My profession.

I want to tell about my profession. As for me, I made my choice long ago. While at school, I got deeply interested in Mathematics, Computers, Law, History and English. After leaving school, I entered the correspondence department of Kemerovo State Agricultural Institute and chose the profession of economist. I want to become an economist, because this profession is very important and necessary especially nowadays, when cooperation between different countries in all spheres of life is steadily increasing.

My profession is connected with economy and policy. This profession is very popular and prestige. An economist is a person of present and future. I know much about this profession. As for me, I read special literature, newspapers, magazines, go to the public library, watch TV programs that are devoted to economy and tell about businesspersons and their job.

From year to year I enrich my knowledge about this profession. I give a great attention to English because it's becoming more important nowadays. Now, when we are reconstructing our economy, when there are many joint ventures, we need a great number of specialists having a good command of foreign languages. If we know foreign languages, we can communicate personally, read foreign economic newspapers and magazines, listen, to the world economic news. The more general aim is to broaden our intellectual and cultural horizons through contacts with people from other countries, that is necessary for economic co-operation. I am interested in different kinds of trade, the conclusion of deals, contracts.

In future I am going to get business transactions in buying and selling different goods to different ventures. I want to organize a joint venture and to deal with many customers on contracts.

To become an economist it's necessary to know very much, to be well-read, tactful, communicative and to have many others qualities. This profession is paid much attention in our country. Nowadays there are many specialists in the field of economy. I hope to be a good economist.

Вопросы для беседы:

What is your job? What are advantages and disadvantages of your profession /job? Which of your personal characteristics will help you to succeed in your career? Which qualities of your character would you like to develop? Those who chose their career correctly are really happy, aren't they?

Тексты для самостоятельной работы

Introduction to Banking and Financial Markets

A commercial bank borrows money from the public, crediting them with a deposit. The deposit is a liability of the bank. It is the money owed to depos­itors. In turn the bank lends money to firms, households, or governments wishing to borrow.

Commercial banks are financial intermediaries with a government license to make loans and issue deposits, including deposits against which cheques can be written¹.

Major important banks in most countries are included in the clearing sys­tem in which debts between banks are settled by adding up all the transac­tions in a given period and paying only the net amounts needed to balance inter-bank accounts².

The balance sheet of a bank includes assets and liabilities. We begin by discussing the asset side of the balance sheet. Cash assets are notes and coins kept in their vaults and deposited with the Central Bank. The balance sheet also shows money lent out or used to pur­chase short-term interest-earning assets such as loans and bills. Bills are fi­nancial assets to be repurchased by the original borrower within a year or less. Loans refer to lending to households and firms and are to be repaid by a cer­tain date. Loans appear to be the major share of bank lending. Securities show bank purchases of interest-bearing long-term financial assets. These can be government bonds or industrial shares. Since these assets are traded daily on the Stock Exchange, these securities seem to be easy to cash whenever the bank wishes, though their price fluctuates from day to day.

We now examine the liability side of the balance sheet which includes, mainly, deposits. The two most important kinds of deposits are sure to be sight deposits and time deposits. Sight deposits can be withdrawn on sight³ whenever the depositor wishes. These are the accounts against which we write cheques, thus withdrawing money without giving the bank any warning. Therefore, most banks do not pay interest on sight deposits, or chequing accounts.

Before time deposits can be withdrawn, a minimum period of notification must be given within which banks can sell off some of their high-interest se­curities or call in some of their high-interest loans in order to have the money to pay out depositors. Therefore, banks usually pay interest on time deposits. Apart from deposits banks usually have some other liabilities as, for instance, deposits in foreign currency, cheques in the process of clearance and others.

Пояснения к тексту

1. to write cheques against the account - выписывать чеки против счета

2. to balance an account - уравнять, погасить счет; сбалансировать статьи

расходов

3. on sight - по предъявлении (без предварительного уведомления).

Используя текст Introduction to Banking and Financial Markets, закончите cле-дующие предложения:

1. Banks borrow money from the public in order to ...

2. The clearing system lets banks ...

3. The asset side of the bank balance sheet includes ...

4. The liability side of the balance sheet includes ...

5. The two most important kinds of deposits are known

6. Cheques can be written against ...

7. Interest is usually paid on ...

8. To withdraw a time deposit one must give the bank a period of notifica­tion for the bank ...