Choices in Finance Education

Introduction

For years, finance career remained the natural choice for people who find solving complex and challenging issues in number crunching gratifying. One reason why people choose finance career is that it provides them a good understanding of both international and national economic scenarios.

A degree in finance would be an excellent foundation for the ones seeking to foray into business. The high pay packages, diversity of career paths, scope for growth, challenging work environment, all make finance a lucrative career.

Diversity of Job Opportunities

The finance sector is huge, diverse and extremely important. Finance is an essential component of the business world.  Finance professionals help businesses balance profit and losses, make investments and support other functionalities such as production and marketing among others. Aspirants seeking to build a career in finance can choose from a range of fields to work, including

• Public Accounting
• Corporate Management
• Cost Accounting
• Banking and Investment Services
• Insurance Sector
• Financial Planning
• International Finance
• Brokerage Services
• Fund Management
• Venture Capital
• Financial Advisory
• Actuarial Services
• Teaching
• Financial Consultancy
• Risk Management
• Public Finance
• Auditing

Depending upon their chosen field, individuals can pursue a relevant course. A degree in finance and accountancy would be a good start, while a professional accountancy qualification would be beneficial in pursuing any of the above career paths.

Commerce, Accountancy and Finance Courses:

To start with, graduation in business management or commerce is essential. After graduation, students can choose to pursue any of the following post-graduation programs.

Master of Commerce in Accounting and Auditing

Master of Commerce in Accounting and Finance

Master of Commerce in Finance and Taxation

Master of Commerce in Financial Services

Post Graduate Diploma in Computer Accounting and Auditing

Professional Courses:

The Chartered Accountancy Course offered by the Institute of Chartered Accountants of India (ICAI)

The Cost Accountancy Course offered by the Institute of Cost and Works Accountants of India (ICWAI)

The Company Secretary Course offered by the Institute of Company Secretaries of India (ICSI)

Certification Courses:

Chartered Financial Analysts (CFA) Course

National Stock Exchange (NSE) Course

Certified Financial Planner (CFP) Course

International Courses:

Certified Public Accountant (CPA)

Certified Management Accountant (CMA)

Importance of Professional Qualification:
Earning each of the above certifications, especially professional ones are intensive and time-consuming. However, the professional courses enable aspirants to gain unusual insights and an edge over those without one. These courses provide innovative education and mentored work experience that transforms an individual into a dynamic professional with ability to analyze, interpret business problems and develop appropriate solutions.

Several leading accounting and finance firms regard that employees equipped with professional qualifications would drive efficiencies and propel returns in a company. Professional and certified accountants are in great demand both in national and international business environment owing to their technical competence and business standards.

Placement  Outlook
Job potential for finance and accounting professionals is expected to increase tremendously by 11% during the period 2014 – 2024. Key growth drivers include the growing need for expert auditors and accountants to address the complex tax and regulatory framework. Stricter lending norms, compliance requirements and diminishing global boundaries continue to push the need for accounting services across the world.

Almost all industries need financial professionals, consequently the job market for young adults in finance is promising. Freshers can start as junior accountants or auditors or finance executives. Subsequently, as they move up the career path, they can choose to be a part of budgeting, auditing, performance evaluation, financial control or asset management to name a few.

Other Skills
Finance professionals would be tasked with major responsibilities such as the management of money flow, identification and management of financial risks, investment decisions and so on. To gain a competitive edge, students need to demonstrate strong hold on subjects such as mathematics and economics as well.

Businesses seeking to hire students expect them to work on their critical and strategic decision making skills, which are typically developed outside of business schools. Students should additionally possess exceptional communication skills, people management skills, negotiating skills and an awareness of global business scenario.

The Bottom Line
The business world expects a lot from finance professionals. Aspirants need to expand their knowledge horizons, so as to gain a stronghold in the fiercely competitive job market. Besides, choosing a correct course, students can try their hands at various extracurricular activities that would make their resumes attractive.

The choices range from preparing tax returns, internships, part-time jobs at a local financial institution, observing stock movements, voluntary teaching to simple research activities. Alternatively, students can leverage the training programs offered by few prominent companies to improve their entrepreneurial talent, forge new relationships and gain practical insights.

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