Expanding trade activity around the world has increased the need for investment, credit, and general business analysts. As companies expand into new markets, the need for more sophisticated risk analysis and credit insurance will grow. Likewise, business is increasing for brokers who provide insurance against damage during transit and other risks associated with physically moving goods around the world.
International development banks provide capital for economic and social development in developing countries and emerging markets—projects that tend to be too large or too risky for commercial banks.
Finance professionals prepare financial reports, direct investment activities, and implement cash management strategies. Strong candidates for these roles will have a background in finance or business, and a deep understanding of foreign economic environments. A graduate degree in Economics or an MBA may also be required.
Careers in Finance
Central Bank Officers
Central bank officers do not engage in commercial or investment banking. Rather, they conduct financial and monetary analysis and open market currency trading. They provide complex policy advice for senior government officials and private sector decision makers. They monitor international events and their impact on the country’s economy, and use this information to manage currency reserves and exchange rates. In addition to considering financial risks, central bank officers also consider a broad range of economic and social costs and benefits associated with a project.
- Key to Success: Your ability to analyze domestic and foreign economic developments, as well as to integrate information from many sources in order to provide realistic advice to clients and customers.
Financial managers prepare financial reports, direct investment activities, and implement cash management strategies. They develop growth strategies and implement the long-term goals of their organization. Financial managers must also be knowledgeable about tax laws and regulations that affect their industry.
- Key to Success: Creative thinking and problem solving abilities will help you draft strategies and solutions for your organization and clients. Given the number of statistical models and data analysis, financial managers need to be tech-savvy.
- Average Annual Salary: $117,000
Insurance brokers provide insurance for the physical, commercial, and political risks associated with international trade. They arrange policies that protect their clients from a number of issues, including: against buyer insolvency, default on payments, denial of goods, contract termination, and foreign exchange conversion or transfer payment difficulties.
- Key to Success: Knowing how to analyze and quantify risk. You may need to assess complex data and provide solutions based on less than perfect information.
- Average Annual Salary: $48,000
International Development Bank Officer
As an international development bank officer, you will channel financial resources toward economic and social development in developing and emerging countries. This funding may take the form of concessionary loans or grants or some combination of the two. Development banks are quite specialized, yet they share a number of important characteristics. While they evaluate the commercial viability of projects, they also take into account social and developmental issues.
- Key to Success: A thorough understanding of credit, investment and financial analysis. You must be able to identify good quality projects and quickly judge their potential eligibility for bank programs.
These professionals deal with differences in international business practices, terminology and expectations. The treasury department of a multinational corporation reviews the business plans of corporate planners and senior executives and advises them of financial flow and currency conversion factors. Balancing international cash flows using a variety of currencies is a fairly complex task, and maintaining pools of cash in various markets is an essential part of the strategic planning process.
- Key to Success: An ability to see the big picture while managing complex and specialized analytical functions. You’ll need a detailed knowledge of the international financial system and the sources and application of funds.
As a risk analyst, you will advise companies and senior decision makers on the political and business climate in foreign markets. You may work closely with insurance brokers and development bank officials. Most risk analysis is a team effort, because of the diverse factors, which must be considered.
- Key to Success: will come from your knowledge of the sector or geographic area being analyzed. You must be comfortable making judgments on partial or imperfect information, and you’ll need the presentation skills to defend your recommendations.
- Average Annual Salary: $60,000