When Is A Commercial Hard Money Loan Appropriate For A Business?

A commercial hard money loan is a non-conventional commercial real estate loan that is NOT made by a traditional bank. This type of commercial financing has been in use for over 50 years. Such loans usually have a first lien on commercial property. If a hard money loan has a secondary lien, it is known as mezzanine financing.

Commercial hard money loans are typically completed more quickly than a traditional commercial loan. The primary rationale for a small business considering a commercial hard money loan is that traditional commercial financing options are not viable. There are three financing options for most commercial real estate scenarios: traditional banks, intermediate lenders and hard money lenders.

In those situations where traditional banks and intermediate lenders both say “NO”, it then makes good business sense to explore under what terms a hard money commercial loan might be available. Many viable small business projects can be funded ONLY via a hard money lender. Before accepting “NO” from the traditional banks and intermediate lenders as the “FINAL ANSWER”, a prudent small business borrower should determine if a hard money lender will say “YES”.

Compared to traditional bank business loans, commercial hard money loans will generally involve a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), higher fees and shorter-term financing (one to three years). However, because many hard money loans offer interest only terms, the payments can be lower than a fully-amortized loan with a lower interest rate.

Several common commercial financing scenarios using hard money loans are described below.

Scenario # 1: Low Credit Scores

Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.

Scenario # 2: Need to Obtain Commercial Financing Quickly

Traditional commercial loans will normally require several months to complete. Hard money loans can be obtained within a few days in some situations. This difference will be critical if commercial financing is required within a short time frame.

Scenario # 3: Aggressive Loan-to-Value Ratios (including construction)

If commercial borrowers want to purchase, refinance or build a commercial property using a higher loan-to-value (LTV) than permitted with a traditional commercial real estate loan, a hard money loan should be considered. In some cases up to 100% acquisition financing can be arranged.

Scenario # 4: Special Small Business Situations Not Easily Understood by Traditional Banks

Foreclosure
Bankruptcy
Special Purpose Properties
Tax Liens
Losses
Negative Net Worth
Less than one year in business
Environmental Requirements

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Commercial Financing For Special Purpose Business Properties

Funeral homes, assisted living facilities, campgrounds and other special purpose properties represent one of the most difficult commercial loan situations which will be confronted by a business owner. Unique properties are not easily understood by traditional lenders, so the most common solution involves finding a non-traditional lender for funeral home financing as well as commercial financing for other special purpose properties. Such non-traditional lenders will be appropriate for purchase situations as well as refinancing and new construction.

KEY REASONS FOR DIFFICULTY IN ARRANGING COMMERCIAL FINANCING FOR SPECIAL PURPOSE PROPERTIES

(1) By definition special purpose properties are not similar to other commercial properties. This makes many lenders uncomfortable due to the likely difficulty of finding another owner for a unique commercial property should it be necessary due to a loan default.

(2) For funeral homes and many other special purpose commercial properties, most of the business value is represented by non-real estate assets. With commercial lenders that focus on commercial real estate loans, it is almost impossible to get a loan based on the real estate value AND the business value. For example, it is not uncommon to have a situation in which the real estate for a funeral home is valued at less than one million dollars while the overall business value is in excess of three million dollars.

(3) Because commercial financing is so difficult to arrange for special purpose properties such as funeral homes, assisted living facilities and campgrounds, sellers of such properties are generally willing to provide substantial seller financing to assist the buyer in acquiring the business. However, many traditional lenders do not recognize or accept seller financing as a means of reducing down payment requirements for special purpose properties.

(4) Many lenders simply do not understand the business complexities associated with a special purpose property. As a result, it is not uncommon for these lenders to attach onerous and expensive requirements such as business plans and environmental reviews. In most cases such lenders do not even want to make the business loan but will use undesirable loan requirements as a means of appearing to approve a loan when in fact they have disapproved the loan by adding commercial loan terms that they do not expect a commercial borrower to accept.

COMMERCIAL LOAN SOLUTIONS FOR SPECIAL PURPOSE PROPERTIES

For a business borrower facing the situation described above, the highest priority should be to locate a non-traditional commercial lender that engages in the following commercial loan practices:

(1) Openly welcomes special purpose properties and routinely finances such properties.

(2) Provides commercial financing for both the business and real estate.

(3) Accepts substantial seller financing.

(4) Does not add special requirements to the business loan for special purpose commercial properties.

(5) Has a history of making loans for the specific type of property under consideration.

(6) Can accommodate both small and large commercial loans for special purpose commercial properties (for example, loans as small as $100,000 and loans as large as $5 million or higher)

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More Help For Avoiding Fake Commercial Financing Articles

In a recent working capital financing article, we described the increasing use of fake content about commercial loans throughout the internet community. In the earlier AEX Commercial Financing report, we provided practical suggestions for avoiding publishers of fictitious information about business cash advances and commercial mortgages. We are providing more detailed suggestions for avoiding this growing problem in the discussion below.

The use of reputable publication sites is one of the most effective ways to avoid fake commercial financing articles. These trusted sites will employ their best efforts to eliminate articles for which the author does not have ownership rights. The best of these high-quality and responsible sites will require review of articles by a human editor prior to publication. Most of these websites will provide detailed contact information for the author. Some especially-thorough sites require authors to submit sample articles to demonstrate effective writing capabilities before publication.

For articles not published on an established site, some detective work might be necessary. The absence of detailed contact information can indicate that the site is more interested in having visitors click on advertising links rather than facilitating getting in touch with someone associated with the website. The worst offenders will typically steal content previously published on trusted sites such as those described above and remove the resource box (thus eliminating contact information for the author).

The best indicator of questionable content on these ethically-challenged sites is often the prominence of articles which do not always make sense if you read them closely. This occurs because many such sites use software to scour the internet and to publish an article based on some random combination from a variety of sources. The resulting content provides selected keywords which is designed to bring search engine traffic even if the content itself does not make much sense. For these questionable sites, unintelligible articles often mean that a visitor is more likely to click on a paid link that appears to be relevant to their own keyword search. In other words, most of these low-value sites actually prefer that the content itself will not make sense to a reader because their game plan depends on visitors clicking on paid advertising links.

There are currently many commercial financing sites which provide only their contact information along with an article originally published elsewhere by an expert for commercial loans. These sites will remove the legitimate resource box for the actual article and represent the work as their own. There are several strategies which can help with this situation.

First, use a prominent search engine to perform your own review of other business financing articles published by the author. If articles can only be found on the one website, at a minimum this suggests that the author is certainly not a commercial loans expert. This is in itself an important finding, because business cash advances and commercial real estate loans are more complex than they might appear, and most business owners simply cannot afford to work with inexperienced working capital advisors.

Second, a detailed conversation with the indicated author will be informative. Ask about where other small business loans articles they have published can be found on the internet. The critical importance of such interactive discussions between business financing advisors and business borrowers cannot be emphasized enough since business owners will eventually need very personalized help with their working capital cash management. The likelihood of getting such individualized attention from this particular source will be obvious after a candid discussion.

Third, we previously recommended the use of established article websites. Many of these are now providing an author widget which is very helpful in providing a practical overview of work published by a specific author. Those sites without such a widget are likely to provide a summary index of articles by each author. The widgets or other summaries will quickly demonstrate how many articles a particular author has written. An author well-versed in commercial financing is likely to have published articles about topics such as credit card processing, SBA loans and business opportunity financing. It is suggested that commercial borrowers review a few pertinent articles in their entirety to help determine whether the author is a commercial loan expert that appears to be capable of helping with their specific business financing situation.

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Commercial Finance – Available For a Host of Needs!

If you have been on the lookout for a loan to start a new business, or expand existing business, you can avail commercial finance. There are many lenders for commercial finance. They can provide a suitable loan that suits your personal needs. This is the easiest way to raise finance to start your own business, purchase of machinery for industrial units or buy land to set up a plant, move your business from one location to another. These loans can be used for any purpose.

Commercial finance lenders will provide a loan that is tailored for your small or medium business. Even borrowers with a bad credit score can avail this type of loan. Lenders give due thought to the size of the business and business plan, before lending a loan. Most of the financiers offer the following benefits:

o Low APR’s and flexible repayment terms

o Loans approved for all types of credit scorers

o No proof of income required

o Quick decision and immediate approval

o Fast Free online commercial mortgage quotes

It can be a tedious task running around to get commercial property loan approved. If you are faced with an urgent requirement, you may under extreme pressure. Since commercial finance involves a huge amount of money, the criteria for approval of this type of loan are also different. It also differs from one lender to another. If you wish to get a loan approved fast, you must have last 3 years financial statements, last few tax returns, a business plan. This will play a crucial role in convincing a lender to approve loans.

Lenders for commercial finance can approve a loan which suits the personal needs of the borrower. Borrowers can also look forward to favourable deals on loans. Those who face an urgent requirement can avail loans online. The loans will be approved quickly. To avail this kind of loan, borrowers need to furnish appropriate documents. Mortgage brokers can help avail a loan quickly. They can also guide a borrower in creating documents to support the application. Besides this, they can also advise on how to avail loans. Qualified professionals can help a borrower avail loans quickly.

You can achieve any of your business needs by availing this type of loan. The financial experts can guide a borrower to avail a suitable loan. The loan can be used to buy any existing business, commercial property to let, residential or real estate purposes or buy commercial premises for the business. The brokers have ample experience in providing suitable loan to various borrowers. It is certainly not difficult to fulfil your business needs by availing this type of loan.

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Commercial Financing for Special Purpose Business Properties

Funeral homes, assisted living facilities, campgrounds and other special purpose properties represent one of the most difficult commercial loan situations which will be confronted by a business owner. Unique properties are not easily understood by traditional lenders, so the most common solution involves finding a non-traditional lender for funeral home financing as well as commercial financing for other special purpose properties. Such non-traditional lenders will be appropriate for purchase situations as well as refinancing and new construction.

KEY REASONS FOR DIFFICULTY IN ARRANGING COMMERCIAL FINANCING FOR SPECIAL PURPOSE PROPERTIES

(1) By definition special purpose properties are not similar to other commercial properties. This makes many lenders uncomfortable due to the likely difficulty of finding another owner for a unique commercial property should it be necessary due to a loan default.

(2) For funeral homes and many other special purpose commercial properties, most of the business value is represented by non-real estate assets. With traditional commercial lenders that focus on commercial real estate loans, it is almost impossible to get a loan based on the real estate value and the business value. For example, it is not uncommon to have a situation in which the real estate for a funeral home is valued at less than one million dollars while the overall business value is in excess of three million dollars.

(3) Because commercial financing is so difficult to arrange for special purpose properties such as funeral homes, assisted living facilities and campgrounds, sellers of such properties are generally willing to provide substantial seller financing to assist the buyer in acquiring the business. However, many traditional lenders do not recognize or accept seller financing as a means of reducing down payment requirements for special purpose properties.

(4) Many lenders simply do not understand the business complexities associated with a special purpose property. As a result, it is not uncommon for these lenders to attach onerous and expensive requirements such as business plans and environmental reviews. In most cases such lenders do not even want to make the business loan but will use undesirable loan requirements as a means of appearing to approve a loan when in fact they have disapproved the loan by adding commercial loan terms that they do not expect a commercial borrower to accept.

COMMERCIAL LOAN SOLUTIONS FOR SPECIAL PURPOSE PROPERTIES

For a business borrower facing the situation described above, the highest priority should be to locate a non-traditional commercial lender that engages in the following commercial loan practices:

(1) Openly welcomes special purpose properties and routinely finances such properties.

(2) Provides commercial financing for both the business and real estate.

(3) Accepts substantial seller financing.

(4) Does not add special requirements to the business loan for special purpose commercial properties.

(5) Has a history of making loans for the specific type of property under consideration.

(6) Can accommodate both small and large commercial loans for special purpose commercial properties (for example, loans as small as $100,000 and loans as large as $5 million or higher).

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Business Finance Funding Advice and Commercial Financing Help

The Working Capital Journal is one of several commercial financing resources which should be reviewed regularly by small business owners to assist in keeping up with the imposing difficulties posed by rapid changes in the business finance funding climate. As noted below, there have been some surprising actions taken by lenders as a direct result of recent financial uncertainties. The increasingly complex and confusing environment for working capital finance is likely to produce several unexpected challenges for commercial borrowers.

The working capital finance industry has primarily been operating on a regional and local basis for many years. In response to cost-cutting that has permeated many industries, there has been a consolidation that has resulted in fewer effective commercial lenders throughout the United States. Most business owners have been understandably confused about what this might mean for the future of their commercial financing efforts, especially because this has happened in a relatively short period of time.

Of course, for some time there have been ongoing complex problems for commercial borrowers to avoid when seeking commercial loans. But what has produced a new set of business finance funding problems is that we appear to be entering a period which will be characterized by even more uncertainties in the economy. Previous rules and standards for commercial financing and working capital finance are likely to increasingly change quickly, with little advance notice by business lenders.

Business owners should make an extended effort to understand what is happening and what to do about it due to this realization that substantial changes are likely throughout the United States in the near future for commercial finance funding. At the forefront of these efforts should be a review of what actions commercial lenders have already taken in recent months. The Working Capital Journal is one prominent example of a free public resource that will facilitate a better understanding of the responses by business lenders to recent economic circumstances.

By publicizing actions taken by commercial lenders, this will contribute to these two goals, both of which are likely to be helpful to typical business owners: (1) To highlight controversial bank-lender tactics with a view toward reducing or eliminating questionable lending practices. (2) To help business owners prepare for commercial finance funding changes. To assist in this effort, sources such as The Working Capital Journal are encouraging business owners to report and describe their own experiences so that they can be shared with a broader audience that might benefit from the information. Some of the most significant commercial financing changes reported so far by commercial borrowers involve working capital loans, commercial construction financing and credit card financing. A notable situation of concern is that predatory lending practices by credit card issuers have been reported by many business owners. Some specific businesses such as restaurants are having an especially difficult time in surviving recently because they have been excluded from obtaining any new business financing by many banks.

One of the few recent bright spots in business finance funding, as noted in The Working Capital Journal, has been the continuing ability of business owners to obtain working capital quickly by business cash advance programs. For most businesses accepting credit cards, this commercial financing approach should be actively considered. Business cash advances are literally saving the day for many small business owners because most banks appear to be doing a terrible job of providing commercial loans and other working capital finance help in the midst of recent financial and economic uncertainties. For example, as noted above, restaurants are virtually unable to currently obtain commercial finance funding from most banks. Fortunately, restaurants accepting credit cards are in a good position to obtain needed cash from credit card receivables financing and merchant cash advances.

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What Should A Commercial Borrower Do If The Bank Declines Their Commercial Mortgage Application?

Many commercial projects are too entrepreneurial for mainstream commercial lenders. In these situations it is not unusual for commercial borrowers to be declined for a commercial mortgage loan by a traditional bank. Commercial borrowers are likely to be confused when they are turned down and will be unsure as to why it happened and what to do next. This article highlights the five main reasons that banks decline commercial mortgage loan applications. For each of the reasons that a bank might decline a commercial real estate loan, a strategy is provided for converting the declined loan into an approved commercial mortgage. An appropriate (but lengthy) subtitle for the article is How to Convert Declined Commercial Mortgage Loans into Approved Loans: The Top 5 Reasons that Banks Decline Commercial Mortgage Loan Applications and The Top 5 Strategies for Converting A Declined Loan into an Approved Commercial Mortgage”.

Reason # 1:
Loan underwriters find something on a tax return that disqualifies a borrower under the bank’s lending guidelines. This “something” will frequently be insufficient net income, but when loan underwriters look at tax returns, there are many other possibilities which produce a similar result.

Strategy # 1:
Business loan borrowers will NEVER have Reason Number 1 to worry about if they are applying for a “Stated Income” commercial real estate loan. Very few traditional banks use Stated Income (no tax returns, no income verification) for a commercial mortgage. Commercial borrowers should seek out lenders using Stated Income Commercial Loans and “Limited Documentation Requirements”. This strategy will not work for all commercial mortgages since there is a maximum loan amount of $2 million for most Stated Income Commercial Mortgage Programs.

Reason # 2:
A bank’s loan officer or loan underwriter is not satisfied that the business plan provided by the commercial borrower supports the requested loan.

Strategy # 2:
Most commercial borrowers will benefit directly from dealing with a commercial lender that does not require a business plan due to the following major benefits:

(1) Reduce commercial mortgage costs by thousands of dollars. A common range for an average business plan (prepared to typical bank specifications) would be $5,000 to $10,000.

(2) Reduce mortgage closing time by several months. Business plans can be prepared before or after applying for a loan, but either way the net extra time required will probably be 1-2 months or more.

(3) If the lender does not require a business plan, there is one less item standing between the commercial borrower and their approved loan.

Reason # 3:
The bank will not provide a business loan without adequate collateral, usually in the form of a lien on personal assets such as the commercial borrower’s home.

Strategy # 3:
Commercial mortgage borrowers should seek out lenders that do not “cross collateralize” assets as a condition for obtaining a business loan. This will provide greater flexibility for the commercial borrower and avoid unnecessary (and unwise) connections between personal and business assets.

Reason # 4:
The bank does not generally make business loans for the type of business involved or imposes special requirements that make the loan impractical for the commercial borrower. Fewer and fewer banks are making loans to bar/restaurant properties. Similarly, auto service businesses are frequently given unnecessary (and expensive) environmental reporting requirements. There are many “special purpose” properties such as nursing homes, assisted living facilities, churches, RV parks, marinas, golf courses, funeral homes, bed and breakfast, day care centers, and car washes that most traditional banks will not include in their business lending portfolio.

Strategy # 4:
For most business borrowers that can get approved at a traditional bank, there are better options available elsewhere. And “better options” are clearly available ONLY elsewhere when the bank won’t make the business loan in the first place! There are very capable commercial lenders that are interested in unique or special purpose properties.

Reason # 5:
When a business is refinancing their current commercial mortgage and wants to get a significant amount of cash out for various uses, it is not unusual for the bank to limit the amount of cash to amounts as small as $100,000. Even though the bank might make the loan, if they won’t provide the amount of cash needed by the commercial borrower, this is equivalent to declining the loan.

Strategy # 5:
As mentioned in Strategy Number 4, there are better options available elsewhere! The commercial borrower’s mission (and it is not impossible at all) is to use a commercial real estate lender that will allow them to get much larger amounts of unrestricted cash out of a commercial refinancing, i.e. more cash out and no restrictions on what they do with it.

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The Two Worst Things That Could Happen With A Business Loan

It is important to have an understanding of what can go wrong with a business loan. The focus of this article is on two situations that will have the most severe financial consequences. A loan disapproval at an early point in the application process is not included here because it is not likely to have the immediate financial consequences of the examples provided below. Business owners should be prepared in advance for these problematic circumstances so that they can develop contingency plans.

RECALL OF A COMMERCIAL LOAN

Recall provisions allow the lender to call the loan (forcing the borrower to repay early) prior to the expiration of the loan. This issue is not of concern to commercial borrowers whose business loan does not contain provisions permitting the lender to recall the loan. However many traditional commercial lenders routinely place recall clauses in their loan agreements. The conditions which can trigger a recall will vary but will commonly include periodic review of financials and credit history by the lender. Under these circumstances if agreed levels of income and credit standards are not met, then the bank will typically notify the commercial borrower that they must pay off the loan within a 30-90 day period.

When confronted with a recall notification, commercial borrowers will have little recourse other than to seek refinancing from another lender. In seeking alternative sources of commercial financing, prudent borrowers will eliminate potential lenders who will impose similar recall provisions in new financing. To avoid the recall situation in the first place, commercial borrowers would be wise to consider only commercial loans which will not have recall terms. For commercial borrowers who currently have recall provisions in their commercial financing agreement but have not yet received a recall of their loan, it will be equally wise to consider refinancing their business loan before such a recall occurs so that refinancing is accomplished according to the commercial borrower’s timetable and not that of the current commercial lender.

COMMERCIAL PROPERTY APPRAISAL COSTS AND RESULTS

The commercial appraisal process is lengthy, expensive and relatively uncontrollable in terms of results. In many cases one of the unknowns is how much the appraisal will cost. Unfortunately commercial mortgage appraisal costs can be unpredictable and will approach what many borrowers view to be excessive for specialized commercial properties such as assisted living facilities. Appraisals for a stated income loan will usually be more costly because the lender is primarily depending on credit scores and a sound appraisal to support the loan. These appraisal situations will cost more for commercial properties in rural areas because qualified appraisers may not be available locally. The timetable for completing an appraisal is another potential source of problems, and until the appraiser is selected and commits to a schedule, the completion date is not likely to be known with any degree of accuracy (and this can result in a longer processing period for the loan).

Even though cost and schedule are critical issues, an even bigger issue is the appraisal value that is provided by the appraisal. For example, I have seen instances in which a commercial borrower thought their property was worth $500,000 but the commercial appraiser selected by the lender produced an appraisal with a value of $285,000. While this is not a routine outcome, it is certainly not unusual to receive an appraisal that produces a value that is less than the commercial borrower expects. A similar (but avoidable) problem occurs when a commercial appraisal is not accepted by the lender because the appraiser did not provide an appraisal meeting basic guidelines. For example, a key element of a commercial appraisal is the valuation based on analysis of income. If an appraiser chooses to submit an appraisal based only on comparable sales data even though the lender stipulated in the engagement letter that an income appraisal is required, then the lender will not accept the appraisal (and is likely to refuse even a modified report from the appraiser when they violate such a basic appraisal requirement).

It is important to have an understanding of how the appraiser will be asked to determine value as well as to realize that there might be significant assets which will not even be included in the value. Items such as equipment and furniture are frequently excluded, especially in commercial real estate loans. For businesses such as funeral homes and assisted living facilities, it is very common for the overall business value to be much higher than the real estate value. But an appraisal based on the real estate value will nevertheless exclude the excess business value from the commercial real estate value.

What contingency plans are advisable for the appraisal process? First, be prepared for the appraisal to be more expensive than initially expected and ensure that funds are available to cover this possibility. Second, be prepared for the appraisal to take longer than expected. If buying a business property, the buyer should discuss this possibility in advance with the seller. If refinancing, the owner should not make plans for spending funds until the appraisal has been finalized and the lender indicates their readiness to close the loan. Third, consider in advance what action to take if the appraisal produces a lower value than expected. Fourth, decide if an additional appraisal is warranted (this possibility needs to be considered especially for the situation in which the appraisal is not accepted by the lender).

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A Brief Guide To Online Finance Degrees

Online degrees are gaining popularity because they are flexible, accessible and convenient. However, if you plan on getting a finance degree online you need to make sure that Moreover they are also acknowledged by most of the employers provided they are pursued from accredited online universities. You can opt for various levels of degree programs as well as certification programs completely online without discontinuing your existing job.

Types of Online Finance Degrees

Different levels of degreesin finance can be pursued online; this includes undergraduate, bachelor’s, master’s as well as Doctorate Degree in Finance. You can even consider various types of specialization to develop niche careers. Some online colleges even offer a combination of accounting and finance degrees.

Some of the most popularOnline Finance Degrees are:

>Online Finance MBA Programs
>Online Finance Certificate Programs
>Bachelor of Science Finance
>Bachelor of Business Administration Finance
>Master of Science in Finance
>Master of Science in International Finance

Choosing an Online Finance Degree

If you are interested in a specific career in the field of finance, you can consider different levels and types of Online Degrees in Finance. They can help you to develop lucrative careers like finance analyst, finance manager or budget manager. However, while choosing an Online Finance Degree at any level, you should look for credible degree programs. You should conduct adequate research and develop a list of accredited online colleges which ensures quality online education.

You can find out about its accreditation from various accredited agencies which are recognized by the U.S. Department of Education. With these accredited degree programs, you can develop a lucrative career in the field of finance. This can enable you to get jobs in various work settings like private banking, financial planning, insurance or investment management.

Curriculum for Online Finance Degrees

The curriculum for an Online Finance Degree is one that can help you to develop a strong foundation in the field by gaining business skills along with gaining knowledge about different areas related to the field like finance, marketing, management, economics and statistics. You can also get in-depth understanding about various aspects of the field like risk management, related concepts, different strategies, investment and banking and financial markets.

The basic curriculum for different types of Online Degrees in Finance includes subjects like:

Financial and Intermediate Accounting
Cost Management
>Business and Finance
>Mathematics and Statistics
>Money Markets
>Commercial Finance
>Fiscal Accounting
>Financial Administration
>Insurance
>Global and Domestic Business Finance
>Introduction to Economics
>Investment Banking

An Online Finance Degree offers a lot of benefits and can help you to get experience as well as pursue higher education without leaving your existing jobs or compromising on other family commitments. You can pursue it at your own schedule and pace and can take it up from anywhere and at anytime.

In these times of uncertainty, a finance degree pursued from a top university is one of those few careers that still promise a good salary and a prestigious job.

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The Future Of Finance Jobs

In the not so long-gone past, many career advisers were advising young people seeking to start out a career to go into finance. The financial markets were doing well then, finance jobs were in plenty and MBA schools were bursting with young students seeking to build a career in finance. And the finance jobs were, of course, not limited to the financial markets. With a strong economy, finance graduates who couldn’t get jobs in the financial markets and investment banks could quite easily be absorbed into commerce and industry accounting jobs. Other would get middle office finance jobs in the public service, and going was good.
Then the bubble burst.

The economy went into recession mode, the financial markets shrunk and finance graduates who had taken up jobs with investment banks found themselves facing the axe, as the investment banks are the worst affected by turmoil in the financial markets. And as if on cue, companies, in a bid to cut costs, were also cutting on their head counts, thus also shaking the fortunes of the finance graduates who found commerce and industry accounting jobs in the private sector. In the midst of all this, it seems that the only secure finance graduates are those who took up middle office finance jobs in the public sector, but even this is not fear-proof for we do not know for sure what the full effects of the economic turmoil will be on civil service staffing.

So in the face of all this, what is the future of finance jobs?
It might seem counter-intuitive to say, but the future of finance jobs is still bright, in spite of the current turmoil in the financial markets. As it were, economists tell us that the current economic turmoil is largely short-term to medium term, which is to say that it won’t be with us forever. Which means that the people who chose to pursue a career in finance need not regret their choice, as better times are coming. But even before the better times arrive, the people with finance backgrounds who are currently getting laid off might not find themselves in the cold for too long.
As governments unveil the various economic stimulus plans, there will be need for people to manage the money as it goes into various sectors which translates to some finance jobs. Of course the finance jobs created in this way will be for the best brains in finance.

And then there is the fact that all companies, like human beings, have a native survival instinct, which they are likely to find handy in these hard economic times. One survival strategies for companies in crises is to hire the experts who are likely to navigate them through the particular crises. And since the current crisis is financial, the companies are likely to find themselves hiring financial experts to help them address the economic crisis. Of course, the companies are not likely to be overtly looking for finance experts to help them address the financial crises. What we are likely to see is an increase in commerce and industry accounting jobs, but the accountants so hired are bound to be almost exclusively tasked with cost and revenue management tasks, geared towards helping their employers sail through the turbulent times successfully.

And finally the good times will surely come back again. If the history of the financial markets is anything to go by, we know that all bursts are always followed by booms.

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