14 answers
Jovina
Student
Spokane Valley, Washington
3
Questions
Asked
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What does success look like in this position, and how do you measure it?
#career #finance #money
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14 answers
Meggan Zabel
Business Management
5
Answers
Chicago, Illinois
Updated
Meggan’s Answer
Success can be defined in many ways but should be based on achievement of the specific goals that you have set in your role. In most organizations, this is a collaboration between you and your manager with regular check-ins to gain valuable feedback and assess your performance. A goal may be to pass a necessary licensing exam required in certain finance jobs (like the Series 7). Another goal may be to gain experience and advance your career whereby a promotion can be a great measure of success. Another goal may be to earn more than you did the year before by taking on more responsibilities and exceeding expectations on your assignments. In all cases, the power rests with you to define and achieve continuous success through hard work and focus!
Chiranjib Mazumdar
IT Architect
34
Answers
Kolkata, West Bengal, India
Updated
Chiranjib’s Answer
I wish you would provide some clarity on how you measure success. Is it just about the money? Or is it more?
Measuring success through money could mean you have achieved financial independence, which every individual should ideally achieve.
Again, if you are in a job, then success could mean being able to deliver as per commitments, going above and beyond to not only satisfy but delight your clients.
If you ask me, I measure success by how much difference I am able to make to someone's life, who can provide me no return whatsoever.
Measuring success through money could mean you have achieved financial independence, which every individual should ideally achieve.
Again, if you are in a job, then success could mean being able to deliver as per commitments, going above and beyond to not only satisfy but delight your clients.
If you ask me, I measure success by how much difference I am able to make to someone's life, who can provide me no return whatsoever.
Gloria Ortiz
Instructional Designer
842
Answers
Irving, Texas
Updated
Gloria’s Answer
Hi Jovina,
Success is often in the eye of the beholder and based on the situation. The best kind of success metric is one that you create for yourself. I have teammates at work who measure success in a variety of ways: the ability to be promoted quickly to a desired role, salary, wining awards, getting assigned high profile projects, and being considered an expert that others should go to. Success metrics will vary over time as well. When I was younger, salary was a primary factor. It is an easy way to keep "score". For me, salary allowed me to have the living situation that I wanted. Once I was able to meet that goal regularly, an increase in salary became less important. After a while, working for a well known company became a success metric for me. I was proud to work for large, well-respected organizations. I am still there in many way. Now I feel successful as a person by the amount of time that I volunteer to help others. My company facilitates that as well.
Gloria
Success is often in the eye of the beholder and based on the situation. The best kind of success metric is one that you create for yourself. I have teammates at work who measure success in a variety of ways: the ability to be promoted quickly to a desired role, salary, wining awards, getting assigned high profile projects, and being considered an expert that others should go to. Success metrics will vary over time as well. When I was younger, salary was a primary factor. It is an easy way to keep "score". For me, salary allowed me to have the living situation that I wanted. Once I was able to meet that goal regularly, an increase in salary became less important. After a while, working for a well known company became a success metric for me. I was proud to work for large, well-respected organizations. I am still there in many way. Now I feel successful as a person by the amount of time that I volunteer to help others. My company facilitates that as well.
Gloria
william dougherty
Assistant Market Head on management Team
1
Answer
Philadelphia, Pennsylvania
Updated
william’s Answer
Hello, much like the previous inputs, success is measured in so many ways. There are externals, such as, your organization or immediate team leader that will more or less lay out what measure of success is optimal or expected and enlist your efforts to accomplish. Then, there are internal measures of success, what gives you great pride and satisfaction in achieving a self imposed goal. One can be financially rewarding and the other emotionally rewarding. But both rewarding. Once you place yourself in a career find a mentor in the organization or industry that will help you understand and build pathways to success. Their experience is call wisdom, take advantage. On a personal level, we all answer to a higher mentor and the best measure is how you feel you could state proudly how you bettered some persons day.
Be kind and patient to yourself and authentic to others.
Be kind and patient to yourself and authentic to others.
Jordan Baron
Wealth Management
7
Answers
Miami, Florida
Updated
Jordan’s Answer
People often define success differently, and in my experience measuring success is often a personal decision that everyone looks at differently. Everyone is motivated by different things (salary, job title, passion, helping others) which can often impact how one looks at success.
My best recommendation would be to try and remember that how you view and measure success will likely change over the course of your career. In the beginning years, success might be tied to how much knowledge you gain and what areas you are exposed to. As you progress further into your career, success can for some can be more closely tied to job titles and salaries, while others may judge their success based on how passionate they are about the work they're doing, or how close they are to accomplishing a larger goal they have.
Regardless of how you decide to define success, I would encourage you to be open minded and not let other people's definition impact your own.
My best recommendation would be to try and remember that how you view and measure success will likely change over the course of your career. In the beginning years, success might be tied to how much knowledge you gain and what areas you are exposed to. As you progress further into your career, success can for some can be more closely tied to job titles and salaries, while others may judge their success based on how passionate they are about the work they're doing, or how close they are to accomplishing a larger goal they have.
Regardless of how you decide to define success, I would encourage you to be open minded and not let other people's definition impact your own.
Fabian Gong
Finance Professional
5
Answers
New York, New York
Updated
Fabian’s Answer
Success can be defined in many way. Even financial success has multiple meanings. While some people define financial success as financial freedom, financial success can also simply be putting forth consistent financial effort so that you're in a better financial place than you would have been without that consistent effort.
RESHMI ARAVIND
2
Answers
Updated
RESHMI’s Answer
Financial success means very different things to different people.To some,it means freedom from debt and others it means full financial independence. Measuring the finacial success also depends on what your individual goals are:example networth of every year,for an institution it can be net revenue etc.
Calvin Saboorian
Director - Real Estate
34
Answers
New Orleans, Louisiana
Updated
Calvin’s Answer
I agree with everything that has been said in previous answers. Success is measured differently, based on your situation. In business world individual success is tied to the collective team success. You may be successful if you met your individual goals, but not if you did not achieve the team objectives.
Success to me is when you are done with the day, you can look back at say, wow, I made someone else's life better today!
Success to me is when you are done with the day, you can look back at say, wow, I made someone else's life better today!
Joseph Dillon
Financial Advisor
6
Answers
Jersey City, New Jersey
Updated
Joseph’s Answer
Success should be a combination of your personal goals and your company's goals. As an employee of your company, you are working on a team that has a defined goal in which every employee should apply the same amount of effort to accomplish. However, your personal goals should exceed that. Each individual has his/her own personal goals and opinion of "success." The only person that can achieve that desired success is yourself, and no one else can set that bar for you.
Andrew Kwon
Trader
5
Answers
New York, New York
Updated
Andrew’s Answer
Success is purely subjective but most jobs in finance have a step-like learning curve to them so setting incremental goals is best for getting a good gauge of your personal progress. Consistent conversations with managers/colleagues whose feedback is important on a day-to-day basis is also valuable and can help recalibrate your goals/expectations as needed
Jim Poucher
Operations Management
4
Answers
Updated
Jim’s Answer
Hello Jovina - I agree with many of the previous responses you received in that the definition of success varies by person. I believe in transparency and honesty so the first thing to do is have a direct conversation with your employer / boss / interviewer / etc on what they define as success for the role you are in and then work together on merging the additional goals that are also important to you. I always found the following to be true - Take on challenging roles, not always the ones you initially have the exact skills for, surround yourself with good people, and have fun doing it. Success.
Pooja Sharma
Executive Director @ UBS
5
Answers
Nashville, Tennessee
Updated
Pooja’s Answer
Success and its measure is a relative term. It depends on who is gauging and measuring a success. For a student - success would be get good grades and its measure is to have a great GPA and got in a good college. For a professional, getting on with the professional goals, achieving them is a success.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
4194
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Jovina,
What Constitutes Success in This Role, and How Can It Be Assessed?
The definition of success varies across different roles and organizations. However, for a finance-related role, success is often linked to achieving key performance indicators (KPIs) that boost the company's financial well-being and expansion. Here are some common success markers in a finance role and how they can be evaluated:
Precision and Promptness of Financial Reporting: A critical success factor in a finance role is the capacity to generate precise and timely financial reports. This involves creating balance sheets, income statements, cash flow statements, and other financial documents that shed light on the company's financial status. The precision of these reports can be evaluated by comparing them to industry norms or past periods to ensure consistency and dependability.
Financial Analysis and Decision-Making: Another success marker in a finance role is the capability to effectively analyze financial data and make informed decisions based on this analysis. This could involve conducting variance analysis, spotting trends, predicting future financial performance, and suggesting strategies to enhance financial results. The influence of these analyses and decisions can be evaluated by monitoring key metrics such as profitability, liquidity ratios, return on investment (ROI), and so on.
Compliance and Risk Management: Ensuring compliance with relevant laws and regulations and managing financial risks effectively is another important success factor in finance. This includes keeping abreast of changing regulatory requirements, implementing internal controls to prevent fraud or errors, and mitigating risks that could affect the company's financial stability. Success in this area can be evaluated by conducting regular audits, assessing compliance levels, and monitoring risk exposure.
Cost Control and Efficiency: Often, success in a finance role involves optimizing costs and enhancing operational efficiency to maximize profitability. This could involve identifying cost-saving opportunities, streamlining processes, negotiating favorable terms with vendors or suppliers, and monitoring expenses to stay within budget limits. The effectiveness of cost control measures can be evaluated by tracking cost reduction initiatives, monitoring budget variances, and assessing cost-efficiency ratios.
Stakeholder Relationships: Establishing robust relationships with internal stakeholders (like management team members) and external parties (like investors or lenders) is also crucial for success in a finance role. Effective communication, transparency, trust-building, and providing valuable financial insights are key elements of maintaining positive stakeholder relationships. The quality of these relationships can be assessed through feedback mechanisms, satisfaction surveys, or successful outcomes from collaborations.
In summary, success in a finance role is multifaceted and covers various aspects related to financial reporting accuracy, analysis skills, compliance adherence, risk management expertise, cost control measures, efficiency enhancements, and stakeholder relationship management.
Top 3 Credible Sources Used:
Harvard Business Review: Renowned for its high-quality articles on business topics including finance best practices.
Investopedia: A trusted source for finance-related information offering insights into various aspects of financial management.
Deloitte Insights: Offers valuable research reports and thought leadership on finance trends and strategies for success in the field.
MAY GOD BLESS YOU, JOVINA!
JC.
What Constitutes Success in This Role, and How Can It Be Assessed?
The definition of success varies across different roles and organizations. However, for a finance-related role, success is often linked to achieving key performance indicators (KPIs) that boost the company's financial well-being and expansion. Here are some common success markers in a finance role and how they can be evaluated:
Precision and Promptness of Financial Reporting: A critical success factor in a finance role is the capacity to generate precise and timely financial reports. This involves creating balance sheets, income statements, cash flow statements, and other financial documents that shed light on the company's financial status. The precision of these reports can be evaluated by comparing them to industry norms or past periods to ensure consistency and dependability.
Financial Analysis and Decision-Making: Another success marker in a finance role is the capability to effectively analyze financial data and make informed decisions based on this analysis. This could involve conducting variance analysis, spotting trends, predicting future financial performance, and suggesting strategies to enhance financial results. The influence of these analyses and decisions can be evaluated by monitoring key metrics such as profitability, liquidity ratios, return on investment (ROI), and so on.
Compliance and Risk Management: Ensuring compliance with relevant laws and regulations and managing financial risks effectively is another important success factor in finance. This includes keeping abreast of changing regulatory requirements, implementing internal controls to prevent fraud or errors, and mitigating risks that could affect the company's financial stability. Success in this area can be evaluated by conducting regular audits, assessing compliance levels, and monitoring risk exposure.
Cost Control and Efficiency: Often, success in a finance role involves optimizing costs and enhancing operational efficiency to maximize profitability. This could involve identifying cost-saving opportunities, streamlining processes, negotiating favorable terms with vendors or suppliers, and monitoring expenses to stay within budget limits. The effectiveness of cost control measures can be evaluated by tracking cost reduction initiatives, monitoring budget variances, and assessing cost-efficiency ratios.
Stakeholder Relationships: Establishing robust relationships with internal stakeholders (like management team members) and external parties (like investors or lenders) is also crucial for success in a finance role. Effective communication, transparency, trust-building, and providing valuable financial insights are key elements of maintaining positive stakeholder relationships. The quality of these relationships can be assessed through feedback mechanisms, satisfaction surveys, or successful outcomes from collaborations.
In summary, success in a finance role is multifaceted and covers various aspects related to financial reporting accuracy, analysis skills, compliance adherence, risk management expertise, cost control measures, efficiency enhancements, and stakeholder relationship management.
Top 3 Credible Sources Used:
Harvard Business Review: Renowned for its high-quality articles on business topics including finance best practices.
Investopedia: A trusted source for finance-related information offering insights into various aspects of financial management.
Deloitte Insights: Offers valuable research reports and thought leadership on finance trends and strategies for success in the field.
MAY GOD BLESS YOU, JOVINA!
JC.
Praveen Reddy Kethireddy
IT- AD
1
Answer
Weehawken, New Jersey
Updated
Praveen Reddy’s Answer
Success is different for different people and at different stages. For Students the success to get into a good colleges and for the early birds in career - Success is achieving new heights in career, good earning, daily learning, collaboration, team bonding and finally work life balance.