English For Finance February Newsletter

Financial English Newsletter

Issue 1

February 2007

Contents

1) Welcome to the Financial English Newsletter
2) What is Financial English?
3) Who is Financial English for?
4) Book Review
5) Exercise
6) Conclusion
7) Answer to exercise

1) WELCOME TO THE FINANCIAL ENGLISH NEWSLETTER

Welcome to the Financial English newsletter, this is the first edition!
My name is Eoin (pronounced Owen) Baxter, and I am specialised in the
teaching of English for Finance.

This newsletter is for anyone with an interest in speaking and using
English in a financial context.

We will include reviews, exam news, financial vocabulary exercises, and lots more related to English in a financial context.

Please, put this email address in your address book so you will be certain to receive your newsletter every month. (Who ever reads their AntiSpam folder?)

2) WHAT IS FINANCIAL ENGLISH?

Good question! It’s actually quite a broad category, including the study of English for banking, accounting, auditing, management accounting, hey and anything else that comes under the category of finance.

So, how is learning Financial English different from learning general English? The primary difference is focus on vocabulary and how to use it. Normally, the student will understand the concepts in their language. It is expressing those concepts in English that is difficult.

Obviously, in a normal classroom situation, speaking in a financial context will be very important. Speaking in an online situation is more complicated. No matter what the sales person of voice recognition software says, the technology is just not mature enough to provide genuine conversation online. Let’s wait 10 years or so! (or 20?)

Learning Financial English online, we have to focus on vocabulary, listening and exercises to reinforce the vocabulary.

One other important difference between general English and Financial English is the necessary level of English. If your level of English is low (pre-intermediate or elementary) then Financial English will be difficult for you. Normally, your level of English should be a minimum of intermediate. (If you want to test your level, go to our website and take our free level test)

3) WHO IS FINANCIAL ENGLISH FOR?

Anyone with an interest in learning English for Finance is the easy answer! More specifically, professionals working in banking, accounting or financial world who need to work in English is one major interest group.

Students studying their degree or MBA through English will
also benefit from studying Financial English.

Maybe there are other interest groups who I haven’t thought of! Please tell me if you think of any!

4) BOOK REVIEW

I think a good place to start is with a book that has been around for years, and for a long time was practically the only Financial English book available.

I’m speaking of “Financial English” by Ian McKenzie. This book takes the vocabulary approach. True or False exercises, matching vocabulary with definitions, crosswords, word searches etc.

It is divided into 6 sections- Numbers, Accounting Basics, Money and Banking, Trade and Commerce, Company Finance and Economic Issues. Each section has between 10 and 20 different exercises. (Except numbers, only has 2 exercises).

So, is it a good book? Well, yes and no. The vocabulary exercises are comprehensive, but sometimes, the answers are a little confusing. Some exercises come with a text explaining the concept, but most don’t. This can make it a little difficult as if you don’t understand the concept behind the exercises, then it makes the exercises that
much more difficult.

Having said that, the answers are provided at the back of the book, and a glossary is also included.

For me, the main disadvantage of this book is that it only focuses on vocabulary, There are no listening exercises. Also, there are no writing exercises.

The result of this is that this book can be used in class for maybe 30 minutes max. More than that, and it gets a little boring.

So, what’s my overall assessment? I give the book a 7 out of 10.

Financial English is written by Ian McKenzie and published by Thomson Heinle

5) EXERCISE

Let’s start with a vocabulary exercise. It’s always a confusing issue-
what words are used in the United Kingdom, and what words are used in the United States.

Match the words in each list to the word with the same meaning.

United Kingdom: stock, creditors, managing director, debtors, cheque, Articles of Association,company, share

United States: CEO, bylaws, corporation, check, payables, receivables, inventory, stock

For example: debtors in the UK are called receivables in the USA.

The answers plus definitions are at the end of the newsletter.

6) CONCLUSION:

Well that’s it for the first issue of the English for Finance newsletter.
I really hope you like it. I would love to hear any comments and suggestions you might have about the newsletter.

Email me at newsletter@englishforfinance.com.

Next issue will be out around the middle of March.

The website is being changed to make it clearer and easier to read. When the changes are made, I’ll let you know.

Also, not to be missed special introductory offer, each course can be bought for only 19 Euro! This price will not last long, only for the first 100 buyers.

Check it out at the website: www.englishforfinance.com.

This newsletter is written by Eoin Baxter. Eoin is Irish and runs a language training company in Madrid, Spain specialising in English for Finance. The company is called Baxter Business Services.

Eoin is a qualified accountant (ACCA- Chartered Association Certified Accountants) and also has a TEFL (Teach English as a Foreign Language) diploma. Eoin has been teaching English as a second language since 1998.

7) ANSWERS TO EXERCISE

Stock in the UK is Inventory in the USA
Creditors in the UK is Payables in the USA
Managing Director in the UK is CEO in the USA
Debtors in the UK is Receivables in the USA
Cheque in the UK is Check in the USA
Articles of Association in the UK is Bylaws in the USA
Company in the UK is Corporation in the USA
Share in the UK is Stock in the USA

(Yes, be careful with stock. It has different meanings in different countries)

Definitions:

Stock/Inventory: Goods purchased for resale, not yet sold.

Creditors/Payables: A person or organisation who provided goods or services, to the company but hasn’t been paid yet.

Managing Director/CEO(Chief Executive Officer): The top director responsible for managing the corporation.

Debtors/Receivables: A person or organisation who received goods or servces from the company but hasn’t paid yet.

Cheque/Check: A written document with the customers bank details and space to fill in the amount of the payment being made in words and numbers and the name of the beneficiary of the cheque.

Articles of Association/Bylaws: Legal document required to start a corporation with information as to how the company will be governed.

Company/Corporation: Legal business entity separate from its owners.

Share/stock: A legal document giving control or part control of a company.

UNSUBSCRIBE

If you received this newsletter by accident, or no longer wish to receive the newsletter, then email us at newsletter@englishforfinance.com with unsubscribe in the heading.