Benjamin Franklin once said, “An investment in knowledge pays the best interest”. And if you invest in a career in Finance, you’ll know how to manage your interest rates (pun intended). Much has been said about the power of money but we’re here to help you pick a career in a field that will put you in the heart of money management. Yes, we’re talking about a career in Financial Services.
Financial Services comprises of an extensive range of economic services that are in the business of managing money including credit unions, banks, credit-card companies, accountancy companies, stock brokerages, investment funds, etc. In India too, Financial Services covers the functioning of banks, financial institutions, insurance companies and the National Pension System. Since there are a lot of financial institutions operating in India, there is a huge scope of employment for individuals opting for a program like an MBA in Finance.
Why take up a career in financial services?
The world revolves around money and a career in financial services puts you at the nucleus of money management. It’s a challenging and dynamic career path to pursue. India, being one of the fastest growing economies in the world credits the “financial services” industry for contributing a fair amount of share in its GDP. The financial sector contributes around 6% which is noticed considerably by the rise in the number of employment and the revenue it generates. Banks and Insurance companies are responsible for generating most of the employment in this sector.
Finance professionals can also find employment in Investment Banks, Commercial Banks, Money Management Firms, Hedge Funds, Private Equity Firms, and Real Estate Firms. Apart from this, most organisations have an accounting or a finance division which means there’s no dearth of opportunities in the financial sector.
Why do an MBA in Finance? And not marketing or HR?
To become a finance professional, you can start off with doing a bachelor’s degree. But if you are really inclined to make it big in the world of finance, you should contemplate on pursuing an MBA in the field.
An MBA in Finance or MBA in Financial Services, used synonymously, will equip you with in-depth knowledge of financial markets, investments, statistics, corporate finance, along with all facets of managing the business world. It will intensify your critical thinking skills and help you develop leadership skills.
An MBA Finance average salary in India is Rs. 439856 per annum but can increase exponentially with the number of years of experience. The pay package is slightly more than what professionals in the marketing or HR earn.
There are many colleges in India offering MBA Finance and if you’re living in West Bengal, one good option can be the Techno India University, Kolkata which holds a record of placing around 5 lakh students in top MNCs over the past 26 years.
6 Financial Jobs You Should Consider
Armed with the skills from the MBA in Financial services program, you can consider the below jobs:
1. Investment Banker
An individual who works for an investment bank (E.g., Goldman Sachs, Morgan Stanley, JPMorgan Chase etc.) to raise capital for individuals, companies, and government is called an investment banker. Investment bankers may also be involved in mergers and acquisitions, serve as a facilitator between a company and its investors, assist with unique investment opportunities such as derivatives and pricing financial instruments.
Investment bankers are the highest-paid professionals in the finance industry with an average salary of INR 782988 per year.
2. Financial Analyst
Financial Analysts are experts in markets, economics, accounting, and compliance. They are able to absorb and evaluate huge volumes of data. With their analysis and revenue projections, they advise top management on strategic decisions and investments.
Financial Analysts earn a pay package of INR 355717 per year.
3. Venture Capital Analyst
As a venture capital analyst, your responsibility will be to network, be observant about latest industry trends, and meet potential target companies. They work for venture capital firms who provide capital to start-ups and small companies with a plan of business expansion but with no access to stock market.
An analyst employed at venture capital firms take home a salary of INR 5 lakhs per annum, depending on the experience and expertise.
4. Chief Financial Officer
A Chief Financial Officer (CFO) is responsible for managing the financial actions of a company and reports to the Chief Executive Officer (CEO). He tracks cash flow, analyses a company’s financial strengths and weakness, and proposes corrective actions. The CFO plays a key role in a company’s overall success by influencing company strategy.
The average salary of a Chief Financial Officer is INR 3, 335, 902 per year.
5. Portfolio Manager
Portfolio Managers usually work at money management firms and hedge funds. They are responsible for overseeing client portfolios. They help their clients attain their financial goals. They are professionals with project management skills and several years of experience.
Since it is a senior position, a Portfolio Manager may take home a yearly package of INR 1220838.
6. Risk Analyst
Curbing losses and managing unpredictability is the responsibility of a Risk Analyst. They identify and analyse the areas of potential risk threatening the assets of a company, predict change and future trends, and also forecast cost to an organisation. Continue Reading…