MAA250 Ethical Lens Inventory Assignment Sample

• Subject Code : MAA250
• University : Deakin University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Accounting & Finance

Ethics for Financial Professionals 

Ethics is a concept liable to various perceptions, often contradictory (Mahdavikhou, & Khotanlou, 2012). As a trainer in financial matters, some ethical precepts are considered to be features of a successful and knowledgeable financial professional (Smith, Armstrong, & Francis, 2014). It involves integrity, objective recommendations, competence, fair therapy, privacy, critical research, and professionalism. Ethical lens inventory is a technique employed by one to analyze themselves personally by examining their values and how they should adhere to them when making decisions based on ethics (Orms, 2016). Maya Angelou stated that "You can only be genuinely achieved at something you admire. Don't make money your target, follow your passion instead, and do it so well that individuals can't hold their eyes off you (Huffman, Sanderson, & Dowdell, 2017)." 

I recently came across this quote while attending a career day at my former high school. I have always taken a passion for everything finance for a long period of time and not just earning money, but the integrities that brings about the achievement. These include the financial patterns in the corporate world, the foreign exchange rate, and the positive stories of successful brands. My curiosity in how the companies are financially successful, and not just how well they were worth, triggered my curiosity in finance. Finance is more than complicated equations or realizing how money operates. It is a challenging study to evaluate how to add value to an asset or resource in a manner that will fulfill the interests over a longer period of time. It is something I strive for and enjoying doing to understand the patterns and the loopholes that arrive with multiple areas of finance. Indeed, I intend to make it financially empowered in terms of proposing creative revenue generation strategies, financial awareness, and investment guidance by pursuing finance and ultimately supporting my society. However, doing this is not a great idea. It demands loyalty and devotion to precepts that make one a successful and skilled financial professional. It involves dignity, specified guidance, honesty, equal opportunities, secrecy, critical analysis, and expertise.

I gained a glimpse of my ethical viewpoint by taking an Ethical Lens Inventory that will go a long way in defining how I structure my professional career. I reached the conclusion that responsibility is my preferred lens. I am inspired by a profound sense of accomplishing what is expected of me and the objectives I set for myself.

I use a traditional analytical technique that helps me to ask others on the route ahead when I pass through a situation in which they had a common experience.

Blind spots are typically related to limited vision (Zajac, & Bazerman, 1991), too myopic performance judgments (Miller, 2002; Levinthal, & Posen, 2007), or cognitive inertia of intermediate or high-level leaders (Tripsas, & Gavetti, 2000). An individual is considered as boundedly ethical, which implies, they do not ever understand the ethical dimensions of their judgments, as they are constrained to precise and expected ethical blind spots. Blind Spots inform me how to maintain a spot for ethics in the offices, societies, and everyday lives. It takes into account how blind spots such as moral weakening, that is the absence of ethics from the decision-making process (Bazerman, & Tenbrunsel, 2011). It also contributed to accidents and controversies such as the failure of the Challenger space shuttle, the involvement of steroids in Major League Baseball, the financial market crash, and the banking crisis.

Even if I have rarely faced blind spots in a working environment, many of us understand what it was like to cope with the usual ethical problem. It needs a combination of thought and gut feeling. But, our brain has to recognize the problem as an ethical one to reach that point, and such understanding mostly arrives late or not at all. Since nothing "looks" incorrect, I consider stuff as usual and natural and devote no serious attention. It is usually assumed that an individual see whatever one likes to see and what one plans to do. Such observations can be a cause of problems as the interests and aspirations can be self-serving.

The Ethical Lens Inventory stated that my “Blind Spot” is overconfidence in self-efficacy. It says that everyone else can fend for themselves as long as I am happy. First of all, this is incorrect. I never prioritize myself above others, and I believe that almost all of the time I give priority to others too much. Before I even make a move, I often make sure that everyone else is satisfied. It looks like I continue such a process frequently, even though I think never again.

The Ethical Lens Inventory (ELI) says that I actively look for a win-win situation and that I utilize my prior experience as a guide, fusing my insight and creativity in order to address the problem. I am able to recognize various aspects of personalities, hear to other's concerns, and address their concerns as soon as possible. I am able to consider all sides of the equation, considering different viewpoints into account, and take into account those solutions that make everyone happy. Also, during my high school, I stimulate self-confidence and activity among my friends at great, by providing them a taste of realization for the hard work. Even by a powerful voice, reporting, and communication skills, I actively convey my skills. I am always the individual encouraging everyone in a distressed situation. I keep myself responsible, even when others do not.

The Ethical Lens Inventory focuses on four foremost aspects/lens like responsibilities, outcomes, connections, and respect. These are all the juxtaposition of universal principles such as fairness, freedom, dignity, and responsiveness (Keough, 2019). The Ethical Lens Inventory stated that my “Core and Classical Values” include autonomy, sensibility, and prudence. It declares that my prime interest is shielding the individual’s rights, and it is the most trustworthy way to guarantee that everybody will be treated fairly. My classical values stated that I use prudence, demonstrates a type of foresight that allows me to act with an open-minded self-interest in any particular circumstances. It also stated that I have to further bring optimism and imagination to the table, which is interesting because I have been told that I can be a little too promising at times. The Ethical Lens Inventory has enabled me informed of particular skills and values that, if not concentrated on, will possibly trigger huge problems. It proclaimed that my nature is sometimes judgmental or selfish. I might badly hurt the emotions of an individual if this happened. I did not note that for certain persons; I carry remarkably high hopes until analyzing the outcomes of the ELI. I have now become knowledgeable of this and will try to maintain my aspirations at a moderate rate. I also have to bear in brain that only because my approach succeeds, even if they don't choose it my style, someone else can achieve the best thing I need. It states to improve my perceptive thinking.

The Ethical Lens Inventory further states my skills that I am dedicated to examine each situation as its issue and apply the rule that is most suitable for the situation at hand. I have the capability to manage people in my work, and I am always in charge. I have the skills to be fair for everyone that is in my society or another club. I can adjust my knowledge and my feeling keenness to learn general habits that every person should understand. Also, it states that I have the talents of understanding others' feelings and kindness. I have to work on the skills of scientific thought and analysis to discover human systems of justice.

Classical virtues are fortitude that exhibits courage in challenging circumstances. I have now become knowledgeable about this and will try to improve my skills and values at a great level. My fundamental values are rational and autonomous, and the judgments I choose have been influenced by such values for a long time. I possess compassion as an ethical gift that will allow me to look out for the community's welfare and my ongoing and prospective clients. I believe that an individual is ethical if they can properly perform their task or responsibilities. This is my ethical determinant.

References for Ethical Lens Inventory

Bazerman, M., & Tenbrunsel, Ann. (2011). Blind Spots: Why We Fail to Do What's Right and What to Do about It. 10.1515/9781400837991.

Huffman, K., Sanderson, C. A., & Dowdell, K. (2017). Psychology in Action. United States: Wiley.

Keough , P. D. (2019). Ethical Problem-Solving and Decision-Making for Positive and Conclusive Outcomes. United States: IGI Global.

Levinthal, D. A. & Posen, H. E. (2007). Myopia of selection: Does organizational adaptation limit the efficacy of population selection. Administrative Science Quarterly, 52(4), 586-620. 10.2189/asqu.52.4.586

Mahdavikhou, M., & Khotanlou, M., (2012). The impact of professional ethics on financial reporting quality. Australian Journal of Basic and Applied Sciences, 5(11), 2092-2096. http://dx.doi.org/10.2139/ssrn.2092579

Miller, K. D. (2002). Knowledge inventories and managerial myopia. Strategic Management Journal, 23(1134), 689-706. 10.1002/smj.245

Orms, C. M. (2016). Developing the personal ethics code: a key element of an effective business ethics course. Business Education Innovation Journal, 8(2), 51-58.

Smith, J., Armstrong, A., & Francis, R. (2014). Professionalism and ethics in financial planning. Journal of Business Systems, Governance & Ethics, 2(1). 10.15209/jbsge.v2i1.94.

Tripsas, M. & Gavetti, G. (2000). Capabilities, cognition, and inertia: Evidence from digital imaging. Strategic Management Journal, 21(10-11), 1147-1161. 10.1002/1097-0266(200010/11)21:10/113.0.CO;2-R

Zajac, E. J., & Bazerman, M. H. (1991). Blind spots in industry and competitor analysis: Implications of interfirm (mis) perceptions for strategic decisions. Academy of Management Review, 16(1), 37-56. https://doi/10.2307/258606

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