Handling money matters
A career in finance can be challenging and rewarding at the same time

By Shubhdarshani Mitra
The very word ‘finance’ is correlated to words like money, banking, savings, lendings etc. The wikipedia defines the word as the science which deals with funds management and involves ‘time, money and risk’ as interrelated to each other. With so much happening due to the economic downturn, this career option, once a hot choice, saw some cold response. However, it continues to draw people who love to take risks and endeavour for rewards on those risks.

Those into the profession say it is a broad career choice as the possibilities and the compensations are immense. Many a times finance professionals are looked at as "bean counters", the view is changing now with the technological growth. So, it’s the computer’s that are counting the beans, while the professionals involved are helping them grow.

Various options under finance
The field of finance can be broadly divided into business finance, personal finance and public finance. There are different job opportunities that a person can opt from which includes corporate finance, financial planning, investment banking, real estate and insurance. Let’s look at few of the options within the industry:

• A career in personal finance largely revolves around how much money will be required by an individual or a family and when, how does tax policy affect a person’s financial decisions among other. It could also involve paying for debt or loans.
  
  
• A career in corporate finance would typically require you find money for a company so that the business can run. It also involves growing of the business and planning the financial future of the company.
  
  
• Another steaming career option for finance professionals is in the insurance sector, helping individuals and businesses to handle risk and safeguard themselves from losses at the same time.
  
  
• Investment banking is another lucrative opportunity that involves issuing of securities, purchasing of securities, managing financial assets, providing advices related to finance etc.
  
  
• Stock broking is where the broker or the stock market professional play host to international interest in the Indian stock market or foreign investment bankers. This job requires specialists in different fields like economists, accountants, financial analysts, investment and financial planners etc.
  
  
• Another option is to get into commodity trading which has a remarkable potential for those who are participating in the financial market.
  
  
• Another field of interest to those who have a background in finance could be real estate where huge amount of financial assets are involved. So, one can get into property management, mortgage banking, brokerage and leasing.
  

Job opportunities
Within the various broad categories of possibilities of finance, there are specific job areas. For example, if you want to get into investment banking, you start as an analyst where you write reports, maintain spreadsheets, trading stocks etc. While seeking a career in corporate finance, you can work as a credit manager, investor relations officer or as a treasurer. In case of commercial banks, you can start as a teller and then move on to become a leasing agent, trade credit specialist etc. The options are numerous.

Working hours
The working hours in the finance industry could be anywhere between low hours to highly demanding working hours. If we talk about banking industry per se, the work hours could be 10-6 in case of government banks or more in case of private banks. With the banking job becoming more oriented towards general marketing of financial services and with customers going for online services, there is a new challenge for the banks to retain their customers. Technological advancement means newer challenges for people and this industry is no different.

Skills required
If you are a part of the banking industry where you are associated with the lending or managing a branch, it requires high level of people skills and selling skills and good communication skills. Talking about investment banking, it would require a well- mingled interpersonal and analytical skills. Also, the person involved need to have a good understanding of the business. Apart from a strong hold on finance as a subject of study, which is essential to build the empire on, soft skills are mandatory where you need to be in direct contact with the customers. Leadership quality is also significant as this is one industry which is full of risks and a person’s ability to meet the challenges.

An MBA in finance
While a strong background in Economics or a PhD in Economics can help you get the same jobs as an MBA, there is always a chance of doing better with an added qualification. An MBA from a business school in finance would be a programme like a postgraduate diploma in finance. A full-time two year course is provided by premier B-schools apart from part-time options. Among IIM’s, IIM-Bangalore has a fellowship management programme in finance and control area which covers various areas of financial economics and accounting research that includes corporate finance, capital markets, corporate governance, financial accounting, risk management, banking etc.

Emolument
In Xavier’s Institute of Management , Bhubaneshwar, finance was still the top draw despite economic downturn. There were cent per cent placements for students of business management with a total of 54 companies coming to campus for recruitment. Companies like Godrej, Axis Bank, State bank of India, Vodafone, Idea etc recruited XIMB students. The highest offer in the current year placement was Rs 16 lakhs per annum and the average salary was Rs 7.3 lakhs per annum. Other than that, the starting salaries with a bachelor’s degree and an MBA degree are quite attractive. n