PEGAPCSA87V1 plan - Pega Certified System Architect (PCSA) 87V1 Updated: 2024
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Exam Code: PEGAPCSA87V1 Pega Certified System Architect (PCSA) 87V1 plan January 2024 by Killexams.com team
PEGAPCSA87V1 Pega Certified System Architect (PCSA) 87V1
Title: Pega Certified System Architect (PCSA) 87V1 (PEGAPCSA87V1)
The Pega Certified System Architect (PCSA) 87V1 exam is designed to validate the knowledge and skills required to design and build Pega applications. This certification is intended for professionals who have a strong understanding of Pega's platform and capabilities.
The Pega Certified System Architect (PCSA) 87V1 course provides participants with the necessary knowledge and practical skills to design and develop Pega applications. The following is a general outline of the key areas covered in the certification program:
1. Introduction to Pega Platform:
- Overview of the Pega Platform and its features
- Understanding the key components of Pega applications
- Familiarizing with the Pega development environment and tools
2. Pega Application Development:
- Designing and building case types and data models
- Configuring user interfaces and portals
- Implementing business rules and decision logic
3. Application Design and Architecture:
- Designing the application layer and data model
- Implementing integration services and connectors
- Understanding security and access control in Pega applications
4. Case Management and Processes:
- Designing and implementing case types and stages
- Managing case lifecycles and workflows
- Configuring business processes and decision strategies
5. User Experience and UI Design:
- Designing and customizing user interfaces using Pega's UI tools
- Implementing responsive design and mobile optimization
- Enhancing user experience through personalized features and dashboards
6. Testing, Debugging, and Deployment:
- Implementing testing strategies for Pega applications
- Using debugging tools to troubleshoot and optimize applications
- Deploying and managing Pega applications in different environments
The Pega Certified System Architect (PCSA) 87V1 exam assesses candidates' knowledge and skills in designing and building Pega applications. The exam objectives include, but are not limited to:
1. Understanding the Pega Platform and its key components.
2. Designing and developing case types, data models, and user interfaces.
3. Configuring business rules, decision logic, and integration services.
4. Designing application architecture and implementing security measures.
5. Managing case lifecycles, workflows, and business processes.
6. Designing and customizing user experiences and interfaces.
7. Testing, debugging, and deploying Pega applications.
The Pega Certified System Architect (PCSA) 87V1 certification program typically includes comprehensive training provided by Pegasystems or authorized training partners. The syllabus provides a breakdown of the Topics covered throughout the course, including specific learning objectives and milestones. The syllabus may include the following components:
- Introduction to Pega Certified System Architect (PCSA) 87V1 exam overview
- Introduction to Pega Platform and its key components
- Pega Application Development
- Application Design and Architecture
- Case Management and Processes
- User Experience and UI Design
- Testing, Debugging, and Deployment
- exam Preparation and Practice Tests
- Final Pega Certified System Architect (PCSA) 87V1 Certification Exam
|Pega Certified System Architect (PCSA) 87V1
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Pega Certified System Architect (PCSA) 87V1
An internal application currently grants 75 employees access to one of four roles: Admin, Author, User, and Manager.
A new analyst that joins the company requires all the Author role access but only some of the reporting capabilities
available to the Manager role.
How do you satisfy this security requirement?
A. Update the Author role to include the required analyst reports.
B. Create a new Analyst role with the required access.
C. Add the analyst to the Manager role.
D. Add the analyst to both the Author role and the Case Manager channel interface.
Which two statements about data objects are true? (Choose Two)
A. Data objects can reuse assets from an existing data object through inheritance.
B. A draft data object references a data type.
C. A data object created in App Studio creates a data type in Dev Studio.
D. Data objects are sourced from an external system of record.
Answer: A, C
Which two options can you configure for a mobile app channel? (Choose Two)
A. Define security behavior for a mobile app such as biometric identifiers.
B. Manage administrative functions such as access to log files.
C. Define the Ul behavior for each view in a case type when the case is displayed on a mobile device.
D. Design how Ul elements render across different mobile devices.
Answer: A, C
When applying for a credit limit increase, customers with standard credit cards must provide information in an
Employment Information process. Requests from customers with Platinum credit cards automatically skip this process.
What task do you perform to implement this requirement?
A. Add an Approve/Reject step to test the card type.
B. Add a card type true/false field to a user view.
C. Add a custom condition to start the process by testing the card type.
D. Add a validation condition to the card type for continued processing.
Select each scenario on the left and drag it to the corresponding attack method.
You need to localize correspondence into a language that is unavailable in the Pega language pack.
Which option satisfies the requirement?
A. Leverage translation services SOAP calls and enable records for translation.
B. Configure a field value record that contains the correspondence text.
C. Create the Translation rule manually and include the rule in the application ruleset.
D. Run the Localization wizard and add translations to Translation.html.
You are designing a form for an online bookstore to show new arrivals.
Which layout do you use to display the book cover pictures, as shown in the image?
A. Screen layout
B. Column layout
C. Repeating dynamic layout
D. Dynamic layout
To reduce scrolling on a view, you want to organize existing content so that details display when an option is selected
in a drop-down menu. There is no drop-down menu currently on the view.
Which two configurations achieve the business requirement? (Choose Two)
A. Configure a layout group to separate each option into individual panels and set the layout to a menu format.
B. Configure a disable condition (when rule) on each field to allow access when the associated option is selected on the
C. Configure a repeating dynamic layout with an embedded section for each option and set the layout format to
D. Configure a data relationship to select the option using the Drop-down list record selection.
Answer: A, D
How do you guide users through an application form without requiring user training?
A. Add the corresponding step to an appropriate stage.
B. Send a notification to the assigned user.
C. Add an instruction to the assignment.
D. Add an optional action to the case to explain the task.
In a claims application customers can file home insurance claims. Each claims contains a list of items of loss.
Depending on the situation, some claims investigated for potential fraud in parallel to the genuine claim process.
Which two case types do you create to support this scenario? (Choose two.)
A. Items of loss
D. Fraud Investigation
Answer: A, D
Which two statements are true about styling controls in App Studio? (Choose two)
A. Developers can configure a Date Time control to display as a text input field, drop-down list, or calendar control.
B. Developers can configure a text input control to change the background when users click the control.
C. Developers can configure a button control to hide when users click the control.
D. Developers create a new style format to apply styling to an out-of-the-box button control.
Answer: A, B
What is the relationship between pyWorkPage and case data?
A. pyWorkPage contains only the data entered by users while creating and processing a case.
B. pyWorkPage contains all the data pages accessed while creating and processing a case.
C. pyWorkPage contains only the data generated by the system while creating and processing a case.
D. pyWorkPage contains all the case data generated while creating and processing a case.
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Under the new program, a solution provider with a passing grade on a Symantec security exam plus an approved vendor-neutral certification can earn one of Symantec's certifications, said Allyson Seelinger, Symantec vice president of enterprise and consumer channels. "This will help us get new partners into the program and help them get certified quickly," she said.
Symantec's Allyson Seelinger says partners will be certified more quickly.
For example, the Symantec Product Specialist (SPS) certification requires a Symantec exam plus either the Security&#43;&#43;certification from CompTIA or the System Security Certified Practitioner certification from the International Information Systems Security Certification Consortium (ISC)2.
Symantec overhauled its certification program in response to feedback from partners who expressed "angst" with the growing number of vendor-specific certifications in the security industry, Seelinger said.
Other vendor-neutral certifications that Symantec accepts include the Certified Information Systems Security Professional (CISSP) from (ISC)2 and certain types of the SANS (SysAdmin, Audit, Network, Security) Global Information Assurance Certification.
NEW PROGRAM FEATURES
>> Recognizes vendor-neutral certifications.
Cupertino-based Symantec also reduced the number of certification exams to four in broad security areas such as firewall/VPN technologies and intrusion-detection, from 12 mostly product-specific tests.
In addition, the vendor is offering instructor-led training for free to its Enterprise Security and Enterprise Solutions Partners. That training usually costs about $1,000 to $2,000 per class, depending on length.
"With the large number of different certifications available, it's refreshing to see a company like Symantec build its certification process on top of robust, industry-recognized certifications," said Andrew Brinkhorst, a Lexington, Ky.-based independent security consultant and certified Symantec Technology Architect. "Customers will benefit from the more strategic or holistic approach to security that the new certification process will emphasize."
Chris Ellerman, vice president of professional services at Meridian IT Solutions, Schaumburg, Ill., said the company already has many Symantec certifications but agreed that the vendor is making the right moves.
"It makes a lot of sense because it's not just a certification that you understand Symantec products but &#91;also&#93; that you understand Symantec products in relation to security concepts," he said. "The security world is a process, not just a product."
Called Digital Home Technology Integrator+ (CEA-CompTIA DHTI+), the certification is in beta mode and is available to integrators free at http://certification.comptia.org/hti/dhti_faq.aspx. Plans call for the certification to officially launch in March. It will cost $180 for CompTIA members and $225 for nonmembers.
The certification is designed to deliver digital integrators an industry-accepted seal of approval to show their mastery of home integration standards, including networking, audio/video, telephone and VoIP, security and surveillance, home control management, and documentation and troubleshooting, said Miles Jobgen, CompTIA product manager.
"The main reason behind this is that the mass market is beginning to adopt advanced technologies in the home. They are beginning to demand integrated home networks," Jobgen said. "It's getting to the point where this technology and products are no longer boutique offerings available only to the upper echelon of society. Some of the technology is relatively easy to install. But once you start adding multiple components to the home network, it becomes too complicated for the average homeowner. They need somebody to help them configure and optimize those solutions."
The program shows recognition by CompTIA and CEA, under its Tech Home Division, of the growing need for skilled digital integrators in the home construction and retrofit markets. Industry leaders expect that demand to grow with the upcoming release of Microsoft's Windows Vista operating system, which brings added multimedia muscle. Also fueling demand, they said, are the growing need to receive, store, manage and share music and video files available over broadband connections; the influx of cost-effective home technology solutions, such as IP-based surveillance, control, automation and entertainment; and fully networked computing.
CEA, for its part, is taking a tiered approach to certification. While DHTI+ focuses on mass-market integration, CEA's Tech Home Division recently partnered with the Custom Electronic Design and Installation Association (CEDIA) and the National System Contractors Association (NSCA) to launch the Electronic Systems Professional Alliance, which will provide cross-industry certification for the upper end of the custom installation market.
The new programs offer training and certification tailored for different types of integrators, but the initiatives are designed to help those professionals gain widespread recognition as a unified "fourth trade" group, along with builders, architects and interior designers in the home market.
"There are so many different training platforms, but nothing has gained traction," said Jay McClellan, president of Home Automation Inc. and president of CEA's Tech Home Division. "We want to ground the training on a basic foundation that each group can build its own content on top of. Then we can continually upgrade the programs to further refine what the groups are doing in the market."
Although CEDIA offers comprehensive training and certification for high-end installation and integration through its CEDIA University program, it has just begun to add sections on IP-based networking that are aimed more at the mass market. Gerry Lynch, CEO of System Seven, a Topsfield, Mass.-based home integrator, said a trusted certification program in that realm would be useful.
"There have been other programs, but I just wish some of them would stick. CompTIA offered HTI+ certification, but I couldn't find anywhere to take the exam," Lynch said. "A lot of companies that offer certification say, 'Take the test with us because you're guaranteed to pass.' But, hey, I actually want my guys to learn something. I want them to know a lot more tomorrow than they know today."
PC-related and IP-based networking skills are particularly important in today's home integration environment, Lynch noted.
"We need PC skills and things like Apple desktop support skills, but we don't necessarily need to be MCE or Cisco certified," Lynch said. "My guys don't work on corporate networks or hide in the server closet. I have guys hooking up home theaters all day long, and they want to learn more PC home integration skills. They just don't have anyplace to go."
DHTI+ courses and exams will be offered by several third-party groups throughout the country, Jobgen said.
The proposal by the major cardiovascular societies in the US to form a new board of cardiovascular medicine to manage initial and ongoing certification of cardiologists represents something of a revolution in the field of continuing medical education and assessment of competency.Â
Five US cardiovascular societies â the American College of Cardiology (ACC), the American Heart Association (AHA), the Heart Failure Society of America (HFSA), the Heart Rhythm Society (HRS), and the Society for Cardiovascular Angiography & Interventions (SCAI) â have now joined forces to propose a new professional certification board for cardiovascular medicine, to be known as the American Board of Cardiovascular Medicine (ABCVM).Â
The ABCVM would be independent of the American Board of Internal Medicine (ABIM), the current organization providing maintenance of certification for cardiologists as well as many other internal medicine subspecialties. The ABIM's maintenance of certification process has been widely criticized for many years and has been described as "needlessly burdensome and expensive."Â
The ABCVM is hoping to offer a more appropriate and supportive approach, according to Jeffrey Kuvin, MD, a trustee of the ACC, who has been heading up the working group to develop this plan.Â
Kuvin, who is chair of the cardiology at Northwell Health, Manhasset, New York, a l arge academic healthcare system, explained that maintenance of certification has been a Topic of discussion across the cardiovascular community for many years, and the ACC has a working group focused on the next steps for evaluation of competency, which he chairs.
"The Topic of evaluation of competence has been on the mind of the ACC for many years and hence a work group was developed to focus on this," Kuvin noted. "A lot of evolution of the concepts and next steps have been drawn out of this working group. And now other cardiovascular societies have joined to show unification across the house of cardiology and that this is indeed the way that the cardiovascular profession should move."Â
"Time to Separate from Internal Medicine"
The general concept behind the new cardiology board is to separate cardiology from the ABIM.Â
"This is rooted from the concept that cardiology has evolved so much over the last few decades into such a large multidimensional specialty that it really does demarcate itself from internal medicine, and as such, it deserves a separate board governed by cardiologists with collaboration across the entirely of cardiology," Kuvin said.Â
Cardiology has had significant growth and expansion of technology, tools, medications, and the approach to patients in many specialities and subspecialties, he added. "We have defined training programs in many different areas within cardiology; we have our own guidelines, our own competency statements, and in many cases, cardiology exists as its own department outside of medicine in many institutions. It's just time to separate cardiology from the umbrella of internal medicine."Â
The new cardiology board would be separate from, and not report to, the ABIM; rather, it would report directly to the American Board of Medical Specialties (ABMS), the only recognized medical certification body in the US.Â
What Are the Proposed Changes
Under the present system, managed by the ABIM, clinicians must undergo two stages of certification to be a cardiologist. First, they have to pass the initial certification exam in general cardiology, and then exams in one of four subspecialties if they plan to enter one of these, including interventional cardiology, electrophysiology, advanced heart failure or adult congenital heart disease.Â
Next, clinicians enter the maintenance of certification phase, which can take three different forms: 1) taking another recertification exam every 10 years; 2) the collaborative maintenance pathway â a collaboration between ACC and ABIM, which includes evaluation, learning and a certified exam each year; or 3) longitudinal knowledge and assessment â in which the program interacts with the clinician on an ongoing basis, sending secured questions regularly.Â
All three of these pathways for maintenance of certification involve high stakes questions and a set bar for passing or failing.Â
Under the proposed new cardiology board, an initial certification exam would still be required after fellowship training, but the maintenance of certification process would be completely restructured, with the new approach taking the form of continuous learning and assessment of competency.Â
"This is an iterative process, but we envision with a new American Board of Cardiovascular Medicine, we will pick up where the ABIM left off," Kuvin notes. "That includes an initial certifying examination for the five areas that already exist under the ABIM system but with the opportunities to expand that to further specialties as well."
He points out that there are several areas in cardiology that are currently not represented by these five areas that warrant some discussion, including multimodality imaging, vascular heart disease, and cardio-oncology.Â
"At present, everybody has to pass the general cardiology exam and then some may wish to further train and get certified in one of the other four other specific areas. But one Topic that has been discussed over many years is how do we maintain competency in the areas in which clinicians practice over their lifetime as a cardiologist," Kuvin commented.Â
He said the proposed cardiology board would like to adhere to some basic principles that are fundamental to the practice of medicine.Â
"We want to make sure that we are practicing medicine so that our patients derive the most benefit from seeing a cardiologist," he said. "We also want to make sure, however, that this is a supportive process, supporting cardiologists to learn what they know and more importantly what they don't know; to identify knowledge gaps in specific area; to help the cardiologist fill those knowledge gaps; to acknowledge those gaps have been filled; and then move on to another area of interest. This will be the focus of this new and improved model of continuous competency."
The proposed new board also says it wants to make sure this is appropriate to the area in which the clinician is practicing.
"To take a closed book certified exam every 10 years on the world of cardiology as happens at the current time â or the assessments conducted in the other two pathways â is often meaningless to the cardiologist," Kuvin says. "All three current pathways involve high stakes questions that are often irrelevant to oneâs clinical practice."Â
"The crux of the changes we are proposing will be away from the focus of passing a test towards a model of helping the individual with their competency, with continuous learning and evaluation of competency to help the clinician fill in their knowledge gaps," he explains.
He described the new approach as "lifelong learning," adding that, instead of it being "a punitive pass/fail environment with no feedback, which causes a lot of discontent among clinicians," it will be a supportive process, where a clinician will be helped in filling their knowledge gaps.Â
"I think this would be a welcome change not just for cardiology but across medical specialties," Kuvin said.Â
He also pointed out the ABMS itself is considering a continuous competency approach, and the proposed new cardiology board aims to work with the ABMS to make sure that their goals of continuous competency assessment are matched.Â
"The world has changed. The ability to access information has changed. It is no longer imperative for a clinician to have every piece of knowledge in their brain, but rather to know how to get knowledge and to incorporate that knowledge into clinical practice," Kuvin noted. "Competency should not involve knowledge alone as in a closed book exam. It is more about understanding the world that we live in, how to synthesize information, where we need to Strengthen knowledge and how to do that."Â
Kuvin acknowledged that asking clinicians questions is a very helpful tool to identify their knowledge base and their knowledge gaps. "But we believe the clinician needs to be given resources â that could be a conference, an article, a simulation - to fill that knowledge gap. Then we could ask clinicians some different questions and if they get those right then we have provided a service."Â
Tactile skills for cardiologists needing to perform procedures â such as interventionalists or electrophysiologists may be incorporated by simulation in a technology-based scenario.
On how often these assessments would take place, Kuvin said that hadn't been decided for sure.Â
"We certainly do not think an assessment every 10 years is appropriate. We envision, instead of an episodic model, it will be rather a lifelong journey of education and competency. This will involve frequent contact and making sure knowledge gaps are being filled. There are criteria being set out by the ABMS that there should be a certain number of touch points with individuals on an annual as well as a 5-year basis to make sure cardiologists are staying within specific guardrails. The exact nature of these is yet to be determined," he said.Â
Kuvin added that it was not known yet what sort of hours would be required but added that "this will not be a significant time burden."
What is the Timeframe?
The application to the ABMS for a separate cardiology board is still ongoing and has not yet received formal acceptance. Representatives from the five US cardiovascular societies are in the initial stages of formulating a transition board.Â
"The submission to the ABMS will take time for them to review. This could take up to a year or so," Kuvin estimates.Â
This is the first time the ABMS has entertained the concept of a new board in many years, he noted. "It will be a paradigm shift for the whole country. I think that cardiology is really at the forefront and in a position where we can actually do this. If cardiovascular medicine is granted a new board, I think this will help change the approach of how physicians are assessed in terms of continuous competency not just in cardiology but across all specialties of medicine."
He added: "We are confident that we can work within the construct of the ABMS guidelines that have been revised to be much more holistic in the approach of continuous competence across the board. This includes thinking beyond rote medical knowledge and thinking about the clinician as a whole and their abilities to communicate, act professionally, work within a complex medical system, utilize medical resources effectively. These all have to be part of continuous competence."
How Much Will This Cost?
Noting that the ABIM has received criticism over the costs of the certification process, Kuvin said they intend to make this "as lean a machine as possible with the focus on reducing the financial [burden] as well as the time burden for cardiologists. It is very important that this is not cumbersome, that it is woven into clinical practice, and that it is not costly."Â
But he pointed out that building a new board will have significant costs.Â
"We have to think about developing initial board certification examinations as well as changing the paradigm on continuous certification," he said. "This will take some up-front costs, and our society partners have decided that they are willing to provide some start-up funds for this. We anticipate the initial certification will remain somewhat similar in price, but the cost of ongoing continuous competency assessment will be significantly reduced compared to today's models."
Kuvin said the collaboration of the five participating US cardiovascular societies was unprecedented. But he noted that while the transition board is beginning with representatives of these individual societies, it will ultimately be independent from these societies and have its own board of directors.Â
He suggested that other societies representing other parts of cardiology are also interested. "Cardiology has recognized how important this is," he said. "Everybody is excited about this."
The plan lets HISD begin its school year before the fourth Monday in August, allowing for it to have an extended academic calendar.
It was approved with a unanimous vote of eight in favor and none opposed.
The status means the school district will be exempt from certain statutory requirements. It'll also get more flexibility in how the district is run.
One of the exemptions in the plan would allow for a longer school year. The district has proposed starting the 2024 25 school year in mid-August. The plan would also allow the school district to hire teachers who do not hold certifications in order to fill vacancies.
The plan would modify attendance requirements for juniors and seniors who spend the time visiting colleges and universities.
It would also allow for disciplinary actions to be taken at students' home campuses for some offenses. One example would be if a student was caught vaping, he or she would not be automatically sent off to an alternative education program.
It would also create with the district calls "a rigorous teacher appraisal system" that it says would allow the district to retain the most qualified teachers.
"It's been widely adopted across the state of Texas to allow for more flexibility. In this district, it's been considered before. We wanted to deliver the district sufficient flexibility," HISD School Board President Audrey Momanaee said after the meeting.
The Houston Federation of Teachers issued a scathing statement in response to the board's approval of the DOI plan, writing, "Approval of this plan is a misuse of the public trust given to people responsible for the education and future of our children."
HFT specifically takes issue with the plan to allow uncertified teachers to instruct students. It also said the proposed teacher evaluation plan will create a punitive and subjective system.
Some people at Thursday's meeting weren't happy about the adoption. It seemed that their biggest concern was that it would lead to more job cuts. We'll have to wait and see what happens next to find out if that proves to be true.
Superintendent Mike Miles was absent from the meeting Thursday, however he did thank the board for approving the plan.
"HISD is a District of Innovation," he said in a news release. "We are making the bold changes required to Strengthen instruction and help students develop the competencies they will need to succeed in the future. Having the DOI designation is long overdue and will allow us to accelerate our work in important ways. I want to thank the School Board for its vote tonight. In addition, Iâm grateful to the District Advisory Committee for approving the measure, the DOI Committee for developing a thoughtful plan, and our staff and community for supporting Houstonâs kids every day."
We're expecting to hear from him sometime Friday afternoon.
A DOI allows more than 60 exemptions from state laws over school operations. Those exemptions include teacher certification and contracts, teacher benefits, and student discipline provisions.
More than 960 school districts across the state fall under this process.
Anuj Nayar is the financial health officer at LendingClub, a digital marketplace bank based in San Francisco.
With a heightened sense of financial uncertainty heading into 2023, itâs important for Americans to consider ways they can help make the most of their financial situation and prepare for continued economic instability.
Here are six money moves consumers can make in 2023 to help weather the unknown:
Build A Solid Emergency Fund
A perfect place to start is by building a habit of saving. Begin by putting a percentage of your earnings into a savings account each paycheck, even if itâs a small amount. By setting up automatic transfers to your account (hopefully a high-yield savings account) each pay period, youâll be able to set aside extra cash needed for an emergency without even thinking about it.
There are differences of opinion around the amount individuals should aim to have in their emergency fund, but I generally recommend saving at least three monthsâ worth of essential expenses like rent, groceries and utilities. Depending on your circumstances and financial resources, you may want to add a bigger cushion.
With many expecting a recession to occur in 2023, itâs important to keep in mind just how pricey an emergency expense truly is. According to a latest LendingClub x PYMNTS report, the average emergency expense is estimated to be about $1,400, a figure that may increase thanks to continued historic inflation. With this in mind, remember that emergency funds should only be used for a true emergency, such as an unexpected medical expense or job loss.
Find A High-yield Savings Account To Store Your Extra Cash
Take advantage of high-yield savings accounts during this extended period of financial uncertainty and high interest rates. By setting extra cash aside into these types of accounts, individuals can increase the return on their hard-earned money. As of December 2022, top rates are as high as 4.0%, so donât miss the opportunity to reap the rewards.
Pay Down High-interest Credit Card Debt
Itâs been a record year for inflation, Fed rate hikes, annual percentage rates (APRs), and increased interest rates, and unfortunately, they may get worse before they get better. Because the cost of borrowing is unusually high, itâs important to take this into account as consumers pay off debt. Individuals can utilize debt reduction strategies, like the avalanche method, where they can pay off their debts with the highest interest rates first, after making minimum payments on their other debts.
If your debt is high-interest or if you have a tough time keeping track of all your monthly bills, you can also consider consolidating it into a fixed, lower-rate personal loan.
Make A Plan For Your Student Loans
The Topic of student loan repayments has been top of mind in 2022 and itâs still unclear when loan repayments will resume in 2023. Regardless, hereâs why itâs important to prepare now for future student loan repayments.
Many people have updated their budgets without including student loan repayments. Before 2020, the average monthly payment for borrowers making active payments stood between $200 and $300. With the current economic environment and inflation, Americans will need to rearrange, sometimes drastically, their budgets to account for an additional $200-plus payment per month.
We can no longer rely on stimulus checks. Itâs no longer realistic for Americans to rely on stimulus checks as a form of income as they did for the past two years. While some may receive additional stimulus checks from their state, Americans should start to create a realistic financial game plan without planning for a sum of money that may or may not come.
You can learn more about why I think itâs imperative for borrowers to rearrange their budgets to account for student loan repayments in 2023 in a previous piece of mine.
Invest In Your Future
Itâs natural to worry when the slowed economy is reflected in a downturn in the stock market and dips in 401(k) or brokerage accounts. However, itâs important to keep the long-term picture in mind. Unless you are nearly or fully retired, you can take advantage and purchase investments at reduced prices to further your long-term investment vehicles.
Consider other investment options like HSAs, real estate, annuities and small businesses to help diversify and prepare for long-term goals. Consult a certified plan administrator or financial advisor, who will also be able to help diversify portfolios based on risk tolerance and retirement timeline.
Have Some Fun
Sustained economic uncertainty and a potential recession is a scary place to be, and Americans are rightfully feeling anxious. Itâs also important to focus on things that bring you joyâmake sure to have some fun and remember, nothing lasts forever.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
Unless youâve been asleep since the last Bush administration, youâre probably aware that employers are having a hard time finding qualified talent for jobs which demand tech skills. Qualified talent means having the requisite skills and â increasingly â relevant experience, which is turning the concept of an entry-level job into something of an oxymoron. The tech skills in question span way beyond coding. As the vast majority of good jobs now utilize software platforms for some or most functions, coding is the least of employersâ worries. Companies want talent that knows how to implement, integrate, configure, and run thousands of software platforms used to run 21st century businesses.
As Iâve chronicled Americaâs skills and talent gap, Iâve focused on hot areas like cybersecurity and data science, new software platforms like Salesforce and Workday, and hundreds of other software-as-a-service companies providing digital functionality for specific industries or job functions e.g., finance hospitals (Epic), insurance agents (Applied Epic), home care (WellSky), construction (Procore), pharma (Veeva), sales and marketing (Hubspot), customer service (Zendesk), software development (Atlassian), low-code app development (Pega), cloud computing (AWS), and digital transformation itself (ServiceNow).
But Salesforce and Workday arenât the most widely used software platforms â not even close. The platforms with the most users are enterprise resource planning (ERP) systems like SAP and Oracle. One reason is that theyâre much older; SAP and Oracle were founded in the 1970s. Another is that ERP systems were designed to handle the full suite of business functions, including accounting, budgeting, project management, and supply chain management. As a result, most large companies and organizations adopted ERP long before Salesforce was even a gleam in Marc Benioffâs eye; SAP has more than 425,000 clients across 180 countries â nearly 3x the number served by Salesforce.
SAP clients have always needed SAP certified talent on hand to maintain, adapt, and enhance their on-prem ERP platforms â SAP currently offers 145 certifications, many of which are specific to individual modules. But the need for SAP talent is growing dramatically due to a major shift. Due in part to companies like Salesforce, businesses now buy and consume software differently. Rather than installing and hosting on-prem instances, SAP is migrating clients to the cloud via its S/4HANA platform. The benefits to clients of running ERP in the cloud are many including scalability, feature availability, security, and cost savings. But migrating an entire ERP to the cloud is no small matter.
As SAPâs 2027 deadline for migrating legacy ERP systems to S/4HANA is fast approaching, clients have some major decisions to make. While S/4HANA works both on prem and in the cloud, the advantages of cloud adoption are steadily increasing, and clients who delay too long may face challenges with outdated infrastructure. So for most clients, the S/4HANA migration is synonymous with moving to the cloud.
All this requires talent. Back in 2020, a survey by the Americas SAP User Group found that only a fraction of SAP consultants were trained and prepared for the coming tsunami of S/4HANA work. SAP has since responded with the Partner Talent Initiative, offering training curricula 2-3-week-long free online bootcamps to SAP partners and aspiring consultants. But the talent gap is still massive. New research from the Americas SAP User Group found a 25% of users said the talent gap was holding up projects overall and 49% reported a lack of S/4HANA talent.
It's not only clients. According to the SAP User Group, the SAP talent gap is hitting SAP partners like systems integrators and consultancies at least as much as clients. As Geoff Scott, the CEO of the Americas SAP User Group told The Register:
We are going to feel the pinch of that skill gap. My word of caution is that as you think about moving to S/4 if you have not already, the ability for you to plan that migration may hit some turbulence related to skill gaps with your external partners. That's something that you absolutely positively should consider.
Thomas Michael, founder and CEO of Michael Management, a leading provider of SAP training, agrees:
According to our surveys of 1000s of SAP professionals, 4 out of 10 say they have not received enough SAP training to perform their job duties. This not only highlights a critical gap in professional development but also presents an opportunity for organizations to rethink their training strategies. The future of SAP lies in empowering professionals with the knowledge and tools they need to embark on the S/4HANA upgrade journey.
What are some options for closing the SAP talent gap? Itâs unlikely that colleges and universities will come to the rescue. In an article a few years ago on Texas A&Mâs effort to launch courses in cybersecurity, the Chronicle of Higher Education â American higher educationâs paper of record â reached the following conclusion: âWork-force demand can lead some institutions to teach students the skills needed for todayâs entry-level jobs. But those tools may well be obsolete five or ten years from now.â The implication â one that is absolutely in the mainstream of college and university thinking â is that updating curriculum to reflect near-term technology needs may not be a worthwhile pursuit because such needs will change. And even if colleges, universities, or â more likely â bootcamps did offer S/4HANA training, it wouldnât do much to close the growing experience gap.
The most promising solution is one that delivers not only training but also experience. Iâm talking about apprenticeship. Apprenticeships are jobs with built-in training and experience, allowing for the hiring of apprentices without either. As I discuss in my new book, Apprentice Nation, apprenticeships have the potential to close the talent gap across hundreds of sectors as well as to reinvigorate socioeconomic mobility. SAP is no exception.
If apprenticeships are the best solution for the SAP ecosystem, where will they come from? Donât look at SAP clients. Theyâre unlikely to solve this problem themselves. In a reaction to the higher cost of bad hires and increased employee churn, employers are increasingly insisting on the perfectly qualified candidate. If job applicants donât check all the boxes, they wonât be considered. Peter Cappelli of Wharton has observed this phenomenon: âEmployers are demanding more of job candidates than ever before. They want prospective workers to be able to fill a role right away, without any training or ramp-up time. To get a job, you have to have that job already.â
My best guess is that new S/4HANA talent will come from one or more SAP partners that decide to get into the business of providing trained, proven talent to clients and other partners. By deploying newly trained talent on migration projects or directly to clients and partners via staff augmentation, enterprising SAP partners can stand out in a mature partner ecosystem, and in so doing, launch thousands of remunerative SAP careers.
Over the next few years, I expect to see SAP partners launching new initiatives to provide trained, proven S/4HANA talent to SAP partners and clients. With so many clients and partners in need of talent, the opportunity is far too vast to remain unfilled for very long.
People often confuse the role of a financial planner with other, similar jobs like financial advisors. While there are similarities between these jobs, there are key differences. A financial advisor generally helps people manage their money, while a financial planner develops personalized financial plans for their clients, including estate planning, saving for children's college expenses, and retirement planning.
Both professionals may also differ regarding their educational backgrounds and designations. Financial planners may also have a special area of expertise. If you're thinking of becoming a financial planner, there are some key points you need to think about.
Do you have the right education and the skills necessary to be a success? Is this even the right career path for you? Read on to learn more about financial planning, and take our quiz to help you make a more informed decision.
Financial Planners: The Basics
Financial planners help people manage their money while sorting through their financial matters. Like financial advisors, they help their clients develop financial goals for the long term. These professionals assess their clients' stage of life, risk tolerance, and potential investments.
Financial planners also earn a living by helping people sort through and choose investments, insurance, and other financial products. Because many financial planners also specialize in specific areas, they may provide tailored services for their clients. Some of these services includeâbut aren't limited toâretirement planning, general investment analysis, estate planning, tax planning, and education planning.
Obtaining New Business
Finding clients who need those services and building a customer base is crucial to experiencing success as a financial planner because referrals from satisfied clients are an important source of new business. Whether you find new clients by giving seminars or lectures, through social or business contacts, or simply by cold calling, you must find them.
Having a broad social network is one reason many successful financial planners enter the field after working in a related occupation such as accountant, auditor, insurance sales agent, lawyer or securities, commodities, and financial services sales agent.
Financial planning employers look for candidates with a bachelor's degree in accounting, finance, economics, business, mathematics, or law. Courses in investments, taxes, estate planning, and risk management are also helpful.
Financial analysts may also seek special designations like certified financial planner (CFP), chartered financial analyst, and chartered financial consultant.
Generally, a license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, or insurance may need licenses such as Series 6, 7, or 63. These exams are administered by the Financial Industry Regulatory Authority. To take most of these exams, you need sponsorship from a member firm or self-regulatory organization.
Where Do Advisors Work?
More than half of all financial advisors work for finance and insurance companies, including securities and commodity brokers, banks, insurance carriers, and financial investment firms. However, many personal financial advisors are self-employed, operating small investment advisory firms, usually in urban areas.
Financial planners and advisors make money by either charging commissions on the investment products they sell or an annual, hourly, or flat fee for their services.
According to the Bureau of Labor Statistics, the employment of financial advisors is expected to increase by 13% from 2022 to 2032, much faster than the average for all occupations.
This is a result of the increased investment by businesses and individuals, the rising number of self-directed retirement plans, and the growing number of older adults.
Personal financial advisors will benefit even more than financial analysts as baby boomers enter retirement and as a better-educated and wealthier population requires investment advice. In addition, people are living longer and must plan to finance more years of retirement.
Is Financial Planning the Right Career for You?
Take this quiz to help you find out:
Quiz: Is Financial Planning Right For You?
1. How comfortable are you with making sales?
2. At what stage of life are you?
3. How much of an extrovert are you?
4. You could be described as:
5. At work, I prefer to do my job:
6. What appeals most to me about becoming a planner is:
7. According to the Bureau of Labor Statistics, the median annual income for financial advisors was $95,390 in 2022. How do you feel about that?
If you answered most questions with âA,â then financial planning could be the right career for you. You're energized, not terrified, by the idea of earning a substantial amount of your compensation through commissions. If you have the right connections and energy to work your networks, you could succeed in this tough career.
If you answered most questions with âB,â you need a backup plan. Financial planning might work, but you're likely to end up among the 80% of planners who, according to William F. Cole's The Complete Financial Advisor, are in the business for less than five years. When sales don't work out, what will you do next and how will you sell yourself to your next employer?
If you answered most with âC,â it's best not to consider financial planning. If you love portfolio analysis, consider working as a financial analyst. If math is your strong suit, you could go into financial engineering or quantitative analysis. You'll make more money without having to sell all day long.
Demographics of the Financial Advisor Profession
According to the U.S. Bureau of Labor Statistics, there were about 283,000 financial advisors in 2022. The lowest 10% earned less than $46,700, and the highest 10% earned more than $239,200. Broken down by gender, male and female financial advisors take home an average of $177,000 and $105,000, respectively.
The locations with the highest paying wages are Washington D.C., Hempstead Town, New York, and North Hempstead Town, New York.
The industries with the highest employment of financial advisors are securities, commodities, funds, trusts, and other financial investments (60.6%), banking and related activities (11.1%), and insurance carriers (6.09%).
How Do You Become a Certified Financial Planner?
To become a certified financial planner, you need to complete the certified financial planner (CFP) certification process and ultimately obtain the CFP certification. You need to complete coursework on financial planning through a CFP board-registered program, have a bachelor's degree, and pass the CFP exam.
What's the Difference Between a Certified Financial Advisor and a Certified Financial Planner?
There are differences between a financial advisor and a financial planner. First, there is no financial advisor certification, but there is one for a financial planner. This is because every financial planner is a financial advisor, but not every financial advisor is a financial planner. Financial planners help individuals and companies achieve their long-term goals. This involves managing money, creating savings plans, helping to buy a home, and helping with planning for retirement. A financial advisor, meanwhile, has a narrower view, which is simply helping you manage your money.
What Should I Major in to Become a Financial Advisor?
Anyone can become a financial advisor, no matter their major. That said, specific majors are more useful for becoming a financial advisor. These include economics, business management, finance, accounting, and statistics.
The Bottom Line
A financial planner can be a rewarding job that helps others financially plan for their life goals. It can also be a demanding job with such responsibilities and the necessary knowledge and skills required to do it well. Before pursuing that career path, it's important to understand if it is the right choice for you by determining if the responsibilities, the nature of the work, the hours, and the education required are worth it.
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