“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” — Steve Jobs
The advice of the Mr. Steve Jobs is very important for everyone to search for the work that one loves so that great work can be done. Choice of career is a critical decision and this decision is taken at a young age where there is relatively less experience of the real world. For students, taking decision about the area of their specialization in their study and subsequently the career is having long lasting impact on their life.
Finance is one of the areas of specialization and career preferred by many students. It is important for them to know the career opportunities available in finance area especially in the current changing business environment at domestic and global level. Financial sector is one of the preferred careers because here the work is of a professional level. Finance career can be made by any person by acquiring specialize knowledge relating to finance and practicing that knowledge. The growth opportunities in this sector are many and the career growth is based on the performance. Even the compensation is better and one can have better work life balance and social respect.
The broad areas for making career in financial sector domain are as follows.
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All corporate entities, irrespective of large or small have big finance department. Here there is a scope to make career in accounting, auditing, budgeting, financial control, taxation and compliance. Corporate Treasury Management expertise also gives good career of managing all investment in different assets and securities made by the company.
Banking sector and NBFC
Technology has taken over entire financial sector, especially banking sector. In each function of modern banking there is ample use of technology. The areas where career can be made are business development. financial analyst, treasury operations of banks, risk management in banks, marketing of banking services and finally relationship banking. The traditional areas also have good scope of career like corporate lending, SME lending, agriculture lending, micro finance and foreign exchange department.
Insurance is another fast-growing sector offering many careers opportunity. Apart from traditional career of marketing of insurance, the sector offers career in insurance actuarial department, compliance department, regulatory department, and micro and rural insurance. Health, vehicle, catastrophic and re-insurance also offers good career opportunity.
Especially for MBA Finance students this sector offers ample opportunity. The main areas of career are trading and broking in capital markets, equity and other security analyst, mutual funds, credit rating, investment and merchant banking, research and advisory services like mergers and acquisitions, commodity trading, risk management in financial markets, and portfolio management.
The growth of financial services in India and at global level is tremendous. In fact, for growth and development of financial markets, financial services sector played important role. Students can have good career in the areas like investment banking and merchant banking, housing finance, credit card business, factoring services in domestic and international markets, and personal wealth advisory services.
The entire financial sector is overtaken by technology and a new sector is emerged called Fintech which is extensively using modern technology for all finance functions. Students with the knowledge of modern technology and its application in finance area called ‘Fintech’ have ample career opportunity. The broad areas here are cognitive technology, artificial intelligence, block chain technology, robotic process automation, payment gateways, digital wallet and cyber security.
Traits required in students to make good career in financial sector
A degree with an excellent track record of academics is important for good career in finance, and also awareness about the basics of business and finance with good numerical and analytical ability along with good communication and interpersonal skill. This is essential to take responsibility and leadership position. Knowledge of modern technology and its application is must to get a good job. Even to start one’s own venture these knowledge and traits are important for the success. The last but not the least quality required here is honesty as it is a sector where one has to deal with lot of money directly or indirectly, hence honesty is a precondition to be successful in financial sector.
Education and training
The K J Somaiya Institute of Management offers post graduate program in finance called MBA in finance specialization and financial services specialization with all above mentioned courses and give training to students to develop the traits required for the career in finance. Industry interface, live projects and various students’ clubs and association makes the holistic development of the students and they are industry ready. Industry prefers our students as they are trained to be fit to work on the job.
Dr. Pankaj Trivedi
Dean; Faculty of Commerce and Business Studies
Somaiya Vidyavihar University
Area Chairperson; Dept of Finance and Law
K J Somaiya Institute of Management