What exactly is finance and how can one have a career in finance? Finance is basically all about manging money. This definition can be broken down into two categories – financial services and financial management.
Financial management is about using the organizational funds in a more efficient and effective manner, whether in a business set-up, non-profit agency or a government entity. Financial managers usually devise and implement strategies to expand profitability within an organization.
On the other hand, the financial services industry, is about moving funds between servers and borrowers, supervising investment accounts, assembling capital for governments and businesses, providing investment advice and reducing the risks of financial loss.
In this sector, Professionals have to deal with the debt market, capital market, futures and commodities, hedge funds, mergers & acquisitions, or work in stress fewer areas like banking and insurance sectors and corporate finance. There are various opportunities in accounting and finance jobs where you can learn and grow.
Educational Qualifications for Careers in Finance
1. College Degree: Usually most of the career tracks, mainly at the entry-level, need nothing more than a college degree. A liberal arts degree is a good way to start but having specializations in subjects like economics, finance, business and accounting are going to prove beneficial and help you get various accounting jobs.
2. MBA Degree: Many consider MBA degree as a "pseudo-requirement", just a screening tool which helps employers shortlist candidates from a huge pool of applicants. So even though a college degree with a relevant major plus on-the-job training can suffice, an MBA degree has the potential to give you an edge in recruitment as well as in promotions and remuneration.
3. Law Degree: The financial services industry is heavily regulated - whether personal finance, corporate finance, wealth management or insurance - so having a law degree is going to be an advantage. For instance, a financial planner would have to deal with laws relating to estates, trusts, real estate and inheritance whereas asset managers look after the affairs of the super-wealthy may need to offer tax advice on a complex pool of assets.
4. Computer Literacy: Finance professionals are the ones who have to process and analyze data on regular basis, mainly at junior levels, such as financial analysts and even associates, who do all the grunge work. This is most efficiently done by computer software, which helps create databases, with computation and modelling, and preparing charts, graphs and tables.
Career Tracks and Salaries in Finance
Finance sector is not only an interesting sector to work in but also a rewarding sector too.
The salary of a finance specialist almost always involves a bonus or a commission component, which is added to your salary or "base pay". Bonuses are a larger part of one's paycheck at investment banks, asset management firms and brokerages than they are in banking and insurance.
Also, every time you step up or get promoted, a huge percentage of your wages comes in the form of bonuses, which are driven by a combination of your department's profits and those of the company. Unlike bonuses, commissions are formulaic.
Employees like financial advisors who receive commissions generally work in sales positions. Revenues generated by their clients as well as other key metrics such as the value of their clients' accounts drive your commission. In case, you are looking for opportunities, jobs in Noida and Jobs in Gurgaon in the same field are available.
Author: The author is a working professional at EXL Services.
For more information about the career in finance please visit at out career page @ https://outtowin.exlservice.com/
For more information, visit: https://outtowin.exlservice.com/