Finance is but the core of every nation’s economy. The study of the subject is thus important as it enables how to solve the financial problems and challenges in life in a easy way. This is one of the reasons why professors in high schools and colleges give students the toughest problems in this subject to solve. The students also have a tough time solving it. But you know what, read the following as I reveal the synopsis of how to solve academic problems in Finance.
What is Finance after all?
As the name suggests the field deals with the allocation of assets and liabilities. It is an art and studies about money management. So as it may be seen, it is a broad term that has two activities mainly study of money, banking, financial statements, investments and managing the funds etc. If you have understood the true essence of it, here is the step to solve the academic problems related to the study.
Key ways to ace in solving Finance academic problems
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Understand the problems first-
Don’t panic when you get the problem in front of you. Simply jot down the details that are given to you. It is time to put your theory into practice. So make sure the principles that you have learned or chapters that you have gone through run a rough scan. You will realize that such examples have taken place in your college. All that you have to do is look out for practical ways to apply those principles.
Let’s say, you are given financial statements to make where closing inventories are valued at 2,526,000. The tax charges are 3,848,000. The final dividends are proposed at 30 paise. So, you must be able to calculate the final dividends so that you can accommodate the right amount in the Statement of Equity. Similarly, many other adjustments should first made in your notes and then proceed with the actual problem.
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Invest in yourself
If you want the talent of solving the academic problems in Finance all by yourself, it is time you invest in yourself. By investing I mean you should devote time to learn the aspects of the subject. If the need is to go ahead with coaching classes (although it is time-consuming) or the best option is to hire an online tutor who can help you in every aspect of the subject matter. If you think you need more practice for Merger, Acquisitions, and Corporate restructuring, then go ahead and keep all your inhibitions away and solve. The idea is if you want to lead in this subject called Finance, you must have a resource where you can look up to.
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Time yourself
Every problem is different in this money management stream. You don’t want to waste time doing your problems for hours together, right?? So what is the alternative?
The best way is to race you against time. This comes through practice. I remember I had a student Rebecca; she was in her final year and found Finance a challenging subject. But by teaching her the art of timing, she has become perfect. She became the topper of her college.
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Start solving as many question papers as you can
‘Practice makes every one of us perfect….even if it is a robust subject like this.’ The reason is simple; Finance is much more than money management. It involves an innumerable amount of understanding, analysis, and incorporation of the same to come to a conclusion. What better way to practice the problems on a subject like this than getting hold of old question papers. These question papers are easy to access. You can ransack your school or college library for the papers… or better ask the librarian.
The perfect way to go ahead will be seeking mock question papers from the online academic portals. These portals hold a number of question papers to help you practice. Over the years, not only are the question papers accumulated but also the solutions related to it. If you get stuck in one of the problems, you have an online tutor who at any given point of time, is there to help you. So why wait, when you have the right resources in front of you.
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Plan your problems solving according to your comfort zone
The above point holds true for examination point of view. So here is the deal. The entire gaga about solving the subject on funding, money, and economics is to perform better in the examination. Now, not everybody is good at solving every kind of problems. Leave no problem unattended that’s for sure. However, there is a knack to do.
Start writing 1, 2, 3, and 4… against every problem that you come across in the paper of Finance. The numbers 1 means the easiest, till 4 meaning the toughest. Ideally, it is best to solve 1 2 3 types of problems first and then concentrate on the 4th one. The reason for doing so is simple. Firstly, you will gain confidence while solving the easier ones first. Secondly, you will save a lot of time by doing the easier ones first and can devote time to the most difficult one accordingly.
As may be seen, there is no short-cut to solve academic problems, but there is always a smart way to do so. You will require a certain amount of expertise to master the art of solving problems related to money management. This will happen over a period of time and only when there is a right helping hand. So go ahead and explore the world of investment, banking, and money while we provide you with the right means to excel in this subject.
Author’s Bio-
Michelle Johnson is a mentor par excellence. She is known to be the best when it comes to imparting knowledge on Finance. She has years of experience in teaching students’ with utmost dedication and devotion. She is a blogger whose guidance and practical knowledge of problems in Finance have helped many to perform well in their academics.