Each course is a particular challenge, a new summit to conquer. For me, taking the course of financial management was another valuable contribution to personal development and a chance to cope with inner uncertainty in addressing challenging tasks. The best thing about this course is that it helped realize that any situation could be dealt with regardless of the initial fear and the belief that it would be too complicated to handle. Because the course was both fun and challenging, I do believe that the time and effort spent for taking it were not vain because they were a gigantic investment into the future career and personal life development. What I loved the most is the ability to develop in both individual and team-related aspects.
As a result, I not only obtained new knowledge but also acquired new skills that would undoubtedly be beneficial in my future life. Still, regardless of the value of new skills, knowledge is the main motivation for taking courses and making effort to complete them successfully. The financial management course helped become familiar with a lot of important and helpful concepts and topics. For me, the most challenging and interesting ones were the topics related to financial planning and estimating risks related to making investment decisions. I found them most interesting because they were the areas of the most significant knowledge attainment.
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"Financial Management: Reflection on the Course".
In particular, I have learned that, except for the interest and exchange rate risks that I was aware of, other types of risks should as well be considered. They are market, liquidity, inflationary, and reinvestment risks as well as those deriving from the changes of political, social, and legal environment (Pandey, 2015). Also, I have found out that financial planning goes beyond the mere assessment of an individual’s current financial condition (Billingsley, Gitman, & Joehnk, 2017). Instead, the evaluation of the future financial status and forecasting future income is as well taking into consideration when creating and controlling the financial planning process.
The two topics mentioned above – financial planning and investment-related risks – are those that were of interest to me. Nevertheless, other concepts were as well covered by the course. In particular, significant attention was paid to financial performance assessment, developing cost-effective working capital strategy and understanding capital expenditure, and evaluating securities. Still, regardless of the value of the knowledge related to these themes, I had some background in them, so they were less challenging. Summing up the experience obtained during the course, I realize that I would like to apply the knowledge connected to planning and assessing investment-related risks in my personal life.
They could be valuable for understanding how to achieve one of my life goals – financial independence. In particular, I am interested in the opportunity to depend on investment-generated income instead of having to hope for the increase of wages. For this reason, adequate knowledge of the investment process and risks would be critical for choosing the right asset to invest in as well as create the most effective investment portfolio (Billingsley et al., 2017). More than that, applying financial planning knowledge would be of use for adequately assessing my financial status and allocating enough sources in the investment activities as well as considering those actions that would contribute to becoming financially independent.
Regardless of the interest in these two topics, all concepts learned during the course would be helpful for developing career in any sphere of business activities because financial management is the core of success. Still, I would like to acquire more knowledge on the two topics of interest as well as the assessment of financial performance. The latter would be a perfect supplementation for understanding whether my financial decisions are correct and helpful for a more effective and comprehensive financial planning process.
