different industries suchas corporate financial management, government, insurance, healthcare,banking, investment, real estate, manufacturing, agriculture amongothers. Broadly speaking, a career in finance marked by a major infinance can be categorized in to two managerial finance and thefinancial services industry. Managerial finance is applicable in awider spectrum as it applies in all areas of organizations thatrequire management of finances. Specific activities may includefinancial planning, financial projections, cash administration,credit management, and funds management. On the other hand, thefinancial services category is restricted to the financial servicesindustries such as investment, banking and insurance. Another areathat is rapidly growing and thereby advancing the opportunities forfinancial majors is on personal financial management. As the numberof investors and billionaires around the world grows, they areseeking qualified persons in finance to manage their vast wealth andoversee their finances.
Majoringin finance opens the doorways to core benefits not available in othercareers. One of the core advantages of majoring in finances as hasbeen hinted above pertains to the versatility of the course.Professionals in finance have the advantage of working in variousindustries and sectors. This is because finance is practically nearlypart of every organization in any industry. This differs largely withother careers such as medical professionals who have to work strictlyin the healthcare industry. Another advantage is that majoring infinance not only equips one with knowledge to manage organizationalfinances but also one’s own personal finances and money managementskills. It is also through majoring in finance that one can bestunderstand the world markets and gain entrepreneurial skills. It iscommon knowledge that many entrepreneurial ventures andmultinationals such as Enron fail due to poor financial management.Majoring in finances thus equips one with necessary knowledge tounderstand why such organizations fail or how their activities inregards to filing for taxes affect the government and the commonpeople in addition to having the needed knowledge to manage financesbetter in case of an one’s entrepreneurial venture.Majoringin finance also has its challenges. They include sometimes tediousand repetitive calculations, long hours of study, calculations andcritical thinking skills. Nonetheless, the benefits outweigh thechallenges by far.
Therethousands of book published books on finances. The books vary inlevel of detail complexity and general content. With the field offinance rapidly changing such as computer packages to perform certaintasks, authors have had to change with times. It is imperativetherefore keep updated on developments in the field and keep torelevant updated books. It is therefore highly advised that revisededitions of books and periodical be given preferences to older books.Finance Management (10thEdition) written by Professor I M Pandey is one of the most usefultextbooks for a student majoring in finance. The textbook waspublished in 2010 and reprinted in 2011 by Vikas Publishing House.The main focus of the textbook is the modern and analyticalapproaches of finance management and decision making at the corporatelevel. The textbook is structured in a manner that ensures that itfocuses on the financial theory as well as its implications in theprocess of decision making in matters pertaining to financing,investment, working capital, and dividend management. The textbookalso provides a discussion on instruments and sources of long-termand short-term finances, acquisitions, mergers, creation of value forthe shareholders, international financial management, and corporategovernance as well as the interface between corporate and financialpolicies. More importantly, Financial Management helps students inestablishing the link between theoretical concepts and real worldpractices.
Analysisof a journal article
Astudent majoring in finance should not only focus on the textbooks,but should also read the articles from different journals thatpublish finance-related articles. Thereare several finance related journals with some giving weight tocurrent affairs in finance and others having a more academic approachto finance. Scholars and students are advised to use peer reviewedjournals only as their credibility and reliability is proven. In themodern age of the internet, numerous online journals have emerged andthe content from such journals may not be reliable. For this reason,reliable peer reviewed journals in finances which can be accessed onvarious libraries and online databases should be used for studies.They include Journal of Financial Research, Journal of InternationalFinancial Management & Accounting, Journal of Money, Journal ofFinancial Economy, Credit and Banking, Financial Analysts Journal,Financial Management, Financial Review and International Financeamong others.
“Thetheory and practice of corporate finance evidence from the field”is a journal article authored by John Graham and Campbell Harvey andpublished in the Journal of Financial Economy in 2001. The main focusof the article is the study of different approaches used by small andlarge enterprises to value their assets. The authors of the articleconducted a survey of both small and larger firms, which focuses ondifferent financial aspects, including the cost of capital, capitalbudgeting, and capital structure. The findings reported in thearticle indicates that large companies apply the asset pricing modeland present value approaches, while small companies are more likelyto apply the payback approaches. The article concludes that NPV andCAPM models are widely used, but many firms are still using thefirm’s overall discount rate. This indicates a probability thatcompanies are not applying the two models correctly.
Aninterview with a finance professor
Thisexcerpt of the interview is one of the key factors that motivated meto major in finance and gave me some clues on what to expect whenmajoring in finance and after graduation.
Me:What should I expect to learn by majoring in finance?
Interviewee:Majoring in this course will help you learn much about stocks,financial instruments, markets, bonds, and how money works. It givesyou a better understanding of our world which is dependent onfinances so much that people are willing to acknowledge.
Me:What does the finance majors’ coursework involve?
Interviewee:Finance major has some overlaps with other business majors mainlyaccounting, management and economics. However, finance major focusesspecific issues pertaining to finance.
Me:What are the basic requirements for one to major in finance?
Interviewee:The student aspiring to major in finance should acquire at least agrade of C in the major courses and 60 credits of the upper division.Other than that, one should have some key personal attributes such ashonesty, hard work and diligence to deliver as a professional.
Me:What are some of the finance major courses that the majoring studentshould be prepared to undertake?
Interviewee: They include intermediate finance, financial markets andinstitutions, commercial bank management, securities analysis,international financial management, international banking, andfinancial risk management.
Me:What are some of the major occupations that a finance major graduateshould expect to occupy after graduation?
Interviewee:Finance major graduates have a wide range of occupations to selectfrom. Some of the key occupations include financial planner, budgetanalyst, claim adjuster, market research analyst, and even professorslike me. The field is growing by the day and hence the occupationswill grow wit time as the course content is modified with time tosuit industry needs.
Disciplinaryliteracy is an important tool that allow learners to analyzedifferent aspects of their courses and enhance their capacity toapply reading and writing in improving the process of learning. Thefinance major is a very challenging course, but the graduates whoundertake it successfully have an opportunity to advance theireducation as post-graduates and occupy prestigious job positions.Finance major is quite involving and students should focus on readingboth the textbooks as well as other relevant materials, including thejournal articles to keep them updated.
Conway,B. (2013). Financemajor: What can I do with finance major?Lincoln, NE: Peterson’s.
Graham,R. & Harvey, R. (2001). The theory and practice of corporatefinance: Evidence from the field. Journalof Financial Economy,60 (2001), 187-243.
Pandey,I. (2010). Financemanagement (10thed.).Jangpura: Vikas Publishing House.