I want to become an Investment Banker!
I dream of becoming a Portfolio Manager!
Is Deutsche Bank, JP Morgan Chase, Goldman Sachs your dream workplaces?
Finance is one of the most popular courses & the top choice for students and professionals for ages. 7 out of 10 students dream of becoming an Investment Banker & imagine working with top banks. The lucrative salaries, perk & status attracts the students. But, little do we forget the suitability for the field. No doubt, it is an amazing field to pursue, but what if realize after a couple of years that the field is not for us? What if the field is not our ideal match?
If you are also intrigued by the perks associated with Finance but are unsure if the field will be good for you or not, you have landed at the right place. During the article, we will explore the field of Finance for you & will take you through certain steps you can follow to check your suitability for the same. So let’s figure out if Finance as a career a good field for you.
First, What is Finance?
In simple terms, Finance can be defined as the management of money. Finance is a field that makes sure your money is safe and multiples efficiently. Management of money can be for an individual, a family or even companies. The major areas under Finance include borrowing, lending, investing, budgeting, planning, forecasting, modelling and analyzing data. Finance has always been the backbone of any industry, individual or any company and even the economy of a nation. It is the most sensitive, indispensable part of any firm or household.
WHAT ALL YOU NEED TO BECOME SUCCESSFUL IN FINANCE?
The demand for finance specialists in the industry is very high, but the road to landing the perfect job isn’t a cakewalk. It requires a lot of commitment, hard work, perseverance, and patience. Let’s find out
- Abrest With Latest News: A finance specialist must stay abreast of the latest news, economic developments, domestic and international happenings, financial news etc.
- Critical Thinking & Problem Solving: He/ she must have an aptitude for critical thinking and problem-solving.
- A knack for Numbers & Analysis: He/she must be comfortable with numbers and should have the knack for analysing the data comfortably in order to give the correct trends and forecasting.
ASK THESE QUESTIONS TO YOURSELF
- Am I interested in Mathematics and Statistics or they are just OKAY?
- Am I a creative problem-solver? Am I able to overcome challenges in life by finding an innovative solution?
- Am I interested in helping companies increase their revenue?
- Am I a good communicator? Am I able to express my ideas clearly and effectively?
HOW TO PURSUE FINANCE AS A CAREER?
You must be wondering how exactly does one become a Finance specialist? What to study? What courses to take up? So, here’s a list of courses and additional certifications one can learn to excel in this field –
Subjects in School: A commerce stream will help in setting up the fundamentals in place by acquainting you to the basics of Accountancy, Business Studies and Economics. However, if you have chosen Science or Humanities stream also, you can still take up a career in Finance.
Bachelors: After completing your schooling, a bachelors degree with a specialization in finance with courses like ( BBA(FIA) ), B.Com (Hons) with Finance, BFS (Bachelors in Financial Studies), etc. You can also pursue your graduation in B.Com (Hons), BMS, BBA to name a few. The latter is better when you are not sure about the specialization and would like to explore your options in undergraduate.
Masters: To become a finance specialist with deep knowledge of the subject and to land yourself a good job, you can pursue an MBA/MSc in Finance. MBA from a reputed college is a preferred option.
CERTIFICATIONS IN FINANCE
In finance, there are specialised certifications available like CFACFP/FRM. A lot of online and offline short term certification courses (Udemy, Coursera, edX, Alison, etc.) are available and one can take these up to build up strong fundamentals of the subject or for further knowledge. Example: Certifications in FINTECH, Stock Market, Financial Modelling, Portfolio Management etc. to name a few.
SCOPE IN FINANCE
Now, let’s talk about the most awaited question – What is the scope of Finance? Career options in finance are diverse and some of the common tasks performed by a finance guy involve preparation & analysis of financial statements. They also perform research and deal with data and financials of companies. Their job also involves analyzing market-related news, trends and proper forecasting to increase profits and stay ahead in the competitive market.
Job Roles for Finance Professionals
- Investment Banking
- Chief Financial Officer (CFO)
- Corporate Finance
- Financial Planning and Analyzing
- Risk Management
- Portfolio Management
- Financial Writers
- Stockbroking/trading
- Chartered Accountant/Cost Accountant
- Actuarial Science & Insurance
Read More: Top Colleges For Economics Hons In Delhi University
The financial experts start their careers with around 30-70 k and can easily move up to 1.5-2 lacs per month as they move up their career. But always remember, the salary you draw is totally dependent on your skills, profile and how good you can be in the field. So, if the above-mentioned things excite you, you should definitely explore this career option as it will open up a lot of exciting opportunities for you. But if you are someone who cannot sit at one place and work on data and analyze it, and instead has a knack for creativity, then you might not like it. Be very careful before you choose a career.
By
Simar Kaur