Finance and Banking are the most popular post-graduation choices for students across the world as accredited by the Graduate Management Admissions Council (GMAC). It reports that 23% of the students considered a master’s in finance degree in 2018. With the current market known for its survival of the fittest principle, primary education boundaries must be looked beyond and opted for advanced educational programs.
Today, employers seek professionals who hold expertise in industry management skills and have certifications and specialized experience to enhance the financial and holistic development of an organization.
For any organization, big and small saving and investing are the two sides of the coin, crucial for the company’s growth. For an MBA professional in digital finance and banking, the scope of their work includes managing credit card companies, investment funds, stock brokerages, etc.
In recent times there also has been a growth in the number of engineers who are completing an MBA in finance to provide cost-effective, high-end technology to the corporate world, thus opening new demographics for career options after an MBA in digital finance and banking.
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Why MBA in Digital Finance and Banking?
With machine learning and blockchain technology redefining the finance industry globally, the MBA degree makes students equipped with the complete pedagogy of statistics, economics, management, leadership, and marketing. Digital disruption is now embraced by increasing the number of prominent banks, venture capitalists, and asset management organizations.
Apart from the theoretical studies, there are multiple extensive internship programs by prestigious global financial institutions that provide exposure and tactical knowledge about the operation of these companies and trains them to do so seamlessly.
India has also observed massive growth in the financial sector over the years, where the market has opened to several new corporations with promising results. According to IBEF, the banking sector leads with commercial banks having more than 64% of the entire assets provided by the financial system.
On the other hand, the mutual fund industry had a market size of 185 billion USD in 2016, as the life insurance industry accounts for USD 15.75, which are expected to grow in the coming years, respectively.
Such exponential growth in India’s finance system has opened newer paradigms for students to pursue and explore their piqued interest in diversified dimensions. This change is fuelled by large companies like Google and Amazon that offer intriguing career roles in product management, product design, and reputation management, which needs a deep understanding of finance and path-breaking solutions led by AI, neural networks, IoT, etc.
MBA in Digital Finance and Banking: Vast Scope
There are many career opportunities for MBA professionals and freshers who are trained in digital finance and banking, and their work field can range from asset management to accounting and risk management. Here are some of the most sought-after career options in the country currently
1. Financial Analyst
Multi-National Corporations seek financial experts in market, economics, accounting for churning large datasets that may help understand and make better strategic decisions and investments related to the scaling of the enterprise.
Your job description would include contributing to the decision-making process for products and reaching out to clients to help them identify the best product for them to invest in and reap returns. On average, the salary included in such a role ranges from INR 3,40,000 to 3,50,000 Lacs per annum.
2. Investment Banker
Popular as a role in current times, an investment banker is responsible for their essential purposes in handling IPOs and identify the right mergers and acquisitions at a fair price and worth.
The world’s most prominent financial institutions like Goldman Sachs, Morgan Stanley, etc. also need skillful investment bankers to manage the company-investors relationship and look for distinct investment opportunities in pricing financial instruments. On average, the investment bankers are paid an average salary of INR 7,50,000-7,80,000 Lacs per annum.
3. Chief Financial Officer
Widely known as the CFO, the individual is responsible for intricate tasks, including monitoring cash flow in an organization, making realistic strategies to predict capital needs, risk management, analyzing the organization’s financial performance, identifying bottlenecks, and suggest insightful, corrective approaches.
Almost all MNCs across industries require experienced CFOs to ensure maximum success in the market. Because of the intricacies of the role, it is one of the highest-paying career options in the digital finance and banking industry, with an average salary of INR 30,00,000-33,00,000 Lacs per annum.
4. Risk Managers
As inferred by the name, this role specializes in discerning any probable risks in the company’s financial operation that can prove to be a threat to its integrity, safety, and growth. Such an individual is responsible for correcting losses and managing unpredictability in future trends and cost-involvement in an organization. The average salary in such a role starts from INR 4,80,000-5,20,000 Lacs per annum.
5. Venture Capital Analyst
The job description of such an individual includes being aware of the dynamic industry trends and keeping up with them, thus beating competitors. Such professionals are solely responsible for networking and work closely with venture capital firms and identify promising, innovative startups required in the market; by providing them capital for scaling their companies.
On average, such professionals’ salaries can range from INR 4,90,000-5,00,000 Lacs per annum, tentative according to expertise and skills.
6. Portfolio Manager
As a portfolio manager, individuals are entirely responsible for managing money in terms of hedge funds (pooled money of an enterprise). They need to continually explore the current market condition and help clients to achieve their pre-set financial targets. On average, these professionals can have an average salary starting from INR 10,00,000-12,00,000 Lacs per annum based on their experience.
Also Read: MBA Salary in India
With the latest technological developments and trends leaning towards the increased demands of smart, high-end financial products and services, the current market provides thriving opportunities for an MBA professional equipped in digital finance and banking studies. Rising to the relevance, we offer one-of-a-kind India’s first online MBA course in Digital finance and banking by the prominent O.P. Jindal Global University (JGU).
This course provides ardent, insightful training to undergraduates to pursue their MBA and better understand industry policies and principles, making them better prepared for probable employers and the market.
If you are keen on upgrading your career with an MBA Degree, upGrad is offering an MBA in Digital Finance & Banking in collaboration with the Jindal Global Business School and the Jindal School of Banking & Finance. The program has been designed to Future-oriented content suited for those working in or aspiring to work in finance across domains. Be a JGU alumnus and take advantage of continued engagement and networking with the world of academia, policy, and industry
What is digital finance?
It is the impact of modern technologies on the financial services industry. It impacts products, users, processes, and business models. Digital finance has transformed the traditional way of banking and financial services. The pace of innovation in technologies is increasing by the day with the growing knowledge of mankind. With the digital finance platform, we are paperless and interact with our banks using our mobile apps. It’s the way the world is operating today and will in the future. It offers both convenience and efficiency. It is also cost-effective for the whole system.
Which are the areas digital finance has impacted the most?
Digital finance is a part of day-to-day life and events. We use digital finance for online banking, making utility payments, transferring money, tracking, and making investments. We use the cloud for storage. New tools like artificial intelligence, vast social networks, machine learning, mobile apps, etc have made this possible. These technologies benefit consumers and organisations by providing direct access to financial services and more choices. They lead to the overall efficiency of operations. Convenience, ease of transacting from your smartphone, interesting features like contactless payment, mobile check deposit, security, and better control, are the things we gain.
What are the job opportunities and financial advantages I can expect?
Digital finance paves a long term career path for you. Over years of good work experience, you can aspire to play a role of a financial analyst in an MNC, an investment banker specialising in handling IPOs and identifying the fair prices for M&As, CFOs, risk managers, portfolio managers, etc. As per Payscale, you may earn an average of INR 40 lakhs annually in a CFO’s role, and an average of INY 30 lakhs in other senior finance roles. Digital finance offers a wealth of opportunities and innovation if you add value consistently for years.