Build a Fascinating Life with a Career in Finance

Do you think you have what it takes to be a finance expert? Does the idea of planning and talking about money, finance, and related issues excite you? If your answer is yes, then you can consider choosing a career in finance.

One of the most in-demand skills in business is the ability to efficiently manage finances. It will simplify your personal life and also make you a desirable candidate for jobs wherever you are in the world. Finance is a subject that makes you an expert in money matters. Keeping these in mind, we have brought you this fascinating piece to give you a peek into the world of finance. Read along to find out more.

Finance

Finance is the specialized study of how an individual or a business handles its money. A finance degree provides a wide grasp of how money influences people and places. Finance degrees are a good choice for people who want to learn about how the global economy works and the secrets of money, investments, and financial freedom. The study of banking, credit, debit, loans, capital markets, and several other financial-related activities fall within the broad definition of finance.

Three interconnected areas make up finance:

1. Money and Credit Markets, which deal with financial institutions and the securities markets;
2. Investments, which concentrate on the choices made by both retail and institutional investors; and
3. Financial management, which deals with choices made within the company regarding the acquisition and use of funds.

Courses That Help You Build a Career in Finance

Finance is a diverse subject. There are various courses that can make you well-versed in different areas of finance. Various UG and PG courses are available for interested candidates to study and make a rewarding career.

UG Courses

Name of Course	Eligibility	Fee in INR (average)	Duration
B. Com	12th pass + 50% aggregate in 10+2.	10,000 to 50,000	3 years
BBA Finance	12th pass + 50% aggregate in 10+2. For BBA in Finance admission, several colleges hold their own entrance tests.	2-5 Lac	3 years
Banking and Finance	12th pass + 60% aggregate in 10+2.	2-3 Lac	3 years
B.Sc. Finance	12th pass + 60% aggregate in 10+2. Must have studied Mathematics or Statistics as a compulsory subject in Class 12.	2-3 Lac	3 years
Financial Engineering	12th pass + 50% aggregate in 10+2 with Physics, Chemistry and Mathematics as primary subjects.	3-6 Lac	3.5-4 years
CA (Chartered Accountancy)	12th pass + 60% aggregate in 10+2. You also need to clear CPT which is a qualifying exam for CA.	1-4 Lac	4.5 years

PG Courses

Name of Course	Eligibility	Fee in INR (average)	Duration
M. Com	50% aggregate in BCom or BCom (H) from a recognized university or college.	10,000 to 1 Lac	2 years
MBA Finance	50% aggregate or an equivalent CGPA in Bachelor’s degree in any field from a recognized university or college.	1-7 Lac	2 years
MBA Banking and Finance	50% aggregate or an equivalent CGPA in Bachelor’s degree in any field from a recognized university or college.	2-5 Lac	2 years
Financial Management	Bachelor’s degree with 50% aggregate for the general category and 45% for the reserved category. Candidates from a commerce or finance background are preferred.	10,000 – 3 Lac	2 years
M.Sc Quantitative Finance	55% aggregate or an equivalent CGPA in Bachelor’s degree in any field from a recognized university or college.	40,000 – 1.5 Lac	2 years
Finance and Accounting	A Bachelor’s degree in the field of Commerce, Banking or Finance is required with a 45%-50% aggregate score in the qualifying exam.	1-2 Lac	2 years

Also, read this: 8 Amazing Scholarships for Undergraduate Studies in the UK

Careers in Finance

We have prepared a list of the top careers in finance. Have a look below.

1. Chartered Accountants

A chartered accountant (CA) handles a company’s financial affairs and helps to protect individuals as well as corporate and other institutions’ investments. They provide expert guidance and advice that helps shape crucial business decisions. They offer accounting, auditing, tax management, budgeting, financial reporting, forensic accounting, corporate finance, business recovery, bankruptcy services etc.

Average Salary

A CA earns, on average, INR 7–8 lacs per year.

2. Actuary

Actuaries work in financial, insurance, and other related businesses to assess, measure, and manage financial risks. They examine the monetary costs associated with risks and uncertainty. They estimate the risk of prospective events using mathematics, statistics, and financial theory, and they assist clients and corporations in creating policies that reduce the price of that risk.

Average Salary

An actuary earns, on average, 3.6–12 lacs per annum.

3. Financial Planner

A Certified Financial Planner, or CFP, provides advice and guidance in many areas such as wealth management, investment management, retirement planning, education planning, tax planning, insurance, risk management, personal cash flows and taxes. They aid people in achieving their short-term and long-term financial goals.

Average Salary

A certified financial planner earns between 1.5 and 10 lacs per annum on average.

4. Financial Analyst

A financial analyst is in charge of a variety of tasks, such as compiling information, organising it, evaluating historical data, forecasting and projecting the future, offering advice, and creating Excel models, reports, and presentations. In order to provide guidance for corporate investments and overall financial strategy, they are also accountable for studying a company’s financial data.

Average Salary

A financial analyst earns 2 – 10 lacs per year on average.

5. Investment Banker

An investment banker is in charge of selling shares and issuing loans to raise funds for companies and individuals. These highly analytical individuals supervise mergers, carry out research, and draft financial and legal documents. Helping customers with mergers and acquisitions (M&As) and advising them on special investment opportunities like derivatives are just a few of the responsibilities of the profession.

Average Salary

An investment banker earns 2 – 40 lacs per annum on average.

6. Portfolio Manager

A financial expert who manages investment opportunities for clients is known as a portfolio manager. They achieve this by putting investment plans into practice, examining market trends, and finding fresh investment opportunities for clients. Private client investment allocations are typically created and managed by portfolio managers.

Average Salary

A portfolio manager earns, on average, between 3 – 30 lacs per annum.

7. Quantitative Analyst

A quantitative analyst, also known as a “quant”, is a professional who uses statistical and mathematical techniques to solve financial and risk management issues. In order for businesses to make financial and business decisions on things like investments, pricing, and other things, they create and implement complicated models.

Average Salary

A quantitative analyst earns 3 – 30 lacs per annum on average, based on their experience.

Choosing a Career in Finance

If you are interested in having a career in finance, it is necessary that you have a keen interest in the field. You must also have an aptitude for mathematics, accounting, and data analysis.

You should invest time in research, identify opportunities, find your niche, and select your course accordingly. Financial jobs require skills and adaptability as the financial environment is constantly changing from time to time and from company to company. A career in finance also requires interpersonal skills.

A career in finance is often associated with good pay. But earning money is one thing, and managing it well is another. It is the effective management of one’s finances that leads to long-term wealth creation. Since becoming rich is a dream for many students these days, understanding what it takes to becoming rich can be very helpful.

Gaining Experience

Experience is crucial in building your career. If you have decided to build your career in finance, your focus must be on gaining experience. It makes you better at your job. At the college level, you can earn experience in finance by interning. An internship can allow you to learn your job with real-life experience. And if you are lucky, you can also make a good amount of money while working as an intern. Your internship certificate will help you build a good resume by the time you complete your degree.

Finding a Job

Every organization in the world has matters related to finance. So, the opportunities are ample. However, the pay might vary from company to company or role to role. You can apply for jobs online and offline. Keep the following in mind to score a good opportunity:

• Gain experience during college through internships and practical projects.
• Try to attend various conferences. It will help you understand the latest trends and developments while allowing you to build a network.
• Improve your interpersonal skills.
• Be very comfortable crunching numbers.
• Build expertise in MS Excel and other important tools and software.

Conclusion

So, here it was. Some interesting information about building a career in finance. Remember, finance is a very sensitive and important matter. You are responsible for your company’s or your client’s finances and money, so it is important that you like your job. You should never pick a career in finance because of peer pressure.

Sometimes it is difficult to understand your own aptitude or find a good college for yourself. This is where EnrichMyCareer comes in to help you. We can assist you with finding the right career for yourself. Give us a try.

Frequently Asked Questions (FAQs)

1. Are finance jobs stressful?

Like every other job, a finance job also requires commitment. At times it might get stressful, but with skills, knowledge, and experience, you can learn to perform better.

2. Which is the best country to study finance?

The top five countries to study master in finance are listed below:

• UK
• USA
• France
• Canada
• Singapore

3. Which colleges are best for studying postgraduate (PG) finance courses in India?

Few of the top colleges (other than IIMs) to study MBA in Finance in India are listed below:

• SP Jain Institute of Management and Research, Mumbai
• Narsee Monjee Institute of Management Studies, Mumbai
• KJ Somaiya Institute of Management Studies and Research, Mumbai
• Lal Bahadur Shastri Institute of Management (LBSIM), Delhi/NCR
• Xavier Institute of Social Service (XISS), Ranchi

Few of the top colleges to study MSc in Finance in India are listed below:

• Jamia Millia Islamia University, New Delhi
• NMIMS Mumbai, Mumbai
• Manipal Academy of Higher Education (MAHE), Manipal
• JBIMS, Mumbai
• Mumbai University, Mumbai