Financial Industry

[wasis]

Dear Cecil,
I see in the Career Report that Banking, Finance, Investment are part of
metal element. However, it leaves me a question behind. Financial industry
has many products and its derivatives such as forward/future, spot, options,
bonds, margin, FX, stocks, commodity contracts. Some use paper and many
others use electronic data transfer. This is caused by Information
Technology so that we don't have to use real money. Transactions are like
flows of data. So, it is allowed if we can consider such financial products
belong to water element?
Thanks in advance.
Regards,
Wasis

[Cecil Lee]

Dear Wasis,
1. Thanks for posting a very interesting question:)
2. In the past, a butcher is a butcher; a merchant is a merchant; an accountant is an accountant.
3. You are correct to say that nowadays; every industry has it's specific specialisation.
4. For many of us, even say, we are an accountant, an accountant may peform various task - not necessarily accounting alone.
5. This term is commonly known as `multi-skilling'. Many years back, in country, many people who had joined American/European multinationals often do not practise multi-skilling as much as the Japanese firms.
6. Many Japanese firms practise multi-skilling early in their business. This is where an employee, not only does their job but also learn to perform other tasks. For the ladies, it may not be `lucky' as some Japanese companies also require the ladies to make tea!
7. As you had mentioned correctly, an industry like Finance does seem to fit the "metal" element. But wait...
8. Within every business, there are various functions. Therefore, today, it is better to look at jobs with regards to the function.
9. One key method is to look at our Job specifications or Job description.
9.1. For example, within the banking industry, say if one is a Credit analyst; which requires to do marketing, then, this can be considered as a " fire element " job. Similar jobs in the `fire element' of finance industry includes: Private banking relationship officers or anyone that does marketing.
Therefore, it is best to first determine the - main component of one's job. For example: for the above credit analysis, if his main job is to assess the credit worthiness of his clients and to make recommendations for loans, then, this is more of a marketing job. (Even if this employee has to perform some admin job e.g. paperwork or take part in joint-committees.
Warmest Regards,
Cecil

Quote

On 5/17/2003 6:10:42 AM, Anonymous wrote:
Dear Cecil,
I see in the Career Report
that Banking, Finance,
Investment are part of
metal element. However, it
leaves me a question behind.
Financial industry
has many products and its
derivatives such as
forward/future, spot, options,
bonds, margin, FX, stocks,
commodity contracts. Some use
paper and many
others use electronic data
transfer. This is caused by
Information
Technology so that we don't
have to use real money.
Transactions are like
flows of data. So, it is
allowed if we can consider
such financial products
belong to water element?
Thanks in advance.
Regards,
Wasis