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The current wave of globalisation is dictating the way companies and individuals are engaging in international business operations. Those involved in such activities should possess adequate ideas and knowledge in these key fields: economics, financial accounting and finance. These three fields are critical because they can prepare many scholars to pursue and achieve their career goals. Those who complete various research studies in these areas will acquire additional concepts and be able to function efficiently in the global market. This paper describes the research group I am currently interested in, my research aims and preliminary ideas and my personal motivation to complete a PhD.
Finance, Accounting and Economics
The selected research group is that of finance, accounting and economics. These three areas of business operations provide adequate skills that can guide individuals to achieve their aims and make their respective corporations successful (Apostolides 2016). Such fields of study focus on various aspects that investors and entrepreneurs should always consider, such as accounting practices and standards, preparation of meaningful financial records and statements, performance evaluation, budgeting and quantitative research methods (Wood 2016). Those who develop such skills will be able to complete a wide range of responsibilities in management, financial analysis, accountancy and public administration.
This research group is essential since it provides a perfect mix of attributes that can guide and empower those who plan to engage in various business activities. Firstly, a proper knowledge of different economic principles can make it possible for people to formulate evidence-based choices in relation to performance, macroeconomics and microeconomics (Chang, McAleer & Wong 2017). Such professionals will focus on the attractiveness and responsiveness of a given country or community and formulate appropriate decisions (Kazmi et al. 2016). This is a social science that goes further to monitor unquantifiable issues, including human psychology and behaviour. Those who focus on this field will acquire mathematical competencies for making meaningful decisions.
Secondly, the research group promises every participant numerous ideas and insights in the field of accounting. Although professionals in this field of specialisation might not be required to work with economics, they develop adequate skills to prepare financial documents, income statements, profit and loss accounts and balance sheets (Goretzki & Strauss 2017). They also go further to provide incentives and reviews regarding the financial health of a given organisation or firm. Investors and creditors will find the duties of these experts critical before making their decisions.
Thirdly, these two areas work synergistically to support the entire process of financial management. The acquired knowledge from this research group can inform a person about money flows, prices, inflation and interest rates (Chang, McAleer & Wong 2017). Such an individual will be in a position to apply the acquired knowledge to analyse the overall performance of industries or corporations within a given economy or region. This means that the valid application of financial principles and concepts can result in superior or evidence-based decisions.
From this analysis, it is evident that the identified research group is relevant and it resonates with my future goals. Since I am planning to pursue entrepreneurial aims, I believe that the insights gained from the intended research studies and projects will make it easier for me to identify the right ventures, formulate appropriate decisions and minimise chances of making mistakes (Barsky 2017). I will also engage in lifelong learning in an attempt to acquire additional competencies that can make me successful in different areas (Goretzki & Strauss 2017). Another important thing is the need to identify and pursue specific research interests that have the potential to support my future objectives. Such a move will make it easier for me to develop appropriate philosophies that can eventually deliver the intended personal goals.
Research Interests and Preliminary Ideas
Throughout the learning process, I am planning to complete several researches and acquire additional insights for supporting my professional expectations. The first area of interest is that of futures markets and how entrepreneurs and business investors can focus on them to make evidence-based decisions (Chang, McAleer & Wong 2017). The targeted study will examine the manner in which speculators approach this business practice and the best ways to benefit from it (Goretzki & Strauss 2017). The targeted research is capable of identifying the most appropriate approaches for pursuing futures markets and suggesting how the business world can benefit from the concept.
The preliminary information or research idea regarding this field is that different market practices have the potential to promote economic development and meet the needs of many entrepreneurs. Advisors and economists can focus on some of the benefits associated with futures markets and how individuals or companies can protect their assets (Barsky 2017). Some of the studies completed in the recent past have indicated that this business model is capable of minimising the dangers associated with price fluctuations (Chang, McAleer & Wong 2017). Unfortunately, many people are still unaware of the benefits and challenges of futures markets. This gap explains why many entrepreneurs are still unable to make meaningful or accurate decisions whenever planning to invest in this field (Goretzki & Strauss 2017). The introduction of additional insights and ideas will guide accountants, businesspeople and asset prospectors to pursue their aims diligently.
The unique advantages associated with futures markets explain why there is always a need to consider this topic. Entrepreneurs who set the sale prices for their assets and products tend to have accurate predictions of market changes (Parker 2018). Those involved in manufacturing can assess or determine the projected demand for their final products (Chang, McAleer & Wong 2017). This model is, therefore, appropriate for minimising losses and considering the level of depreciation. The completion of the intended study area will empower me to make accurate decisions and pursue futures markets in an informed manner.
The third research interest that I am taking seriously is that of hedge fund. Barsky (2017) defines this term as an alternative form of investment that revolves around the use of pooled funds and it entails the implementation of diverse strategies to get active profit or return for all entrepreneurs. One unique thing about hedge funds is that they require aggressive managerial procedures or processes. Such investment models also support the adoption of leverage and derivatives both internationally and domestically (Chang, McAleer & Wong 2017). This investment model has become common in different regions because it is characterised by minimal regulation in comparison with mutual funds. Past studies have revealed that the use of this approach delivers diverse strategies that make it possible for investor clients to achieve their objectives within a short period (Chang, McAleer & Wong 2017). The growth curve associated with hedge funds tend to be exceptional when managed properly.
Small scale investors and entrepreneurs can consider or embrace the power of hedge funds to pool their resources and pursue their investment goals diligently. A detailed research study focusing on this area can empower more people to make appropriate choices and achieve their goals in a timely manner. According to Parker (2018), many entrepreneurs consider the effectiveness of different models before making their final choices. Some researchers have indicated that many investors fail to achieve their potential after failing to have a clear knowledge of strategies that can deliver positive results (Apostolides 2016). Business experts and consultants continue to encourage and guide entrepreneurs to undertake numerous studies in an attempt to understand hedge funds and how they can support their missions.
The suggested research study is capable of presenting evidence-based guidelines that investors who want to pool their resources can consider. The first preliminary research idea for this analysis is that emerging investors should possess additional knowledge in order to make superior decisions (Chang, McAleer & Wong 2017). The second one is that hedge funds form a powerful model for individuals who want to pursue their business aims diligently. The presented findings and concepts from the study will empower many people to solve every emerging obstacle and identify how this concept of pooling resources can deliver desirable profits.
Motivation to do a PhD
I am currently planning to pursue and complete a PhD in the field of business. The selected area is that of finance and economics since it resonates with my current career objectives and future aims (Barsky 2017). Several factors explain why I have decided to focus on such an academic path. Firstly, the targeted accomplishment will guide me to make adequate and timely contributions towards the selected field. The completed research findings can result in additional discoveries for improving business operations and meeting the changing needs of many investors (Dosunmu & Adeyemo 2018). Secondly, every individual has his or her long-term career objectives and vision. Personally, the targeted course will equip me with suitable competencies and ideas for supporting my current and future aims. I will engage in various exercises that have the potential to improve my strengths in the fields of accounting and finance.
Thirdly, a PhD is an outstanding opportunity for recording advanced knowledge due to the nature of the learning process. Since the entire curriculum is less structured, the targeted individual can focus on challenging environments and activities that can result in additional competencies. This means that I will dig deeper and research numerous topics that are of importance to me (Dosunmu & Adeyemo 2018). Specifically, I am optimistic that I will complete a study aimed at examining the nature of accounting standards in different parts of the world and propose evidence-based guidelines for promoting efficiency and comparability.
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Fourthly, I have always been passionate about the identified group of fields. The decision to pursue a PhD means that I will develop new notions and ideas for supporting my future objectives as an entrepreneur. I will formulate the best strategies, develop appropriate business plans, identify most of the changes experienced in the world of business and implement evidence-based Quality Improvement (QI) initiatives (Apostolides 2016). Finally, a successful completion of the targeted PhD course is a clear indication that a given person is capable of undertaking academic research independently and presenting superior insights for transforming a given field (Dosunmu & Adeyemo 2018). Such a study process will make it possible for me to identify emerging practices, initiatives, strategies and models that can result in positive or sustainable entrepreneurial practices. I am, therefore, motivated to complete the intended course and eventually succeed in my business.
With such achievements, I will be motivated to guide and mentor my workers to ensure that the targeted goals are realised within the specified time. People in different specialties should, therefore, engage in lifelong learning in an attempt to develop superior philosophies for pursuing their aims (Chang, McAleer & Wong 2017). These sources of motivation explain why I am willing to complete a PhD course and eventually emerge successful both in my entrepreneurial career.
The above discussion has presented finance, accounting and economics as an important research group that can support the changing needs of many investors, creditors and entrepreneurs. This choice is balanced and provides evidence-based insights that are capable of guiding more people to make appropriate business decisions, solve emerging challenges and pursue their aims diligently. I am planning to engage in new studies that will examine how learning institutions can design and introduce new courses that equip students with competences in the selected research group. The second field of study will examine how people can acquire adequate skills and abilities in the selected areas. The discussion has gone further to describe my sources of motivation for pursuing a PhD and the major gains that will be achieved after completing the program.
Apostolides, N 2016, Management accounting for beginners, Routledge, New York.
Barsky, NP 2017, Management accounting, Cognella Academic Publishing, San Diego.
Chang, C, McAleer, M & Wong, W 2017, ‘Management information, decision sciences and financial economics: a connection’, Journal of Management Information and Decision Sciences, vol. 20, no. 1, pp. 1-19.
Dosunmu, AG & Adeyemo, KS 2018, ‘Lifelong learning, human capital development and the career advancement of women in the telecommunications industry in South Africa’, Industry and Higher Education, vol. 32, no. 3, pp. 192-199.
Goretzki, L & Strauss, E 2017, The role of the management accountant: local variations and global influences, Routledge, New York.
Kazmi, SS, Hashim, M, Kee, DM & Khan, FU 2016, ‘Social entrepreneurship and its impact on economy: in perspective of Pakistan’, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6, no. 4, pp. 161-166.
Parker, SC 2018, ‘Entrepreneurship and economic theory’, Oxford Review of Economic Policy, vol. 34, no. 4, pp. 540-564.
Wood, DA 2016, ‘Comparing the publication process in accounting, economics, finance, management, marketing, psychology, and the natural sciences’, Accounting Horizons, vol. 30, no. 3, pp. 341-361.