LET’S TALK BUSINESS 0

Let’s Talk Business:

A Finance Resource Guide for High School Scholars

Nia A. Martin

Howard University
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Table of Contents

Abstract 2

Intended Audience 3

HBCU Business 5

Academic Journal’s 7

Key Terms 10

Important Features 12

Finance Clubs and Organizations 14

Finance Opportunities 17

Get Prepared: Resources 19

References 20
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Abstract

This resource guide was developed to educate diverse incoming freshman on the various

opportunities in Finance. Many students are unaware of the countless jobs that can be obtained

with a business degree and are discouraged to pursue a career in Finance because of the lack of

diverse representation in corporate America and the business world. Throughout this resource

guide, students will learn about the benefits of majoring in Finance, how Historically Black

Colleges and Universities help better prepare business students for a career in Finance, various

internships and jobs for Business students, and more.

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Intended Audience

This Resource Guide was developed specifically for African American students

interested in Business. In high school, I struggled with determining which major was right for

me. I constantly researched traditional careers in medicine and law, but eventually I came across

the vast opportunities available for Business majors and found that Business was more aligned

with my passions. I was originally reluctant to declare Finance as my major because I was

nervous that I would struggle with obtaining a job because of the lack of representation of black

women in corporate America. Howard University’s School of Business completely changed my

mind. Throughout this resource guide, incoming freshman will not only learn about Finance, but

also my experiences with deciding on my major.

Tips on Navigating Through the Resource Guide

➔ Although this Resource Guide is specifically about how Historically Black Colleges and

Universities help develop diverse business students please keep in mind other college and

universities with business programs as well.

➔ This Resource Guide does not discourage Predominately White Institutions, but is meant

to promote Business as a career and major.

➔ Academic Journals are included to give insight on what is going on in the Finance World.

Please read these journals and take note of the language, style, big ideas, issues and more

pertaining to Finance.

➔ Although various job and internship opportunities will be mentioned, please do your own

research as there are many more opportunities to achieve a job in the Business world.

➔ Keep in mind that this Resource Guide does not include everything about Finance or

Business, but will provide only a basic representation of Business careers and majors.

➔ Once you finish reading the guide, reflect on if Finance is the career for you.

➔ Questions to ask while reading?

◆ Is this something I would be interested in reading more about?

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◆ Can I see myself in this major?

◆ Can I see myself at a university like this?

◆ Would I be interested in learning about the economy?

◆ What industries do I know of that need individuals with Finance degrees?

● {A: Almost every industry from Wall Street to Twitter, needs financial

guidance.}

➔ Who can I help with a degree in Finance?

➔ How many African Americans do I know have Finance degrees?

➔ Do I know anyone that would be interested in majoring in Finance?

Business Majors Other Than Finance

This Resource Guide will primarily introduce you to Finance as a career and major, but there are

many other Business majors that are available. Listed below are a few:

● Finance

● International Business

● Marketing

● Accounting

● Business Administration and Management

● Human Resource Management

● Business Communication

● Business Law

● Supply Chain Management

● Information Systems
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HBCU Business

Howard University 21 CAP Program

Howard University has one of the best business schools in the nation. This is due in part

to the development of the 21 CAP Program. This program introduces the School of Business

students to the business world beginning the first week on campus during orientation. At

Howard, every business student is required to take Business Orientation for two semesters and

Career Counseling for one semester. These three classes set Howard Business students apart

from all other applicants nationwide, but how?

In Business Orientation, students are put into teams of ten to twenty students where they

will work on presentations, group projects, case study competitions, and more. This allows for

students to develop team work skills which is essential to any career in and out of business. In

your business career, more than likely you will be placed on a team that will range from 3-5

people to a team of 30-35 people. These teams vary based on the career you are in, the industry

you represent, and the company you work for. With that in mind, it is outstanding that Howard

University students can learn how to work with an eclectic group of people.

One of the biggest benefits of the Howard University 21 CAP program is the corporate

sponsorships. Each team in the School of Business is sponsored by a wide range of

companies/businesses. Some of those companies include: Moody’s Investors Service, AT&T,

and McKinsey & Co. Companies not only financially sponsor teams, but participate in the

growth of the students. From my experience with Moody’s Investors Service (my corporate

sponsor), I was given the opportunity to attend a workshop on personal branding and resume

building. Not only did perfect my resume, but I began to develop a personal branding promise

that represents who I am and how I would like myself to be perceived by others. Other than

workshops, some teams have even had the opportunity to travel for free to the company’s

headquarters. An example of this occurred in the fall of 2017 when AT&T took their entire team
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to their headquarters in Texas for free. I could not only witness the growth of many of my

classmates and friends, but learn from their experiences.

Diversity and Inclusion Recruitment

Aside from the Howard University School of Business 21 CAP Program, many

companies have professionals who focus on Diversity and Inclusion Recruitment. When I first

got to Howard University, I did not understand how important Diversity and Inclusion Recruiters

would impact my life. Howard University is one of the best Historically Black Colleges and

Universities (HBCUs) in the world and companies know that. So, when businesses are searching

for more African Americans at their companies to increase diversity percentages, they come to

Howard University and other HBCUs first. Companies will come on Howard University’s

campus to influence students to work for them. Despite the perception, Howard University

students are not just in college to have fun, but they take advantage of opportunities provided on

and off campus to ensure success after college.

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Academic Journals

Journal of Real Estate Finance and Economics

The Journal of Real Estate Finance and Economics will provide you with insight

on topics currently being discussed in the real estate finance world. In this journal you

will find many articles that discuss controversial topics and issues within the real estate

industry. In the article, “How Do the Location, Size and Budget of Open Space

Conservation Affect Land Values?” you will experience one of the issues currently being

discussed in the real estate world and what you should keep in mind if you chose a career

in real estate finance. From this summary, you will see that the real estate industry is so

much more than simply buying and selling homes. The factors that surround a building

must be taken into consideration before the purchasing process can begin.

Issues currently being discussed in the real estate world deal with the impact a

specific building has on a community. One of the articles within, Journal of Real Estate

Finance and Economics, talks about a major factor in the decision-making process when

purchasing real estate. Included in the article, “How Do the Location, Size and Budget of

Open Space Conservation Affect Land Values?” is an analysis of the impact of land and

fiscal value on public open-space conservation in cities that are confined by budgets. The

fiscal impact of land conservation is a current topic and debate that you would consider if

you chose a career path in real estate finance. Below you will find a citation of this article

so that you can begin your educational journey to understanding current conversations in

real estate.

Wu, J., Xu, W., & Alig, R. J. (2016). How do the location, size and budget of open space

conservation affect land values? Journal of Real Estate Finance and Economics, 52(1), 73-

97. http://dx.doi.org.proxyhu.wrlc.org/10.1007/s11146-015-9506-3

Academic Journals
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Cato Journal

The Cato Journal is a peer-reviewed academic journal that focuses on politics and

economics. Although Cato Journal does not directly link to Finance and Corporate America, this

journal is used by many professionals in the Finance world to understand public policy as it

relates to the economy. If you choose to enter the world of Finance, you would use this journal to

understand some of the policies effecting the company you work for or even own. Economics

and Finance go hand and hand because understanding how the economy in society is functioning

can help when making impactful decisions in Finance.

The article, “The Market for Cryptocurrencies.” is a great example of how the Cato

Journal provides useful insight for finance majors. One of the issues currently being discussed in

the finance world is the emergence of Cryptocurrency and how it’s influence on the economy.

Cryptocurrency is a transferrable digital asset created by private individuals, organizations, or

firms. This article goes into detail about how Cryptocurrency is affecting our economy,

analyzing a market of competing monies, and the affects cryptocurrency will have on the future.

When you go into your first Business Orientation class at Howard, one of the major topics will

be Cryptocurrency and the emergence of a possible paperless society. Cato Journal will help

prepare you for these types of conversations.

White, L. H. (2015). THE MARKET FOR CRYPTOCURRENCIES. Cato Journal, 35(2), 383-

402. Retrieved from http://proxyhu.wrlc.org/login?url=https://search-proquest-

com.proxyhu.wrlc.org/docview/1690790445?accountid=11490

Academic Journals

Technology Innovation Management Review

In any industry or career you decide to go into, technology will impact your everyday

conversations and duties. This is because technology is not only transforming society, but
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eliminating jobs, creating new industries, and overall effecting the economy in a substantial way.

In the journal, Technology Innovation Management Review, you will learn about how technology

is impacting the financial world and the impact it is having on the expectations of workers.

The article, “Q. is internal audit ready for block chain?” discusses how the emergence of

block chain has affected the job expectations of internal auditors. An internal auditor’s job is to

ensure companies are acting appropriately towards policy, while also finding ways to improve

effectiveness and efficiency. Block chain has created a new challenge for internal auditors to find

ways to capitalize on the Block chain opportunities. Based on this information, it would be

important to begin to familiarize yourself with Block chain so that you can be a key factor in the

company/business you choose to work for.

Rooney, H., Aiken, B., & Rooney, M. (2017). Q. is internal audit ready for block chain?

Technology Innovation Management Review, 7(10), 41-44. Retrieved from

http://proxyhu.wrlc.org/login?url=https://search-proquest-

com.proxyhu.wrlc.org/docview/1963139722?accountid=11490
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Key Terms

Assets: Resources owned by a company that contribute to the value of a business. These

resources include any property such as furniture or buildings, all products in inventory, and any

owned trademarks or copyrights. Assets are available to meet commitments, debts, legacies, and

more.

Expenses: The operating costs of a company. Business expenses represent the cost monthly and

include utilities, rent, legal costs, marketing costs, employee salaries, and more. It is important to

keep low expenses to maintain financial stability.

Solvency: A company’s ability to fulfill long-term financial obligations. Failure to maintain

solvency often results in bankruptcy.

Cash Flow: The movement of funds throughout a business each month. Cash flow includes

income and expenses that companies track to determine solvency. Determining cash flow is done

by the comparison of cash balance from the beginning to end of a specified period.

Bottom Line: The last financial figure on a ledger which represents a business’ total amount

earned or lost during a month.

Financial Report: Used for either internal or external sources, a financial report is an account of

a company’s business transactions and expenses to provide oversight of a company’s financial

matters.

Income Statement: Income Statement or Profit and Loss Statement provides information on the

profitability of a business during a specified period. An income statement includes all of a

business’ revenues and expenses.

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Liabilities: Any debt collected during the starting, growing, and maintaining of operations. The

two main types of liabilities are: current debts and long-term debt.

Shareholders’ Equity: Once all obligations have been met, Shareholders’ equity is the value of

a business to its owners, generally reflecting the amount of capital that was invested plus all

profits generated that were reinvested in the company.

Balance Sheet: Provides information on a company’s assets, liabilities, and shareholders’ equity

at a given moment.
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Important Features:

Like with any other major, business professors require various writing assignments to be

completed. From term essays to research papers, writings will be assigned to help develop your

understanding of various business and finance topics to prepare you for the working world. The

research used to further craft, develop, and provide evidence for your essays must be cited using

the American Psychological Association’s (APA) format. Guidelines for APA format is provided

below:

Formatting and Style Checklist

The Basics:

❏ Double-spaced on Standard-sized paper

❏ 1” margins on all sides

❏ Clear Font

❏ (Recommended): 12-point font

❏ (Recommended): Times New Roman font

❏ Page Header at the top of each page

❏ Page numbers on the right

❏ Title of paper on the left in capital letters

Main Paper Sections:

❏ Title Page:

❏ Title of the paper

❏ Author’s Name beneath title (First name, Middle initial, Last name)

❏ Institutional Affiliation (Indicates location of where research was conducted)

❏ Page Header
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❏ (Recommended): Title should be no more than 12 words in length and contain no

abbreviations

❏ Abstract

❏ Main Body

❏ References

Abstract:

❏ Page Header

❏ Center the word “Abstract” on the first line

❏ Do not bold, formatting, italics, underlining, or quotation marks

❏ Concise summary of the key points of your research

❏ Do not indent

❏ Include: research topic, research questions, participants, methods, results, data analysis,

and conclusions.

❏ Single paragraph

❏ Double-spaced

❏ Between 150 and 250 words

Citing in APA Format:

Contributors' names (Last edited date). Title of resource. Retrieved from http://Web address for

OWL resource

Example:

Angeli, E., Wagner, J., Lawrick, E., Moore, K., Anderson, M., Soderlund, L., & Brizee, A.

(2010, May 5). General format. Retrieved from

http://owl.english.purdue.edu/owl/resource/560/01/
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Finance Clubs and Organizations

College

Howard University Finance and Investment Club

The Howard University Finance and Investment Club provides workshops, career

exposure, soft skill development and more so that students can develop their professionalism and

obtain a job and/or internship. As a member of the Finance and Investment Club, I have been

given various opportunities to network with professionals in the Finance field, but one of the

major things I have learned as a member is the importance of negotiating salaries to match my

white, male counterparts.

Howard University Investment Group

The Howard University Investment Group is a selective organization that invests

$250,000 of Howard University’s money. This organization meets every week to discuss the

market and potential investment opportunities, while educating on things to look for when

investing money and overall providing guidance on the decision-making process. At the end of

the semester, each student will be able to pitch an investment idea to the Howard University

Student Association and possibly have a large amount of money invested that will potentially

grow the Howard University budget.

College and Career

Management Leadership for Tomorrow

“MLT’s distinctive model provides the know-how, navigation systems and network to

ensure talented underrepresented minorities are able to get on and stay on the path to

senior leadership. MLT’s Rising Leaders benefit from exceptional coaching, skills

training, and a powerful, professional network unlike any other – peers, mentors and
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senior leaders who share experience, trust and a commitment to helping each other

advance.”

Management Leadership for Tomorrow (MLT) is an exceptional organization for

underrepresented students to gain one-on-one guidance when entering a finance world that lacks

diversity. MLT guides students into deciding which career is best for them, consults students on

professional development, and connects members to companies looking for new hires.

SEO Career

“SEO Career is a pre-professional development and internship program for talented

Black, Hispanic, and Native American undergrads. We provide the Education,

Development, Growth and Experience needed to gain a competitive advantage and

launch your career.”

Like MLT, SEO is a competitive professional development program for diverse

undergraduate students that provides opportunities to help students grow in the corporate

America and beyond. Through workshops, resources, internship opportunities, and more, SEO

educates and uplifts diverse communities to support them in becoming professionals.

Career

Association for Financial Professionals

“The Association for Financial Professionals (AFP) is the professional society committed

to advancing the success of its members and their organizations. AFP established and

administers the Certified Treasury Professional and Certified Corporate FP&A

Professional credentials, which set standards of excellence in finance. Each year, AFP

hosts the largest networking conference worldwide for over 6,500 corporate finance

professionals.”
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The Association for Financial Professionals (AFP), is a professional society that connects

thousands of finance professionals together to discuss current issues going on in the economy

and developing innovative ways to help create change and productivity. This is a necessary

organization that will help you stay connected and learn from other brilliant professionals on

their take on the current issues facing society.

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Job/Career Opportunities

Careers in Finance

Investment Banking

As an Investment Banker, your job would be to advice corporations and/or governments

on how to act in a capital market. Investment Bankers are known for early mornings and late

nights, but receive a large salary for their hard work. From raising money in the capital markets

to assisting clients in mergers and acquisition activity, Investment Bankers play an essential role

in our economy.

Starting Salary: $75,000

Average Salary: $150,000

Consulting/Advisory

Financial Consultants or Financial Advisors help companies or individuals plan for their

financial futures by offering various services to help guide their success. As a consultant, you

would offer information on taxes, investments, insurance and other decisions that could affect

the company. If you love working with people then this is the job for you, as being a Financial

Consultant requires personalized financial advice to be given to various companies.

Starting Salary: $62,000 - $65,000

Average Salary: $80,000

Internal Audit

As an Internal Auditor, you play an important role in assuring a business is in accordance

with policy. Your job would be to evaluate internal control processes, risk management, and

governance to ensure effectiveness. If you are the type of person that is capable of objectively

reviewing an organization’s business processes then Internal Audit may be the job for you!
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Starting Salary: $60,000

Average Salary: $72,000

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Get Prepared: Resources

❖ Read Business Periodicals Daily

➢ The Economist – Look here if you are interested in an editorial stance of classical

and economic liberalism.

➢ Financial Times – Learn about various business and economic views from an

international lens.

❖ Visit Financial News/ Commentary Websites

➢ New York Times Deal Book – Stay up to date on current Financial News

impacting society and affecting your future job or career.

❖ Watch Financial News Networks

➢ CNBC – For more information on stock markets, financial & earning, and more.

➢ Power Lunch – Sit back and watch some television that shows you the heart of a

business day, breaking news, market coverage, stock information and more.

➢ Bloomberg – Delve into the economy, markets, and more through this resource.

❖ Read Industry Profiles

➢ Vault.com – Get an inside look at companies, jobs, industries and more.

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References

(February 2018). Purdue Online Writing Lab. Retrieved from

https://owl.english.purdue.edu/owl/resource/560/01/

Investopedia.com. Retrieved from https://www.investopedia.com/walkthrough/corporate-

finance/2/financial-statements/balance-

sheet.aspx?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186

Boitnott, J. (2017). Intuit.com. Retrieved from https://quickbooks.intuit.com/r/financial-

management/15-financial-terms-every-business-needs-to-know/

Rooney, H., Aiken, B., & Rooney, M. (2017). Q. is internal audit ready for block chain?

Technology Innovation Management Review, 7(10), 41-44. Retrieved from

http://proxyhu.wrlc.org/login?url=https://search-proquest-

com.proxyhu.wrlc.org/docview/1963139722?accountid=11490

White, L. H. (2015). THE MARKET FOR CRYPTOCURRENCIES. Cato Journal, 35(2), 383-

402. Retrieved from http://proxyhu.wrlc.org/login?url=https://search-proquest-

com.proxyhu.wrlc.org/docview/1690790445?accountid=11490

Wu, J., Xu, W., & Alig, R. J. (2016). How do the location, size and budget of open space

conservation affect land values? Journal of Real Estate Finance and Economics, 52(1),

73-97. http://dx.doi.org.proxyhu.wrlc.org/10.1007/s11146-015-9506-3