The global financial crisis demonstrated that trade finance is a broad concept that encompasses various products, mechanisms, and players. When trade collapsed in the fall of 2008, trade finance rapidly became the focus of attention. Foremost, the crisis illuminated the dearth of data and information on trade finance. Trade finance differs from other forms of credit (for example, investment finance and working capital) in ways that have important economic consequences during periods of financial crisis. Perhaps its most distinguishing characteristic is that it is offered and obtained not only through third-party financial institutions, but also through interfirm transactions. Table O.1 lists the major trade finance products. The vast majority of trade finance involves credit extended bilaterally between firms in a supply chain or between different units of individual firms.2 According to messaging data from the Society for Worldwide Interbank Financia Telecommunication (SWIFT), a large share of trade finance occurs through interfirm, open-account exchange. Banks also play a central role in facilitating trade, both through the provision of finance and bonding facilities and through the establishment and management of payment mechanisms such as telegraphic transfers and documentary letters of credit (LCs). Among the intermediated trade finance products, the most commonly used for financing transactions are LCs, whereby the importer and exporter entrust the exchange process to their respective banks to mitigate counterparty risk. The IMF/BAFT-IFSA bank surveys during the crisis helped gather information on the market shares of financing products and suggested that about one-third of trade finance is bank intermediated, as figure O.2 shows. Relative to a standard credit line or working-capital loan, trade finance—whether offered through banks or within the supply chain—is relatively illiquid, which means that it cannot easily be diverted for another purpose. It is also highly collateralized; credit and insurance are provided directly against the sale of specific products or services whose value can, by and large, be calculated and secured.3 This suggests that the risk of strategic default on trade finance should be relatively low, as should be the scale of loss in the event of default.

As baby boomers save for retirement and as a generally better educated and wealthier population increasingly seeks investment advice, financial planners are expected to experience faster-than- average employment growth.1 In fact, among business and financial occupations through the year 2012, personal financial advisor (or financial planners) will be one of the fastest growing occupations, with job increases of 34.6 percent. Indeed, financial planning has been repeatedly named among the best professions in the country due to higher income potential, lower stress, and personal autonomy. Fast Company rated personal finance advisor the number one job on its “Top 25 Jobs for 2005” list.3 The 2001 Jobs Rated Almanac (St. Martin’s Griffin) rated financial planner as the “best job in the whole country” and once again followed up in the sixth edition, 2002, by ranking financial planning in the top three for “best jobs in the whole country.”Graduates may work as financial planners in a variety of practice settings. Many financial planners work in small, high-end firms serving an affluent and influential clientele. A growing number of large firms seek to employ financial planners, including insurance companies, brokerage firms, banks, financial service companies, accounting and law firms, and investment banks.

Kaplan University’s Business and Finance Sector certificate programs are offered online through our School of Continuing and Professional Studies. They have been designed by experts in their respective fields to focus on the needs of a professional career. You will gain the knowledge and skills you need to attract employers who will appreciate and reward your specialized talents.

Read on to explore the Business and Finance Sector programs in detail, to give you an idea of
the knowledge and skills you will gain and the professional opportunities you may qualify for
upon completion. Call us toll free at 866.542.4042 to speak with one of our Admissions Advisors
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You are committed to success in your career. As a finance or business professional, you are dedicated to minimizing risk and maximizing return. Now take that dedication to new and exciting fields with Kaplan University’s Business and Finance Sector online certificate programs. Our Business and Finance Sector online programs allow professionals to use their expertise and talents to become financial planners, project managers, risk managers, and executive coaches. These careers offer the benefits of flexible schedules, greater financial security, and the option to work independently. In addition, our Six Sigma Certificate program teaches you how to improve business processes to do things better, faster, and at a lower cost, making you a valuable commodity. Our varied programs have different admissions requirements. To help you choose the Business and Finance Sector online certificate program that best fits your interests, career aspirations, and educational goals.