Understanding Finance: Exploring the World of Money Management and Career Opportunities
What is Finance?
Finance is the system or study of creating, circulating, and managing money.
Finance is defined as the management of money and includes activities such as investing, borrowing, lending, budgeting, saving, and forecasting. There are three main types of finance: (1) personal, (2) corporate, and (3) public/government.
The role of finance is to conduct the development and growth activities of an economy. The number of charts and patterns that have the potential to make or break the economy is what a career in finance is all about. Finance is all about studying the management of money and how one can acquire and maximize profits.
When you want to top careers in finance you need to understand how to grow better at financial careers. By the end of this blog, you will have an idea about the top emerging careers in finance.
Top Careers in Finance
There are a good number of options under career in Finance which you can pursue if you want to specialize in finance or make a career in financial professional jobs. Have a look at some of the top careers in finance.
Accounting is an extensive field of study and practice that comprises a variety of services related to finance. It focuses on recording and maintaining the flow of money for public or private entities.
As an accountant, one can work to help organizations get their finances in order, understand the investment cycle, and help in making projections to achieve success eventually.
A public accountant will never face the problem of a lack of clients from the commercial as well as private sectors. However, people working as accountants usually end up serving giant accounting firms or get employed by companies to work in-house.
Corporate Finance is a sub-division of finance that provides funds for the conduction of business activities. The job function in this profession includes:
- Balancing risk along with profitability
- Maximizing the value of stock
- Managing funds along with selecting investment portfolios
- Critically analysing and forecasting economic trends
The professionals in this domain are hired in junior and senior capacities depending on their educational qualifications, skills, interests, and aptitudes. Also, leading corporate firms recruit finance graduates to expedite mergers along with acquisitions of businesses.
A career in Investment Banking finds a place among the most prestigious careers in finance. Investment bankers are responsible for handling tasks related to financial remodeling. Their field of operation involves working with data, numbers, and decisions that can improve business operations. The practitioners must have insightful knowledge of financial markets and economic trends.
It is a highly competitive field that requires financial expertise, and negotiation skills accompanied by high confidence. Most of the top investment banks prefer hiring candidates who have an MBA in Finance with the desired skill set. An MBA in Finance or a degree in Law can be beneficial if you want to enter this domain.
This career is a fusion of commerce and science, and it requires knowledge of business, mathematics along with analytics. As a Portfolio manager, one does not need to pore over individual investments, but you need to look at the overall investment mix which can be institutions or individuals. Also, you will have to guide organizational policies on investments and decisions regarding asset allocation. The professionals who are employed as Portfolio Managers need to work to maximize profits at a negotiated risk.
A background in Economics, Business Administration, or Accounting is an ideal choice to get started with a career in finance. If you have experience in the domain of financial asset management or working with investment institutions, then it can serve as a great advantage for your career.
Risk management professionals help to identify market risks and recognize poor investment outcomes. They must strategically maximize returns and minimize risks. For this purpose, they will have to apply their mathematical and analytical reasoning skills and will have to advise clients on various business matters. There are various job roles in this field:
- Financial Risk Manager
- Enterprise Risk Manager
- Supply Chain Risk Manager
- Operational Risk Manager
- Digital Risk Manager
Risk management is an in-demand profession in India and companies like SBI Life Insurance, LIC, Policy Bazaar, etc recruit for various positions which include analysts, managers, consultants, and advisors.
For securing current and future financial stability individuals and companies look for the services of financial planners. A career in financial planning involves reviewing financial statements and cash flows and creating various methods for saving and investing to match the needs of the client.
If you want to opt for financial planning then you can concentrate on a specific area like wealth management, tax planning, estate planning, investment growth, and many more.
Here are some places that employ financial planners in India:
- Wealth management and financial institutions
- Knowledge Processing Organizations
- Non-Banking Financial Companies
- Asset Management Companies
- Finance Journalism
- Self- Employment
A candidate who has a postgraduate degree like MBA in Finance, MS in Finance, or MA in Economics can plan to obtain employment as a financial planner at an established firm.
These were some of the top career opportunities in Finance.
Explore exciting opportunities in finance and beyond with expert insights.
We can say that multiple career options are emerging and depending on your academics and professional work experience you can choose a suitable career in finance and can then acquire or enhance a specific skill set for a specialized role to build a career in finance.
Thank you for exploring our blog. We hope you enjoyed it and learned something new. Stay curious, as more interesting blogs are on the way. Check out our careers page on ReachLocal India for upcoming job details.