Education And Career Opportunities In Banking And Finance

Udai Paliwal May 25, 2019

Businesses across the world make use of financial management in every sense. Whether it is to run or execute a business, or even an economy for that matter, there is a dire need for financial management. So what is financial management and why are courses and programs in the aforementioned field seeing an upward trend among the millennials?

Financial management can be defined as the field that undertakes organizing, directing, strategic planning and controlling of financial decisions in an organization. The field also entails the task of administering management principles across the assets in an organization, along with playing an important part in fiscal management. Financial management also takes care of a multitude of other aspects that include the likes of generating worthwhile investment opportunities for shareholders, monitoring and maintaining the optimum funds required for the operation of the organization and efficient utilization of the funds to garner positive returns.

Thanks to this unvaried impetus of financial management, educational institutions are consulting and partnering with these financial institutions to chart out a revised pedagogy for the students. Financial management offers students a wide array of learning opportunities spread over the following three major areas:

Financial Planning: A key process that defines the capital and its allocation. The process also involves the organization’s capital structure while framing meticulous financial regulations and policies.

Financial Control: A key function that assesses the organization’s capability to meet its financial objectives, by looking into the assets and financial interests of the organization.

Financial Decision-Making: This function takes the final call on all the financial decisions, be it raising finance, distribution of profits, or look at how the shares are performing.

Owing to these facets, financial management programs are seeing a major influx of students, for both undergraduate and post-graduate programs. While these facets covered the organizational benefits, here are a few aspects that are lucrative for the prospective students of financial management:

Extensive career opportunities: Major hedge fund managers and financial analysts attest financial management as the gateway into numerous roles in finance. Financial and managerial accounting, financial analysis, entrepreneurship, and investment banking are just among the extensive pool of careers that are possible with financial management programs. It is also imperative for individuals wishing to climb the corporate ladder to be well versed with financial intricacies which are extensively covered in financial management programs.

Networking prospects: Owing to its multi-disciplinary outreach, individuals from all walks of life are open to pursuing financial management programs. This not only opens a conducive environment for team building but gives individuals priceless contacts among varied corporate divisions.

Promising job prospects: A study by the USA’s Bureau of Labour Statistics (BLS) states that there is a considerable spike in demand for financial managers thanks to the ever-growing range of financial products. Further attestation of this statement are the stats that state that there has been a 23% increase in jobs across financial analysis, a 32% increase in careers across financial advisory and 14% increase in financial management.

Better paymasters: Thanks to its ever-rising demand, individuals, be it in the entry-level or mastery level are exposed to lucrative pay packages with exceptional benefits. Challenging roles with good pay make financial roles one of the sought after in the industry.

Career growth: In an ever-changing financial world, there is no dearth of knowledge one can possess. By acquiring relevant skills, and in-depth knowledge, individuals can climb up the career ladder swiftly.

For a bright career path in the finance and banking domain, a rigorous B. Com (Hons) or a BBA in Finance is imperative to set the foundation right and for understanding the nuances of banking and finance. Students of a good B. Com. Programme can see themselves as sales executives for mortgages, loans, and insurance divisions with any banks. This not only helps individuals understand the nuances of the global economy, but also helps them in identifying the challenges of the marketplace. Having obtained a few years’ experiences they may proceed with more specialized education in the banking and /or finance field to prepare themselves for higher managerial roles. Thanks to this growing demand, professionals who wish to pursue a career in banking can look at public and private banking firms. Students of financial management predominantly pursue their career in investment banking, wherein they advise firms and financial buyers about large complex transactions that include the likes of major acquisitions, equity and debt issuances, derivatives and divestitures. Individuals also pursue a career as a private equity analyst, in venture capitals and buyout firms. One can also work as a financial consultant, rendering services to financial buyers to offer alternate value strategies. Financial management also offers students the unparalleled advantage of being able to work for both buy-side and sell-side of organizations. Some of the world-renowned names that hire the maximum number of financial management individuals are some of the major investment banks like Barclays, Goldman Sachs, Morgan Stanley, UBS, Deutsche Bank, Credit Suisse, Citibank, JP Morgan among others.

Owing to these factors, one can say that banking and finance in India and beyond is just at the cusp of being one of the most vital professions for aspiring candidates.