Finance or financial studies is an academic discipline that prepares students to acquire, analyze, and represent financial data into comprehensible forms. These data are then used to deriveinformative inferences. Analysis of monetary aspects of a company helps to assess its overall performance in a financial year.
Finance coursework hasmajor implementations of mathematics which is why students are advised to work on their mathematical skills to grasp the topics quickly. Students often prefer to steer clear out of subjects that include large calculations, but the best part about considering Finance Students Assignments as a major is that it makes way for endless opportunities. Every employment sector requires financial analysts, thus getting a decent job will never be a concern for a finance graduate.
School or college assessments can be quite stressful, especially tests in finance. General finance assessment tests a student’s aptitude and their ability to analyze financial data. Besides, finance papers include multiple conceptual questions that might be tricky to answer if the basic principles of the subject are not clear. This is why preparing for subjects like these from the first of a semester is ideal to avoid unnecessary stress before exams.
Common challenges encountered with Finance test
A subject, whose 80% is comprised of complex terminologies, mathematical derivations, and calculations, solving papers and scoring good grades is quite the challenge. Especially, if a student does not have a proper grip on their mathematical skills, covering finance syllabus will be time-consuming.
It is important to figure out the simpler areas of the subject that can be used to one’s advantage and start with to gain confidence. Diving into intricate topics can easily bring the morale down and students might end up losing complete interest from the subject. Here are some of the major finance topics are simple, scoring, and have comparatively less mathematical applications-
- Financial statement analysis–
This is the most basic topic in finance and is also one of the initial parts, to begin with. It involves the preliminary steps of collecting, assessing, and interpretation of monetary information and also other relevant data. This helps to formulate an idea about a company’s present standing in terms of profits made, future financial prospects, and so on.
- Corporate finance–
Corporate finance comprises a relatively smaller portion of finance coursework, but compulsory questions are asked from this topic in all major tests. This involves little to no numerical deductions. Corporate finance describes the process by which the financial strategies of a company can be implemented to boost the value of that firm. It is responsible for allotting the company funds and shares.
- Behavioral finance–
Behavioral finance is based on the principles of behavioral economics. It uses psychology-based explanations to rationalize the anomalies or behavior of the stock market. It explains the probable reasons for impromptu rise and fall in stock prices. Behavioral finance also helps to understand the different financial choices commonly made by people.
- Employee benefits–
These are perks and features serviceable to the employees in exchange for their contributions towards the company. This includes short-term and long-term employee benefits, termination benefits, and post-employment benefits. Employee benefits can be both monetary and non-monetary perks that are provided to the present employees of the enterprise.
- Intangible assets–
These are assets that do not have any physical presence but is a term assigned for the long-term resources of a company. Intangible assets gain their value from legal rights and by adding value to the other physical assets.
- Cash management–
This emphasizes the processes by which a company uses its funds so that they enough for regular expenses that include office amenities, employee salaries, etc.This helps to ascertain that the company has a contingency fund to bear the expenses that were not anticipated this includes a hike in labor wage and raw material prices.
- Brand image–
Brand image in one of the advanced topics of financial studies which have no mathematical angle. It is purely based on the importance of building a positive perceptionof a brand in the eyes of the customers. The brand image of a company or a product illustrates the customer’s opinion about them. An affirmative brand image requires time to establish and is thoroughly dependent on factors like brand-based customer experience, product or service review, and so on.
Most of these topics are strictly theoretical and simple, straight-forward questions are asked from these portions. Preparing them thoroughly can help is fetching some valuable scores that will further improve the overall grade.
Small changes go a long way!
Some of the notable mistakes that students make while preparing for a subject is not how much time they are investing in it but the pattern they are following. Making simple amends can improve the process by ten folds. Below are some proven techniques inside and outside the classroom that students can follow to enhance their finance scores-
- Plan a study strategy–
One thing common with students who perform excellently in exams is that they are disciplined and committed to their study plan. Scoring good grades does not necessarily mean that a student has to study 12-14 hours a day. Instead, it is important to build a practical plan and pledge to stick to it.
- Take practice tests–
The best way to eliminate exam jitters is to take practice or mock assessments at least twice a week. This is beneficial as students will have a brief understanding of the question pattern and mark distribution. Also, they will develop an idea of probable questions and how to answer them correctly.Practicing previous year papers can do the trick.
- Work on basic mathematics–
While certain finance problems comprise of intricate mathematical operations, a considerable number of them require just simple numeric manipulations. It will be totally unfortunate if students jump through the questions at the first sight of mathematical applications. Knowing the basics will again come handy in these situations.
- Consult teachers and peers–
Teachers are our first knowledge-givers and that is a reason enough for them to be a great source of assistance. Students must not refrain from reaching out to professors post class hours and clarify their doubts. Interacting with classmates will help share perspective on different topics that are beneficial in several ways. Although the advantages of self-study are immense but solely relying on it would be a naive step.
- Do leave modules unattended–
This is possibly the greatest fault of students while preparing for a subject. They frequently leave out topics that do not interest themunattended. These wrong practices need to change for the better. Students must know the summary of every topic to be able to secure a minimum credit instead of blatantly skipping a question.
Finance is an intense course that requires diligent preparation and religious practice. A key prerequisite to succeed is to be committed to the discipline and make the most out of the resources available around.