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Statement of Purpose Essay

It is rather difficult to put down my five year career plan year by year because I do not know for sure the time period I might require for each stage of my plans. It will depend a lot on the work environment, the exposure I get and the opportunities that come my way. Therefore I’m putting down my plans in stages.

After completing my management education from Pepperdine, I would like to join an investment banking or consulting company as a management trainee. Working in such an environment, I expect to be exposed to different kinds of businesses and the dynamics involved in the financial structure of each. Here I would like to put my management education namely subjects like ‘Managerial Finance’, ‘Principles of Finance’ and ‘Strategic Analysis and Decision Making’ into practice and understand the practical aspects of these subjects however I would keep a cautious approach. I would like to gain from the experiences of my senior colleagues and query them about all the doubts that I might have. I would work hard to prove myself to the company as well as get myself noticed. <!– @page { size: 21cm 29.7cm; margin: 2cm } P { margin-bottom: 0.21cm } STRONG { font-weight: bold } –>

In the second stage of my job, I will be ready to take on more responsibilities and would try to get a better understanding of the various personal finance options available at the individual level. Not very long ago, say around ten years, the general definition of a successful person in India was anyone who could own a house and a car at the time of his retirement. However, post liberalization the scene has changed. With India opening the doors of its economy in 1992, foreign investments has poured in. Since then India has also emerged as one of the biggest software exporters. Multinationals have arrived in big numbers with posh offices sprawling everywhere. India is seen as the hottest destination for any company in need of cheap and educated labor. All this activity has seen her emerge as a fast developing country. In the process, the standard of living has been continuously on the rise. The great Indian middle class has suddenly emerged as the biggest target customers for any company. The definition of success hasn’t changed much but only that now it is happening fast and much easily. With easy finance options available, people are becoming successful in the first year of their careers (read, buying a house and a car). With few companies around neither people have many choices nor are they able to understand the intricacies of such schemes. I believe what we are seeing today is just the tip of the iceberg. This is just the first generation of people tasting fast success. Because of various policies and programs undertaken by the government for education during the last few decades, Indians have realized the benefits of education. There would hardly be any middle class family in India where children are not being educated. So I am sure there is tremendous potential for a personal finance company in near future.

Also during the last decade the bank interest rates have been falling from 12% ten years back to the present 7-8%. However it is still high compared to those in the developed countries. The credit card companies in India are still charging a compound interest rate of close to 40% a year. This is something unheard of in the developed economies. Economists suggest that this falling trend is going to continue till we are at par with the developed countries. It is becoming increasingly difficult for various financial institutions to operate and survive in such a condition. I believe that an education from Pepperdine and exposure to the developed economy of US will make me ready to take on the future economic scene of my country.

During the third stage of my career, I would like to join the personal finance arm of my company and study the detail aspects of all kinds of finance, their feasibility, the decision making, the marketing and the market. I would try to find and improve ways to make the process of finance to people faster, easier and friendlier; find the common characteristics of all the finance options of different companies available to people; find the common problems faced by the clients as well as the problems faced by companies regarding each scheme. I would try to interact with the executives working at the lowest level and find the areas of improvement. Collecting all such information and statistics, I would make a detailed presentation to my seniors.

In the fourth stage of my career, I will start making plans to start my own finance company. With my experience in the sector, I’ll be able to positively assess the feasibility of such a venture. I will make detail plans right from arranging finance, recruiting people, making teams, working out policies, defining hierarchy, defining the schemes, working out marketing strategies and the statistics. Here again, the knowledge that I gain at Pepperdine from the electives that I plan to take like ‘Management of Financial Institutions’, ‘Strategic Issues in Finance’ and ‘The Management of Financial Risk’ will help me with my planning.

In the fifth stage of my plans and I wish it to be also the fifth year of my career, I will try to make my dream a reality. I’ll be better equipped for this by the choosing ‘Entrepreneurial Start-up Strategies’ as another elective of my Pepperdine MBA.I wish to launch a company in a city like Pune or Bangalore, which is a favorite destination of service companies. It is here that the majority of my target customers lie. I will start my operations in one such city and with the response that I get; I with my team would make plans to move ahead by expansion.

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