personal statement for university accounting and finance

Sample Personal Statement Accounting and Finance

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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Accounting and Finance Personal Statement Example

Sample statement.

No one who has watched the news or read the newspapers over the last few years can doubt the importance of finance in the modern world. Since the economic crash of 2008, the economies of Britain, Europe and the wider world have been headline news, and the affects have been keenly felt by each and every one of us. I want to study finance at university not only to allow me to understand what is happening, but also to influence these events for the better.

With my parents running a long-standing family business, accounts and finance have been a large part of my life for as long as I can remember. My father has always involved us in the running of the business, explaining his decisions so that we could support him and know what was going on. However, it has been really difficult to watch as events way beyond his area of business, have caused his company to struggle, despite the hard work and dedication of him and his staff.

I have steered my studies towards the ecomomic subjects so that I can gain a better understanding of the wider picture and how this has affected my family business. I have studied maths and business studies, along with geography to give me a worldwide context for these events. As I have got older, I have also become more involved in the details of the company’s finances, gaining an in depth understanding of the mechanics of running a small business.

While I will ultimately inherit the family business from my father, I aim to spend the intervening time gaining as much experience in the wider world of finance and accounting as I can, in order to bring fresh perspectives to the way things are done. I believe the best first step on this road is to study finance and accounting at university, so that I can apply the very best practice to the business.

I am a subscriber to The Economist and regular reader of the Financial Times, which help by giving me different views and opinions on the key issues of the day. I am also a keen member of the school debating society, and enjoy being given a point of view to defend, especially if it is one that I do not personally agree with. I have even considered a career in law as a result of this, but I feel that finance and the economy are in my blood as part of my upbringing.

Of course, life is not all work, and I enjoy hill walking with my friends as well as playing for the school rugby and cricket teams. I was also part of a school project to build and race a go-cart, and was one of just a handful of people who stuck with the project to the end. This experience of working in a close-knit team was a valuable time for me and one that I will treasure, along with the second place trophy that we worked so hard for.

I believe that university life will be an education for me, not only academically, but also in a social and interpersonal way. The experience will prepare me for the working world and ultimately make me a worthy successor to my father as head of the family business. 

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Dr Fatimah Zainudin from the University of Southampton’s management school is looking for 'the "chemistry" that makes an applicant shine out,’ so try and demonstrate your enthusiasm about the course and the buzz you'll get from studying it.

'What we love to see is a passion for the subject itself. If you fall in love with the subject, that’s what will lead to success on the course; it will give you the right chemistry,' she says.

Demonstrate your enthusiasm

If you can demonstrate what's sparked your interest in finance and accounting, that's a good start – but it’s no good just saying you’ve got a passion for it, you have to show it.

If you’re not the kind of person who gets very passionate about things, don’t worry. But do still try to explain what it is that attracts you to studying it. Then back it up with evidence of your relevant skills, knowledge or experiences and show that you understand something about what’s involved. That should solve it.

See our in-depth guides to studying finance or accounting at university, from typical modules to career paths, for some inspiration.

Finance and accounting personal statement must-haves

• Get the basics right: good communication skills are essential to anyone working in the finance sector, so make sure your statement is well-written. Nobody is asking for a literary masterpiece here, just a well-structured and waffle- and error-free statement.
• Interest in the subject: Sheffield Hallam University is looking for you to demonstrate 'an interest in and awareness of accounting and finance, or some level of practical experience.' Similarly, Bristol is looking for 'interest and commitment to the subject.' This means conveying enthusiasm for studying it and showing that you understand something about it, whether that comes from reading, work experience, or studying relevant topics in your A level, BTEC, or Higher course.
• Business awareness: University of Bath selectors are expecting students to have an interest and aptitude for 'quantitative analysis of business issues.' Demonstrate this with evidence that shows your abilities for applying mathematical skills to the analysis of business problems.
• Beyond the classroom: The University of Bristol is looking for 'intellectual curiosity – reading or research beyond the A level (or equivalent) syllabus.’ This is always good practice in personal statements, provided you then reflect on what you learned from your wider reading or research – they don’t just want a list.
• Relevant outside interests: if you choose to include extra-curricular activities, make sure they are relevant or showcase appropriate personal characteristics, skills, or achievements. Apply the 'so what?' test: if you play the flute or basketball, can you make that relevant to your future success at university, or should other factors take priority in your 47 lines?

Make the most of any experience

If you’ve had some work experience , that’s great. It doesn’t matter whether it’s a couple of weeks spent shadowing an accountant, a couple of hours just talking to one, a part-time job in a financial, retail, or business environment, or a scheme like Young Enterprise. What does matter is that you write about something relevant that you have learned from it. But, as Sheffield Hallam and LSE say on their websites, experience is not essential, so don’t panic if you don’t have any.

Your commitment to studying accounting or finance as an academic subject is usually the key requirement. However, if you can also show that extra ingredient of passion and a glimpse of the ‘chemistry’ that exists between you and the subject, then your application really will stand out.

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• Accounting personal statements

Accounting and finance degree personal statement example (1a)

My decision to apply for a degree course in Accounting and Finance stems from my research in the college library and my career aspiration to become a chartered accountant. I particularly enjoy administrative work, numerical and statistical exercises, and opportunities to work with others as a team. I am confident that these strengths and transferable skills will be developed in a degree course, and valuable in my subsequent career

In order to get a head start, I have arranged a two-week work experience programme with Ahmed and Co accountancy, which provides services for well-known restaurants, cafes and other businesses. These two week work experience will provide me with a greater understanding of the basic skills required of an accountant, and introduce me to techniques such as cash balance appraisal, budgetary control and current cost accounting

I am currently studying A- Level ICT and History and AS- Level Urdu and Business Studies. Studying AS-Level Business Studies will provide the foundations and understanding of real life problems faced by businesses and the right solutions that are used by professional businesses in order to succeed and A-Level in ICT will give me a better understanding of advanced technology available that can be used in order to process more easily with less time consuming

I am a very active sportsman, taking advantage all sports facilities that my college provides. I have represented my college in cricket, football, basketball and cross-country and the medals, certificates and trophies accomplished can represent these. I hope to take these achievements further by representing the university in the sports facilities it will provide and by achieving more medals and trophies as possible

I believe university offers an excellent opportunity to further my learning in a challenging environment so I am applying for a degree in accounting and finance, which will enable me to acquire the skills required to understand the world of business and help me become a chartered accountant

I look forward to the challenge of a demanding degree course, and am confident that I have the personal qualities and academic motivation to make a success of it.

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Accounting Personal Statement Examples

Personal statement examples for accounting are available for students to use as inspiration. Read below both examples.

Accounting Personal Statement

I am inspired and motivated by my family and by my own general aptitude for mathematical subjects to pursue a degree in accounting and to pursue a career in the field. During my summer vacations, I worked in the accounting department of my father’s company and observed the accountants at work and learned a lot from them. Upon graduation, my immediate plans are to return to my father’s business, assist him with his business, and gain experience that can be applied to my own company in the future. As China’s business environment continues to develop and expand at an unprecedented rate, I am eager to contribute to this new era of commerce. The versatility and variety of accounting appeal to me. Modern enterprises can benefit from the expertise of a well-qualified accountant in many ways, and a degree in business studies from a British university would be the best way to begin my career in this field, given the reputation of British universities and the business studies courses they offer. It is very important to my parents for me to take advantage of this opportunity to study in the UK and to expand my academic knowledge and skills.

Modern corporations, charities, governments, and individuals are eagerly seeking accountants from good universities with good degrees. The role of accountants in business planning and decision-making is becoming increasingly important, so they need good interpersonal skills in addition to academic aptitude. Complexity and analytical abilities are required for the job. In the same way that businesses rely on their lawyers, I understand that as an accountant I carry enormous responsibility. In addition to keeping up with tax and legal developments, the accountant must always be accurate and able to work under pressure. Being a member of a well-respected profession would be a great source of human satisfaction, both materially and personally. Prospects seem very promising to me.

Reading journals and following economics stories in the media has developed my interest in the business world and accountancy. Regularly updating one’s information is essential given that the situation is constantly changing. My communication skills and approachable temperament extend beyond the classroom. Both in everyday life and in my academic studies, I enjoy being part of a team. Being a team leader during my college’s summer campus taught me a lot about working with others and getting along with them. Being able to serve the needs of the elderly has always been rewarding for me as a volunteer in care homes in China. I love adventures, also I am open-minded and always ready to try new things and consider new ideas.

I have a number of languages, Chinese, fluent English and some Japanese and Korean. I believe that such skills are an immense asset in today’s increasingly international and globalised economic environment. I also have highly trained IT skills, which I know are now central to the accountancy profession. I am hard-working, reliable and mature in my attitude, and very much committed to my chosen career path. I have a number of friends with whom I would hope eventually to set up a joint venture company, after working for some time in my father’s firm. I am academically able, enthusiastic, energetic and ambitious, and very much look forward to a successful career. I can offer my total commitment to my chosen course and I hope you will consider my application.

Accounting Personal Statement Example

Besides serving as the cornerstones of any successful business management , finance and accounting are also two of the most important building blocks of our contemporary society, and they become even more important during economic crises, like the one we are currently experiencing. Hence, I cannot see how anyone cannot become fascinated by learning more about the processes that govern capital flows and shape our world. I have grown steadily fascinated by these processes and developed an aptitude for and interest in mathematics throughout my school years, so I am confident I will be a motivated and ambitious undergraduate student in these subjects.

I have always enjoyed subjects which focus on numbers and mathematics. In addition to my studies, I also undertook maths challenges that aimed to make mathematics accessible and fun. It is this attitude to the subject that has inspired me to continue progressing to higher-level study in related subjects. My positive attitude to study also extends to other subjects, however, and I have gained valuable skills and experience from branching out into other fields. Studying Biology and Chemistry not only made good use of my mathematical skills but also encourage a logical, patient approach to problem-solving, while studying German inspired an interest in learning about other cultures and languages that will assist me in the increasingly international field of global finance.

Gaining experience within existing businesses offered an opportunity to begin to see how the principles of finance were applied in a real-world context. Through working as a customer adviser at Next, I have gained experience in working to daily targets, handling money and realising the importance of setting and adjusting financial expectations based on a variety of variables. Through occupying a customer service role I also gained the opportunity to hone communication and teamwork skills, allowing me to maintain excellent relationships with customers and colleagues. During my work experience with Edutech, I also utilised and developed these same skills, while undertaking repairs of school computers and increasing my knowledge of Information Technology and computer systems, so central to the contemporary field of finance.

I have been deeply involved in supporting both my academic and local communities, believing it is essential to help guide younger students at my school and in my neighbourhood. I have found serving as a role model for them as they overcome challenges to be immensely rewarding. I served as Senior Prefect and School Council Member, roles giving me a window into how funding decisions directly impact students – reinforcing the centrality of finance and accounting. I also volunteered with Oriel Youth Wing, establishing and running a youth club, an experience that taught me much about organization and time management while mentoring members through difficulties. Similarly, I mentored and supervised children of various ages through BEIS fun club and the Knowing Me Knowing You mentor scheme.

As a committed and ambitious student with an aptitude for mathematics, I believe I possess the intellectual ability and drive needed for undergraduate and potentially graduate studies in accounting and finance. More importantly, as someone with a well-developed social conscience, I will bring to my studies an awareness of the profound impact these subjects have on all our lives, creating extra motivation to understand and influence these fields after graduation.

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• Tips for Writing a Personal Statement for the University
• How to Write UCAS Reference Letter

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Accounting and Finance Personal Statement (Hoi Lee Yang)

Hoi Lee Yang is currently studying Bsc Accounting and Finance at the London School of Economics and Political Science, and is graduating in 2021. This personal statement was part of his successful application to LSE, University of Warwick, University of Bristol and Durham University for Accounting and Finance.

As a child, I was enamoured with the same questions that would have plagued any questioning child’s mind. Like any aspiring engineer or doctor or lawyer, I yearned to know more about how the world, in all its intricacy and sophistication, functioned. I savoured my opportunities to learn about the breakthroughs of physics in creating our modern comforts, and relished the study of history: of how every nascent today is inextricably linked to past events. I have been thrilled by the knowledge of anatomy, learning so intently about what I was, and how I functioned. Despite all this, the world appeared insistent in showing me that the true key to understanding its machinations lay not in any of these fields. The surest way to make sense of the world, it seemed, was in a certain field without which all human activity would not function. It manages us, as much as we try to manage it: money.

I am interested in accounting and finance due to its sheer ubiquity. I realise that every economic entity, from the big corporations and governments down to local sundry shops or even households, relies on the management of finances and planning for the best future outcome. Accounting has always been a deep-rooted industry, charting a colourful history from the clay envelopes used for bookkeeping in 5000 BC Mesopotamian temples, to the double-entry ledgers of Medieval Venice. Regardless of what general perception might contend, though, I am convinced the field of accounting is also one of growth and vibrancy. Looking to the recent proliferation of financial technology, or Fintech, I am particularly keen to follow the advances in the field as I make my journey into accounting at university.

March 2017 saw HSBC, Europe’s largest bank, partner up with an online commerce platform, Tradeshift, to offer an online alternative for financing and paperwork. This is part of a broader phenomenon of big finance companies collaborating with Fintech startups not just in the UK, but around the world. On the ground, we see the business world evolve, just as it did when manufacturing first took root in the Industrial Revolution. A KFC outlet in Beijing now accepts payment through facial recognition, and the Singapore government is working on a standardised QR code system for all monetary transactions. Bitcoin, despite price volatility and initial hostility from banks had, by the end of August 2017, octupled its market value in a year, pointing to its increasing use as a medium of transaction. Other cryptocurrencies like Ethereum and Litecoin also follow suit. At university, I am eager to refine my knowledge of the current framework of finance, and alongside a group of equally-curious peers, enrich myself with a better understanding of how the status quo will adapt to these technological advances.

I am drawn to accounting and finance due to the promise of challenge, not only arithmetically but also in tackling complex problems. A-Levels also marked my first exposure to the world of Economics, allowing me to enrich my understanding of accounting with a background context in how the business world worked. The course compelled me to pick up books such as Daron Acemoglu’s ‘Why Nations Fail’, which intrigued me with the idea that governments must strive to maintain inclusive economic activity that incentivises every party to work hard. The copious examples of failed civilisations which could not ensure a reward for parties to take risks and adopt new technologies had also sparked my interest in management, realising how similar the running of businesses are to that of entire civilisations.

I feel I am a dynamic, curious and highly-motivated student who is very excited about the prospect of studying Accounting & Finance at a first class university in the UK. I eagerly look forward to the challenges I will face on an academically rigorous and complex course. And hopefully by the end of my degree, the machinations of the world will be a little less elusive.

DISCLAIMER:  The personal statements on this site are strictly meant as a starting point to give an idea of how successful personal statements look like. There is no surefire formula to writing good personal statements.  COLLEGELAH IS STRICTLY AGAINST PLAGIARISM OF ANY KIND .  UCAS employs a plagiarism check system  that checks applicants’ work against other published writing so please  DO NOT PLAGIARISE.

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Education | Two new laws crack down on sexual harassment at…

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Education | billionaires’ utopia company california forever scraps plan for ballot initiative in wake of damning report, education | two new laws crack down on sexual harassment at california universities, bills follow sexual misconduct at san jose state.

The new laws Gov. Gavin Newsom signed July 15 require Cal State University officials to expand current sexual assault prevention training, standardize investigation and reporting processes, track cases and address unprofessional conduct that doesn’t fall under sexual harassment.

“The signing of these bills is a significant first step to fostering cultural change, accountability and trust at these institutions,” said Assemblyman Mike Fong, an Alhambra Democrat who chairs the Assembly Higher Education Committee and coordinated a 12-bill package addressing sexual harassment.

Amy Bentley-Smith, a Cal State University spokeswoman, said “CSU has worked very closely with the Legislature on this bill package for the last year and are pleased to see both bills signed.” San Jose State declined to comment on the bills.

San Jose State, the oldest CSU campus, made headlines in 2020 when an investigation revealed that the Spartans’ sports medicine director and head athletic trainer, Scott Shaw, had sexually harassed at least ten former and current SJSU student-athletes.

The scandal led to a U.S. Department of Justice investigation, the resignations of the school’s president, Mary Papazian, and Athletic Director Marie Tuite and forced the university to pay more than $5 million to over two dozen athletes Shaw had treated. In November, Shaw was sentenced to two years for sexually abusing students under the guise of treatment.

Controversy hit the Cal State University system again in 2022 when a USA Today investigation found the system’s then-chancellor, Joseph I. Castro, had mishandled sexual harassment claims while he was president of Fresno State. Castro resigned shortly after, along with several other top officials across the university’s 23 campuses.

To address the growing problem, Cal State University paid San Francisco-based law firm Cozen O’Connor around $1 million to conduct a systemwide investigation into how its campuses were handling sexual misconduct complaints. The 236-page Cozen O’Connor report — released July 2023 — found failures across the entire university system that resulted in the mishandling of hundreds of sexual misconduct complaints.

A separate July 2023 report by the California State Auditor — which focused on Cal State University’s Chancellor’s Office and three campuses, including San Jose State — found similar concerns with how campuses were investigating allegations and disciplining employees who had engaged in sexual harassment or misconduct.

The state auditor report included eight recommendations for the CSU Chancellor’s Office to improve the university’s policies, including requiring case tracking, consistent investigation and reporting processes and establishing requirements for addressing conduct that is unprofessional but does not fall under sexual harassment.

One of the bills Newsom signed, AB 1790 by Assemblyman Damon Connolly, a San Rafael Democrat, requires California State University to implement the auditor’s recommendations by July 1, 2026. The university system also must submit an initial report of the status of implementation by July 1 of next year.

“This legislation will ensure that survivors are heard, perpetrators are held accountable, and our educational institutions uphold the highest standards of justice and support,” Connolly said in a news release.

Newsom also signed AB 2608 by Assemblyman Jesse Gabriel, an Encino Democrat, which will expand current sexual assault prevention training at colleges and universities to include topics related to alcohol- and drug-facilitated sexual assault and increase students’ access to confidential support and resources. Bentley-Smith said Cal State University officially supported the bill.

Fong said the 12-bill package aims to address and prevent sexual harassment at higher education institutions across the state, improving the campus climate at all California colleges and universities, not just Cal State University.

He added that improving how California addresses and prevents sexual discrimination and harassment at colleges and universities has been a priority of the Assembly Higher Education Committee for many years.

The other bills in the 12-bill package are working their way through the state Legislature, including some that would require a systemwide Office of Civil Rights to oversee policies and establish a Title IX office at CSU and UC campuses, and a few that would have implications for employees who have engaged in sexual harassment.

One aims to target “pass the harasser” policies — a well-known practice referred to by the Chronicle of Higher Education as “higher ed’s worst-kept secret.”

Currently, a college faculty, staff or administrator found to have committed sexual harassment can resign and still get a new job at a different campus because universities don’t share previous misconduct of former employees.

AB 810, by Glendale Assemblywoman Laura Friedman, a Burbank Democrat, would require applicants to disclose if they had previously been found guilty of sexual misconduct. Friedman said the bill does not prohibit a college from hiring the applicant, but ensures administrators are aware of that applicant’s history.

The Cal State Student Association, which represents nearly half a million students in the CSU system, voiced support for nearly every bill in the 12-bill package, including Friedman’s bill.

“We commend the efforts put forth in the Call to Action Report by the committee,” the association said. “The findings underscored significant shortcomings in addressing discrimination and inequitable treatment within the CSU system which deeply concern us.”

Fong said he is hopeful the entire legislative package will be signed into law, but knows it will be a multiyear effort.

“There is still much work ahead,” Fong said, “but I am confident in the impact this legislative package will have for our campus communities.”

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by Ryan Fagan | Jul 17, 2024

Maggie Rapplean gave birth to her son Roman in June 2023, made partner at Moneta in Dec. 2023 and graduated from UMSL with her MBA in May 2024. (Photo by Derik Holtmann)

Maggie Rapplean is a goal-oriented person. That mindset is one of the reasons the two-time University of Missouri–St. Louis graduate has been so successful in her career as a financial advisor, and it’s also one of the reasons that running is so appealing to her.

Finish the 5K. Finish the 10K. Finish the half-marathon. Set the goal, accomplish the goal. A couple years ago, she set two very big life goals.

“I wanted to grow my family, and I also wanted to pursue partnership,” she said. “So I pursued partnership while pregnant.”

Daunting challenges individually, no doubt. Simultaneously? Downright formidable.

But Rapplean was determined, and to the surprise of exactly zero people who know her, she accomplished both goals. Her son Roman was born in June 2023 – joining her daughter, Maddy, and oldest son, Chase – and she was approved as partner by the board at Moneta Group Investment Advisors on Dec. 13.

“My personality, I was satisfied with making partner for about a week and then started to set new goals to help more people and grow my practice,” she said. “Because now I have two people on my team  who rely on me, so we have to continue the momentum, grow the business and give them career paths.”

One huge element of Rapplean’s path to partnership at Moneta  – along with expanding both her client base and team, exceeding her clients’ financial expectations and passing other required metrics along the way – involved getting her MBA  from UMSL’s College of Business Administration .

“I wanted to have a full scope,” Rapplean said. “I’ve always focused on finance. I’m really good with numbers, but I wanted a broader scope of business. The MBA really got me out of my comfort zone in a lot of areas. The leadership, entrepreneurship and management courses, I really needed to be functional for where I’m at today. The marketing class with Professor Tessa Garcia-Collart was great and gave me new skills I needed to market my practice effectively.”

Rapplean earned her BS in accounting and finance from UMSL and felt prepared by that experience to transition naturally into a job at Wells Fargo Advisors . A few years later, choosing her alma mater for graduate school was an easy decision.

“I’ve always been a big proponent of UMSL’s business school,” she said. “ Professor David Beverly’s courses were awesome. We’ve got a great relationship that I know will be lasting. He taught me to code and write programs, things I’ve never had exposure to, but I grew from that. It was really challenging and interesting, and I feel like I’ve got a broader perspective now.”

She also had a companion for most of her online program.

“My daughter Maddy sat next to me working on my laptop frequently,” Rapplean said. “She would fall asleep on me on Sunday nights. I was honest with my professors about all my responsibilities outside of school, and they were so supportive. Sometimes Maddy was on my lap for Zoom calls, because that’s just what I had to do. I strive to set a good example for my children and show them they can accomplish whatever they are willing to work for.”

Rapplean completed her MBA this May – no, Maddy didn’t get a mini-MBA for sitting on her mom’s lap during all those classes – with a perfect GPA. With her driven personality, anything less wouldn’t have been acceptable. That accomplishment is even more impressive considering that her mom, Lynn Badolato , passed away at the end of January, a few weeks after Rapplean started her final semester and a little more than a month after she made partner.

Her mom was her biggest cheerleader and a big influence on her career path. Rapplean’s dad, Gary, died of cancer when she was just 9, and watching her mom have to deal with the financial aspects of life without any training in that area was a big reason Rapplean chose a career in finance. She credits her mom’s experience as an ER nurse with helping her understand how compassion can be such an important factor for a financial advisor.

“As I took more interest in this career, I realized that my life experiences actually help me have a lot of empathy for my clients,” she said. “I can relate to them and kind of do some storytelling, so they understand the importance of financial planning. Going through everything I did with my mom – I had to put her in independent living, and I served as her power of attorney – gave me that experience. I have a lot of aging clients now, and I help them communicate with their kids. Communication is the key to estate planning, so as hard as my experience was, it makes me better at what I do.”

Those empathetic traits Rapplean learned from her mom have helped shape her life away from the office, too. Fitness has always been a big part of her life, and she loved how the Girls on the Run St. Louis program encouraged girls to get involved and gain confidence and independence as part of the running community. Rapplean started as a “sparkler” – her job was to run with the girls and provide lots of energy, encouragement and motivation – and now she’s on the board of directors .

She does not lose sight of the parallels between running and building her career as a financial advisor — the determined mental approach needed to overcome the challenges and achieve the rewards.

“Without question,” she said. “That’s kind of my whole view on life. I look at them the same way. I’ve got a lot of grit and a lot of perseverance, and I just stay focused on the long game, and I don’t really get thrown off by much.”

Set the goal, accomplish the goal.

And speaking of setting goals, this week, Rapplean is helping to raise money for Girls on the Run by summiting not one, but two mountains in Colorado – Mount Massive (14,429 feet) and Mount Elbert (14,439) – as part of the 14er Challenge . Another difficult quest, but she’s approaching it the same way she approaches every challenge in her life and her career.

“You have to have a lot of perseverance,” she said. “I didn’t have a family member or somebody that passed down business to me. I started from scratch. This is a very male-dominated industry. It’s not that easy to come into a room where there’s not many like you. But it has gotten a whole lot better. You can’t be what you can’t see.”

She pauses.

“And that’s why, too, with getting the MBA, I hope to show other women that it’s good to pursue business and finance. It’s a great career.”

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The biggest of stories came to the small city of Butler. Here’s how its newspaper met the moment

Butler Eagle journalists Irina Bucur and Morgan Phillips had a relatively straightforward assignment when a Trump rally came to town. That changed in a flash when gunshots rang-out and they found themselves thrust in the middle of a huge national story. (AP video/Joseph B. Frederick)

Donna Sybert, Managing Editor of the Butler Eagle newspaper, holds a Special Edition of the paper during an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

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The Butler Eagle newspaper offices are seen, Thursday, July 18, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Tammy Schuey, General Manager of the Butler Eagle newspaper, pauses before an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Donna Sybert, Managing Editor of the Butler Eagle newspaper, looks over the newsroom, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

An edition of the Butler Eagle newspaper is run through the press, Thursday, July 18, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Irina Bucur, staff writer with the Butler Eagle newspaper, pauses during an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Donna Sybert, Managing Editor of the Butler Eagle newspaper, pauses during an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Morgan Phillips, staff photographer with the Butler Eagle newspaper, speaks during an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Tammy Schuey, General Manager of the Butler Eagle newspaper, speaks during an interview with The Associated Press, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

Kurt Slater, pressman at the Butler Eagle newspaper, pulls papers as they come off the press, Thursday, July 18, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

A linotype logo for the Butler Eagle newspaper’s masthead is seen, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

A Special Edition of the Butler Eagle newspaper is seen outside the paper’s pressroom, Wednesday, July 17, 2024, in Butler, Pa. (AP Photo/Matt Slocum)

BUTLER, Pa. (AP) — When gunshots echoed at the Trump rally where she was working, Butler Eagle reporter Irina Bucur dropped to the ground just like everyone else. She was terrified.

She hardly froze, though.

Bucur tried to text her assignment editor, through spotty cell service, to tell him what was going on. She took mental notes of what the people in front and behind her were saying. She used her phone to take video of the scene. All before she felt safe standing up again.

When the world’s biggest story came to the small western Pennsylvania hamlet of Butler a week ago, it didn’t just draw media from everywhere else. Journalists at the Eagle, the community’s resource since 1870 and one that struggles to survive just like thousands of local newspapers across the country, had to make sense of chaos in their backyard — and the global scrutiny that followed.

Photographer Morgan Phillips, who stood on a riser in the middle of a field with Trump’s audience that Saturday evening, kept on her feet and kept working, documenting history. After Secret Service officers hustled the former president into a waiting car, the people around her turned to shout vitriol at the journalists.

A few days later, Phillips’ eyes welled with tears recounting the day.

“I just felt really hated,” said Phillips, who like Bucur is 25. “And I never expected that.”

Mobilizing in the most harrowing of situations

“I’m very proud of my newsroom,” said Donna Sybert, the Eagle’s managing editor.

Having put a coverage plan in place, she had escaped for a fishing trip nearby with her family. A colleague, Jamie Kelly, called to tell her something had gone terribly wrong and Sybert rushed back to the newsroom, helping to update the Eagle’s website until 2 a.m. Sunday.

Bucur’s assignment had been to talk to community members attending the rally, along with those who set up a lemonade stand on the hot day and people who parked cars. She’d done her reporting and settled in to text updates of what Trump was saying for the website.

The shooting changed everything. Bucur tried to interview as many people as she could. Slightly dazed after authorities cleared the grounds, she forgot where she had parked. That gave her more time for reporting.

“Going into reporter mode allowed me to distract myself from the situation a little bit,” Bucur said. “Once I got up, I wasn’t thinking at all. I was just thinking I needed to interview people and get the story out because I was on deadline.”

She and colleagues Steve Ferris and Paula Grubbs were asked to collect their reporting and impressions for a story in the Eagle’s special, eight-page wraparound printed edition on Monday.

“The first few gunshots rang out like fireworks,” they wrote. “But when they continued, people in the crowd at the Butler Farm Show venue dropped to the ground: a mother and father told their children to crouch down. A young man hunched over in the grass. Behind him, a woman started to pray.”

The special edition clearly resonated in Butler and beyond. Extra copies are being offered for sale for $5 in the Eagle’s lobby. That’s already a bargain. On eBay, Sybert said, she’s seen them going for up to $125.

A small newspaper struggling to endure

Beyond its status as a local newspaper, the Eagle is an endangered species.

It has resisted ownership by a large chain, which have often stripped news outlets bare. The Eagle has been owned by the same family since 1903; its patriarch, Vernon Wise, is now 95. Fifth-generation family member Jamie Wise Lanier drove up from Cincinnati this week to congratulate the staff on a job well done, general manager Tammy Schuey said.

Six editions are printed each week, and a digital site has a paywall that was lowered for some of the shooting stories. The Eagle’s circulation is 18,000, Schuey said, with about 3,000 of that digital.

The United States has lost one-third of its newspapers since 2005 as the Internet chews away at once-robust advertising revenue. An average of 2.5 newspapers closed each week in 2023, according to a study by Northwestern University. The majority were in small communities like Butler.

The Eagle abandoned a newsroom across town in 2019, consolidating space in the building where its printing press is housed. It has diversified, starting a billboard company and taking on extra printing jobs. It even stores the remnants of a long-shuttered local circus and allows residents to visit.

The Eagle has about 30 employees, although it’s now short two reporters and a photographer. Cabinets housing old photographs lie among the clutter of desks in the newsroom, with a whiteboard that lists which staff members will be on weekend call.

Its staff is a mix of young people like Bucur and Phillips, who tend to move on to larger institutions, and those who put down roots in Butler. Sybert has worked at the Eagle since 1982. Schuey was initially hired in 1991 to teach composing room employees how to use Macs.

“This is a challenging business,” Schuey said. “We’re not out of the woods yet.”

Local understanding makes a huge difference

When a big story comes to town, with the national and international journalists that follow it, local news outlets are still a precious and valued resource.

The Eagle knows the terrain. It knows the local officials. Smart national reporters who “parachute” into a small community that suddenly makes news know to seek out local journalists. Several have reached out to the Eagle, Schuey said.

Familiarity helps in other ways. Bucur found people at the rally who were suspicious of national reporters but answered questions from her, and the same is true for some authorities. She has tapped her network of Facebook friends for reporting help.

Such foundational trust is common. Many people in small towns have more faith in their community newspapers, said Rick Edmonds, the media business analyst at the Poynter Institute.

“It’s just nice to support the locals,” said Jeff Ruhaak, a trucking company supervisor who paused during a meal at the Monroe Hotel to discuss the Eagle’s coverage. “I think they did a pretty good job covering it for their size.”

The Eagle has another advantage as well: It isn’t going anywhere when the national reporters leave. The story won’t end. Hurt people need to recover and investigations will determine who is responsible for a would-be assassin being able to get a shot at Trump.

In short: responsible journalism as civic leadership in harrowing moments.

“Our community went through a traumatic experience,” Schuey said. “I was there. We have some healing to do, and I think the newspaper is a critical piece in helping guide the community through this.”

So, too, must people at the Eagle heal, as Phillips’ raw emotions attest. Management is trying to give staff members some days off, perhaps with the help of journalists in surrounding communities.

Bucur said she would hate to see Butler turned into a political prop, with the assassination being used as some sort of rallying cry. The divisiveness of national politics had already seeped into local meetings and staff members have felt the tension.

Sybert and Schuey look at each other to try and remember what was the biggest story that Butler Eagle journalists have worked on. Was it a tornado that killed nine back in the 1980s? Some particularly bad traffic accident? Trump paid an uneventful campaign visit in 2020. But there’s no question what tops the list now.

Despite the stress of the assassination attempt, covering it has been a personal revelation for the soft-spoken Bucur, who grew up 30 miles (48.2 kilometers) south in Pittsburgh and studied psychology in college. Her plans changed when she took a communications course and loved it.

“This,” she said, “was a moment I told myself that I think I’m cut out for journalism.”

David Bauder writes about media for the AP. Follow him at http://twitter.com/dbauder .

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2024 Investment Climate Statements: Chile

• EXECUTIVE SUMMARY

With the third highest GDP per capita in Latin America, Chile has historically enjoyed significant economic stability and prosperity. After a wave of civil unrest in 2019, Chile’s political leadership launched a constitutional rewrite process to address social concerns. Although Chileans rejected the proposals of two constitutional referendums, the government’s use of peaceful and democratic tools was largely credited for diffusing social tension. Chile’s solid macroeconomic policy framework gives the country one of the strongest sovereign bond ratings in Latin America and provided fiscal and monetary space to reactivate the economy after the COVID-19 pandemic. According to its Central Bank, Chile’s economic growth was 0.2 percent in 2023 and is projected between 2 and 3 percent in 2024.

Despite its relatively small domestic market, Chile has successfully attracted Foreign Direct Investment (FDI), with an FDI to GDP ratio of nearly 85 percent. The country’s market-oriented policies create significant opportunities for foreign investors to participate in the country’s economic growth. Chile has a sound legal framework and there is general respect for private property rights. Sectors that attract the most FDI are mining, financial services (including pensions and health insurance), and utilities (including electricity, energy, water, and telecommunications). Mineral, hydrocarbon, and fossil fuel deposits within Chilean territory are restricted from foreign ownership, but companies may sign resource extraction contracts with the government. According to Transparency International’s 2023 Corruption Perceptions Index, Chile ranked 29 out of 180 countries worldwide and second in Latin America – behind Uruguay which ranked 16th.

Although Chile is an attractive destination for foreign investment, challenges remain. Some government reform proposals caused concern about potential impacts on investments in the healthcare, insurance, and pension sectors. Despite a general respect for intellectual property (IP) rights, Chile has not fully complied with its IP obligations set forth in the U.S.-Chile Free Trade Agreement. Environmental permitting processes, indigenous consultation requirements, and cumbersome court proceedings have made large project approvals increasingly time consuming and unpredictable, especially in cases with political sensitivities. The current administration prioritizes attracting foreign investment, especially into technological sectors and natural resource extraction associated with the green transition (lithium, copper, and green hydrogen), and continues to implement measures to streamline the investment process.

1. Openness To, and Restrictions Upon, Foreign Investment

• Policies Towards Foreign Direct Investment

For more than four decades, promoting FDI has been an essential part of the Chilean government’s national development strategy. The country’s market-oriented economic policies create significant opportunities for foreign investors to participate. Laws and business practices do not discriminate against foreign investors, who receive treatment no less favorable than Chilean nationals and domestic companies. Chile’s business climate is generally straightforward and transparent, and its policy framework has remained consistent despite administrations of different political leanings, episodes of social unrest, and two unsuccessful attempts to rewrite the Chilean Constitution. However, permitting processes for infrastructure, mining, and energy projects are lengthy and outcomes are less predictable in cases involving politically sensitive environmental impact assessments, water rights issues, and indigenous consultations. InvestChile is the government agency responsible for promoting the entry and retention of FDI into Chile. InvestChile carries out programs and services to attract investment, provide legal and sectorial information, facilitate the establishment of new businesses, and provide export and reinvestment assistance.

• Limits on Foreign Control and Right to Private Ownership and Establishment

Foreign investors have access to all industries, except for the domestic maritime freight sector, where companies are subject to a 49 percent foreign ownership limit. Since 2019, transit between domestic ports was allowed for foreign cruise vessels with over 400 passengers. Some international reciprocity restrictions exist for fishing.

With few exceptions, enterprises in Chile may be 100 percent owned by foreigners. Chile only restricts the right to private ownership or establishment in what it defines as certain “strategic” sectors, such as nuclear energy and mining. The current Constitution establishes the “absolute, exclusive, inalienable and permanent domain” of the Chilean state over all mineral, hydrocarbon, and fossil fuel deposits within Chilean territory. However, Chilean law allows the government to grant concession rights and enter into lease agreements with individuals and companies for exploration and exploitation activities, and to assign contracts to private investors, without discrimination against foreign investors.

Chile does not have an investment screening mechanism. FDI formal approval procedures are expeditious, and investments are usually approved. Some transactions require an anti-trust review by the office of the national economic prosecutor (Fiscalía Nacional Económica) and possibly by sector-specific regulators.

• Other Investment Policy Reviews

The World Trade Organization (WTO) conducted its sixth Trade Policy Review for Chile in December 2023. The full report is available here: https://www.wto.org/english/tratop_e/tpr_e/tp551_e.htm   . The Organization for Economic Co-operation and Development (OECD) latest Investment Policy Review for Chile is from 1997, available here: http://www.oecd.org/daf/inv/investment-policy/34384328.pdf . On March 27, 2023, the OECD published a new report named “FDI Qualities Review of Chile: Boosting sustainable development and diversification,” which contains an updated assessment of Chile’s FDI policy framework as well as policy recommendations. Chile is not part of the countries covered to date by the United Nations Conference on Trade and Development’s (UNCTAD) Investment Policy Reviews.

• Business Facilitation

The Chilean government has taken significant steps towards facilitating business transactions over the past decade. Starting in 2018, the government introduced an updated electronic and online systems for providing tax information, submitting complaints related to contract enforcement, and completing online registration of closed corporations (i.e., non-public corporations). In June 2019, the Ministry of Economy launched the Unified System for Permits (SUPER), an online single-window platform that brings together 182 license and permit procedures, simplifying the process of obtaining permits for investment projects. However, as noted previously, the private sector still considers the permitting process lengthy and overly cumbersome. Chile participates in the WTO Joint Initiative on Investment Facilitation for Development, which is coordinated by the country’s Permanent Representative to the WTO.

According to the World Bank, Chile has one of the shortest and most user-friendly processes among Latin American and Caribbean countries – 11 procedures and 29 days – to establish a foreign-owned limited liability company (LLC). Drafting statutes of a company and obtaining an authorization number can be done online at https://www.registrodeempresasysociedades.cl/   . Electronic signature and invoicing allow foreign investors to register a company, obtain a taxpayer identification number and get legal receipts, invoices, credit and debit notes, and accountant registries. A company typically needs to register with Chile’s Internal Revenue Service, obtain a business license from a municipality, and register either with the Institute of Occupational Safety (public) or with one of three private nonprofit entities that provide work-related accident insurance, which is mandatory for employers. In addition to the steps required of a domestic company, a foreign company establishing a subsidiary in Chile must authenticate the parent company’s documents abroad and register the incoming capital with the Central Bank. This procedure, established under Chapter XIV of the Foreign Exchange Regulations, requires a notice of conversion of foreign currency into Chilean pesos when the investment exceeds $10,000. The registration process at the Registry of Commerce of Santiago is available online.

• Outward Investment

The Government of Chile does not have active policies to promote or incentivize outward investment, nor does it impose restrictions on FDI.

• 2. Bilateral Investment and Taxation Treaties

Chile has signed 55 bilateral investment treaties (BITs), 34 of which are in force to date. Currently Chile has agreements in force with Austria, Belgium and Luxembourg, Costa Rica, Croatia, Cuba, Czechia, Denmark, El Salvador, Finland, France, Germany, Greece, Guatemala, Honduras, Hong Kong SAR, Iceland, Italy, Malaysia, Nicaragua, Norway, Panama, Paraguay, Philippines, Poland, Portugal, Romania, South Korea, Spain, Sweden, Switzerland, Ukraine, the United Kingdom, Uruguay, and Venezuela.

Chile has 32 free trade agreements (FTAs) with 66 countries. On January 1, 2004, the United States and Chile brought into force the investment chapter in their bilateral FTA. Chile has additional investment chapters in force under FTAs, or supplementary investment agreements to the FTAs with Argentina, Australia, Bolivia, Brazil, Canada, China, Colombia, Hong Kong SAR, Japan, Mexico, the Netherlands, Republic of Korea, Peru, the Pacific Alliance (composed of four countries: Chile, Colombia, Mexico, and Peru), and the Comprehensive and Progressive Transpacific Partnership (CPTPP). Chile is currently negotiating investment dispute resolution chapters that are part of FTA negotiations between the Pacific Alliance and Associated States (Australia, Canada, and New Zealand), and signed on January 26, 2022, the FTA between the Pacific Alliance and Singapore. Chile signed the Advanced Framework Agreement with the European Union on December 13, 2023. As of April 4, 2024, it has not yet entered into force.

The U.S.-Chile Bilateral Tax Treaty, signed in 2010, entered into force December 19, 2023. Chile has 36 other double taxation treaties in force with Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Croatia, Czechia, Denmark, Ecuador, France, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Russia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, and Uruguay. Chile also signed a double taxation agreement with the Pacific Alliance countries (Colombia, Mexico, and Peru), that has not yet entered into force.

Since the 2014 Tax Reform, the total income tax rate on dividends or profits earned by Chilean firms’ shareholders who are residents in other countries at 44.45 percent (a result of adding the 35 percent “retention tax” on dividends and profits to a 9.45 percent corporate income tax). Residents in countries, such as the United States, with a tax treaty in force with Chile are subject to a 35 percent retention tax rate, and no corporate income tax. Chile’s 2020 Tax Modernization bill reformed real estate and income taxes and applied Chile’s 19 percent value-added tax to foreign digital services.

3. Legal Regime

• Transparency of the Regulatory System

Chile’s legal, regulatory, and accounting systems are transparent, generally provide clear rules for competition and a level playing field for foreigners and are consistent with international norms. However, environmental regulations, which include mandatory indigenous consultation required by the International Labor Organization’s Indigenous and Tribal Peoples Convention (ILO 169), and other permitting processes have become lengthy and unpredictable, especially in politically sensitive cases.

Chile does not have a regulatory oversight body. Four institutions play key roles in the rule-making process: the General-Secretariat of the Presidency (SEGPRES), the Ministry of Finance, the Ministry of Economy, and the General Comptroller of the Republic. Most regulations come from the national government; however, some, particularly those related to land use, are decided at the local level. Both national and local governments are involved in the issuance of environmental permits. Regulatory processes are managed by governmental entities. NGOs and private sector associations may participate in public hearings or comment periods.

In Chile, non-listed companies follow norms issued by the Accountants Professional Association, while publicly listed companies use the International Financial Reporting Standards (IFRS). Since January 2018, IFRS 9 entered into force for companies in all sectors except for banking, in which IFRS 15 will be applied. IFRS 16 entered into force in January 2019. On January 1, 2022, Chile’s Financial Market Commission (CMF) began implementation of the IFRS 17 accounting standards in the Chilean insurance market.

The legislation process in Chile allows for public hearings during discussion of draft bills in both chambers of Congress. Draft bills submitted by the Executive Branch to the Congress are readily available for public comment. Ministries and regulatory agencies are required by law to give notice of proposed regulations, but there is no formal requirement in Chile for consultation with the public, conducting regulatory impact assessments of proposed regulations, requesting comments, or reporting results of consultations. For lower-level regulations or norms that do not need congressional approval, there are no formal provisions for public hearing or comment. As a result, Chilean regulators and rulemaking bodies normally consult with stakeholders, but in a less formal manner.

All decrees and laws are published in the Diario Oficial (similar to the Federal Register in the United States), but other types of regulations are not always found there. There are no other centralized online locations where regulations in Chile are published.

According to the OECD, regulatory compliance rates in Chile are generally high. The approach to enforcement remains punitive rather than preventive, and regulators still prefer to inspect rather than collaborate with regulated entities on fostering compliance. Each institution with regulation enforcement responsibilities has its own sanction procedures. Law 19.880 from 2003 establishes the principles for reversal and hierarchical recourse against decisions by the administration. An administrative act can be challenged by lodging an action in the ordinary courts of justice, or by administrative means with a petition to the Comptroller General of the Republic. Affected parties may also make a formal appeal to the Constitutional Court against a specific regulation.

Chile still lacks a comprehensive, “whole of government” regulatory reform program. The OECD’s April 2016 “Regulatory Policy in Chile” report asserts that Chile took steps to improve its rule-making process, but still lags the OECD average in assessing the impact of regulations, consulting with outside parties on their design and evaluating them over time. According to the World Bank´s Global Indicators of Regulatory Governance, Chile has made limited progress on transparency, impact assessment and ways to appeal and challenge regulations. In a recent positive step, the government submitted to Congress on January 10, 2024, a bill that aims to reduce timeframes for obtaining permits, by imposing deadlines on permit procedures, with default decisions in case of no reply by authorities.

Chile’s level of fiscal transparency is excellent. Information on the budget and debt obligations, including explicit and contingent liabilities, is easily accessible online.

• International Regulatory Considerations

Chile does not share regulatory sovereignty with any regional economic bloc. However, several international norms or standards from multilateral organizations (UN, WIPO, ILO, among others) are referenced or incorporated into the country’s regulatory system. As a member of the WTO, the Chile notifies draft technical regulations to the WTO Committee on Technical Barriers to Trade (TBT).

• Legal System and Judicial Independence

Chile’s legal system is based on civil law. Chile’s legal and regulatory framework provides for effective means for enforcing property and contractual rights.

Laws governing issues of interest to foreign investors are found in several statutes, including the Commercial Code of 1868, the Civil Code, the Labor Code, and the General Banking Act. Chile has specialized courts for dealing with tax and labor issues.

The judicial system in Chile is generally transparent and independent. The likelihood of government intervention in court cases is low and state-owned enterprises or other government institutions are not given favorable treatment. If a state-owned firm is involved in the dispute, the Government of Chile may become directly involved through the State Defense Council, which represents the government interests in litigation cases related to expropriations. Regulations can be challenged before the court system, the National Comptroller, or the Constitutional Court, depending on the nature of the claim.

• Laws and Regulations on Foreign Direct Investment

Chile’s framework for foreign investment is set by Law 20848 of 2015, which created InvestChile and the Agency for the Promotion of Foreign Investment (APIE), the successor to the former Foreign Investment Committee. The InvestChile website ( https://investchile.gob.cl/   ) provides relevant laws, rules, procedures, and reporting requirements for investors. For more on FDI regulations and services for foreign investors, see the section on Policies Towards Foreign Direct Investment.

Competition and Antitrust Laws

Chile’s anti-trust law prohibits mergers or acquisitions that would prevent free competition in the respective industry. An investor may voluntarily request a ruling by an anti-trust court that would state a planned investment would not have competition implications. The national economic prosecutor (FNE) is an active institution in conducting investigations for competition-related cases and filing complaints before the Free Competition Tribunal (TDLC), which has jurisdiction over those cases.

In February 2023, the FNE approved the sale of Soprole –a Chilean dairy products firm – by New Zealand-based Fonterra to Gloria – a Peruvian holding. The FNE found that, even though the overlap between Gloria’s and Soprole’s operations in some dairy products would increase market concentration, the presence of other competitors and potential entry of imported products meant there were no significant risks to competition in the sale.

In April 2023, the FNE ordered the TDLC to fine TWDC Enterprises 18 Corp. – owned by Disney Group – US$ 3.6 million for submitting false information when it notified FNE about a merger with 21st Century Fox in the cable television services market in 2018.

In July 2023, the FNE approved Germany-based holding Hapag Lloyd’s acquisition of SAAM Ports y SAAM Logistics, integrating shipping services with port operations and extra-port services. The FNE estimated that current regulations in the ports sector reduce risks of anti-competitive behavior such as blocking supplies, blocking clients or conglomerate risks.

In December 2023, the FNE approved, OnNet Fibra’s (partially owned by U.S.-based investment fund KKR) acquisition of Chile-based Entel’s fiber optic infrastructure assets subject to mitigation measures. The measures include eliminating exclusivity and non-competition clauses in the services contract between both companies, and Entel selling part of its fiber optic assets to a third company.

• Expropriation and Compensation

Chilean law grants the government authority to expropriate property, including property of foreign investors, only on public interest or national interest grounds, on a non-discriminatory basis and in accordance with due process. The government has not nationalized a private firm since 1973. Expropriations of private land take place in a transparent manner, and typically only when the purpose is to build roads or other types of infrastructure. The law requires the payment of immediate compensation at fair market value, in addition to any applicable interest.

Dispute Settlement

• ICSID Convention and New York Convention

Since 1991, Chile has been a member state to the International Center for the Settlement of Investment Disputes (ICSID Convention). In 1975, Chile became a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958 New York Convention).

National arbitration law in Chile includes the Civil Procedure Code (Law Num. 1552, modified by Law Num. 20.217 of 2007), and Law Num. 19.971 on International Commercial Arbitration.

Investor-State Dispute Settlement

Apart from the New York Convention, Chile is also a party to the Pan-American Convention on Private International Law (Bustamante Code) since 1934, the Inter-American Convention on International Commercial Arbitration (Panama Convention) since 1976, and the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States since 1992.

The U.S.-Chile FTA, in force since 2004, includes an investment chapter that provides the right for investors to submit claims under the ICSID Convention, the United Nations Commission on International Trade Law (UNCITRAL) arbitration rules, or any other mutually agreed upon arbitral institution. Under the U.S.-Chile FTA, companies have the option to initiate a claim if they do not achieve a resolution in a previous consultations process with the Chilean government. One U.S. investor filed an arbitration claim against the State of Chile on January 31, 2024, under ICSID, invoking the U.S.-Chile FTA after ending a consultations process in 2023 with no agreement. According to the investor’s claim, the Chilean government breached the terms of a school food program’s public procurement contract by imposing arbitrary discounts in the price set for their services between 2019 and 2021. Another case involves three U.S.-based insurance companies that alleged financial losses because of the pension withdrawal bills of 2021 (Law 21.330), which allowed some retirees to seek an “advance payment” against their annuity accounts. In the case of these insurance companies, the consultations stage expired and there was no agreement with the government of Chile. The companies may still decide to initiate a case before ICSID.

Over the past 10 years, there were only four investment dispute cases brought by foreign investors against the state of Chile before the World Bank’s International Center for Settlement of Investment Disputes (ICSID) tribunal. In the first case, a Spanish-Chilean citizen demanded US$ 338.3 million in compensation for the alleged expropriation of Chilean newspaper El Clarín in 1975 by Chile’s military regime. ICSID issued a final ruling on January 7, 2020, in favor of the Chilean state and rejecting the claimant’s case. The second case was brought in 2017 by a Colombian firm, which held concession contracts as operators of the public transportation system in Santiago de Chile. The firm claimed US$ 347 million for Chilean government actions that allegedly created unfavorable operating conditions for the claimants’ subsidiaries and resulted in bankruptcy proceedings. On January 7, 2021, ICSID ruled in favor of the Chilean state, rejecting the claims. Two more cases pending resolution were brought by foreign investors in 2021. On April 13, 2021, a Chilean subsidiary of a Colombian power company filed an arbitration request against Chile related to an electrical transmission project. The authorities fined US$ 72.8 million for construction delays that the firm argues were due to unforeseeable circumstances. Hearings took place during 2023, and the ruling is expected in the first half of 2024. On August 13, 2021, two French firms operating the Santiago International Airport filed an arbitration request against the Chilean state for allegedly not taking measures to alleviate the temporary drop in their revenues from the decrease in air traffic and commercial airport activity due to the COVID-19 pandemic and the sanitary measures taken by the State, such as border closures and imposition of quarantines. In this case, the arbitration tribunal was constituted in 2022 and the Chilean state filed a request to address the objections to jurisdiction as a preliminary question.

Local courts respect and enforce foreign arbitration awards, and there is no history of extrajudicial action against foreign investors.

• International Commercial Arbitration and Foreign Courts

Mediation and binding arbitration exist in Chile as alternative dispute resolution mechanisms. A suit may also be brought in court under expedited procedures involving the abrogation of constitutional rights. The U.S.-Chile FTA investment chapter encourages consultations or negotiations before recourse to dispute settlement mechanisms. If the parties fail to resolve the matter, the investor may submit a claim for arbitration. Provisions in Section C of the FTA ensure that the proceedings are transparent by requiring that all documents submitted to or issued by the tribunal be available to the public, and by stipulating those proceedings be public. The FTA investment chapter establishes clear and specific terms for making proceedings more efficient and avoiding frivolous claims. Chilean law is generally to be applied to all contracts. However, arbitral tribunals decide disputes in accordance with FTA obligations and applicable international law. The tribunal must also accept amicus curiae submissions.

The Chilean Judiciary Code and the Code of Civil Procedure govern domestic arbitration. Local courts respect and enforce foreign arbitral awards and judgments of foreign courts. Chile has a dual arbitration system in terms of regulation, meaning that different bodies of law govern domestic and international arbitration. International commercial arbitration is governed by the International Commercial Arbitration Act that is modeled on the 1985 UNCITRAL Model Law on International Commercial Arbitration. In addition to this statute, there is also Decree Law Number 2349 that regulates International Contracts for the Public Sector and sets forth a specific legal framework for the State and its entities to submit their disputes to international arbitration.

No Chilean state-owned enterprises (SOEs) have been involved in investment disputes in recent decades. A Chilean government agency filed an arbitration case in February 2021 against a U.S. firm at the International Chamber of Commerce International Court of Arbitration which remains pending.

• Bankruptcy Regulations

Chile’s 1982 Insolvency Law was updated in October 2014. The current law aims to clarify and simplify liquidation and reorganization procedures for businesses to prevent criminalizing bankruptcy. It also established the new Superintendence of Insolvency and created specialized insolvency courts. Creditors’ approval is required to select the insolvency representative and to sell debtors’ substantial assets. The creditor also has the right to object to decisions accepting or rejecting creditors’ claims. However, the creditor cannot request information from the insolvency representative. The creditor may file for insolvency of the debtor, but for liquidation purposes only. The creditors are divided into classes for the purposes of voting on the reorganization plan; each class votes separately, and creditors in the same class are treated equally.

4. Industrial Policies

• Investment Incentives

The Chilean government generally does not subsidize foreign investment, nor does it issue guarantees or joint financing for FDI projects. There are, however, some incentives directed toward isolated geographical zones and to the information technology sector. These benefits relate to co-financing of feasibility studies as well as to incentives for the purchase of land in industrial zones, the hiring of local labor, and the facilitation of project financing. Other important incentives include accelerated depreciation accounting for tax purposes and legal guarantees for remitting profits and capital. The 2020 Tax Reform, contained in Law 21.210 from 2020 established a Value Added Tax (VAT) exemption on capital goods (machines, vehicles, equipment, and accessories) for investments of at least US$5 million. Additionally, the Start-Up Chile program provides selected entrepreneurs with grants of up to US$80,000, along with a Chilean work visa to develop a “startup” business in Chile over a period of four to seven months. Chile has other special incentive programs aimed at promoting investment and employment in remote regions, as well as other areas that suffer development lags. All these opportunities are available in the same terms for both domestic and foreign investors.

• Foreign Trade Zones/Free Ports/Trade Facilitation

Chile has two free trade zones: one in the northern port city of Iquique (Tarapaca Region) and the other in the far south port city of Punta Arenas (Magallanes Region). Merchants and manufacturers in these zones are exempt from corporate income tax, value added taxes (VAT) – on operations and services that take place inside the free trade zone – and customs duties. The same exemptions also apply to manufacturers in the Chacalluta and Las Americas Industrial Park in Arica (Arica and Parinacota Region). Mining, fishing, and financial services are not eligible for free trade zone concessions. Foreign-owned firms have the same investment opportunities in these zones as Chilean firms. The process for setting up a subsidiary is the same inside as outside the zones, regardless of whether the company is domestic or foreign owned.

• Performance and Data Localization Requirements

Chile does not follow “forced localization.” A draft bill that is pending in Chile’s Congress could result in additional requirements (owner’s consent) for international data transfers in cases involving jurisdictions with data protection regimes below Chile’s standards. The bill, modeled after the European Union’s General Data Protection Regulation (GDPR) also proposes the creation of an independent Chilean Data Protection Agency that would be responsible for enforcing data protection standards.

Neither Chile’s Foreign Investment Promotion Agency nor the Central Bank applies performance requirements in their reviews of proposed investment projects. The investment chapter in the U.S.–Chile FTA establishes rules prohibiting performance requirements that apply to all investments, whether by a third party or domestic investors. The FTA investment chapter also regulates the use of mandatory performance requirements as a condition for receiving incentives and spells out certain exceptions. These include government procurement, qualifications for export and foreign aid programs, and non-discriminatory health, safety, and environmental requirements.

Chile does not apply requirements for foreign IT providers to turn over source code and/or provide access to encryption, nor are there restrictions for the free transmission of customer or business-related data outside the country. As a rule, there are no local data storage requirements. Chile’s Intellectual Property Law protects computer programs “whatever the mode or form of expression, as source program or object program, and the preparatory documentation, its technical description and user manuals.”

5. Protection of Property Rights

• Real Property

Property rights and interests are recognized and generally enforced in Chile. There is a recognized and generally reliable system for recording mortgages and other forms of liens.

There are no restrictions on foreign ownership of buildings and land, and no time limit on the property rights acquired by them. The only exception, based on national security grounds, is for land located in border territories, which may not be owned by nationals or firms from border countries, without prior authorization of the President of Chile. There are no restrictions to foreign and/or non-resident investors regarding land leases or acquisitions. Unoccupied properties can always be claimed by their legal owners and, as usurpation is a criminal offense, several kinds of eviction procedures are allowed by the law, though they can sometimes be onerous and lengthy.

• Intellectual Property Rights

According to the U.S. Chamber of Commerce’s International IP Index, Chile’s legal framework provides for fair and transparent use of compulsory licensing; extends necessary exclusive rights to copyright holders and maintains a voluntary notification system; and provides for civil and procedural remedies. However, IP protection challenges remain. Chile’s framework for trade secret protection has been deemed insufficient by private stakeholders. Pharmaceutical products suffer from relatively weak patenting procedures, the absence of an effective patent enforcement and resolution mechanism, and some gaps in regulation governing data protection.

The Government submitted to Congress in 2018 a bill to reform to Chile’s pharmaceutical drugs law called “Ley de Fármacos II”. A mixed committee tasked to reconcile conflicting amendments made by the Senate and the Lower Chamber indefinitely postponed its final review due to deadlock in Congress. While the pharmaceutical industry reports that the reconciliation process addressed some of their concerns regarding the new regulations, it identified the lack of coverage being offered in price regulations as an outstanding issue of concern.

In addition to Law 21.335 that modernizes certain aspects of Chile’s patent and IP regime, Law 21.426 against trade in illicit and counterfeit goods entered into force in 2022. Chile enacted two laws in 2023 that may strengthen IPR enforcement: Law 21.577 against organized crime established special investigative techniques and bolstered the confiscation of illicit profits, and Law 21.595 created new categories of “economic crimes,” new penalties, such as the confiscation of profits, and new criminal liability for legal entities. Chile also issued Decree 7/2023 on Information Security and Cybersecurity Policy compliance for government agencies. Right holders understand that this Decree will prevent government computer systems from having unlicensed software.

The Intellectual Property Brigade (BRIDEPI) of the Chilean Investigative Police (PDI) reported that it seized 51,312 counterfeit products in 2023, worth a total of US$ 13.6 million, and arrested 194 individuals on charges related to IPR infringement. Additionally, the National Customs Service reported that it seized more than 4.2 million counterfeit products in 2023.

Chile’s IPR enforcement remains relatively lax, particularly in relation to piracy, copyright, and patent protection, while prosecution of IP infringement is hindered by gaps in the legal framework and a lack of expertise in IP law among judges. Rights holders indicate a need for greater resources devoted to customs operations and a better-defined procedure for dealing with small packages containing infringing goods. The legal basis for detaining and seizing suspected transshipments is also insufficiently clear.

Since 2007, Chile has been on the U.S. Trade Representative’s (USTR) Special 301 Priority Watch List (PWL). In October 2018, Chile’s Congress successfully passed a law that criminalizes satellite piracy. In December 2021, the Government of Chile submitted legislation to implement a legal framework to penalize the circumvention of technology protection measures (TPM) by amending Chile’s existing IPR law. This legislation remains pending in Congress. However, other challenges remain related to longstanding IPR issues under the U.S.-Chile FTA: the pending implementation of UPOV 91; the implementation of an effective patent linkage in connection with applications to market pharmaceutical products; adequate protection for undisclosed data generated to obtain marketing approval for pharmaceutical products; and amendments to Chile’s Internet Service Provider liability regime to permit effective action against Internet piracy.

On December 13, 2023, Chile signed the updated Association Agreement with the European Union, accepting the protection of 222 product terms as Geographic Indicators (GI), including mostly cheeses and processed meats. The EU and Chile also agreed to give GI protection for some common product names such as parmesan, feta, and gruyere, which are also produced in many countries globally, including the United States and Chile. Chile’s broad acceptance of EU GIs and the inclusion of common names affects market access for U.S. dairy exports to Chile as provided for in the U.S.-Chile FTA. There is an ongoing engagement between the United States and Chile to preserve market access for U.S. products marketed in Chile using common names.

Chile is not listed in the USTR’s Notorious Markets List. For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/   .

6. Financial Sector

• Capital Markets and Portfolio Investment

Chile developed capital markets and keeps them open to foreign portfolio investors. Foreign firms offer services in Chile in areas such as financial information, data processing, financial advisory services, portfolio management, voluntary saving plans and pension funds. Under the U.S.-Chile FTA, Chile significantly opened its insurance sector, with very limited exceptions. The Santiago Stock Exchange is Chile’s dominant stock exchange, and the third largest in Latin America. However, when compared to other OECD countries, it has lower market liquidity.

The free flow of financial resources into Chile’s real economy allows its commodity export-dependent economy to adjust to external shocks. Chile accepted the obligations of the International Monetary Fund’s Article VIII (sections 2, 3 and 4) and maintains a free-floating exchange rate system, free of restrictions on payments and transfers for current international transactions. Credit is allocated on market terms and its various instruments are available to foreigners. The Central Bank of Chile (CBC) reserves the right to restrict foreign investors’ access to internal credit in case of a credit shortage but has not exerted this authority to date.

• Money and Banking System

Chile has the highest banking services penetration rate in Latin America: 92 percent of residents older than 18 have a bank account. There are 13.5 million credit cards and 27.3 million debit cards in the Chilean banking system, along with 10.8 million current accounts and 20.7 million savings accounts. State-owned Banco Estado supports financial inclusion through CuentaRut, a commission-free card with an electronic account available for all Chilean residents (national and foreigners) with a RUT (national ID number). As of December 2023, nearly 14.6 million people (82 percent of Chilean residents) had a CuentaRut account.

The Chilean banking system is healthy and competitive. The 2019 General Law of Banks (LGB) provides general guidelines for establishing a capital adequacy system in line with Basel III standards and gave the Financial Market Commission (CMF), the regulator for banks, insurance companies and the stock market, the authority to establish its framework. All Chilean banks meet Basel III requirements, even though its implementation process ends on December 1, 2025. The system’s liquidity position (Liquidity Coverage Ratio) is on average above 200 percent, more than twice the regulatory limit (100%). Capital adequacy ratio of the system was 16.16 percent as of December 2023 and remains robust even when including discounts due to market and/or operational risks. As of December 2023, non-performing loans (i.e., loans 90 days past due) were 2.13 percent compared to 1.68 percent in December 2022. This result was influenced by the end of the expansive fiscal and monetary policies implemented in 2021 in response to the economic shock from the COVID-19 pandemic, and currently higher interest rates.

As of December 2023, the total assets of the Chilean banking system amounted to US$ 458.9 billion, according to the CMF. The largest six banks (Banco de Crédito e Inversiones, Banco Santander-Chile, Banco Estado, Banco de Chile, Scotiabank Chile, and Itaú Chile) accounted for 87.4 percent of the system’s assets. Chile’s Central Bank conducts the country’s monetary policy, is constitutionally autonomous from the government, and is not subject to regulation by the CMF.

Foreign banks have an important presence in Chile, comprising three out of the six largest banks of the system. Out of 17 banks currently in Chile, five are foreign owned but legally established banks in Chile and three are branches of foreign banks. Both categories are subject to the requirements of the Chilean banking law and to supervision by the CMF. There are also 25 representative offices of foreign banks in Chile, six of them from the United States. There are no reports of correspondent banking relationships withdrawal in Chile.

To open a bank account in Chile, a foreigner must present his/her Chilean ID Card or passport, Chilean tax ID number, proof of address, proof of income/solvency, photo, and fingerprints.

Foreign Exchange and Remittances

• Foreign Exchange

Law 20.848, which regulates FDI (described in section 1), prohibits arbitrary discrimination against foreign investors and guarantees access to the formal foreign exchange market, as well as the free remittance of capital and profits generated by investments. There are no other restrictions or limitations placed on foreign investors for the conversion, transfer or remittance of funds associated with an investment.

Investors, importers, and others have access to foreign exchange in the official inter-bank currency market without restriction. The Central Bank of Chile (CBC) reserves the right to deny access to the inter-bank currency market for royalty payments more than five percent of sales. The same restriction applies to payments for the use of patents that exceed five percent of sales. In such cases, firms would have access to the informal market. The Chilean tax service reserves the right to prevent royalties of over five percent of sales from being counted as expenses for domestic tax purposes.

Chile has a free floating (flexible) exchange rate system since 1999. Exchange rates of foreign currencies are fully determined by the market. The CBC reserves the right to intervene under exceptional circumstances to correct significant deviations of the currency from its fundamentals. These interventions are not designed to maintain a determined exchange rate level, which results from the currency market supply and demand, but instead aim to preserve financial stability when there is an excessive volatility in the foreign exchange market. This authority has been used seven times since 1999, the latest being an announcement in July 2022 when the CBC injected US$ 25 billion into the foreign exchange market following an unusual depreciation of the Chilean peso (CLP) due to external shocks.

• Remittance Policies

Remittances of profits generated by investments are allowed at any time after tax obligations are fulfilled; remittances of capital can be made after one year following the date of entry into the country. In practice, this permanency requirement does not constitute a restriction for productive investment, because projects normally need more than one year to mature. Under the investment chapter of the U.S.–Chile FTA, the parties must allow free transfer and without delay of covered investments into and out of its territory. These include transfers of profits, royalties, sales proceeds, and other remittances related to the investment. However, for certain types of short-term capital flows, this chapter allows Chile to impose transfer restrictions for up to 12 months, as long as those restrictions do not substantially impede transfers. If restrictions are found to impede transfers substantially, damages accrue from the date of the initiation of the measure. In practice, these restrictions have not been applied in the last two decades.

• Sovereign Wealth Funds

The Government of Chile maintains two sovereign wealth funds (SWFs) built with savings from years with fiscal surpluses. The Economic and Social Stabilization Fund (FEES) was established in 2007 and was valued at US$5.1 billion as of February 2024. The purpose of the FEES is to fund public debt payments and temporary deficit spending to keep a countercyclical fiscal policy. The Pensions Reserve Fund (FRP) was built up in 2006 and amounted to US$8.6 billion as of February 2024. The purpose of the FRP is to anticipate future needs of payments to those eligible to receive pensions, but whose contributions to the private pension system fall below a minimum threshold.

Chile is a member of the International Working Group of Sovereign Wealth Funds (IWG) and adheres to the Santiago Principles.

Chile’s government policy is to invest SWFs entirely abroad into instruments denominated in foreign currencies, including sovereign bonds and related instruments, corporate and high-yield bonds, mortgage-backed securities from U.S. agencies, and stocks. Approximately 65.5 percent of the FEES (US$2.7 billion), as well as 50.3 percent of the FRP (US$4.3 billion), were invested in assets based in the United States as of January 2024.

7. State-Owned Enterprises

Chile had 28 state-owned enterprises (SOEs) in operation as of 2022. Twenty-seven SOEs are commercial companies and the newest one (FOINSA) is an infrastructure fund that was created to facilitate public-private partnership projects. At the same time, 25 SOEs are not listed and are fully owned by the government, while the remaining three are majority government owned. Ten Chilean SOEs operate in the port management sector, six in the services sector, three in the defense sector, three in the mining sector (including CODELCO, the world’s largest copper producer, and ENAP, an oil and gas company), two in transportation, one in the water sector, one is a TV station, and one is a state-owned bank (Banco Estado). The state holds a minority stake in four water companies after a privatization process. In 2022, total assets of Chilean SOEs amounted to US$ 81.8 billion, while their total net income was US$ 3.0 billion. Chilean SOEs employed 47,669 people in 2022.

Twenty SOEs in Chile fall under the supervision of the Public Enterprises System (SEP), a public agency that oversees SOE governance. The rest – including the largest SOEs such as CODELCO, ENAP and Banco Estado – have their own governance and report to the Executive Branch. Allocation of seats on the boards of Chilean SOEs is determined by the SEP or outlined by the laws that regulate them. In CODELCO’s corporate governance, there is a mix between seats appointed by recommendation from an independent high-level civil service committee, and seats allocated by political authorities in the government.

The Budget Directorate published an updated list of SOEs, including their financial management information, available in the following link: http://www.dipres.gob.cl/599/w3-propertyvalue-20890.html   .

In general, Chilean SOEs work under strict budget constraints and compete under the same regulatory and tax frameworks as private firms. The exception is ENAP, which is the only company allowed to refine oil in Chile. The main Chilean SOEs compete in the domestic market according to commercial terms. TVN (national TV broadcaster) and Banco Estado (Chile’s third biggest bank) operate in very competitive markets. Several other SOEs operate in sectors with characteristics of natural monopoly such as water, infrastructure, ports, and transportation, in some cases in public-private partnerships or join ventures with private firms. In general, Chilean SOEs operating in the domestic market provide non-discriminatory treatment in their purchases. CODELCO competes internationally as one of the world’s biggest copper producers, and it is developing a lithium division to operate Chile’s largest deposits in partnership with private companies. ENAP has oil and gas investments abroad with branches in Argentina, Ecuador, and Egypt. There are no significant investments from Chilean SOEs in the United States. As an OECD member, Chile adheres to the OECD Guidelines on Corporate Governance for SOEs.

• Privatization Program

Chile does not have a privatization program.

8. Responsible Business Conduct

Awareness of the need to ensure corporate social responsibility has grown over the last two decades in Chile. However, NGOs and academics who monitor this issue believe that risk mapping and management practices still do not sufficiently reflect its importance.

On November 12, 2021, the CMF published new annual reporting requirements for publicly traded companies on policies, practices, and metrics adopted to meet environmental, social, and governance goals. The new regulation will require companies to restructure their annual reports to integrate sustainability issues throughout the report. The new annual report structure includes sections on company profile, corporate governance (including sustainability risks, particularly climate change), strategic objectives, personnel (include diversity, equity, inclusion and accessibility, workplace and sexual harassment, training, and benefits), business model, supplier management, regulatory compliance (related to customers, workers, environment, and free competition), and sustainability indicators (in line with international standards). The requirements went into effect for large businesses (of consolidated total assets of approximately $850 million or higher) for reporting year 2022, published in March 2023. For companies with less than $45 million consolidated assets, the requirements go into effect for reporting year 2023.

The government of Chile encourages foreign and local enterprises to follow generally accepted Responsible Business Conduct (RBC) principles and uses the United Nations’ Rio+20 Conference statements as its principal reference. Chile adheres since 1997 to the OECD Guidelines for Multinational Enterprises. It also recognizes the ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy; the UN Guiding Principles on Business and Human Rights; the UN Global Compact’s Ten Principles, and the ISO 26000 Guidance on Social Responsibility. The government established a National Contact Point (NCP) for OECD MNE guidelines located within the Undersecretariat for International Economic Relations, and has a Responsible Business Conduct Division, whose chief is also the NCP. In August 2017, Chile released its National Action Plan on Business and Human Rights based on the UN Guiding Principles. Separately, the Council on Social Responsibility for Sustainable Development, coordinated by Chile’s Ministry of Economy, is currently developing a National Policy on Social Responsibility.

Regarding procurement decisions, ChileCompra, the agency in charge of centralizing Chile’s public procurement, incorporates the existence of a Clean Production Certificate and an ISO 14001-2004 certificate on environmental management as part of its criteria to assign public purchases.

No high profile or controversial instances of corporate impact on human rights have occurred in Chile in recent years.

The Chilean government effectively and fairly enforces domestic labor, employment, consumer, and environmental protection laws. There are no dispute settlement cases against Chile related to the Labor and Environment Chapters of the Free Trade Agreements signed by Chile.

Regarding the protection of shareholders, the Superintendence of Securities and Insurance (SVS) has the responsibility of regulating and supervising all listed companies in Chile. Companies are generally required to have an audit committee, a directors committee, an anti-money laundering committee and an anti-terrorism finance committee. Laws do not require companies to have a nominating/corporate governance committee or a compensation committee. Compensation programs are typically established by the board of directors and/or the directors committee.

Independent NGOs in Chile promote and freely monitor RBC. Examples include NGO Acción Empresas Inicio – Acción Empresas (accionempresas.cl)   , Chilean chapter of the World Business Council for Sustainable Development (WBCSD); the Catholic University of Valparaiso’s Center for Social Responsibility and Sustainable Development VINCULAR: http://www.vincular.cl/;   ProHumana Foundation; and the Andres Bello University’s Center Vitrina Ambiental.

Chile is an OECD member but is not participating actively in the implementation of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Afflicted and High-Risk Areas.

Chile is not part of the Extractive Industries Transparency Initiative (EITI). Chile joined The Montreux Document on Private Military and Security Companies in 2009. However, there are no private security companies based in Chile participating in the International Code of Conduct for Private Security Service Providers’ Association (ICoCA).

• Additional Resources

Department of State

• Country Reports on Human Rights Practices ( https://www.state.gov/reports-bureau-of-democracy-human-rights-and-labor/country-reports-on-human-rights-practices/ )
• Trafficking in Persons Report ( https://www.state.gov/trafficking-in-persons-report/ )
• Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities ( https://www.state.gov/key-topics-bureau-of-democracy-human-rights-and-labor/due-diligence-guidance/ )
• U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises ( https://www.state.gov/u-s-national-contact-point-for-the-oecd-guidelines-for-multinational-enterprises/ )
• Xinjiang Supply Chain Business Advisory ( https://www.state.gov/xinjiang-supply-chain-business-advisory/ )

Department of the Treasury

• OFAC Recent Actions ( https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions   )

Department of Labor

• Findings on the Worst Forms of Child Labor Report ( https://www.dol.gov/agencies/ilab/resources/reports/child-labor/findings   )
• List of Goods Produced by Child Labor or Forced Labor ( https://www.dol.gov/agencies/ilab/reports/child-labor/list-of-goods   )
• Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World ( https://www.dol.gov/general/apps/ilab   )
• Comply Chain ( https://www.dol.gov/ilab/complychain/   )
• Climate Issues

Chile is one of the signatories of the Paris Agreement. The Environment Ministry published its 2050 Long-Term Climate Strategy (ECLP), a roadmap that details how Chile will fulfill its commitments, considering a 30-year timeframe. It was incorporated into Law 21.455, known as the Framework Law of Climate Change, enacted on June 13, 2022. The law also includes the Nationally Determined Contribution (NDC), which contains Chile’s commitments to the international community in mitigation and adaptation to climate change, which will be updated every five years. In 2022, Chile joined the Regional Escazu Agreement, which aims to guarantee full and effective access to environmental information, public participation in environmental decision-making process, and access to environmental justice.

The main climate-related policy measures introduced by the government belong to six categories: sustainable industry and mining; green hydrogen production; sustainable construction of housing and public/commercial buildings; electromobility in the public transport system; phasing out coal-fired power generation plants; and other energy efficiency measures.

Under the Framework Law of Climate Change, the Environment Ministry is responsible for drawing up an emissions mitigation plan with limits for each productive sector. There will be specific strategies and goals for the main sectors contributing to greenhouse gas emissions, some of them already in place. These will include: in the energy sector, phasing out coal-based power generation plants, with an aim to have closed 18 plants by 2025 and all of them by 2040; in the mining sector, reduction of greenhouse gas emissions to a minimum level by 2050 under the ECLP (both for emissions generated from the extraction and production processes, and indirectly, such as from electric power consumption); in the agricultural sector, Chile adhered to the COP26 goal to reduce methane (CH4) emissions by 30% by 2030, and joined the U.S. sponsor Global Methane Pledge.

In 2023, Chile passed the Nature Law that creates the Service for Biodiversity and Protected Areas (SBAP) complying with international protection and conservation commitments. Through SBAP, Chile standardizes the classification of protected areas based on the six categories defined by the International Union for Conservation of Nature (IUCN). Three of the categories – strict nature reserve (Ia) and wilderness area (Ib), national park (II), natural monument or feature (III) – prohibit all commercial exploitation of natural resources and industrial infrastructure.

Chile introduced in 2020 an emissions compensation mechanism for companies that pay green taxes, which are currently applied to emissions of particulate matter, sulfur dioxide, nitrogen oxide and carbon dioxide. This mechanism created a regulated carbon market, which allows industries to reduce their tax burden by financing emission reduction or emission absorption projects carried out by NGOs, foundations, or other institutions. Some examples of projects that can use this mechanism include energy efficiency initiatives, heater replacement, clean transportation, and reforestation.

There is increasing incorporation of environmental considerations into public procurement. In 2012, the government published the Socially Responsible Purchasing Policy, containing strategic sustainability guidelines, which are non-binding recommendations. In 2016, the Ministry of the Environment launched a public procurement policy with environmental criteria, both for the bidder’s operations and the characteristics of the products purchased.

9. Corruption

Chile implements various laws to combat public corruption, including the 2009 Transparency Law that mandates disclosure of public information related to all areas of government and created an autonomous Transparency Council in charge of overseeing its implementation. Subsequent amendments expanded the number of public trust positions required to release financial disclosure, mandated disclosure in greater details, and allowed for stronger penalties for noncompliance.

In March 2020, the government proposed new legislation aimed at combatting corruption, as well as economic and electoral crimes. Four new pieces of legislation seek to strengthen enforcement and increase penalties for collusion among firms; increase penalties for insider trading; provide protections for whistleblowers seeking to expose state corruption; and expand the statute of limitations for electoral crimes. This legislation remains under discussion in the Chilean Congress.

Anti-corruption laws, in particular mandatory asset disclosure, do extend to family members of officials. Political parties are subject to laws that limit campaign financing and require transparency in party governance and contributions to parties and campaigns.

Regarding government procurement, the ChileCompra (central public procurement agency) website allows users to anonymously report irregularities in procurement. An executive decree defines sanctions for public officials who do not adequately justify direct contracts. The Corporate Criminal Liability Law provides that corporate entities can have their compliance programs reviewed by domestic firms authorized by Chile’s Financial Market Commission (CMF) to certify them as sufficient. The General Comptroller’s office oversees the control of the legal aspects, management, pre-audit and post-audit functions of all civil service activities. Private companies have increasingly incorporated internal control measures, as well as ethics committees as part of their corporate governance, and compliance management sections. Additionally, Chile Transparente (Chilean branch of Transparency International) developed a Corruption Prevention System to facilitate private firms’ compliance with the Corporate Criminal Liability Law.

Chile signed and ratified the Organization of American States (OAS) Convention against Corruption. The country also ratified the UN Anticorruption Convention on September 13, 2006. Chile is also an active member of the Open Government Partnership (OGP) and, as an OECD member, adopted the OECD Anti-Bribery Convention.

NGOs that investigate corruption operate in a free and adequately protected manner. U.S. firms have not identified corruption as an obstacle to FDI.

• Resources to Report Corruption

Dorothy Perez Gutierrez General Comptroller Comptroller General’s Office Teatinos 56, Santiago de Chile +56 2 32401100

David Ibaceta Medina Director General Consejo para la Transparencia Morande 360 piso 7 (+56)-(2)-2495-2000 [email protected]  

Michel Figueroa Executive Director Chile Transparente (Chile branch of Transparency International) Perez Valenzuela 1687, piso 1, Providencia, Santiago, Chile (+56)-(2)-2236 4507 [email protected]  

Octavio Del Favero Executive Director Ciudadania Inteligente Holanda 895, Providencia, Santiago, Chile (+56)-(2)-2419-2770 https://ciudadaniai.org/contact  

Benjamín García Executive Director Espacio Publico Orrego Luco 087, Piso 3. Providencia, Santiago, Chile T: (+56) (9) 6258 3871 [email protected]  

Observatorio Anticorrupción (Run by Espacio Publico and Ciudadania Inteligente) https://observatorioanticorrupcion.cl/  

Ma nuel Henriquez Executive Director Observatorio Fiscal (focused on public spending) Don Carlos 2983, Oficina 3, Las Condes, Santiago, Chile (+562) (2) 4572 975 [email protected]  

• 10. Political and Security Environment

Pursuant to a political accord in response to the 2019 civil unrest, Chile held a plebiscite in October 2020 in which citizens voted to draft a new constitution. In September 2022, Chileans rejected by a nearly 62 to 38 percent margin a draft constitution that reflected the vision of the political left. In December 2022, lawmakers established a second constitutional process. Voters also rejected, in December 2023, the second constitutional draft, penned by the political right, by a nearly 55 to 44 percent margin. In January, President Boric closed discussions on constitutional reform during his administration, leaving the current constitution unaltered.

Prior to 2019, there were generally few incidents of politically motivated attacks on investment projects or installations except for the southern areas of Araucania region and Arauco province in neighboring Bio Bio region. This area, home to nearly half a million indigenous inhabitants, has seen an ongoing trend of politically motivated violence and organized criminal activity. Land claims and conflicts with forestry companies are the main grievances underneath the radicalization of a relatively small number of indigenous Mapuche communities, which has led to the rise of organized groups that pursue their demands by violent means. Incidents include arson attacks on churches, farms, forestry plantations, forestry contractors’ machinery and vehicles, and private vehicles, as well as occupation of private lands, resulting in over a half-dozen deaths (including some by police forces), injuries, and damage to property. Since October 2021, the Chilean Congress has extended the State of Emergency in the Araucanía Region every 15 days. The State of Emergency permits the Chilean army to support Carabinero police actions, specifically to secure important transportation corridors. Government data suggests the State of Emergency’s success – pointing to a 30 percent reduction in rural violence. President Boric announced the creation of a Presidential Commission for Peace and Understanding on June 21, 2023, to find a solution to Mapuche land claims.

Since 2007, Chile has experienced several small-scale attacks with explosive and incendiary devices, targeting mostly banks, police stations, and public spaces throughout Santiago, including metro stations, universities, and churches. ATMs have been blown up in the late evenings or early mornings. Attacks generally occur during times of minimal civilian foot traffic and have generally avoided causing civilian casualties. Eleven incidents of bombs that either exploded, were defused by authorities, or failed to detonate have occurred since May 2019. Anarchist groups often claim responsibility for these acts, as well as violent incidents during student and labor protests. According to analysts and media reports, these anarchist groups do not have a unified manifesto, but their motives revolve around general anti-government sentiment, including environmental degradation; restitution of public lands to indigenous groups; imprisoned acquaintances; protest of public transportation costs; and denunciation of “corporate greed.” Half a dozen activists are currently convicted and imprisoned for attacks that claimed about 15 injuries among civilians and police officers.

While the security environment is generally safe, street crime, carjackings, telephone scams, and residential break-ins are common, especially in larger cities. Law enforcement agencies have observed an increase in transnational criminal activity and attempts by narcotics organizations to gain footholds in Chile. Vehicle thefts are a serious problem in Valparaiso and northern Chile (from Iquique to Arica), with most of those vehicles allegedly smuggled into neighboring Bolivia. On occasion, illegal activity by striking workers resulted in damage to corporate property or a disruption of operations. Some firms have publicly expressed concern that during a contentious strike, law enforcement has appeared reluctant to protect private property.

Chilean authorities have attributed an increase in violent crime in Chile, in part, to an increase in Chile of migrants connected to transnational criminal organizations. President Boric and the Interior Ministry view border control as one of the primary methods to reduce crime in Chile. In July 2023, President Boric introduced a new National Policy on Migration and Foreigners. In June 2023, President Boric announced that he would fast-track a bill to create a new Ministry of Public Security, and Chile’s Congress continues to debate numerous security-related bills.

Chilean civil society is active, and demonstrations occur frequently. Although most demonstrations are peaceful, criminal elements have taken advantage of civil society protests to loot stores along protest routes and clash with the police. Annual demonstrations to mark March 29, the Day of the Young Combatant; September 11, the anniversary of the 1973 coup against the government of President Salvador Allende; and October 18, the anniversary of the outbreak of the 2019 civil unrest, have resulted in damage to property, looting, and scuffles between police and protestors.

• 11. Labor Policies and Practices

Unemployment in Chile averaged 8.6 percent of the labor force during 2023, while the labor participation rate was 62.1 percent of the working age population, estimated as 16.3 million people in December 2023. The labor participation of migrants was 75.8 percent of the working age foreign population in Chile, estimated at 1.0 million people in December 2023. Chilean workers are adequately skilled and some sectors such as mining, agriculture, and fishing employ highly skilled workers. In general, there is an adequate availability of technicians and professionals. The National Institute of Statistics (INE) estimates informal employment in Chile in 27.6 percent of the workforce as of December 2023.

Article 19 of the Labor Code stipulates that employers must hire Chileans for at least 85 percent of their staff, except in the case of firms with less than 25 employees. However, Article 20 of the Labor Code includes several provisions under which foreign employees can exceed 25 percent, independent of the size of the company.

In general, employees who have been working for at least one year are entitled to statutory severance pay, upon dismissal without cause, equivalent to 30 days of the last monthly remuneration earned, for each year of service. The upper limit is 330 days (11 years of service) for workers with a contract in force for one year or more. The same amount is payable to a worker whose contract is terminated for economic reasons. Upon termination, regardless of the reason, domestic workers are entitled to an unemployment insurance benefit funded by the employee and employer contributions to an individual unemployment fund equivalent to three percent of the monthly remuneration. The employer’s contributions shall be paid for a maximum of 11 years by the same employer. Another fund made up of employer and government contributions is used for complementary unemployment payments when needed.

Labor and environmental laws are not waived to attract or retain investments.

During 2022 (latest data available), Labor Directorate data showed that 11,256 unions and 2,493 workers federations were active. In the same period, 411,390 workers were covered by collective bargaining agreements. Unions can form nationwide labor associations and can affiliate with international labor federations. Contracts are normally negotiated at the company level. Workers in public institutions do not have collective bargaining rights, but national public workers’ associations undertake annual negotiations with the government.

The Labor Directorate under the Ministry of Labor is responsible for enforcing labor laws and regulations. Both employers and workers may request labor mediation from the Labor Directorate, which is an alternate dispute resolution model aimed at facilitating communication and agreement between both parties.

Labor Directorate data shows that 661 legal strikes occurred in 2022 (latest data available), involving 106,821 workers during the same period. As legal strikes in Chile have a restricted scope and duration, in general they do not present a risk for foreign investment.

Chile has and generally enforces laws and regulations in accordance with internationally recognized labor rights of freedom of association and collective bargaining, the elimination of forced labor, child labor, including the minimum age for work, discrimination with respect to employment and occupation, and acceptable conditions of work related to minimum wage, occupational safety and health, and hours of work. On January 1, 2023, Chile raised its monthly minimum wage to CLP 410,000 – US$ 496– for all occupations, including household domestic staff, more than twice the official poverty line. Workers older than 64 or younger than 19 years old or younger are eligible for a special minimum wage of CLP 305,851 (US$ 370) a month. Information on potential gaps in law or practice with international labor standards by the International Labor Organization is pending.

Collective bargaining is not allowed in companies or organizations dependent upon the Defense Ministry or whose employees are prohibited from striking, such as in health care, law enforcement, and public utilities. Labor courts can require workers to resume work upon a determination that a strike causes serious risk to health, national security, the supply of goods or services to the population, or to the national economy.

The U.S.-Chile FTA, in force since January 1, 2004, requires the United States and Chile to maintain effective labor and environmental enforcement.

In April 2023, congress passed a law to enact a 40-hour work week by May 2028 by gradually decreasing the 45-hour work week. The lowering of the maximum number of labor hours is implemented gradually from 44 hours since its promulgation, 42 hours the second year, and 40 hours starting the third year of its promulgation. Provisions on premium compensation for overtime work are not affected by the new law. The law provided exemptions from restrictions on hours of work for some categories of workers such as managers; administrators; employees of fishing boats; restaurant, club, and hotel workers; drivers; airplane crews; telecommuters or employees who worked outside of the office; and professional athletes.

• 12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs

Since 2013, Overseas Private Investment Corporation (OPIC) partnered with U.S. solar energy developers to finance five large-scale power facilities throughout the Atacama Desert in northern Chile, one of which remains operational. Other OPIC-financed projects in the country include the run-of-river hydropower project Alto Maipo, and the toll road Vespucio Norte Express. There are no investment incentive agreements between Chile and the United States that support them. Since the World Bank categorized it as a high-income country, Chile is ineligible for U.S. International Development Finance Corporation financing.

• 13. Foreign Direct Investment Statistics

* Source for Host Country Data: Central Bank of Chile, 2022 year-end data released in March 2023.

According to the IMF’s Coordinated Direct Investment Survey (CDIS), total stock of FDI in Chile in 2022 amounted to US$ 256.5 billion, compared to US$ 237.0 billion in 2021. Canada, the United States, and the Netherlands are the main sources of FDI to Chile (same rank order as in 2021) with US$ 35.5 billion, US$ 22.8 billion and US$ 21.2 billion, respectively, concentrating 31.1 percent of the total.

Chile’s outward direct investment stock in 2022 amounted to US$ 136.0 billion, compared to US$ 132.5 billion in 2021. It is less concentrated in South America than in previous years, with Brazil, Peru, and Colombia combined representing nearly 23.5 percent of total Chilean outward FDI. The United States and Germany are the second and fourth destination, respectively, of Chilean FDI with 16 percent of the total, combined.

The data below is consistent with host country statistics. Although less prominent than in previous years, some tax havens are relevant sources of inward FDI to Chile, with Bermuda, the British Virgin Islands, and Luxembourg ranking eleventh, twelfth, and sixteenth, respectively, according to the Central Bank of Chile. However, the category “Not Specified (including Confidential)” totals US$ 93.9 billion, more than any other country source of inward FDI into Chile.

• 14. Contact for More Information

Alexis Gutiérrez Economic Specialist Avenida Andrés Bello 2800, Las Condes, Santiago, Chile (56-9) 4268 9005 [email protected]  

On This Page

U.s. department of state, the lessons of 1989: freedom and our future.

Defining net income

Calculating net income.

• Why it matters 

What is Net Income?

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• Net income is the total amount of income left after expenses and deductions are taken out.
• You can find a company's net income on their income statement to assess the health of a business.
• Net income is also used to calculate earnings per share for investors.

One of the most important metrics for businesses and investors to track is net income. This is also sometimes referred to as net profit, net earnings, or — more colloquially — "the bottom line," which refers to the profits left over after total expenses have been deducted.

The bottom line: Profit after expenses 

Net income is a key metric for assessing the health of a business and signifies the profit a company earns after the total of all deductions and expenses are subtracted from total revenue. Revenue includes all money earned by a company, and is also referred to as gross income. 

Net income is one part of what you'll see on a company's income statement . It's located on the bottom line of the income statement, which is why you'll sometimes hear the term "bottom line" being used in lieu of "net income." 

"Net income is the last line on a company's income statement and is the amount of operating profit businesses report after deducting cost of goods, operating expenses, and other allowable expenses," says Gabi Slemer, CFA and founder of Finasana , a financial literacy and wellness platform. 

Applies to businesses and individuals 

Net income is a financial metric that you can apply to both businesses and individuals. When it comes to individuals, net income can be defined a few different ways. For an employee, net income is simply how much money is taken home after taxes and deductions are subtracted from one's paycheck. 

Another way to define an individual's net income is how much they take home after accounting for retirement contributions, health care and taxes. 

The basic formula 

Net income is typically found on a company's income statement, which is also called a Profit and Loss statement. As an investor, you can see this for yourself through a company's financial filings with the Securities and Exchange Commission (SEC). If you're a business owner, you can typically see this using most accounting software. 

Knowing how to calculate net income using basic financial metrics can prove quite helpful. 

Here is a net income formula you can use yourself: 

That's the simplified version. Your total income includes all sales revenue. Your total expenses to be subtracted include cost of goods sold, selling, general, and administrative expense, as well as interest, depreciation, amortization, and any other additional expenses. 

For an example of net income, let's take a look at Amazon's statement of operations . 

Again, the equation for net income is:

Net income = Revenue - cost of goods sold - expenses

Let's take all revenue which includes all sales and income. These numbers are listed as millions. 

$89,296 (Revenue) = $88,912 (listed as total net sales) + $378 (listed as total non-operating income) + $6 (listed as equity method investment activity, net of tax) 

Then let's look at total expenses, including cost of goods sold (which is listed as "cost of sales" and included in total operating expenses) 

$84,053 (Total expenses, including cost of goods sold) = $83,069 (listed as total operating expenses) + $984 (listed as provision for income taxes) 

Then take $89,296 - $84,053 and you get a net income of $5,243 which you see on the bottom line in the diagram above. 

Net income vs. gross income

When evaluating either business income or individual income, there is gross income and net income. 

Gross income refers to the total amount of income earned from all sources before anything is taken out. Net income refers to income after all taxes and deductions are subtracted from the gross income. 

As noted earlier, gross income might be much higher than net income. Net income gives a better picture into how a business is doing and is a good number to know as an individual to help with your budget. 

Why net income matters 

Indicator of profitability.

Net income is a good indicator of how profitable a company is or is not. When you look only at revenue, you're not looking at the big picture costs of running a business or its profitability. 

This is similar to how you can't just look at your individual income to assess your personal financial wellbeing (looking at net worth is a better indicator). It's key to look at all expenses and get a clear idea of what money is coming in and what is going out. 

Net income can give you an overall idea of the health of a business, because it shows profits after all deductions are taken out. If there are major differences between gross and net income, it can be a warning sign. It could mean that expenses are too high, income is too low, or both. 

It's important to note that net income is just one metric to look at and it can vary from business to business. 

"[Net income numbers] can change drastically from one business to another based on how they choose to fund their companies and assets," explains Slemer. "Net income also doesn't include capital expenditures. A given business could have a pretty high net income relative to their earnings but in reality be hemorrhaging cash."

Informs business decisions 

Executives and managers running companies can use net income as a yardstick of success, and once they know how successful a business is, they can use this financial metric to strategize. If a company is generating substantial net income, its current operations may have little reason to change. 

However, if a business is generating very modest profits, or operating at a loss, it may be a great time to evaluate how to calculate net income and make some changes. 

Your company's current net income can give you a better sense of how easily you can access credit if you want to use leverage for purposes such as expansion. 

Attracts investors 

Prospective investors will frequently take interest in companies that have a history of generating a strong net income. They can review financial statements with net income to determine the financial health of a company they are considering. 

Net income is also relevant to current investors, as businesses use net income to calculate their earnings per share . 

"Earnings per share is the net profit divided by the number of outstanding shares. If the company has issued any preferred stock, they'll subtract those preferred dividends as well," says Nate Tsang, founder and CEO at WallStreetZen . "EPS should increase yearly to signal that a company is profitable; the total value of EPS at any given time is less important than regular growth." 

Personal use 

Additionally, net income isn't just for businesses or investors to use. Individuals can use net income to create a budget based on their take-home pay, after taxes and deductions are taken out. 

Net income: Conclusion

Investors looking to evaluate a company's performance can look at net income to determine how well they're doing. 

"Net income sheds light on how well the business is run," Tsang says. "A great product or service can bring in a high gross income, but if too much is being lost to operating expenses, then the net income will suffer or perhaps even turn negative. A poorly run business with a great product or service may have a high gross but a very poor net."

That number might shift over time, but it's important to be aware of what a company is bringing in after expenses.

No, net income and cash flow are not the same thing. The former includes non-cash items like depreciation, while cash flow measures the actual movement of cash in and out of a business. 

Gross income is the same as revenue, whereas net income is the profit you have after subtracting all deductions and expenses. 

Yes, a company's net income can be negative, which means that the business is operating at a loss. 

Publicly traded companies provide their income on their income statement. 

You can improve your personal net income by increasing income (revenue), reducing costs (expenses), or alternatively, doing both. 

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Accounting and finance personal statement example 7.

For me Accounting is something I am incredibly passionate about. From a young age I have always enjoyed Mathematics and problem solving; fortunately for me these two interests of mine are a part of the fundamentals of Accounting and Finance.

This has helped me to decide that getting involved in the financial world is the career that I intend to pursue at university. From the threshold of childhood, being around my father’s takeaway business has enabled me to understand some of the financial aspects which a business requires; this experience has inspired me to pursue my dream to become a Chartered Accountant.

Currently I am studying BTEC Sport, ICT and A level Accounts. I am continuing with these studies in my second year of 6th Form because I enjoy them very much and I believe each subject has provided me with an array of excellent skills which will benefit me when I attend university.

Studying BTEC I.C.T has helped me improve my presentation skills as I have had lots of practice presenting to large groups. This has improved my confidence and will be a great help for me when I attend university and when I apply for Accounting jobs in the future as I have acquired the skills that are essential in order to be a successful Accountant and undergraduate student.

BTEC Sport has also improved my confidence, communication and leadership skills especially with the Community Sports Leadership Award - Level 2 course that I have successfully passed. Accounts has provided me with the basic background of Accounting, as well as enhancing my problem solving and analysis skills.

This particular experience has left me with a burning sensation to learn more about Accounts. Overall my time at Holte 6th Form has contributed into me becoming a more mature, confident student who will excel if given the chance to enter higher education.

To develop further insight into my chosen career I have secured an ongoing work experience placement with the school finance sector on Wednesdays; I believe this highlights and emphasises my commitment and determination in the field of accountancy. I have also had the opportunity to enhance my communication skills through a part-time job working in a restaurant, interact with different customers.

This improved my adaptability skills as in the time I worked there I faced a range of new circumstances, developing new skills.

In addition, I have also had work experience working in a Primary School where I have coached two Year Four PE classes; here I have gained the skills to become a more tolerant and patient person.

I believe these are essential transferable skills and will be of great help at university. I have also volunteered in raising money for Sports Relief where a group of Holte Sixth Form students rowed around the world.

This has improved my sense of responsibility, and teamwork and motivation skills, as I had to interact, work efficiently and motivate my fellow peers.

I love to play sport whenever I can as it fills me with great enjoyment. I hope to continue being involved in sports at university by joining the sport clubs that are available because playing sport provides me with a good balance in my life between leisure and work which allows me to produce my best results academically; I plan to keep this balance at university.

From a young age I have always wanted to go to university to follow my dream. The prospect of learning more about the field I want to go into is what motivates and excites me into going to university. I hope by attending university, I can develop the skills that I currently posses and also gain new skills.

Teachers say the step up from GCSE to A level is like climbing a Mountain. I feel I have achieved this and now I feel I am ready for the step up from A level to university, as this challenge excites me and is one I am relishing.

Profile info

This personal statement was written by S11711480 for application in 2011.

S11711480's university choices University of Wolverhampton Aston University The University of Birmingham Coventry University

Green : offer made Red : no offer made

Degree Accounting and Finance at City University

S11711480's Comments

i fink it was quite good, teachers said it was, tell me what u think not that it matter im already at uni lol.

This personal statement is unrated

Related Personal Statements

Fri, 14/10/2011 - 21:04

yeh think its preety gd...it helped me big tym thnks

Fri, 28/10/2011 - 20:25

i love it its brill

Nice one. What grades did you

Mon, 21/11/2011 - 22:37

Nice one. What grades did you get at AS and what were you predicted for your A2s?

Sat, 15/09/2012 - 19:17

what were your PREDICTED GRADES? Because I am thinking of Applying to the same universities.

Add new comment

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Personal statement example accounting and finance personal statement.

Submitted by Goutham

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Accounting and Finance Personal Statement

New dynamic markets are offering boundless opportunities with firms gravitating towards these markets, where inflows of foreign direct investments result in large returns on investment. As the world increasingly moves towards a more globalised environment, there is a need to understand the interplay between different economies and markets. Having lived my formative years in an emerging economy, studying in a UK university will open up opportunities for me to interact with students from other backgrounds and learn how other economies affect global markets. Furthermore, it creates a suitable platform for me to gain insights into the recent financial turmoil.

It is fascinating how series of accounting management mistakes and compromises caused the fall of various consultancy firms one of which is Arthur Andersen. The failure of the firm maintaining faithful accounting standards especially in the Enron forgery case where huge debts off the balance sheets led to the downfall of a once “Big Five” accounting firm. Documentation of this incident sparked my interest in finance . This love for understanding how financial market operate was intensified by reading ‘Intelligent Investor’, which emphasized on maximization of probabilities through valuation analysis and margin of safety. It also focused on the importance of asset allocation, diversification and prevention of consequential errors in a portfolio. This urged me to complete an internship in Elixir Investment Bank. During my internship, I gained greater insight into the Nigerian financial markets, particularly the Nigerian Stock Exchange. I assisted in examining trends on the stock market , bond and commodity prices. I found the interrelationship between macro-economic data and investment decisions particularly interesting as how businesses used retrenchment approaches during a recession. Based on my research on dominant Nigerian e-commerce firms, I analysed balance sheet data and assisted in making recommendations to the clients on investment opportunities.

In the modern globalised world, the key in decision making for businesses is having sound geographical and economic background. This encouraged me to study Economics and Geography in A level and have enhanced by ability to critically analyse information as well as develop structured arguments with detail in current affairs. Studying mathematics has improved my numerical skills, especially statistics where I learned the use of regression line to make predictions and estimate error for model reliability.

In school, I led a team of young economic enthusiasts who were keen to study economics and accounting in senior school. Reading ‘the Economist’ provided me with material to organise weekly activities with the team, and helped me explain how key economic concepts apply to real-life scenarios. My experience with this team motivated me to compete in various Finance and Economics competitions hosted by my school.

I believe a key component in excelling at university is being able to contribute to discussions on topical issues. As captain of school debate team, I learnt that the key to being a great orator is learning how to connect to your audience. This experience assisted me in becoming highly competent in clearly expressing complex issues with clear enunciation. Debating on the topic “Is Deflation proving transitory?” permitted me exhibit quantitative analysis gained from studying Economics, on a macro scale.

Being prepared for the world ahead for me transcends having an impact in my community. As a young boys scout, I learnt that giving back to the society and helping others should be a part of life wherever you are. I volunteered at various orphanage homes,, assisting assisting with day-to-day challenges and sharing my personal life challenges.

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