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27 Fun Finance Project Ideas & Topics [For Freshers & Experienced]
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One of the best ways to increase your knowledge on a subject is to put it to a practical test. This is why working on real-world finance topics for presentation is an excellent means to hone your skills. If you’re a finance student looking for finance projects to work on, then look no further because we’ve listed 27 finance projects to inspire you to take a hands-on approach! Check out our free courses to get an edge over the competition. We have added remarks on certain projects to explain their premises and benefits. You can pick a top 10 finance topics depending on your interests and expertise. What is Finance? Finance is a diverse field that includes the management of money, assets, along with investments. However, it revolves around allocating and utilizing resources to achieve specific financial goals. Finance can be broadly categorized into three main areas: personal, corporate, and public finance. 1. Personal Finance This branch deals with individual financial management. It contains budgeting, saving, investing, planning for retirement, and many more things. On top of that, it also aims to help individuals make informed decisions to secure their financial well-being. 2. Corporate Finance Corporate finance focuses on financial decisions within organizations. It includes assessing various investment opportunities, raising capital, managing financial risks, and optimizing the allocation of resources to maximize shareholder value. Moreover, corporate finance is important for businesses of all sizes. 3. Public Finance Public finance pertains to the financial molding, and debt management. Public finance is critical in supporting essential public services and economic stability. Top Finance Project Ideas & Topics For Students & Beginners Here are some of the most interesting and helpful finance related project ideas you can use: 1. ICICI Prudential Life Insurance – The Importance of a Strong Brand Image Remarks – Branding can have a huge impact on a company’s success. Understanding how you create a brand and promote it is vital for the growth and marketing of a business. This finance topics for presentation will help you study the same. The sub-topics could include- ICICI’s current brand image What makes ICICI different from other brands. How ICICI changed the banking culture for good. Strategies to create a brand image. Employee and Customer Satisfaction Case Study between the ICICI and its competitor showing the above parameters. All of this should make the project stronger backed by facts and statistics. You can also consider doing our Job-ready Program in Financial Modelling & Analysis if you are interested. 2. What are Non-Performing Assets and How to Deal With Them Remarks – Non-performing assets put banks at serious financial risk. It is a loan or advance for which the interest or principal payment is overdue. And there aren’t many solutions to this problem. You’ll get to explore all the aspects of this issue. This is among the best finance project topics for you if you’re interested in the banking sector. The sub-topics could include-  How does NPA impact the lending culture of banks? Impact of NPAs on the banks. Comparative study between banks having less and high NPAs. Learn Online MBA Programs from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. 3. Evaluating Portfolio and Making Investment Decisions This finance topics for presentation will help you understand what a portfolio is and how you should work with it. You’ll study the different strategies for growing a portfolio, making it a great project for those who want to get into portfolio management. It is a great finance research topic for those who want to get into portfolio management.  The sub-topics could include: What is a portfolio? How to approach the study of portfolios? How to assess the difference between a good and bad portfolio? What makes a good portfolio? What makes a bad portfolio? Possible investment options basis the portfolio evaluation. 4. Studying the Home Loans Indian Banks Offer Remarks – Indian Banking Sector is very unique and dynamic. This project will help you study its effect on the Indian housing sector through its offered loans and how these loans differ from other lending instruments. This project will study the effect of the Indian Banking Sector on the Indian housing sector. A house is an appreciating asset and it is one of the highest sectors where lending happens in the country. The sub-topics could include: What is a home loan? What are other different kinds of loans? How is a home loan different from other types of loans. What are the interest rates for different banks? How to choose the right to procure a loan. Featured Program for you: Job-ready Program in Financial Modelling & Analysis 5. Mutual Funds – What are They and Their Future Remarks- Mutual funds are becoming more and more popular every day and if you’re interested in them, this is among the best finance topics for you. Mutual funds are getting attention with each passing day. If they interest you then this is going to be a relatable finance research topic for you. A mutual fund refers to an open-end investment fund managed by a dedicated fund manager. It pools money from many clients including individuals and companies. This is one of the best finance project topics. The sub-topics could include: What are mutual funds? What are different types of mutual funds? Who are the different providers of mutual funds? How to choose among different types of mutual funds? Explore our Popular MBA Courses Master of Business Administration from Golden Gate University Master of Business Administration (MBA) Liverpool Business School MBA from Deakin Business School MBA in Digital Marketing from Dekin University Executive MBA from SSBM View all MBA Courses 6. A Study on Mergers and Acquisitions in the Indian Banking Sector Remarks – Indian banking sector has seen plenty of mergers and acquisitions. You’ll discover the different M&As that have taken place in this field while doing this project. This project is suitable for students who want to pursue a career in banking. The sub-topics could include: What are mergers and acquisitions Why M&As happen? Case studies showing the impact of mergers and acquisitions in the past 10 years for at least six companies both globally and nationally. How mergers and acquisitions dictate the purchasing style of consumers. 7. The Effect of Different Leadership Styles Remarks – Leadership is among the most valuable aspects of management. In this project, you’ll study how different leadership styles impact the operations of a company and its revenue. While working on this finance project you will learn about different styles of leadership such as; autocratic, coaching, authoritative, etc. The sub-topics could include: What is leadership and why it is important? What are different styles of leadership? Which leadership style is useful for which type of situation? How does leadership create an impact on an organizational level? 8. Evaluating the Capital at South Central Railway Remarks – Indian railways are an integral component of the Indian economy. This project on    finance topics will make you familiar with capital management in Indian railways. It’s an excellent way to understand how the public sector manages its funds and resources. This makes for one of the best finance related project topics. The sub-topics could include- Why are railways important? A brief history of Indian railways and their significance in history? Why are they still relevant? How much do railways help the economy? How railways create an impact on the economy, people’s lives, etc. 9. Evaluating the Performance of Private and Public Mutual Funds Remarks – Analysing the performance of private and public mutual funds can help you test your analysis skills. Having strong analytical skills is necessary for many finance roles such as investment bankers, financial analysts, advisors, etc. So this project would be suitable for you if you want a career in one of those fields. Analysis is one of those skills which is applicable in any field. It not only does make one technically sound but it has a bigger role in effective decision-making. It creates an impact in effective business decision-making as well as helps one in progressing towards their career goals. The sub-topics could include: What are mutual funds? What are types of mutual funds? Why buy mutual funds? Merit or demerit of longer tenure and shorter tenured mutual funds? 10. BSE and NASDAQ – A Comparison of the Two Stock Exchanges Remarks – If you want to pursue a career in wealth management then this is the most relatable finance project topics for you. This project will make you familiar with both of these stock exchanges. You can use their websites to gather most of the required data. The stock market is volatile and demands one to be mindful yet take risks. It is an art to invest in stocks which need to be learned and practised to get better at it. Also, to read and understanding the two stock exchanges is another skill to have. The sub-topics could include: What is a stock market? Different terminologies are associated with the stock market. What is a stock exchange? Different types of stock exchanges. Difference between BSE and NASDAQ A comparative study between BSE and NASDAQ. 11. The Impact of Demonetization on Tourism in Goa Remarks – Goa is a tourism-focused state and demonetization had a huge impact on every industry, including tourism. With this finance topics project, you’d get to study the relation between demonetization and Goa’s tourism sector. You’d understand whether the tourism sector grew or crumbled under the pressures of demonetization. Demonetisation had a good intention behind it but every citizen perceived it in their own way depending on their situation at that time. On 8th November 2016, the GOI announce that all the 500 and 1000 banknotes would be demonetised. It basically took away the legal status of these bank notes. They became nothing but a piece of paper, the people were asked to exchange those with the new legal tender issued by GOI. The sub-topics could include: What is demonetisation? Impact of demonetisation. History of demonetisation nationally or globally. Demotisation’s effect on Goa’s tourism. How long it take Goa to recover from the effect of demonetisation. 12. Bharti Teletech Limited Profitability Analysis and Documentation (Financial Reporting Project) Remarks – This is among the best finance project topics for beginners. It will make you acquainted with financial reporting, a necessary aspect of financial management. You’ll also get to know how to read financial reports and documentation. The sub-topics could include: What is financial reporting? What are the benefits of financial reporting? What are the tools used for financial reporting? Bharti Teletech Limited Profitability Analysis and Documentation 13. What is Portfolio Management and How to Perform Portfolio Management Remarks – Portfolio Management refers to handling investments. It involves the selection, prioritization, and management of a client, individual, or company. In this project, you’d explore what portfolio management is and what you do in this field. You’d learn about financial analysis, decision-making, and financial management through this project. The sub-topics could include: What is a portfolio? What makes a good or bad portfolio? How to evaluate a portfolio? How to manage a portfolio? Resources to use to manage a portfolio. 14. Financial Performance Analysis of Indian Private Banks – A Detailed Study Remarks – Indian private banking sector has evolved a lot since 1947. This finance project will help you study their growth. This finance research topic is the best for you if you’re interested in pursuing a career in the banking sector.  The sub-topics could include: History of Indian banks. What are the different types of Indian banks? Impact of banks on the Indian economy. Modernisation of the Indian banks. Also check Job-ready Program in Financial Modelling & Analysis from upGrad. 15. Comparative Analysis of Regional Rural Banks in India Remarks – In a comparative analysis, you get to analyse the different aspects of the given subject and find out the differences and similarities. In this project, you’d be performing a comparative analysis on different regional rural banks in India. You can choose several banks according to the amount of information you find on them. The sub-topics could include: What are RRBs? What is the impact of RRBs? Different RRBs in India? How these RRBs are different from each other? Also Read: Future Scope of MBA in Finance 16. The Importance of Micro Insurance and The Low Income Group Remarks – Microinsurance has become popular with the expansion of consumerism in the nation. This project will make you familiar with this concept and its advantages. You’ll study how the low-income group is capitalizing on this opportunity. The sub-topics could include: What is insurance? Why is insurance important? What are diffrent types of insurances? What is microinsurance? How is microinsurance important? 17. Financial Project on Management and it’s Importance in an Organisation Remarks –This project covers the fundamentals and importance of management for an organization. It is a good finance project for beginners familiar with management and who want to enhance their knowledge. The sub-topics could include: What is finance management? Why it is important? What is management? Why is management relevant. 18. The Reverse Mortgage System in India Remarks – A reverse mortgage is a form of a loan that allows the property owners to borrow money using their property as a security for the loan. This is a project for those who have worked on finance projects in the past. It is suitable for experienced students.  The sub-topics could include: What is a mortgage? What are the different types of mortgages? What is a reverse mortgage? Merits of Demerits of a reverse mortgage. 19. Wealth Management and the Public – A Study On the Awareness and Knowledge about Wealth Management in the Common Man Remarks – This is a Study On the Awareness and Knowledge of Wealth Management in the Common Man. Wealth management can do wonders for a person’s financial well-being. However, how much does the common man know about wealth management? This project will help you understand the financial literacy level in India. The sub-topics could include: What is wealth? What is wealth management? How to manage wealth? Different tools or resources to use for wealth management. 20. Investment Management at Uber Remarks – Uber is among the most successful startups in the world. If you’re interested in pursuing a career in startups and using your financial expertise there, this is one of the best finance project ideas for you. It will help you understand how successful startups manage their investments and how it helps them succeed more. If you want to use your financial expertise in startups, then this is one of the best finance topics for you. It will help you to understand how investment management helps startups to succeed and stay in the market. This makes for one of the good MBA finance project topics. The sub-topics could include: What is investment management? Why is investment management important? How manage investment? Why do startups manage their investments? Case study 21. The Decision Making Process of Indian Consumers for Life Insurance and The Impact of Technology On It Remarks –This project will help you test your research skills. You will understand the Indian consumer’s decision-making process for buying insurance. Online insurance comparison sites (such as policy bazaar) have affected this industry considerably. You’ll get to study their impact as well.  This makes for one of a good finance research topics. The sub-topics could include: What is insurance? Why is insurance important? What are different vendors providing life insurance? How has technology changed the life insurance culture? 22. What are Dividends and Dividend Policies? Remarks – This is one of the best finance project ideas for beginners. You’ll get to study dividends, how they work, and what are their policies. It is a small project that will help you get started. This makes for one of the best MBA finance project topics. The sub-topics could include: What are dividends? What are the benefits of dividends? Different policies for dividends? What impact do they create in the long or short term? 23. What is Capital Budgeting? – A Finance Project Remarks – Capital budgeting is an essential aspect of a business’s financial management. It allows the business to plan future endeavours, restrict expenditures, and generate more revenue. Working on this project will certainly help you in understanding capital budgeting. This makes for one of the best finance related topics. The sub-topics could include: What is capital budgeting? Why is it important? Different tools and resources for capital budgeting. 24. Studying the Capital Budgeting of Maruti Suzuki Remarks – Maruti Suzuki is among the most successful automobile companies in India. With this project, you’ll get to study the capital budgeting strategies of this major corporation and if you’re interested in the automobile field, This is one of the good finance related project topics. The sub-topics could include: What is capital budgeting? Why is it important? Impact of capital budgeting in different sectors. Capital budgeting of Maruti Suzuki. 25. Risk and Return Analysis of Aviva Life Insurance Company Remarks – This is an excellent project for students who want to pursue a career in the insurance sector. You’ll get to test your analysis skills and understand the inner workings of insurance companies in India. The sub-topics could include: What is risk analysis? What is risk and return analysis? Why is it important? Important tools and resources to carry risk and return analysis. Case Study- Risk and Return Analysis of Aviva Life Insurance Company 26. The Level of Financial Literacy in India According to Different Economic Classes Remarks – Financial literacy refers to the knowledge of investment and personal finance. You would get to test out your data analysis skills in this detailed project. You’ll learn how different economic classes of India perceive financial literacy. The sub-topics could include: What is financial literacy? Why is it important? How conscious are different classes of financial literacy? What impact does it create on one’s lifestyle? 27. Perception of People on Pradhan Mantri Jan Dhan Yojana Remarks – Pradhan Mantri Jan Dhan Yojana the government plan for increasing financial inclusion. You will get to study how this implementation has affected financial inclusion, and what is the perception of the people toward it. It will help you understand how the public sector can impact the personal finances of an individual. The sub-topics could include: What is PMJDY? How do people perceive these policies? What impact did PMJDY create in people’s lives? Did PMJDY achieve its goal? How do people perceive PMJDY? Create a Trading Algorithm Take your financial analysis example to the next level with this opportunity to develop a dynamic trading algorithm. Dive into market data analysis, technical indicators, and proven trading strategies as you design and backtest your algorithm. Then, put its performance to the test using historical data to determine its effectiveness.  Invoice Management System One of the most exceptional financial projects for students or finance project topics is working on developing an invoice management system. This tool will be particularly beneficial for large firms struggling to manage their payments and invoices. An invoice management system can leverage the power of automation to make essential payments and generate invoices on time.  Portfolio Analysis Tools These tools are pivotal in finance and banking, enabling financial institutions to proficiently manage investment portfolios, mitigate risk, evaluate performance, and allocate assets. If you’re seeking an innovative finance project, consider creating a tool that empowers users to input their investment portfolio and analyze its performance, risk, and diversification. With historical market data and statistical models, your tool can generate valuable insights and recommendations for users. Mobile Budgeting Application You can design and develop a mobile application that can be used to track expenses and manage budgets for users. The app may ask users to integrate their bank accounts and credit cards to enable automatic categorizations of transactions and to generate insights into the user’s spending habits. Credit Score Predictor Developing a credit score predictor can be one of the best finance projects for students. A powerful machine learning model can accurately predict a user’s credit score based on their financial history, demographics, and relevant data. This valuable tool can assist lenders in making well-informed decisions related to loan approvals and interest rates. Financial Education Platform This cutting-edge finance project topics or financial statement analysis project of designing an innovative banking and finance platform is great. In light of the recent increase in virtual learning, developing an online hub filled with valuable financial education resources and tools has become crucial. This platform has the potential to elevate people’s financial knowledge and literacy. By incorporating courses, webinars, and various resources, users can better understand financial concepts and strategies. Bank Fraud Detection System To combat the alarming increase in bank fraud, we should focus on creating effective tools for fraud detection. This exciting finance project involves leveraging machine learning to identify and prevent fraudulent transactions within the banking system. By continuously monitoring transaction data, our innovative model can promptly flag any suspicious activity, providing valuable insights for thorough investigation and prevention of fraud. Stock Market Prediction Model Revolutionize the world of finance with a cutting-edge machine learning model designed to accurately forecast stock prices using past market trends to real-time news articles. This innovative finance topics or MBA finance project topics promises to equip investors with insightful information for smarter trading choices. Personal Finance Chatbot One of the interesting financial projects for students can be the creation of a personal finance chatbot. The chatbot should be able to provide personalized guidance and advice. It should be capable of answering common financial queries like saving, investing, and budgeting. Tax Preparation Software The process of arranging and filing taxes can be very vexing. What better idea than to bring about a finance research topics that can even remotely simplify the process? You can initiate an idea of developing a software application that can offer step-by-step guidance, automate calculations, and import data from financial accounts and tax forms. Financial Planning Calculator Introducing an innovative tool that harnesses its capabilities to calculate and evaluate retirement savings objectives, investment yields, and other crucial factors to pave the way for wise future planning. Our model also offers strategic suggestions for optimizing savings and investments, making it a valuable asset for users. Loan Comparison Website Have you considered creating a finance project concept? One idea could be to design a platform that allows users to easily compare loan options from a variety of lenders. By building a user-friendly website, individuals can easily compare interest rates, fees, terms, and premiums of different loan facilities.  Expense Tracking Tool Another fantastic finance topics in the banking and finance field is developing a tool that helps users track their expenses and discover areas to save money. With a creative interface that utilizes visualizations of spending habits, the tool can offer suggestions for cost-cutting measures. Analytical Tool for Real Estate Investment The real estate industry is witnessing a surge in development, making it a highly lucrative field. One way you can contribute to this growth is by creating a tool that assists investors in analyzing potential investments. This tool could incorporate various factors such as market trends, rental income, and property taxes to accurately estimate potential returns on investment. Financial News Aggregator One exciting finance topics for project for finance could involve creating a website or app that compiles financial news from various sources and presents it to users. Users would also have the option to tailor their news feeds to their liking. Incorporating NLP technology could further enhance the model by categorizing news articles into different segments, such as finance related project topics and sentiment. Stock Market Simulator Students can venture into the stock market by working on a stock market simulator tool. Creating a stock market simulator will offer a realistic experience for users to practice and hone their investing skills. This tool will incorporate real-time market data to help stock market investors. By working on such a finance topics for project, you will be able to help users succeed in monitoring their progress and growth over time. Investment Recommendation Engine One of the most interesting finance projects for students is to create a cutting-edge tool that harnesses the powerful potential of machine learning algorithms to provide insightful recommendations for investment opportunities. Tailored to individual preferences and needs, the tool expertly analyzes market trends, past performance, personal risk tolerance, and investment objectives. It’s the perfect tool for those seeking a smart and reliable way to make informed investment decisions. Investment Portfolio Simulator This simulator tool is a brilliant idea. Devise a tool that allows users to simulate and track the performance of various investment portfolios. Users can adjust their portfolio allocation over time by factoring in historical market data. Consumer Credit Management Tool This ingenious concept has the potential to enhance consumers’ understanding. This type of tool aims to provide a holistic education to customers on different methods for successfully managing collection processes in the consumer industry. Furthermore, it can also incorporate valuable advice for banks on their collection strategies and provide customized solutions. Forex Management System Another terrific banking finance related project topics you can invest your resources and time on is the Forex Management system. This offers banks automated foreign exchange operations and managing complexities in the business. Working on this type of project can boost your career prospects significantly. Customer Relationship Management System One exciting project idea for the banking and finance industry could involve the creation of a cutting-edge CRM system. Such a system would grant banks the ability to better handle customer interactions and maintain strong relationships. Furthermore, this system could offer essential features such as customer segmentation, lead management, and advanced communication tracking. Financial Risk Management for MNCs Craft a comprehensive finance topics for research centered on examining and addressing the plethora of financial hazards encountered by multinational companies. Delve into the complexities of foreign exchange, interest rates, and political threats. Construct innovative risk management tactics and evaluate their efficacy. Cryptocurrency Trading  The buzz around cryptocurrency makes a crypto trading bot one of the most interesting finance projects for students. Students can be made to work on a cutting-edge bot that harnesses the power of machine learning to analyze the ever-changing landscape of the cryptocurrency market. With the ability to make automated trades based on custom strategies set by the user, this innovative creation could revolutionize your investment approach by optimizing gains and minimizing potential risks. Valuation of Complex Financial Instruments Work on finance related topics for project that entails assessing intricate financial instruments like derivatives and structured products. Employ advanced models and approaches to ascertain the equitable value of these instruments. Read: MBA Finance Salary in India Read Our Popular Articles Related to MBA Financial Analyst Salary – Freshers and Experienced Top Interview Questions and Answers for HR MBA Marketing Career Options in US Best Career Options In USA After MBA In Human Resource Top 7 Career Options in Sales Highest Paying Finance Jobs in the US: Average to Highest Top 7 Career Options in Finance in the USA : Must Read Top 5 Marketing Trends MBA Salary in USA [All Specializations] .wpdt-tc-F44336 { color: #F44336 !important;} What is an example of a Top MBA Finance Project Topics? An example of a finance project could be an analysis of the stock market performance of tech companies over the last decade. This project would involve collecting historical stock price data, dividends, and market capitalization, and using financial models to analyze trends, risks, and returns. The project could also compare financial ratios like price-to-earnings and debt-to-equity across different companies to assess their financial health and investment potential. This type of project helps in understanding market dynamics and provides valuable insights into investment strategies in the tech sector. What is The Importance of Finance? Here are several key reasons why finance is critically important: 1. Resource Allocation Finance is instrumental in allocating resources efficiently. It helps individuals, businesses, and governments decide where to invest money and how to distribute limited resources. This allocation drives economic growth by channeling funds toward productive activities and innovations. 2. Investment and Economic Growth Finance fuels investment in new businesses, technologies, and infrastructure. However, this type of investments produces jobs, boost productivity, along with overall economic growth. On top of that, it also allows entrepreneurs and businesses to turn their ideas into reality, contributing to innovation and progress. 3. Risk Management Finance provides tools and mechanisms for managing various types of financial risk. This includes insurance, hedging, and diversification of investments. Effective risk management stabilizes financial markets and allows businesses to operate in uncertain environments confidently. 4. Wealth Creation Investments in stocks, bonds, real estate, and other assets, finance enables individuals to build wealth with the passing of time. Moreover, it helps people plan for retirement, fund education, and achieve financial goals. Wealth creation, in turn, reduces income inequality and fosters economic stability. 5. Liquidity and Capital Flows Finance facilitates the efficient circulation of capital within the economy. It ensures that funds are available when it is required, whether for daily transactions, short-term needs, or long-term investments. Liquid financial markets provide stability and confidence in economic systems. 6. Innovation and Entrepreneurship Finance plays an important role in nurturing innovation and entrepreneurship. It offers startups with the capital needed to develop new products and services. Venture capital, angel investors, and crowdfunding platforms are all financial mechanisms that support innovation. 7. Government Functioning Public finance is essential for governments to carry out their functions. Taxes, public spending, and debt management are critical components of government finance. Effective public finance ensures the provision of essential services such as healthcare, education, and infrastructure. 8. Global Trade and Investment Finance facilitates international trade and investment. It allows companies to expand their operations globally, promoting economic interdependence and international cooperation. Foreign exchange markets and international finance instruments are crucial in this regard. 9. Financial Inclusion Access to finance is vital for social and economic inclusion. It empowers individuals and businesses to participate in the formal economy, access credit, and build financial stability. Financial inclusion reduces poverty and enhances overall well-being. 10. Transparency and Accountability Finance boost transparency and accountability in public and private sectors. Financial reporting and auditing standards ensure that stakeholders can assess organizations’ financial health and integrity, fostering trust and confidence. Conclusion We hope that you found this article on finance project topics useful. If you have any questions or suggestions regarding this topic, please let us know through the comment section. We’d love to hear from you. With upGrad, aspirants can choose to pursue Certification Program in Financial Modelling & Analysis in association with PwC India.
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by Dilip Guru

20 May 2024

22 Most Asked Finance Interview Questions & Answers [For Freshers & Experienced]
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Summary In this article, you will learn about the 22 Most Asked Finance Interview Questions & Answers. Take a glimpse. Beginner-Level Finance Interview Questions What is finance according to you? How can a Company Show Positive Net Income but go Bankrupt? What does Working Capital Mean? Why do Capital Expenditures Increase Assets When other Cash Outflows don’t and Instead Create Expenses? Explain a Cash Flow Statement. Can a Company Show Positive Cash Flows While Facing Financial Problems? What do you mean by Preference Capital? What do you mean by Hedging? What is WACC, and how do you calculate it? Intermediate-Level Finance Interview Questions What is RAROC? What do you mean by Fair Value? What do you mean by the Secondary Market? What is the Difference Between Cost Accounting and Costing? and so on… Read the full article to know more in detail on Beginner, Intermediate and advanced level Finance Interview Questions and answers. If you were wondering how to prepare for a finance interview, look no further because this article will cover the most commonly asked finance interview questions. We have covered all levels of finance interview questions – beginner, intermediate, and advanced – to offer you a comprehensive idea of the finance domain. By going through all these questions, you’ll have a better sense of what to expect from the interviewer in a finance interview.  You can also check out our free courses offered by upGrad in Management, Data Science, Machine Learning, Digital Marketing, and Technology.  Below are some of the most asked finance questions categorized into three difficulty levels. You can take note of these questions and curate your very own finance question and answer pdf. Doing so will give you your personalized and unique MBA finance interview question and answer pdf. To better your knowledge and improve your personal notes with finance question and answer pdf, you can also check out excellent Job-ready Program in Financial Modelling & Analysis launched by upGrad. Why Choose Finance as a Career? Before diving into the list of finance questions for interview, it is important to evaluate the future scope of your choice of career. Financial roles remain an indispensable part of every industry, regardless of its sector of operation. Compared to other sectors, employment in the financial sector is expected to multiply faster between 2022 and 2032, with 911,400 job openings estimated annually on average.  In addition, the global financial services industry alone is estimated to clinch USD 33,313.5 billion by 2026. This guarantees that finance-related jobs will not only continue to be in demand but also grow rapidly in the foreseeable future. Here is a list of other reasons that justify pursuing a career in finance: Dynamic industry: The global nature of the financial market means it is constantly shifting and sprouting new avenues. Thus, it makes the industry dynamic, offering exciting opportunities for finance graduates with suitable skills in financial modeling, equity, stock market, valuations, etc., to keep themselves aligned with the surging industrial demands. Growth potential: The significant professional growth opportunities it offers are among the topmost reasons to choose a career in finance. Whether it is working in banking, law, accounting, or digital financial services, the choices for progression are aplenty. The opportunities for growth are endless, which keep on increasing with experience.  Fast-paced environment: If working in a high-speed environment and facing new challenges is your forte, finance is the right choice for you. Job roles in finance require creative thinking, decision-making, and critical thinking skills, along with effective problem-solving capacity to thrive in these fast-paced surroundings. Multiple career paths: The most prominent advantage individuals with a degree in finance enjoy is living without the fear of stagnation. You are free to explore diverse positions, whether it is in investment banking, financial services, financial law, auditing, accounting, taxation, or retail banking. You can choose to become a financial analyst, accounts manager, insurance broker, research analyst, financial services advisor, or any other career based on your area of interest.  You can even switch careers without wasting much time or effort by taking up a short professional course. In this case, your prior experience will be an added advantage, boosting your resume. Stability and handsome salary: The industry’s continuously evolving nature ensures new job opportunities are always on the horizon. Moreover, the finance sector is known for its stability and lucrative pay packages, making it a popular career choice among young professionals. Upskilling and diversification: As the industry continues to evolve, adopting technology like artificial intelligence, machine learning, and blockchain ensures that individuals committed to continuous learning will always find new career paths within the sector. Learning and applying new technologies like RPA, cloud banking, and embedded financial systems further opens the door to new career paths.  Candidates can also explore specializations in fintech, like risk analysis, investment analysis, risk management, etc. While the above-stated reasons are counted among the major driving forces for choosing a career in finance, the fundamental criteria for your choice must lie in your interest and passion for the industry. Before appearing for any interview, prepare yourself well to answer the basic questions, ‘What is finance?’ and ‘How do you perceive your role in the industry?’ Beginner-Level Basic Finance Interview Questions & Answers If you are a fresh graduate preparing to dip your toes into the employment market, do not skip basic finance questions, including financial terms for interview. Most interviewers are more inclined to check the interviewee’s fundamental knowledge of the subject before moving on to more complex questions.  Below, we have listed some frequently asked finance interview questions and answers for freshers to help beginners cover the essentials.  1. What is finance according to you? Ans: Finance is a broad term comprising money, investments, capital markets, debt, banking, and credit, among various other aspects. Essentially, it refers to the act of managing money and procuring necessary capital for various purposes. Financial professionals oversee, create, and study financial systems, including money, assets, liabilities, banking, investments, and credit. The three primary finance types are — corporate finance, personal finance, and governing body finance. 2. How can a Company Show Positive Net Income but go Bankrupt? Ans: A company can show positive net income while facing bankruptcy by deteriorating working capital (by enhancing accounts receivable and reducing accounts payable) and financial tactics. 3. What does Working Capital Mean? Ans: Working capital is the amount you get after deducting current liabilities from current assets. It tells you how much cash is tied up in the business through inventories and receivable and how much cash you need to pay off the business’s short term obligations (in the coming 12 months).  Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. 4. Why do Capital Expenditures Increase Assets When other Cash Outflows don’t and Instead Create Expenses?  Ans: Capital expenditures are capitalized because they give benefits to the firm for a substantial amount of time. For example, a new branch would make a lot of money for the firm for a long while but an employee’s work will only benefit until the time of paying the wages and that’s why they create an expense. This is the primary difference between an asset and an expense.  5.  Explain a Cash Flow Statement. Ans: First we start with net income, proceed line by line while making adjustments to arrive at cash flows from operations. Now, you will have to mention capital expenditures, purchase of intangible assets, purchase or sale of investment securities, and asset sales to arrive at cash flow from investments. After getting the cash flow from investments, you’ll need to mention issuance or repurchase of equity and debt and paying out dividends to arrive at finances. Then, you need to add cash flows from investments, operations, and financing to get the total change in cash. Finally, the cash balance at the beginning of the period and the change in cash lets you arrive at the cash balance of the period’s end. This is essentially what a cash flow statement looks like.  Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. 6. Can a Company Show Positive Cash Flows While Facing Financial Problems? Ans: This is a basic finance interview question. Yes, a company can show positive cash flows even while facing financial trouble through impractical enhancements in working capital (delaying payables and selling inventory) or by not letting revenue go forward in the pipeline. 7. What do you Mean by Preference Capital? Ans: In simple words, preference capital refers to the amount raised by issuing preference shares. This is a hybrid method of financing the firm as it offers some features of debentures and some features of equity. It is the capital that has preference over equity capital at the time of dividend payment. 8. What do you Mean by Hedging? Ans: Hedging is a risk management strategy we implement to offset losses in investments. We do so by taking an opposite position in a related asset. However, the amount of risk hedging reduces results in a similar reduction in the potential profit. You can say that hedging is similar to having insurance where you pay a certain premium and get assured compensation. With hedging, if the asset in question causes you a loss, the opposite position in the related asset will make up for this loss. This is why a hedger is quite different from speculators as a hedger doesn’t focus on maximizing profits but on minimizing risks. Also, Check out Certification Program in Financial Modelling & Analysis at upGrad. What is WACC and how do you calculate it? Ans: The Weighted Average Cost of Capital, commonly known as WACC, is a financial measure that signifies the average expense associated with funding a company’s activities. This metric considers both the costs of debt and equity, taking into consideration their individual proportions within the company’s overall capital structure. WACC is employed to assess the desirability of an investment or project, serving as an indicator of the minimum return anticipated by both debt and equity investors. The formula for calculating WACC is as follows: WACC = EVRe + DV Rd (1-Tc) Where, E is the market value of equity, D is the market value of debt, V is the total market value of the firm’s equity and debt, Re is the cost of equity, Rd cost of the debt, and Tc is the corporate tax rate. Intermediate-Level Finance Interview Questions & Answers for Freshers 1. What is RAROC? Ans: RAROC stands for Risk-Adjusted Return On Capital and is a risk-based profitability measurement framework we use to analyze risk-adjusted financial performance. It gives a proper view of profitability across organizations. It is one of the best tools to measure a bank’s profitability. By combining it with the risk exposure and the ascertained economic capital, you can calculate the expected returns more accurately with RAROC.  2. What do you Mean by Fair Value? Ans: Fair value refers to the unbiased and rational estimate of the potential market price of an asset, good, or service. The fair value of an asset is the amount at which you can buy or sell the asset in a current transaction between willing parties other than a liquidation. Similarly, the fair value of liability refers to the amount at which you can incur or settle in a current transaction between two willing parties other than a liquidation.  3.What do you Mean by the Secondary Market? Ans: Secondary market is where people trade securities that have been offered to the public in the primary market beforehand and are listed on the stock exchange. The secondary market is also known as the aftermarket and some of the prominent examples of them include NASDAQ, Bombay Stock Exchange (BSE), and New York Stock Exchange (NYSE).  4. What is the Difference Between Cost Accounting and Costing? Ans: Costing is the process of identifying a product’s or service’s cost while cost accounting is the mechanism of analyzing a business’s expenditure. Cost accounting is a branch of accounting that determines the expenses incurred from a venture through examining, analyzing, and predicting the cost data. On the other hand, costing is the process of asserting the costs and prices of products. Costing is a technique while cost accounting is a branch of accountancy. The former has very little impact on a business’s decision-making while the latter is crucial for informed decision-making. 5. What do you Mean by Cost Accountancy? Do you Know the Objectives of Cost Accountancy? Ans: This is one of the great finance interview questions. Cost accountancy is the combination of costing and cost accounting where you classify, record, and allocate expenditure to determine a product’s or service’s cost. It records and analyses the related data and presents them appropriately to help in guiding the decision-making process. Following are the objectives of cost accountancy: To get correct analysis of cost (by process and different elements of cost). To ascertain the cost per unit of various products. To ascertain the profitability of every product. To advise the management on how they can maximize their profits. To disclose the sources of wastage (time, resources, or money). So far these are the questions you must include in your finance interview question and answer pdf. However, don’t forget to read your curated MBA finance interview question and answer pdf to conduct last minute preparations for interview sessions. Checkout: MBA Finance Salary in India Explain financial risk management. Ans: This is among the most important interview questions related to finance. Identifying, assessing, and addressing the potential risks that may jeopardize or affect an organization’s financial health, thereby affecting its overall health, is termed financial risk management. These risks can arise from various sources, including market volatility, credit fluctuations, liquidity challenges, and operational uncertainties. A financial risk management specialist must develop strategies to mitigate the identified risks. Diversifying investments, setting up contingency plans, using financial derivatives, or establishing insurance coverage are some strategies that can be adopted to mitigate potential risks. It also involves constantly monitoring and reviewing the risk management strategies implemented. Briefly describe a dividend growth model. Ans: The dividend growth model, also known as the Gordon Growth Model, is a method used to estimate the inherent value of a stock by considering its expected future dividends. The dividend growth model assumes that dividends will continue to grow at a constant rate indefinitely and is suitable for companies with a stable growth rate in dividends per share. The formula for the Dividend Growth Model is: Value of Stock = D₁(k-g) Where D₁ = next year’s expected annual dividend share; k = discount rate; g = expected dividend growth rate. Why is PP&E important, and how do you record it? Ans: Recording Property, Plant, and Equipment (PP&E) is an essential accounting process that involves recognizing and maintaining accurate records of a company’s long-term tangible assets. These assets typically have a useful life of more than one year and are used in the production of goods and services. The process of recording PP&E involves three steps, which are as follows: i) Initial recognition: We have to start by capitalizing on the cost of acquiring or constructing the asset, including all costs necessary to bring it to its intended use. ii) Measuring: Next, we will record any subsequent costs that enhance the asset’s future economic benefits, followed by applying depreciation or amortization over the asset’s useful life. iii) Impairment testing: Finally, we will assess for impairments to check if the asset’s recoverable amount will be less than its carrying amount. Advanced-Level Finance Interview Questions Once you have gained considerable experience in the finance sector, you can apply for senior supervisory positions, which would broaden your employment prospects further. Financial manager, senior finance executive, commercial finance manager, financial planner, and analyst are some of the positions candidates with a minimum of 10-12 years of experience can aim for. These roles generally require excellent leadership, communication, and team management skills in addition to technical expertise. Here are some finance based interview questions for experienced candidates: 1. What do you Mean by Adjustment Entries? Why do We Pass Them? Ans: The entries we pass at the end of every accounting period to the nominal and related accounts so we can indicate the correct profit and loss in the profits and loss accounts and keep the balance sheet accurate, are called adjustment entries. It is crucial to passing adjustment before we prepare the final financial statements as in their absence the final statements would reflect incorrect information resulting in error and confusion. Moreover, the balance sheet wouldn’t show the accurate position of the business if we don’t pass the adjustment entries.  2. What do you Mean by the Put Option? Ans: Put option is a financial market derivative instrument that allows the holder to sell an asset at a specific price by a specific date to the writer of the put. The purchase of a put option sends a negative message about the future of the stock in question.  3. What do you Mean by Deferred Tax Liability? Ans: This is one of the advanced finance interview questions. Deferred tax liability is the amount the company hasn’t paid yet to the tax department but is expecting to pay it in the future. It happens when a company’s tax expenses are lesser than the amount they reflect in their tax reports or financial statement.  4. What is Goodwill? Ans: Goodwill is an asset that contains the excess of the purchase price over the fair market value of an acquired business.  5. What is the Difference Between a Journal Entry and a Ledger? Ans: The journal is the book of prime entry and all the transactions are recorded in it to show which account got debited and which one got credited. However, the ledger is the book for keeping separate accounts. You’d have to classify the recorded transactions in a journal and add them to the dedicated accounts present in the ledger. The ledger is also known as the book of final entry. Also Read: Future Scope of MBA in Finance A finance interview won’t be complete without technical questions. Here are some common yet important finance technical questions to look into.  These are major concept-based finance technical questions, so you can easily find answers to these in your books. This will not only help improve your concepts but will also make your finance question and answer pdf unpredictable. So, brainstorm these finance technical questions and higher your chances of cracking your dream interview.  On that note, there will be some hints to guide and direct you toward the answers.  1. Explain, that capital expenditures help increase assets, yet other cash flows like taxes and paying salary do not do so but create an instant expense on the income statement, which then negatively impacts equity through retained earnings.  Hint: Go through the definition of capital expenditure and determine its main variables.  2. Given an example of a situation where a company is showing positive cash flow but is in grave trouble.  Hint: Look into the concepts of unsustainable improvements in working capital and pipeline getting slow.  3. Is it possible for a company to show positive net income but still go bankrupt? Give justification for your answer. Hint: look for financial shenanigans and what happens when accounts receivables increase and payables get reduced.  4. Explain why the increases in accounts are receivable and a cash reduction on a cash flow statement. Hint: Remember how a cash flow statement begins and what measures are taken to adjust the net income reflected.  5. Tell the relationship between the income statement and the balance sheet. Hint: Think about net income and retained earnings and their relationship.  6. How can one create deferred tax liability? Hint: Look into the definition of tax liability, GAAP, and IRS. After that, revise different relations between GAAP and IRS and see what happens when the difference between the two increases.  7. How can one create deferred tax assets? Hint: What happens if a company pays more tax than they need to do? Look into revenue recognition, expense recognition, and NOLs (net operating losses) concepts and think about their relationship.  8. How will the three financial statements be impacted when I buy anything? Hint: Determine whether or not the thing is a depreciating asset. The answer will majorly depend on that. Then understand the three financial elements.  How to Prepare Finance Interview Questions and Answers Preparing all of these questions and answers can be quite daunting. You can streamline the learning process and get dedicated support by taking an MBA in Finance course. It would teach you all the necessary skills and you’ll get upGrad’s exclusive recruitment support such as mock tests, interview preparation, resume building, and career support. Throughout the course, you’ll get plenty of opportunities to learn from industry experts and engage in peer-to-peer networking which makes the learning process much more exciting and fun. Our Top Management Programs & Articles Product Management Certification Program from Duke CE Leadership and Management in New-Age Business from Wharton Online Top 4 Functions of Management Process Explained Leadership and Management in New-Age Business from Wharton PG Program in Management from IMT 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? 8 Crucial Business Management Skills Every Manager Should Have Why Should You Consider Product Management as a Career Option? Top 7 Career Options in Management To Choose [For Freshers & Experienced] Conclusion While it’s great to equip yourself with all the theoretical and practical knowledge before appearing for an interview, make sure that you focus on soft skills along with the technical topics we have covered in these questions. Recruiters are always on the lookout for candidates that possess strong technical and soft skills.  With upGrad, aspirants can choose to pursue Certification Program in Financial Modelling & Analysis in association with PwC India.
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by Kamal Jacob

18 May 2024

Top 8 Career Options in Finance: What To Do After Finance Degree [2024]
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Embarking on a finance career promises financial prosperity, rapid growth, and work-life balance. As an experienced professional sharing insight with mid-career peers, I guide you through the intricacies of this dynamic field, exploring the vast landscape of MBA in finance and career options. Navigating finance requires diverse financial management, economics, mathematics, and accounting skills. Specializing after gaining experience provides a competitive edge. Whether in public accounting, corporate finance, investment banking, portfolio management, risk management, financial planning, commercial banking, or compliance, each path offers unique challenges and rewards. In this guide on career options in finance, we delve into top roles, essential skills, and the evolving industry, empowering you for a successful and fulfilling professional journey.  Benefits of Having A Career In Finance Careers in finance offer a plethora of benefits. Here are some of them: Good Money And Growth – It goes without stating that once you are settled in a career in the finance domain, you have the potential to earn high. Even several entry-level positions are lucrative in terms of payments in the fields of finance. Moreover, there is scope to work up the career ladder quickly with the right set of skills and abilities. Balanced Lifestyle – Jobs across the financial sector let you have a balanced lifestyle since you are better off in terms of work schedules. Of course, there are stressful days, but overall, the job domain offers better balance. Job security: A career in finance bestows you with the option to settle for a job that offers maximum financial protection. An all-rounded security feature is beneficial in any field. It allows you to relax in any place without giving the move a second thought.  Diversity: One of the most noticeable features of a career in finance is that it offers a range of posts that cater to the field of finance. There are many specializations that one can choose from in the financial sector. Scope for growth: Finance firms always look for new talent to upscale their establishment. It makes it easier for people looking to move up the career ladder. At the same time, career paths in finance offer an easy option to relocate since it isn’t always location-specific.  Challenges of Finance Careers High Competition The finance industry is highly competitive, with many qualified professionals vying for limited job opportunities. Landing a job and advancing your career can be challenging due to the intense competition. Long Working Hours Finance professionals often work long and irregular hours, especially in investment banking and trading roles. The pressure to meet deadlines, analyze data, and make critical decisions can lead to extensive work hours. High Stress Levels The finance industry is fast-paced and involves managing significant amounts of money. This pressure can lead to high stress levels, particularly during market fluctuations and economic uncertainties. Professionals need to handle stress effectively to succeed in this field. Regulatory Changes The finance industry is heavily regulated, and regulations frequently change in response to economic events and government policies. Staying updated with these changes and ensuring compliance with regulations is a constant challenge for finance professionals. Risk Management Managing financial risk is a fundamental aspect of finance careers. Professionals need to have a deep understanding of market risks, credit risks, and operational risks. Making accurate predictions and mitigating risks is a constant challenge, especially in volatile market conditions. Client Expectations For financial advisory and wealth management roles, meeting client expectations and providing satisfactory investment advice is crucial. Clients often have high expectations regarding the performance of their investments, and managing these expectations can be challenging, especially during economic downturns. Ethical Dilemmas Finance professionals may face ethical dilemmas related to insider trading, conflicts of interest, and responsible lending practices. Maintaining ethical standards and integrity is essential but challenging when facing pressures to maximize profits or meet targets. Technological Advancements While technology has streamlined many financial processes, it has also created challenges. Finance professionals must adapt to new technologies such as artificial intelligence and blockchain. Staying current with technological advancements and integrating them into existing practices is challenging. Globalization Many finance careers involve working with international clients and navigating the complexities of global markets. Understanding diverse cultures, regulations, and market behaviors from different countries is challenging but essential for success in a globalized finance industry. Continuous Learning Finance is a field that constantly evolves. New financial instruments, investment strategies, and market trends emerge regularly. Professionals must continuously learn to stay updated with industry developments, which can be time-consuming and demanding. Burnout Due to the high demands of the job, finance professionals are susceptible to burnout. Balancing demanding work schedules with personal life can be challenging, leading to stress and fatigue. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. Top Career Options in Finance There are a number of options among careers in finance you can pursue if you want to be specializing in finance, or make a finance career in financial professional jobs. Take a look at the most popular finance careers or finance jobs. 1. Public Accounting Accounting is an extensive field of study and practice, comprising a variety of financial services. Broadly, it is concerned with recording and maintaining the flow of money for a public entity or private company. Public accountants also give suggestions and deliver reports to cut down expenses, boost revenue, and improve financial health.  As an accountant, you can work in-house to help organizations get their finances in order, understand the soundness of their investments, and make projections to achieve long-term goals. Employment opportunities may arise in the commercial or private sector as well as in select accounting firms. The Big Four firms across the fields of finance, namely Deloitte, EY, KPMG, and PwC, collectively offer the largest share of professional services in public accounting. They provide assistance in auditing and attestation, tax consulting, business advisory, internal control, and governance to their corporate and government partners globally.  Graduates in Commerce and Business Administration can consider a CPA qualification to become an internationally licensed accountant. Degrees like Master of Commerce (M.Com.) and MBA (Finance) are also recognized as a testament to candidates’ academic knowledge in the area. When you are going for coveted job positions, higher education can help you differentiate your profile from the competition.  Learn Top MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Source Average Certified Public Accountant Salary based on Locations: City Salary Bangalore ₹ 2.2 Lakhs New Delhi ₹ 2.3 Lakhs Mumbai ₹ 2.2 Lakhs Hyderabad ₹ 2.4 Lakhs Pune ₹ 2.3 Lakhs Chennai ₹ 2.1 Lakhs Jaipur ₹ 2.3 Lakhs Chandigarh ₹ 2.3 Lakhs Source Average Certified Public Accountant Salary based on Experience: Experience Salary 1 Year ₹ 2.2 Lakhs 2 Year ₹ 2.3 Lakhs 3 Year ₹ 2.3 Lakhs 4 Year ₹ 2.5 Lakhs 2. Corporate Finance Corporate finance is a sub-division of finance that provides funds for business activities. It deals with funding sources, investment decisions, and capital restructuring. The critical job functions in this profession include: Balancing risk and profitability Analyzing and forecasting economic trends Reviewing company reports and suggesting improvement measures Maximizes value of stock Managing funds and selecting investment portfolios Performing tasks related to financial risk management Corporate finance professionals are hired in junior and senior capacities depending on their educational qualifications, acquired skills, and interests. You would be expected to have a knack for numbers and apply the same for managing money, maximizing return on investment, introducing smart solutions for budgeting, etc. Also, leading corporate advisory firms recruit finance graduates to expedite mergers and acquisitions of businesses. Large organizations prefer to hire MBA talent for mid-senior level positions and above. Hence, a finance career path would be the best fit for finance enthusiasts. Source Average Corporate Finance Salary based on Locations: City Salary Bangalore ₹ 10.0 Lakhs New Delhi ₹ 10.0 Lakhs Mumbai ₹ 22.0 Lakhs Chennai ₹ 8.0 Lakhs Gurgaon ₹ 11.7 Lakhs Source Average Corporate Finance Salary based on Experience: Experience Salary 1 Year ₹ 4.1 Lakhs 2 Year ₹ 7.1 Lakhs 3 Year ₹ 8.0 Lakhs 5 Year ₹ 8.0 Lakhs 6 Year ₹ 8.3 Lakhs Read: Career in finance and its Scope. 3. Investment Banking Investment banking finds a place among the most prestigious career options in finance. It is also a lucrative path in terms of professional growth and salary package. Investment bankers are responsible for tasks related to financial remodeling. Their work involves working with data and numbers and introducing decisions that improve business operations. These practitioners must have an interest and insightful knowledge of financial markets and economic trends.  Other job profiles can range from trading and stockbroking to asset management to equity research. Stockbrokers are professional traders or registered representatives who buy and sell shares on behalf of their clients. Asset managers determine what investments should be made with the view of growing their clients’ portfolios over time and mitigating risk. Careers in equity research involve ascertaining certain investments’ value to help individuals and institutional investors make investment decisions. Investment banks generally hire interns and prospective associates from top-tier educational institutions. An MBA (Finance), and sometimes a Law degree, can be beneficial in entering this field. If you are looking to pursue a specific career path such as stockbroking, you can opt for short courses or diplomas in stock analysis or stock market research. The National Stock Exchange (NSE) also offers such formal credentials. Source Average Investment Banker Salary based on Locations: City Salary New Delhi ₹ 20 Lakhs Pune ₹ 20 Lakhs Mumbai ₹ 15 Lakhs Bangalore ₹ 9 Lakhs Chennai ₹ 8 Lakhs Hyderabad ₹ 10 Lakhs Gurgaon ₹ 15 Lakhs Noida ₹ 14 Lakhs Source Average Investment Banker Salary based on Experience: Experience Salary 2 Year ₹ 7.9 Lakhs 3 Year ₹ 11.6 Lakhs 4 Year ₹ 12.7 Lakhs 5 Year ₹ 13.8 Lakhs 4. Portfolio Management Portfolio management is a fusion of commerce and science as it requires knowledge of business, mathematics, and analytics. As a portfolio manager, you do not pore over individual investments but look at the overall investment mix of your clients, who may be institutions or individuals. Also, it would be your job to guide organizational policies on investments and decisions regarding asset allocation. It is crucial in portfolio management that employed professionals work to maximize profits at a negotiated risk. This would require conducting a SWOT (Strength, Weakness, Opportunity, Threat) analysis in the domestic and international markets across areas like growth vs. safety, debt vs. security, and so on.  Education in Economics, Business Administration, or Accounting is ideal for these types of careers to get started with finance careers. It is also recommended to get training in statistics and refine your mathematical skills to pursue portfolio management jobs. Demonstrated experience in financial asset management or working with investment institutions can be work to your advantage. Besides, you would need excellent communication and interpersonal skills to handle requests from clients and customers.  You can also check out our free courses offered by upGrad in Management, Data Science, Machine Learning, Digital Marketing, and Technology. All of these courses have top-notch learning resources, weekly live lectures, industry assignments, and a certificate of course completion – all free of cost! Source Average Portfolio Manager Salary based on Locations: City Salary New Delhi ₹ 8.1 Lakhs Pune ₹ 11.8 Lakhs Mumbai ₹ 11.9 Lakhs Bangalore ₹ 12.4 Lakhs Chennai ₹ 11.9 Lakhs Hyderabad ₹ 13.2 Lakhs Gurgaon ₹ 7.8 Lakhs Noida ₹ 7.2 Lakhs Source Average Portfolio Manager Salary based on Experience: Experience Salary 1 Year ₹ 5.6 Lakhs 2 Year ₹ 7.3 Lakhs 3 Year ₹ 7.3 Lakhs 4 Year ₹ 7.5 Lakhs 5 Year ₹ 8.3 Lakhs 5. Risk Management Risk management professionals are competent in identifying market risks and recognizing poor investment outcomes. Their primary duty is to maximize returns and minimize risks strategically. For this purpose, they apply their mathematical prowess and analytical reasoning skills and advise their clients on various business matters. The job roles can be divided into: 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 with companies like SBI Life Insurance, LIC, Bajaj Allianz, and PolicyBazaar recruiting for various positions, including analysts, managers, consultants, and advisors. It is a sought-after finance career path globally. If you are seeking work in risk management, you should consider completing an advanced degree like an MBA or PG Diploma in Risk Management. Also, check out the certificate courses offered by the Risk Management Association of India (RMAI). Source Average Risk Management Salary based on Locations: City Salary Bangalore ₹ 2.8 Lakhs Mumbai ₹ 3.1 Lakhs Hyderabad ₹ 4.7 Lakhs Gurgaon ₹ 2.3 Lakhs Source Average Risk Management Salary based on Experience: Experience Salary 2 Year ₹ 3.4 Lakhs 3 Year ₹ 4.1 Lakhs 4 Year ₹ 6.1 Lakhs 8 Year ₹ 8.7 Lakhs 6. Financial Planning Individuals and companies require the services of financial planners to secure their current and future financial stability. A career in financial planning would entail reviewing financial statements and cash flows and creating methods for saving and investing in matching the clients’ needs. You can choose to concentrate in a specific area, viz. wealth management, tax planning, estate planning, retirement planning, investment growth, etc. Here are a few places that employ financial planners in India: Wealth management and financial services firms Knowledge Processing Organizations (KPOs) Non-Banking Financial Companies (NBFCs) Asset Management Companies (AMCs) Finance Journalism Self-employment  A postgraduate degree such as MBA (Finance), MS (Finance), or MA (Economics) is preferable for obtaining employment as financial planners in established organizations. Source Average Financial Planner Salary based on Locations: City Salary Bangalore ₹ 3.4 Lakhs New Delhi ₹ 3.5 Lakhs Mumbai ₹ 4.4 Lakhs Chennai ₹ 3.6 Lakhs Kolkata ₹ 3.0 Lakhs Source Average Financial Planner Salary based on Experience: Experience Salary 1 Year ₹ 2.4 Lakhs 2 Year ₹ 3.8 Lakhs 3 Year ₹ 4.9 Lakhs 4 Year ₹ 6.0 Lakhs 5 Year ₹ 7.1 Lakhs 7. Commercial Banking Commercial banks provide a host of services to individuals and businesses. The offerings range from savings and current account facilities to debit and credit cards to personal, home, education, and other loans. Commercial banking also includes analysis of financial statements, competitive positions, and industries. There are several types of roles, each one requiring different skill sets in the banking sectors. The most popular posts include credit analyst, banking associate, account manager, trust officer, bank teller, mortgage banker, and branch manager.  The primary duty of bank personnel is to maintain relationships with the bank’s existing customers and find new clients to keep the business running. For this, they need to deliver effective and customer-friendly services and remain proactive in improving the bank’s day-to-day functioning.  Commercial banking is considered an attractive career choice for many aspirants due to the decent pay packages and working hours. An undergraduate degree in Business and Commerce can qualify you for an entry-level position like a credit analyst. Many BFSI sector recruiters also hire data science professionals for analyst jobs. You can build your profile with an MBA degree and advance to business development and client-facing roles like account management.  Moreover, financial services are rapidly evolving in the current technology-led world. So, your career choices need to be future-oriented. Let us look at some latest innovations in the Fintech space.  Payment banks are fostering financial inclusion and digital payments Artificial intelligence and cognitive analytics are powering data-driven decisions Blockchain implementations are set to transform banking and financial markets Robotic process automation or RPA has the potential to address case backlogs The need for cybersecurity solutions to eliminate intrusions and attacks has multiplied With big players like ICICI and Axis Bank exploring opportunities in emerging tech, it would be wise to take up a course that empowers you with the current developments in fintech and teaches you the roles in finance. Here, an MBA in Digital Finance and Banking could prove useful for you. Fintech has also opened up new jobs in software development. Learn Job-ready Program in Financial Modelling & Analysis. Average Commercial Banking Manager salary is ₹8.3 lakhs per annum. Source 8. Compliance and Internal Control Compliance services engage managers and administrative officials to ensure that all procedures and activities adhere to applicable laws, ethical practices, and standards. Companies want to avoid any harm to their reputation and finances on account of regulatory non-compliance. Therefore, the job of compliance officers is critical to support effective business performance. They can be employed in diverse environments as international University offices to look after components like grants, gifts, and contracts. As for financial compliance departments in corporate firms, these professionals protect investors and maintain transparency. Their job functions directly contribute to the reduction of financial fraud and system risk.   Typically, accounting and law graduates opt for a career in financial compliance services. Getting an advanced finance degree like a specialized MBA can improve your chances of landing attractive internships and placements. Source Average Compliance Manager Salary based on Locations: City Salary Bangalore ₹ 14.8 Lakhs New Delhi ₹ 10.6 Lakhs Mumbai ₹ 12.9 Lakhs Chennai ₹ 13.5 Lakhs Gurgaon ₹ 11.8 Lakhs Hyderabad ₹ 13.0 Lakhs Pune ₹ 12.4 Lakhs Noida ₹ 10.8 Lakhs Source Average Compliance Manager Salary based on Experience: Experience Salary 3 Year ₹ 6.1 Lakhs 4 Year ₹ 6.6 Lakhs 5 Year ₹ 8.4 Lakhs 6 Year ₹ 9.4 Lakhs 8 Year ₹ 12.0 Lakhs Must Read: Top 15 Highest Paying Finance Jobs in India Top Skills To Make It Big In Finance For 2024 Here are the top financial skills you will need for job in finance company: – Education – To begin with, you must have the right degree and training to kickstart your finance career. Experience at work matters undoubtedly, but having the right certifications and education helps you kick start the career right. Interpersonal Skills – Finance careers aren’t about crunching numbers in a nook. At least- not anymore. You must be able to deal with clients, communicate clearly, and build relationships. Such skills matter as much as your knowledge in the discipline does. Financial Reporting Aptitude – Looking to make it big in finance? You do need to have proficiency in financial reporting. Analytical Skills- If you can analyze a scenario to deduce relevant conclusions, then a career in finance is a good pick. Skills such as strategic thinking and leadership are much needed in the field of finance too. Financial modeling – It is the representation of a financial situation using abstract methods. You get to design a model that portrays the financial performance of a portfolio or asset. Business intelligence – To make a well-informed business decision, one must know the present and future data regarding sales, inventory, and other fields. Business Intelligence experts use software like Tableau to gain insight into the financial area. Accounting skills – Accounting skills assist you in keeping track, recording, and managing financial transactions without facing any errors. Furthermore, accounting skills are highly sought in financial analysis, data management, financial reporting, and financial modeling. Cash flow management – Cash flow management analyzes, optimizes, and monitors the cash flow in receipts. Businesses use this technique to manage finances.  Mathematical skills – A set of solid mathematical skills can take you anywhere. Robust knowledge of mathematics can put you into roles in finance, like financial analysis, data management, and predictive analysis, among other profiles. It is also the case with professionals working in the financial field. Data management – It is the process of gathering, managing, storing, and maintenance of data acquired from an organization. It is vital while performing data analysis. Financial data management also allows you to comply with the latest laws and regulations. Navigating Finance Job Opportunities:  As we explore the world of finance careers, it’s important to carefully navigate through the various job opportunities. I’ve had the privilege of steering my career through various roles in the finance domain, and I’m here to guide you through the nuanced choices that await.  Diverse Career Options: The finance industry provides a diverse array of career paths, from traditional roles like accounting to dynamic positions in investment banking and financial planning. Assessing Personal Strengths: Professionals should assess their strengths, passions, and long-term goals to align their career choices with their intrinsic abilities. Long-Term Goals: Consider the long-term goals and aspirations, as different finance roles contribute uniquely to career trajectories. Strategic Career Planning: Emphasize the importance of strategic career planning to make informed decisions about specialization, upskilling, and staying relevant in the dynamic field. Real-Life Case Studies: Illustrate strategic career moves through real-life case studies, showcasing how professionals navigated challenges and achieved success. Pros of a Finance Career:  Competitive Remuneration: Finance careers are renowned for offering competitive salaries attracting individuals seeking financial stability and recognition.  Career Progression Opportunities: Abundant opportunities for career progression, where dedicated professionals can climb the corporate ladder and take on leadership roles.  Strategic Decision-Making: Professionals experience the satisfaction of contributing to strategic decision-making, influencing the financial health of individuals and organizations.  Analytical Challenges: Engaging in intricate financial problem-solving provides a sense of accomplishment, attracting those with a penchant for analytical challenges.  Cons of a Finance career:  High-Pressure Environment: The finance industry is known for its high-pressure environment, demanding long working hours and keen attention to detail.  Regulatory Changes: Constant adaptation to regulatory changes necessitates professionals to stay informed and compliant with evolving financial laws.  Ethical Dilemmas: Facing ethical dilemmas is common as professionals navigate the delicate balance between profitability and maintaining ethical standards.  Dynamic Nature: The dynamic nature of finance requires adaptability, and professionals need to continually upskill to stay relevant in a rapidly changing landscape.  Balancing Work and Life: Striking a balance between demanding work schedules and personal life can be challenging, leading to stress and fatigue.  Takeaways Before you opt for a postgraduate degree or certifications like CFA or FRM, it would be best to evaluate your options and chalk out a strategic plan to realize your personal and professional objectives. If you feel that you need to work on your analytical and business intelligence skills, accredited programs in Data Science or Business Analytics could work for you. A budding professional in finance must understand the relationship and the fiscal behavior of a company with the marketplace demand. You must demonstrate an understanding of how the business world works while keeping abreast of the latest trends. Finance or accounting might sound like domains that are strict on routine and system. However, this never means that there is no room for innovation. Many new trends are shaping the industry, and you must also work on developing better IT-related skills to survive and thrive in the same. However, if you intend to qualify for a job promotion or develop your leadership skills, I would recommend you may go for a Job-ready Program in Financial Modelling & Analysis and select your desired specialization. You can complement your degree or diploma with other relevant credentials and licenses.  With this list of careers in finance, we have explained different career options in finance and detailed the ‘hows’ of attaining job-ready skills. Use this information to restructure your plan and move ahead with a willingness to learn and grow! 
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by Kamal Jacob

14 Apr 2024

Top 12 Crucial Finance Skills That Employers Value in 2024
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Companies in the finance sector are always on the lookout for skilled professionals. In fact, India is facing a shortage of skilled professionals. Recent reports, like the one from HR firm TeamLease, show how much employers value skills. Among the various in-demand skill sets, financial proficiency is one. There is a need for finance skills, especially in the tech industry. The widening gap between the demand and supply of professionals with finance skills calls for the need to learn new skills for aspiring candidates looking to establish a career in the sector.  Even though we have the largest percentage of the working population in the world, we don’t have enough skilled workers to meet the industry demands. What does this mean? It means that even though there are enough employment opportunities, there’s not enough talent to fill those vacancies. The scarcity of skilled workers, particularly in the technology sector, emphasizes this industry’s critical need for finance skills. With projections indicating a demand for 30 million digitally proficient professionals by 2026 and a call for about 50% of the current workforce to learn new skills, the importance of finance skills for resumes becomes even more evident.  In such a scenario, developing the right skills can help you land promising job roles with established and reputed companies.  Presently, the Indian finance industry is booming, giving birth to new and exciting career opportunities. If you are a finance aspirant, this is the perfect article for you. In this post, we’ll highlight some of the most valuable and important finance skills. By adding these skills to your arsenal, you can increase your chances of bagging a high-paying role in the finance industry. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. Top Financial Skills Mastering fundamental skills required for finance jobs is vital for excelling in the financial sector. These skills act as strong foundations, empowering professionals to handle intricate financial situations, make informed decisions, and contribute significantly to their organizations.  From analytical thinking to data management, each skill mentioned below is crucial in enhancing a finance professional’s expertise, ensuring their success and competitiveness in the finance industry.  Here is a detailed list of both technical and soft finance skills in demand: 1. Analytical Thinking Analytical thinking is a crucial skill for finance professionals. It refers to looking at and understanding a situation to interpret it and deriving an intelligent and thoughtful response. As a finance professional, you’d have to solve all kinds of problems from technical to interpersonal. When analytical thinking and problem-solving are your forte, you can devise smart solutions quickly which would greatly benefit the company, making you its valuable asset.  Some of the areas where analytical thinking plays a key role include financial analysis, risk analysis, risk management, strategic financial planning, and data analysis.  Financial analysis: Analytical thinking in financial analysis involves examining financial statements, identifying trends, and assessing the financial health of companies. It requires the ability to interpret complex data, ratios, and trends to make informed investment or business decisions. Risk analysis and management: It is vital in assessing risks associated with investments, projects, or financial decisions. It involves evaluating potential risks, understanding their impact, and devising strategies to mitigate or manage them effectively. Strategic financial planning: Analytical thinking plays a key role in strategic financial planning by analyzing historical data, market trends, and economic indicators. It helps forecast future financial scenarios, set financial goals, and devise plans to achieve those objectives. Data analysis: Essential in data analysis, analytical thinking involves scrutinizing vast datasets, extracting meaningful insights, and using statistical methods to draw conclusions. Data analysis helps make data-driven decisions, identify patterns, and predict future outcomes. 2. Accounting Skills  Accounting skills refer to the techniques and abilities that allow you to track, record, and manage financial transactions efficiently and effectively. Many recruiters expect you to have accounting skills as they are crucial for performing financial analysis, financial reporting, data management, financial modeling, and plenty of other related tasks. A fundamental understanding of accounting skills can certainly help you in getting a good job as a finance professional. After learning these finance skills you can focus on bagging some of the lucrative roles in the industry such as Chartered Accountant, Certified Public Accountant, etc.  Checkout: MBA Finance Salary in India Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. 3. Business Intelligence  Finance professionals play a vital role in helping businesses make smart decisions. To make smart and better-informed decisions, they must know how to predict future inventory, sales, and related information. This is why companies prefer professionals who are proficient in leveraging enterprise resource planning software (ERP). ERP tools like Oracle or SAP are excellent for managing inventory, planning future purchases, allocating labor hours, etc.  Also, you must know how to use business analytics software like Tableau. Knowledge of data visualization tools allows you to convey data-based insights much effectively to your colleagues, non-technical staff, and senior management.  4. Financial Modeling Financial modeling is the process of representing a real financial situation through abstract methods. In financial modeling, you design a mathematical model that represents an asset’s or portfolio’s financial performance in a specific period.  Financial models help you estimate the valuation of a business or compare multiple businesses. You might use them for strategic planning such as for calculating the cost of a new project, deciding on a budget, or testing a particular scenario. If you’re applying for senior-level roles, companies almost always will expect you to be proficient in financial modeling.  5. Financial Reporting Financial reporting is the process of disclosing financial results and pertaining information to the stakeholders and upper management. Like the accounting skills we discussed previously, financial reporting is another necessary skill if you want to get ahead in the finance industry. In financial reporting, you’d be focusing on creating financial statements, balance sheets, and income sheets, through which you can show the financial position of your company to the concerning party.  The components of financial reporting are briefly described below: Financial statements: Financial reporting aids in creating accurate income statements, showcasing a company’s revenues, expenses, gains, and losses over a specific period. It reflects the company’s ability to generate profits and provides insights into its financial performance, guiding decision-making. Balance sheet: It helps construct balance sheets, offering a peek into a company’s financial position at a given time. Detailing assets, liabilities, and equity provides a clear view of the company’s financial health, aiding in assessing its solvency and overall stability. Cash flow statement: Financial reporting generates cash flow statements, displaying the cash movement in and out of a company over a specific period. It helps assess the company’s liquidity, operational efficiency, and ability to meet financial obligations. Some students confuse financial accounting with reporting but they are quite different. Accounting focuses only on recording the transactions of a business while reporting focuses on organizing those records to get an idea of the business’s financial health.  Learn more about them with the best financial modeling courses available both online and offline. Also Read: Future Scope of MBA in Finance 6. Cash Flow Management According to a study, 82% of businesses fail because of poor cash flow management. Cash flow management is the process of analyzing, monitoring, and optimizing the cash receipts a business gets after deducting the cash expenses. Businesses use cash flow management to manage their finances and focus on growth as it tracks the ins and outs of a business’s funds. With proper cash flow management, a business can avoid financial loss and make profitable and sustainable strategies.  Thus, cash flow management is a non-negotiable skill for any finance aspirant or professional.  Explore the Job-Ready Program in Financial Modeling & Analysis offered by upGrad. 7. Mathematics While it may sound obvious, having strong calculative skills would certainly benefit you as a finance professional. From data management to financial analysis, there are tons of areas where you can use your knowledge of mathematics.  Some of the areas that require a strong grasp of mathematics are financial analysis, predictive analysis, data management, and accounting. Financial analysis: Mathematics plays a vital role in financial analysis, exemplified by using quantitative techniques to interpret financial data, assess performance ratios, and conduct risk evaluations. It involves mathematical computations to analyze trends, evaluate investments, and make informed financial decisions. Predictive analysis: Strong mathematical skills are crucial for predictive analysis, to use statistical models and algorithms efficiently to forecast future trends or outcomes based on historical data. Mathematical concepts form the foundation for building predictive models and interpreting their results accurately. Data management: It is fundamental in data management for finance. It involves mathematical principles for organizing, processing and interpreting financial data effectively. Understanding mathematical algorithms helps handle large datasets efficiently. Accounting: Mathematics is inherent in accounting practices, involving calculations, ratios, and formulas for recording financial transactions accurately. It underpins various accounting principles and procedures, ensuring precision in financial reporting and analysis. It is a fundamental skill necessary for all financial roles. If you have good calculative skills and understand most mathematical concepts, it’ll be much easier for you to develop strong analytical skills. 8. Financial Management Financial management refers to organizing, planning, directing, and controlling financial activities to procure and utilize an organization’s funds. It focuses on applying general management concepts to a company’s financial resources.  If you want to get ahead in the finance sector, then you should have this skill. Financial management is crucial for multiple roles such as investment banker, portfolio manager, financial advisor, etc. This skill helps you in making better financial and investment decisions.  9. Data Management  Data management is the process of gathering, storing, managing, and maintaining an organization’s data. Proper data management is necessary to help the business in performing data analysis and use the data to guide its decisions. While as a finance professional you might not have to work extensively on data management solutions, having this skill will make your job a whole lot easier. You wouldn’t face problems in using the data or accessing the same for performing financial analysis or predictive analysis.  Financial data management allows a company to consolidate its relevant data to comply with laws and regulations. This is another reason why it’s a sought-after skill.  Read: Career in finance in the future Additional Skills Required for Finance While the skills we discussed earlier are a must to pursue a career in the finance sector, these additional skills will help you look attractive in the eyes of the recruiters when they read your resume:  10. Communication Being able to communicate properly is vital in the finance sector. You’d be working with many people and you’d have to convey technical details to a non-technical audience multiple times. Without strong communication skills, it would become very challenging for you to share insights and collaborate with other team members or departments.  Some of the key reasons why communication is regarded as an important soft skill in the finance industry are illustrated below: Client interaction: Clear communication helps build rapport, elucidates intricate financial concepts, and nurtures client relationships in the industry. Team collaboration: Strong communication practices promote seamless cooperation among teams, stimulating the exchange of innovative ideas and strategies. Presentations and reporting: Efficient communication skills are instrumental in delivering cogent presentations and reports that resonate with diverse audiences, enhancing informed decision-making processes. Conflict resolution: Clear and empathetic communication is a linchpin in defusing conflicts, resolving misunderstandings, and cultivating a harmonious work environment within financial institutions. Negotiation skills: Mastery in communication ensures transparency, comprehension, and successful outcomes during negotiations, forging beneficial financial deals and agreements. 11. Management Experience While freshers do not need management experience, this skill is mandatory for anyone aspiring to take on managerial roles in a company. You should be able to supervise and manage teams, solve both internal and external problems, and display leadership skills as and when the situation demands.  Management expertise is, therefore, one of the most crucial skills for finance jobs. It can prove useful for the following: Team supervision: Management experience means overseeing teams to ensure smooth operations and a positive work environment. Problem-solving: It involves addressing internal and external issues within the company using analytical skills. Leadership display: Displaying leadership qualities, making decisions, and motivating teams toward goals when needed. 12. Business Acumen Business acumen denotes one’s proficiency and ability to interpret a business problem and devise innovative solutions for the same. In the finance sector, you’d need strong business acumen and commercial awareness to improve the financial performance of a company. It is essential to stay updated with the latest market and customer trends to stay ahead in the competition.  A strong business acumen as a finance expert can be useful for the following: Strategic problem solving: Business acumen involves skillfully addressing business issues and creating innovative solutions. Enhancement of financial performance: It’s crucial for improving a company’s financial outcomes and ensuring profitability. Market and customer trends: Staying updated with market trends and customer preferences helps adapt strategies and stay competitive. Adaptability and competitiveness: Awareness of market dynamics ensures adaptability, keeping businesses competitive. How to Develop the Right Skills for Finance Roles? Today’s finance world has changed greatly due to market shifts and new technology. It’s essential to keep learning and adopting the skills required for accounting and finance to keep up. This means not just focusing on technical knowledge but also learning through practical experience, staying updated, and being adaptable to industry changes. Improving your skills for finance jobs involves several essential steps: Self-assessment: Start by identifying areas where you feel less confident or wish to improve, such as budgeting, investment analysis, or financial reporting. Continuous learning: Engage in ongoing education through industry-specific courses, workshops, or certifications that align with your career objectives. These programs offer insights into the latest trends and tools in finance. Practical application: Apply finance concepts in real-life scenarios. Managing personal finances or practicing financial modeling using tools like Excel can refine the practical skills needed to be a financial analyst and also boost confidence at the same time. Networking and mentorship: Connect with professionals in finance to gain diverse perspectives and seek mentorship from experienced individuals. Their guidance can be invaluable in developing technical skills required for financial analysts. Stay informed: Keep updated on finance news, market trends, and industry publications. Attending webinars or subscribing to finance-related newsletters broadens your understanding of financial concepts. Problem-solving and critical thinking: Sharpen analytical and critical thinking skills by regularly analyzing financial data and making informed decisions. This practice enhances your ability to solve complex financial problems. Use online resources: Use online platforms that offer finance-related content, forums, and educational resources. These tools provide additional learning opportunities. Seek feedback: Actively seek feedback on your finance-related projects or work. Constructive criticism helps identify areas for improvement, allowing you to continually adapt and refine your skills. By now, it’s clear that to land a job in the finance sector, you must possess both general and niche skills. The most efficient way to develop all of these skills is through taking a finance course. With our Job-ready Program in Financial Modelling & Analysis, you’d get to study directly from industry experts and receive 360-degree career support. The course covers many technical skills including financial management, artificial intelligence in business, digital fraud and risk analytics, and data visualization in finance. Apart from the course’s curriculum, you’ll get the added benefit of networking with fellow professionals, getting one-on-one feedback from your mentors, and career counseling for doubt resolution.  Equipped with industry-knowledge and skills, you can easily pursue prominent roles in banking, insurance, fintech, financial services, and startups. Developing a new skill can be quite challenging. However, once you begin your journey and choose the right milestones, you will gain new skills and experience as you progress. The key is to identify your career goals and then figure out how you can accomplish them. If you know what you want, nothing can stop you from growing into a competent professional.  We hope this helps!
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by Kamal Jacob

24 Jan 2024

Finance Manager Salary in India in 2024 [Average to Highest]
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Are you interested in pursuing a career in finance management but are unaware of how much it pays and are unsure about work responsibilities? Well then, say no more! You have come to the right place with your queries. We will also discuss the skills that will offer you a higher salary and the career paths you can explore as a finance manager. This article will give you an insight into how fruitful it is to have a finance management career and why it’s worth pursuing a career in this sector. A finance manager is responsible for developing and monitoring a company’s budgets. If you have a knack for numbers, becoming a finance manager would be the perfect career choice for you.  A unique highlight of this role is that finance managers work in various sectors, including healthcare, FMCG, banking, retail, EduTech, etc. In the following points, we’ll explore the average finance manager salary in India and the factors that affect their annual salaries.  Read: Career in finance and its Scope. Why is the Finance Manager’s salary in India high? When you’d look at the average monthly salary of finance managers in India, you’ll notice that their pay is significantly higher than many roles. Why is that?  The most prominent reason behind the high pay of finance managers is the specialised nature of this role and its high demand. Companies rely on finance managers to oversee their budgets and manage the financial aspects of their operations. In other words, finance managers help companies achieve their financial goals. They play a vital role in an organization’s success.  Furthermore, the demand for finance professionals is steadily rising.  As of November 2020, the mutual fund industry in India’s Assets Under Management (AUM) was INR 30 lakh crore (US$ 407.39 billion). This staggering amount is set to increase further as India’s finance sector expands over time.  In FY20, the total first-year premium for life insurance reached INR 2.6 lakh crore. Experts predict that India will be the fourth largest private wealth market in the world by 2028. Moreover, India’s mobile wallet industry is expected to grow at a CAGR (Compound Annual Growth Rate) of 150% by 2022.  These statistics show just how big the finance sector in India has become.  Needless to say, the scope for finance professionals is quite bright in India, which is probably why they earn hefty annual packages.  Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. What is the Average Finance Manager Salary in India? The Average Finance Manager Salary in India is (INR) ₹991,180 per annum, including bonuses, profit sharing, and commissions. The pay in this field ranges from ₹353k per annum to ₹991 per annum on average, and the income depends on multiple factors like experience, location, skills, and employer.  Source As a beginner in this field with less than a year’s experience, you will usually earn around an average of ₹518,021 per annum. An early finance manager with 1-4 years of experience can make an average total of ₹729,127. If you have an established mid-career as a finance manager with 5 to 9 years of experience, you can earn an average of ₹1,078,115 per annum. With 10-19 years of experience, a professional is highly likely to earn an average total compensation of ₹1,199,548 per annum. Finance management is the largest sector in India, with diverse career opportunities. It is the Finance manager’s responsibility to take care of the financial health of an organisation. They are responsible for creating financial reports, direct investment activities, and plans for their organisation’s long-term financial goals. Hence, you can find Finance Managers’ roles in MNCs, Banks, startups, and almost every other organisation across all sectors. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. What do Finance Managers do Exactly? It is a finance managers’ responsibility is to create and monitor departmental budgets. They are responsible for making creation significant financial forecasts for their company. They work alongside other managers and their staff to determining the future budgets of the company. Their department is subjected to keeping track of ongoing expenses to ensure that they are not going over the budget.  They are also in charge of clarifying other respective managers when their departmental expenses exceed the established budget. Finance Managers also handle accurate and timely reporting of various financial reports and budgets. They take ownership of various projects, delegate them to their staff, and follow up with the team regarding projects’ progress.  Financial Managers ensure that each project meets the finalised deadlines, but they also regularly conduct performance evaluations and provide regular feedback to the staff.  Key Hard Skills for Financial Managers To excel in a financial management career, you need to possess a combination of technical and analytical skills. Here are some key hard skills essential for financial managers: Financial Data Analysis Financial managers need strong quantitative skills to analyze financial data, evaluate market trends, and make data-driven decisions. Proficiency in statistical analysis and financial modeling is crucial for effective data analysis. Accounting A solid understanding of accounting principles and practices is essential for financial managers. They need to interpret financial statements, analyze financial data, and ensure compliance with accounting standards and regulations. IT Skills Financial managers must be proficient in using financial software and data technologies. They need to leverage technology to streamline financial processes, analyze data, and generate accurate financial reports. Reporting Financial managers are responsible for preparing financial reports and presenting complex financial information to senior management. Strong reporting skills, including data visualization and effective communication, are essential for conveying financial insights and recommendations. If you want to explore more about finance program then please check out, Job-ready Program in Financial Modelling & Analysis from upGrad. Key Soft Skills for Financial Managers In addition to technical skills, financial managers also need to possess certain soft skills to excel in their roles. Here are some key soft skills crucial for financial managers: Communication Critical Thinking Time Management Collaboration Prerequisites for Becoming a Finance Manager  To work successfully as a Financial Manager, you need to have a bachelor’s degree in finance, management, accounting, or business administration. Few employers prefer to select candidates that have a CPA certification and/or MBA.  Finance Managers must be familiar with the Microsoft Office suite and their organisation’s computer system, a high-level proficiency in working with various financial applications, and reporting tools required in their field of work. Apart from work-specific skills, Financial Managers need to have strong leadership, interpersonal skills, and sharp analytical skills. They must have an excellent command of oral and written communication. Their job requires them to build strong teamwork and work ethic.  Related Roles that Offer High Salary Packages in India We have already discussed the average Financial Manager salary in India. This section will discuss some additional career paths for Financial Managers that offer high pay and benefits. 1. Senior Finance Manager The senior finance manager has several responsibilities in an organisation. As a Senior Financial Manager, you will be responsible for the organisation’s monetary operations and decisions. The senior finance manager controls an extensive amount of capital that belongs to the company, and it’s inclusive of how that capital will be spent. As a Senior Finance Manager, your role will require you to determine how the company’s money will be spent in the best way possible. That is why the professional must be well equipped in creating forecasts that can explain and predict the outcomes of specific investments. Besides, the senior finance manager compiles information on assets and sales and communicates these figures to executives and subordinate managers in the organisation. And finally, a senior finance manager keeps the communication lines open with business partners to discuss potential joint ventures. A senior finance manager earns an average of around ₹1,781,987 (INR) per annum in India. Your pay in this field would depend upon the experience and skills you have. As a beginner in this career with around 1-4 years of experience, you will be able to earn an average total compensation (including tips, bonus, and overtime pay) of ₹1,364,604. With 5-9 years of experience, you can earn an average total compensation of ₹1,747,760. A highly experienced Senior Finance Manager with 10-19 years of working experience will earn an average total salary of ₹1,868,770. 2. Finance Director Finance directors hold a powerful leadership position. They are responsible for general management duties such as scheduling, hiring, and carrying out performance evaluations. The Finance Directors usually lead a finance team to develop strategic plans for the company’s finances, including the accounting duties and financial analyses and projections.  A finance director earns an average of around ₹3,604,211 (INR) per annum in India. The income in this field is also dependent on the experience and skills you have. As an early career Finance Director with around 1-4 years of experience, you will earn an average total compensation (including tips, bonus, and overtime pay) of  ₹1,500,000, a mid-career level a Finance Director with experience of 5-9 years will allow you to earn an average total compensation of ₹1,500,000. A highly experienced Finance Director with 10-19 years of experience earns an average total compensation of ₹3,798,643. 3. Financial Controller The job of a financial controller revolves around managing the financial departments of a company. These departments include the accounting department, budget department, audit department, and every other finance-related department.  Financial controllers have various responsibilities, including making profit-and-loss statements, producing critical financial reports, balance sheets, and financial prospectuses. They also create reports that predict the financial performance of a company over time. And the financial controller completes and submit any paperwork that needs to be done for federal and state regulatory agencies. A finance Controller earns an average of around ₹1,825,945 (INR) per annum in India. The experience and skills you possess will determine your pay in this field. As an entry-level career Finance Controller with less than one year of experience, you will earn an average total compensation (including tips, bonus, and overtime pay) of ₹560,000, an early career Financial Controller with 1-4 years of experience earns an average total compensation of ₹742,381. A mid-career level Finance Controller with expertise ranging from 5 to 9 years will allow you to make an average total compensation of ₹1,492,046. A highly experienced Finance Controller with 10-19 years of experience earns an average total compensation of  ₹2,475,072. 4. Finance Manager A finance manager is responsible for monitoring and developing the departmental budgets in an organisation. They make financial forecasts for their company and work with other department heads to prepare future budgets. Finance managers determine the financial requirements of their organisation by tracking the performance of its various departments. They assist the operations manager in performing monthly operations reviews. They are also responsible for the financial projects of their organisation.  Finance managers should have strong leadership skills as they usually work with a team of finance professionals and colleagues. In addition to this, they must also possess excellent interpersonal and analytical skills.  What is the average finance manager salary in India? The average finance manager salary in India is INR 9.93 lakh per annum. Bonus for this role ranges from INR 17,000 to INR 3 lakh, while shared profits go up to INR 2.85 lakh per annum.  The salary of a finance manager in India can go up to INR 20 lakh per annum depending on multiple factors such as their experience and skills.  How to Get the Top Finance Manager Salary in India? The Finance sector offers some of the most well-paying jobs. However, it is essential to cultivate the requirements and the necessary skills for these profiles if you wish to bag high-paying roles and move up the promotional ladder.   The best way possible to build a skill set and gather experience is by taking a course on financial management. A good and well-developed course will give you a structured curriculum that will aid you in learning everything step-by-step.  upGrad is one such online platform that offers multiple online courses in various fields. One of the courses on financial management that are offered by upGrad is Job-ready Program in Financial Modelling & Analysis in association with PwC India. This course will walk you through topics like Artificial Intelligence in Business, Blockchain and Cryptocurrency, Managing Fintech Ecosystems, Financial Management & Valuation, Data Visualization in Finance Digital Fraud & Risk Analytics, and Design Thinking & Leadership Essentials for Business. This course’s minimum eligibility is a Bachelor’s degree, preferably in science/engineering /business administration/commerce/mathematics with 50% or equivalent passing marks. Also, you must qualify for the JMAT-Online National Level Entrance Exam. Here, you will receive one-on-one mentorship with industry leaders. Not just that, upGrad provides you with career support and an opportunity to connect with peers across the banking, insurance, fintech and financial services industries. This program is highly beneficial for Working Professionals/Business Owners/Entrepreneurs with prior work experience. Factors affecting Finance Manager Salary in India If you want to predict how much you can expect to earn in this field, you should be aware of the factors that affect your pay in this industry. Following factors play a huge role in determining your income as a finance manager: Location Experience Skills Company We’ll explain each one of these factors in detail to see how they influence the average finance manager salary in India: Location The city you work in plays a huge role in determining your pay in the finance sector. Different cities pay different salaries to finance managers. That’s mainly because the cost of living differs from one city to another. The cost of living depends on the city’s particular climate, economy, and unique highlights.  Some cities pay above-average salaries to finance managers in India. The most notable cities in this category are:  Mumbai (13% higher than the average) Chennai (10% higher than the average) Bangalore (23% higher than the average) Gurugram (34% higher than the average) Conversely, several cities offer below-average pay to finance managers. These include: Delhi (6% lower than the average) Kolkata (25% lower than the average) Noida (10% lower than the average) Jaipur (39% lower than the average) Here we have a table representing the finance manager salary across the country (city-wise) City Average Salary(per annum in Lakhs) (Rs.)  Bangalore ₹1,268,914 Mumbai ₹1,234,297 New Delhi ₹1,194,268 Gurgaon/Gurugram ₹1,367,678 Chennai ₹1,154,107 Hyderabad/Secunderabad ₹1,034,431 Experience Another huge factor that affects finance managers’ salary in India is the amount of professional experience you have.  Entry-level finance managers earn 48% lower than the median, while early-career finance managers earn 26% lower than the median. On the other hand, late-career and experienced finance managers make 21% and 20% higher than the median respectively.  To be more specific, a finance manager with less than a year’s experience earns INR 5.15 lakh per annum on average. Similarly, a finance manager with one to four years of experience earns INR 7.32 lakh per annum, whereas those with five to nine years of experience make INR 10.7 lakh per annum on average.  Finance managers with 10+ years of professional experience earn INR 11.97 lakh per annum on average. Hence, it’s evident that as you gain more experience in this field, your salary increases.  Skills Like any other profile, your skills affect your earnings as a finance manager. Having industry-specific skills ensures that you get paid more. Learning and developing the most in-demand skills would ensure that you get access to the most lucrative job opportunities in this sector. The most rewarding skill for finance managers is project management, as professionals with this skill earn 83% more than the average. Tax consulting is also a highly lucrative skill for finance managers as professionals with this skill make 76% more than the average.  Other beneficial skills for finance managers are: Payroll tax compliance (51% more than the average) Financial modeling (46% more than the average) Forecasting (39% more than the average) Strategic planning (41% more than the average) SAP financial accounting and Controlling (43% more than the average) Pricing (36% more than the average) Product costing (39% more than the average) Similarly, the most popular skills among finance managers are financial reporting, financial analysis, accounting, and budgeting. Possessing these skills would help you stand out from your peers and make it easier for you to bag high-paying roles.  The most rewarding skill for finance managers is project management. Pricing is also a highly lucrative skill for finance managers as professionals with this skill make 87% more than the average.  Skills That Impact Finance Manager Salaries are: Pricing: 87% Strategic Planning: 77% Project Management: 76% Tax Consulting: 66% Auditing: 58% Here we have a table representing the finance manager salary based on different skills Skill Finance manager salary Pricing ₹1,965,270 Strategic Planning ₹1,862,500 Project Management ₹1,851,461 Tax Consulting ₹1,750,000 Auditing ₹1,660,000 Company The salary of finance managers varies according to their employers. Certain companies offer higher salaries than the average, while some others offer below-average pay.  However, you shouldn’t pick a company solely based on the paycheck it offers. You should also consider the company reputation, offered benefits, and the organisation’s work environment while selecting an employer. Companies that offer the highest salaries to finance managers are HSBC, Standard Chartered Bank, and Novartis. At Novartis, the median pay of a finance manager is INR 18.5 lakh per annum. Similarly, HSBC offers an average finance manager salary of INR 15.26 lakh per annum, and Standard Chartered Bank offers an average pay of INR 13.8 lakh per annum to its finance managers.  Types of Jobs in Financial Management Financial management roles exist in various industries, and professionals can take finance manager qualifications in specific areas based on their interests and expertise. Here are some of the top jobs along with their associated job titles: Banking Financial managers in the banking sector play a vital role in providing financial consultation, maximizing profits, and supporting product development and campaigns. Some job titles in banking include branch manager, credit manager, financial analyst, and revenue manager. Insurance In the insurance sector, financial managers negotiate rates and contracts terms, evaluate risks, and personalize marketing efforts to fulfill business goals. Job titles in insurance finance management are risk manager, actuary, underwriter, and corporate finance officer. Tax and Payroll Financial managers in tax and payroll industries handle tax compliance, compensation packages, and financial reporting. They work with tax advisors, attorneys, and auditors. Common job titles in tax and payroll finance management are tax manager, finance officer, auditor, and payroll officer. Wealth Management Financial managers in wealth management organizations or as independent practitioners assist clients with estate planning, retirement planning, and investment opportunities. Job titles in wealth management finance management include wealth manager, certified financial planner, personal finance planner, and investment advisor. Finance Manager Salary in Other Countries (UK & USA) India isn’t the only country that offers lucrative pay to finance managers. This role compensates handsomely overseas as well. Thus, if you have the right skills, expertise, and qualifications, you can definitely aspire for a global career because the demand for talented finance professionals is rising globally.  The following statistics will throw more light on this fact:  Finance manager salary in the US The average pay of a finance manager in the United States of America is $93,198. Pay for this role starts from $51,000 and goes up to $141,000, including bonuses, commissions, and shared profits.  Prominent skills for finance managers in the US are financial analysis, budgeting, and financial reporting.  Finance manager salary in the UK In the UK, the average finance manager salary is £38,819 per year. Here, the pay of a finance manager starts from £26,000 per annum and can go up to £62,000 per annum.  Skills that can help you earn above-average salaries in the UK as a finance manager are performance management, business strategy, financial modelling, and business planning.  How to become a Finance Manager? To pursue a career in finance management, you’d need the necessary qualifications and expertise. Most companies look for candidates with a Certification Program in Finance for this role.  Hence, the best way to build your career in Finance through a Financial Modelling curriculum co-designed by PwC India. At upGrad, we offer an Job-ready Program in Financial Modelling & Analysis  in association with PwC India. It is 4 months duration program  to deliver the best learning experience possible. As it’s an online program, you can study safely from your home without interrupting your professional life. Conclusion A career in Finance management can be highly fruitful since its scope in India is expanding, the need for skilled individuals is increasing as we speak. It is an excellent opportunity to develop the right skills for becoming a well-paid Finance Manager in India.  upGrad works with 300 plus hiring partners at the moment – as a result, we are effectively able to offer candidates worthwhile placement after completing their MBA. If you are interested to do a certification Program in Finance, upGrad provides Job-ready Program in Financial Modelling & Analysis in association with PwC India.
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by Dilip Guru

MBA Finance Syllabus: Concepts & Advantages of upGrad MBA Finance Program
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Most advanced leadership and management positions hire MBA candidates with a specialization in Finance. This is because the MBA finance syllabus covers a wide array of core areas pertinent to an organization’s success.  When one thinks of ‘finance,’ one may picture a work scenario loaded with numbers and spreadsheets. But a glance at the coursework is enough to counter this belief. We have made this task more convenient for you by compiling the subjects below. So, read on to get familiar with some essential components of an MBA Finance program!  MBA Finance Syllabus 1. Business Economics Business Economics links economic theory and quantitative techniques with an organization’s structure. It explores the relationships of firms with capital, labor, and product markets. And in this way, this subject attempts to give you a ‘big picture’ view of the overall business landscape.  Typically, the learning module covers both microeconomics and macroeconomics. The former studies the behavior of individual units like households and enterprises, the latter helps you understand the economy as a whole. This knowledge guides managers in their different decision-making and analytical tasks, such as framing pricing policies, predicting future market trends, etc.  2. Financial Accounting This subject focuses on the baseline financial health of an enterprise. When a manager is trying to assess the existing money position of the organization to visualize its business prospects, having the financial information communicated as reports and analyzing them forms the first step.  Financial accounting equips you with the knowledge of the rules and nuances of preparing such statements and reports, which further aids the critical choices you make – for example, investing in a new asset or letting go of an unprofitable product. This includes getting a grasp on some fundamental concepts, such as preparing profit and loss statements, balance sheets, cash flow statements, and so on. Learn Job-ready Program in Financial Modelling & Analysis in association with PwC India to fast-track your career. 3. Corporate Finance When you are working on a senior position in a corporation, heading a particular department, you are invariably held accountable for the success or failure of the initiatives undertaken under your leadership. Some of your responsibilities may be to justify the application of several financial resources and advise the C-level executives on money matters. The task of evaluating the pros and cons of new financial decisions is a highly perceptive task in itself as it has a direct bearing on the sustainability of a business. You would require two basic skill sets to implement corporate finance strategies: Evaluating the risk of a particular financial decision Evaluating projects and their returns on investment For instance, when a company is considering avenues like investing in stock, procurement of funds through debt, and distribution of funds to inventors in the form of dividend, it would need people with expertise in the domain. As a manager, you would make comparative statements for different alternatives and recommend solutions that maximize the returns and minimize the risk for the corporation.  4. Business Communication Working as a manager encompasses written and verbal communication for various purposes. No matter which department you are leading, skills like logical and analytical thinking, writing, presenting, etc. come handy while managing people and workflows.  Firstly, you have to be well-versed with the factors that influence the choice of a communication style under specific situations. Secondly, you should build your personal brand in accordance with the requirements of the job. Thirdly, you must know how to combine these two things to deliver high-impact interactions with internal (subordinates and coworkers) and external (customers, creditors) stakeholders.  With this view, the MBA finance syllabus entails lectures, cases, and assignments that develop effective business communication skills. 5. Marketing Management  MBA programs are designed to give students an overview of general management principles that they would need to apply upon entering the world of work. So, subjects like Marketing Management are a mainstay in business schools.  Marketing is concerned with the promotion of distribution of goods and services using multiple channels. It covers activities like analyzing the business environment, undertaking market research, and generating ideas for communicating value in a range of contexts and settings. Even if these tasks are not directly related to your job responsibilities, recognizing the fundamental concepts and thinking critically about them are integral for decision-making.  6. Decision Sciences With the advent of Big Data, modern MBA programs have incorporated ‘decision science’ and ‘business analytics’ into the curriculum to facilitate data-driven actions. This means that management graduates are taught to guide corporate strategy by performing EDA sampling, Hypothesis, Testing, Regression Analysis, Forecasting, etc.  Nowadays, managers are expected to know how to conduct empirical studies, apply statistical techniques, and draw inferences. The next step is to suggest solutions for improving organizational productivity, advertising initiatives, digital strategies, among other day-to-day business functions.  7. Operations Management This area of management is concerned with streamlining activities related to production, manufacturing, and supply chain. In other words, it allows managers to analyze the inputs and outputs in everyday business operations and come up with innovative ways to organize them optimally.  The standard MBA curriculum has Operations Management as a subject to impart knowledge about quality control, demand forecasting, performance measures, etc. This way, graduates can identify inefficiencies and propose effective changes and redesigns for the existing practices and processes.  Apart from the subjects mentioned above, MBA finance syllabus may also include specific modules on Research Methodology and Business Strategy. These courses can help you understand data collection and report writing while giving you a strategic perspective of the business functions. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. Tips to Cover Your Entire MBA Finance Syllabus for Exam Preparation Is the vast MBA finance syllabus making you nervous? You might be worried whether you will be able to cover the entire syllabus and prepare well for your semester. Check out some valuable tips for completing your entire syllabus before the exam. Concentrate on the Core Topics In your MBA syllabus, you will come across several core and elaborative topics. The core topics include key theorems, formulas, principles, infographics, and charts. A majority of the questions in your exam can be expected from the core topics. Therefore, you will be more prepared when you focus on the key topics.  Revise As Many Times As Possible If you want to perform incredibly in exams, the key is to revise your MBA financial management syllabus as many times as possible. When your exam is around the corner, it’s recommended not to begin with any new topic at that time. Instead, you should focus on revising what you have already studied and practiced.  Check Out the Questions of Previous Years If you want a solid grasp of your MBA syllabus, it’s crucial for you to check question papers from previous years. They will provide you with a distinct idea of the category of questions you can expect. Knowing the question pattern and the important topics will help you have a more targeted preparation before the exam.  Solve Sample Papers Practice is crucial if you want to do well in your exam. Solving sample papers is an efficient method to put your knowledge into practice. It delivers self-evaluation regarding where you stand in terms of your exam preparations.  It will help you assess which topics you need to concentrate on more and which areas you are excelling at. Additionally, time yourself while solving the sample papers. It will equip you with beneficial time management skills to complete your exam on time.  Create a Timetable Making a timetable will help you complete your MBA banking and finance syllabus more easily. Check out the different topics in your syllabus and allocate time to prepare them according to their weightage in the exam. It will ensure that the different topics in your syllabus get evenly spread.   Take Breaks Between Your Study Sessions Learners often have a tendency to cover a huge part of their syllabus at a stretch. Instead, it is optimal to divide the syllabus into smaller chunks. Rushing through a lot of topics at once won’t help your mind retain much.  That’s why it’s recommended to take strategic breaks between your study hours. Ideally, you should take a break of 30 minutes after studying at a stretch for two to three hours.  Get Enough Sleep The stress of a vast syllabus might make you compromise sleep. However, sleeping is crucial for boosting your long-term memory., When you get sufficient sleep every night, the brain finds it easy to retain all the information you gain throughout the day. Therefore, prioritize sleep even when your MBA exam is knocking at the door.  Conclusion While choosing your desired learning track, you must evaluate the alternatives in terms of the benefits they will bring to your profile and experience. We recommend opting for an accredited program that offers hands-on learning opportunities (assignments, projects, etc.) along with flexibility and career support. Compare the takeaways of the MBA degree with the cost and time commitment and choose the option that fits your requirements. With this, we have broken down the MBA finance syllabus for you. Hope you use the above information to select a program that takes you closer to your personal and career goals! With upGrad, aspirants can choose to pursue Certification Program in Financial Modelling & Analysis in association with PwC India.
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by Kamal Jacob

25 Jun 2023

Top 15 Highest Paying Jobs in Finance in India [A Complete Report]
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In any job search, you have to sift through several postings and identify the roles that match your profile and aspirations. When you are interested in entering a specific field, you may want to know about the lucrative career opportunities in that particular domain. In this article, we would cover the highest paying finance jobs in India.  A specialization in financial management can get you some of the highest salary finance jobs in India entail. Here are the broad categories where you can find employment: Accounting Investment Lending Fintech Advisory services Corporate finance  With this perspective, let us look at some well-paid job titles and understand their work requirements. We have also provided a ballpark figure of the annual compensation associated with every role, as reported by Payscale.  Read: Career scope in finance Role of the Finance Sector in the Country’s Economy Throughout my extensive career in the financial sector, I’ve witnessed the profound impact it has on a country’s economy. It truly serves as the lifeblood, facilitating economic activities and fostering growth. Finance institutions, including banks and stock markets, are instrumental in mobilizing and allocating capital, supporting businesses and individuals with essential financial services, investments, and loans, thus promoting entrepreneurship and wealth generation.  Efficient financial markets play a pivotal role in maintaining economic stability and attracting investments. The sector’s robust risk management strategies are crucial safeguards against economic downturns. In essence, the finance sector in India is the driving force behind economic development, job creation, and overall prosperity, cementing its position as a cornerstone of the nation’s financial well-being.  For professionals seeking the highest paying jobs in finance in India, this sector offers abundant opportunities for growth and success. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. What is the demand for finance professionals in India? Throughout my extensive career in the financial sector, I’ve witnessed the profound impact it has on a country’s economy. It truly serves as the lifeblood, facilitating economic activities and fostering growth. Finance institutions, including banks and stock markets, are instrumental in mobilizing and allocating capital, supporting businesses and individuals with essential financial services, investments, and loans, thus promoting entrepreneurship and wealth generation.  Efficient financial markets play a pivotal role in maintaining economic stability and attracting investments. The sector’s robust risk management strategies are crucial safeguards against economic downturns. In essence, the finance sector in India is the driving force behind economic development, job creation, and overall prosperity, cementing its position as a cornerstone of the nation’s financial well-being.  For professionals seeking the highest paying jobs in finance in India, this sector offers abundant opportunities for growth and success.  Highest paying finance jobs in India 1. Financial Analyst Job responsibilities: Financial analysts look after company finances, poring over data, and supporting financial management decisions. They also evaluate the possible outcomes of business and investment recommendations. Typically, they are hired in junior and senior capacities in banks, insurance companies, funds, and other financial institutions. Apart from basic financial literacy and accounting skills, these practitioners must possess critical thinking and communication skills. Average salary: INR 4,09,903 p.a. Skills required for Financial Analyst Accounting Interpersonal  Problem-solving Financial literacy Problem-solving A career in finance in india as a Financial Analyst is promising as the individual gets 4.6 lakhs per annum as they get more skilled and experienced. 2. Compliance Officer Job responsibilities: Compliance officers or analysts work in public or private companies, and sometimes in established nonprofit organizations, to ensure that all activities are carried out as per the guidelines set by the governance agencies. Since the long-term financial growth depends upon the established standards and regulations, these professionals play a crucial role in the finance industry. Their work involves aspects of data analysis and reviewing processes and related infrastructure to achieve compliance.  Average salary: INR 5,39,500 p.a. It is one of the highest-paying finance jobs in India. Skills required for Compliance Officer Law Data handling Entrepreneurial Find Best MBA Programs from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. 3. Financial Advisor Job responsibilities: These professionals identify short-term and long-term financial goals for their clients and recommend the most suitable products and services to achieve them. For example, the primary duty of an insurance advisor is to research and suggest insurance offerings and interact with underwritings and risk managers for implementing their various job-related tasks. They are also responsible for providing direction to individual customers regarding the purchase of appropriate life, automobile, housing, and other insurance types.  Average salary: INR 6,00,000 p.a. This is one of the highest-paying finance jobs. Skills required Client relationship management Business development Research Wealth Management Analytical  Detail orientation 4. Senior Accountant Job responsibilities: Like any accounting job, this role involves recording entries related to assets, liabilities, revenue, and expenditure of a firm. Senior accountants are at the top of the rung, overseeing and analyzing the financial information and statements, maintaining balances, and resolving discrepancies.  Average salary: INR 4,12,977 p.a. Skills required Detail orientation Organisational Financial literacy Collaborative Self-starter 5. Loan Officer Job responsibilities: Loan officers approve, authorize, and process applications for real estate, business, or credit loans. They assess candidates’ financial status or creditworthiness and subsequently interview them. Setting up plans for debt payment and evaluating applicable metrics and ratios are some of their other duties. You can work as a loan officer in a mortgage company, a commercial bank, or a credit union.  Average salary: INR 4,60,000 p.a. (starting). It is one of the high-paying finance jobs where the salary keeps increasing with time and experience. Skills required Experience in the field of loans Financial understanding Understanding of direct and indirect lending Customer satisfaction 6. Information Technology Auditor Job responsibilities: IT auditors work in government departments or private companies to attain synchrony between the technology infrastructure and enterprise needs. They also look after IT compliance and digital security to enable smooth functioning of all organizational processes. So, the audit review procedures can extend to software programs, computer networks, communication systems, and security setup. This job necessitates an adequate understanding of physical IT controls within the company and requires knowledge about the business operations and financial practices.  Average salary: INR 10,74,419 p.a. It is one of the highest-paid finance jobs in India.  Skills required Knowledge of technical applications System Security Knowledge Knowledge of auditing 7. Financial Software Developer Job responsibilities: As the finance industry embraces technology and the internet, the demand for software developers has experienced a sharp rise. These employees design, develop, test, and maintain software and other programs that align with the company and end-users’ needs. Fintech is an emerging space for software developers as it envisions efficient delivery of financial services and associated activities. Some examples include mobile payments, stock trading applications, budgeting apps, and cryptocurrencies.  Average salary: INR 7,06,919 p.a. It is one of the in-demand finance careers in India. Skills required Computer skills  Programming languages Self-development skills 8. Investment Banker Job responsibilities: As an investment banker, you are responsible for managing an investing entity’s investment portfolio. In other words, you keep track of the money invested by your client in different businesses to optimize the return and achieve the predetermined financial goals.  Investment bankers handle stock and bond issues and also arrange for debt financing. Additionally, they are well-versed in managing merger and acquisition deals that bring in the most financial gains for investment banks. Investment banking is among the highest paying finance jobs in India, where candidates with significant experience can earn a total remuneration of Rs 16.5 lakh a year.  Average  investment banker salary: INR 8,71,972 p.a. Skills required  Communication Self-starter Research and analysis  Presentation skills Securities Mergers and acquisitions 9. Hedge Fund Manager Job responsibilities: High net worth individuals who are enthusiastic about investing often hire hedge fund managers to monitor markets and maximize their earnings. The job functions are similar to that of investment banking, except for the higher risk-reward portfolios of hedge fund managers. Investors pool their capital to make investments, and the fund manager protects them. Due to the intense working hours and technical nature, this career comes with a high entry-level salary of Rs 7.5 lakh a year.  Average salary: INR 24,00,000 p.a. It is one of the highest-paying jobs in finance in India.  Skills required Investment knowledge Finance understanding Financial Modelling  Quantitative Legal  10. Private Equity Associate Job responsibilities: Private equity and venture capital funds provide finance to early-stage ventures and growing businesses. This funding comes in exchange for profit participation or equity stake in the investee company. Like hedge fund managers, private equity associates liaise with the investor firms/individuals and apply their capital to business ventures having growth potential.  Average salary: Rs 32,38,889 p.a. It is one of the high-paying finance jobs salaries in India. Skills required Financial Modelling LBO Modelling M&A Modelling Financial Analysis 11. Chief Financial Officer Job responsibilities: The Chief Financial Officer or CFO has the duties of managing a company’s capital structure and cash flow and planning for its future growth. Therefore, the CFO must have in-depth knowledge of accounting and financial modeling, among other skill sets. These executives also oversee the work of analysts, manage financial teams, and make decisions related to costing and technology infrastructure. The CFO title is particularly prominent in the retail and commercial banking sector in India. Average salary: INR 1,550,480 (mid-career); INR 37,03,135 (senior). It is one of the highest finance jobs salaries. Skills required  Deep financial understanding Problem- solving skills Decision-making People Management 12. Chief Compliance Officer Job responsibilities: As the title suggests, this job is a top-notch role in compliance monitoring and policy management. CCOs apply their education and experience to eliminate non-compliance fees for the firms. Before landing this coveted spot, they may work as analysts, managing directors, and other positions to master the ropes and legal standards.  Average salary: INR 15,75,000 p.a. Skills required  Understanding of law Entrepreneurial  Analytical Data handling Communication 13. Chief Risk Officer Job responsibilities: Chief Risk Officers or CROs work in financial firms, looking out for any events that may threaten the company’s profitability or financial solvency. They monitor investments, interact with the CCO, and assess risks by applying their superior analytical and problem-solving skills. This is one of the best paying jobs in finance in India. Average salary: INR 13,00,000 (mid-senior); INR 50,86,824 (senior) Skills required Leadership  Relationship building Risk Managemen 14. Management Analyst Job responsibilities: Management consultants and analysts work to improve business performance. They examine specific issues and develop solutions to boost efficiency. To work as a management analyst, you should be able to interpret data and information and use your findings to create proposals for the company. Professional certification in business analytics can help you become more job-ready for management analyst positions. Alternatively, you can consider applying for a specialized MBA program. Average salary: INR 4,66,853 p.a. (entry level) Skills required Analyst skills Communication Time Management Problem-solving Interpersonal Also Read: MBA in Finance Future Scope 15. Personal Finance Advisor Job responsibilities: Personal financial advisors provide their services in diverse areas, ranging from life insurance, estate planning, investments, taxes, retirement planning to personal budgeting assistance. You can also start a practice or consulting firm for this purpose. It would be ideal to have a background in accounting or finance, followed by an MBA or MSc. in Finance.  Average salary: INR 4,90,565 p.a. Skills required Excellent communication skills Financial literacy Ability to explain articulately Research Analytical Must Read: Top 10 Highest Paying Jobs in India Highest Paying Banking Jobs in India Jobs in finance sector in India can be very well paid. There are many jobs that you can consider with the correct qualifications. Here is the list of best paying jobs in finance – Personal Banker – They assist clients and customers in every detail related to their bank accounts, like opening and managing their accounts and safe deposit boxes. Average salary – INR 3,84,000 p.a. 2. Bank Auditor – They review all the financial statements of the client. They can check if the risk management procedures of the bank are effective. They can assist in investigations the report the faults to higher authorities. Average salary – INR 5,04,000 p.a. 3. Credit Analyst – Whenever an individual or business seeks credit from a bank, a credit analyst analyzes their financial information. They are responsible for checking whether the client is creditworthy or not. Average salary – INR 6,18,000 p.a. 4. Fund Manager – The role of a fund manager is one of the highest paying banking jobs in India. This job involves extensive research, planning, and implementation of various financial strategies. They are also responsible for buying and selling the best stocks and bonds as well. Average salary – INR 15,00,000 p.a. 5. Finance Manager – They manage different types of financial tasks and projects. They can prepare financial statements, estimates, budget plans, and risks. Average salary – INR 10,05,108 p.a. The Future of Finance in India It seems like digital is catching the attention of finance leadership every day; use cases for digital are constantly evolving. As digitization transforms how we work, live, and relax, the stimulus often comes from the front end of the business. With the younger generation becoming more active, there is an increasing demand to make the financial sector more agile, friendly, and straightforward, extending diverse jobs in finance sector in India. Digital finance is the main requirement for the future. Digital revolutions and innovations are what the financial sector has been witnessing for the last couple of years since finance is the fastest growing sector in all aspects of the economy. In a concise period of time, fintech has totally transformed the way people make monetary transactions. In the world of digitization, India is bringing the format of ‘cashless’ alive. Business owners in India are bringing in customers from all across the world based on this digitization. Finance Minister of India, Nirmala Sitaraman, stated in an interview that the finance industry of India will surge from $50-60 billion in 2020 to $150 billion in 2025. All the latest financial models for the country include the latest technologies like Artificial Intelligence (AI), Internet of Things (IoT), Cloud Computing, and Machine Learning (ML). This has also managed to gain the customers’ trust and has the potential to transform and develop new financial services in India. Fintech has been gaining popularity worldwide because of its integration of technology and financial services and has attracted a considerable amount of investment from different verticals of business, resulting in better business performance and greater research and innovation collaboration. Here is how the different technologies have helped the industry evolve – Machine Learning and Artificial Intelligence – AI and machine learning solutions can transform regulatory compliance, financial fraud, and cybercrime. The fintech industry can also tailor products and services to the needs of each consumer by utilizing customer data as a means of personalization. Internet of Things – With IoT, finance companies can gather and transfer data more efficiently, saving them time and money. Information is collected and processed efficiently, allowing core processes to be automated. Financial institutions can also benefit significantly from IoT by improving customer service. Cloud Computing – Online resources, applications, or storage are provided through cloud computing as an on-demand service. As opposed to storing and processing data locally, financial institutions can store and process data remotely. Blockchain – Digital lending is now safer, thanks to blockchain technology. As a distributed, public, decentralized ledger, transactions are recorded across many computers to prevent tampering. Fintech institutions will significantly improve their operational efficiency through blockchain as the focus shifts from payments to securities and trade finance. The Way Forward In a growing economy like India, BFSI (Banking, Financial Services, and Insurance) is a critical section contributing close to 6 percent of the annual GDP. By 2022, the BFSI sector would require an additional 1.6 million skilled workforce, as estimated by the National Skill Development Corporation (NSDC). If you are looking to upskill, you can consider taking up an advanced certification course or a PG diploma that meets your learning goals. It would be best to select a program after going through its syllabus, duration, financial commitment, and accreditation status.  You can go for certification programs like upGrad’s Job-ready Program in Financial Modelling & Analysis. It aims to familiarize you with the fundamentals of Accounting Statements, Risk Management, Working Capital Management, Marketing, HR, Economics, Project Evaluation, etc. Besides the in-class content, entrepreneurs and mid-stage career professionals can also gain from industry projects and mentorship sessions. Moreover, you can enroll while working, devoting about 10-12 hours per week for 20 months. Upon completing the program, you would earn dual credentials from LBS and IMT Ghaziabad.  Future-oriented online courses like MBA in Digital Finance and Banking can help make your candidature more attractive for existing and new job positions in the BFSI sector. The curriculum aims to equip you with the knowledge of fintech ecosystems, applications of AI in business, blockchain and cryptocurrencies, financial valuation, data visualization, fraud and risk analytics, and business leadership.  This course is available on upGrad’s platform and accredited by the Jindal Global Business School. JGBS alumni have been employed in companies like Amazon, Deloitte, Barclays, ICICI Bank, Yes Bank, Philips, GSK, ITC, Dabur, and many other corporate giants.  This brings us to the end of this article on the highest paying finance jobs in India. We identified specific positions, described their job specifications, and also detailed the highest salary finance jobs in India can get you. The current landscape of the Indian financial sector is highly competitive. This information would not only guide you while job-hunting but also streamline your preparation in reaching your desired career path.
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by Rahul Karthikeyan

31 Mar 2023

Financial Advisor Salary in India in 2024 [Average to Highest ]
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Do you have a knack for finance and like to help out others? If so, then becoming a financial advisor might be the perfect choice for you. However, before you pick a career, you might wonder if it’s worth pursuing it. That’s why we have prepared this article highlighting a Financial Advisor’s salary in India.  This article will discuss the average financial advisor salary in India, what factors affect it and how you can get the top pay in this field to help you understand the worth and scope of finance careers.  What is the Average Financial Advisor Salary in India? The average financial advisor salary in India is INR 3.72 lakh per annum. Pay in this field ranges from INR 1.79 lakh per year and goes up to INR 20 lakh per year depending on several factors, including your skills and experience.  You can expect bonuses in this role from INR 10,000 to INR 2 lakhs, while shared profits range from INR 1,000 to INR 4.64 lakh. Similarly, commissions for financial advisors range from INR 2,000 to INR 6 lakh.  The scope for financial advisory services is very bright in India. That’s because the primary clientele of financial advisors is ultra-high net worth individuals (UHNWIs) whose population is expected to grow 63% over the coming five years. Even at present, India houses nearly 6,900 ultra-high net worth individuals and 113 billionaires. The number of billionaires in India is expected to increase by 43% and rise to 162 by 2025.  India fares better than its Asian peers, whose average is 38% for this period. The global average for churning out billionaires would be 24% for this duration, which is significantly lower than India’s expected growth rate. As the number of wealthy individuals increases, the demand for skilled and competent financial advisors will rise accordingly. People would require their services to help them make smarter financial decisions and achieve their goals.  In the past few years, India has also seen the rise of family offices. They have transformed the wealth management industry of this country entirely and have increased the already steep entry barriers for this field. Apart from wealthy individuals, the general populace would also want to make better financial decisions. Many people hire financial advisors to help them achieve specific financial goals, such as saving up retirement funds or having funds for a child’s education. While financial literacy is low in India, it is expected to grow as information becomes more accessible and people become aware of the different financial instruments available to them. Due to all of these reasons, the average financial advisor salary in India is significantly high and will increase over time.  Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. What Does a Financial Advisor Do? A financial advisor usually works with a financial organisation such as insurance companies, mutual fund companies or banks and provides services to companies or individual clients. As a financial advisor, you would use your expertise to help your clients achieve their financial goals by selecting the correct investments (real estate, bonds, money market, stocks, ETFs, etc.).  Financial advisors also explain the tax laws related to investment so the client can make an informed decision. They also assist their clients with choosing the right insurance.  As a financial advisor, you’d help your clients plan for both short-term and long-term goals, depending on their requirements and aspirations.  For example, you might help them with estate planning, where you help your clients decide what would happen to their assets after they pass away. Similarly, you might help your clients budget their income and expenses to reach a specific financial goal, such as buying a new home or saving up for a kid’s college funds. Some other areas you might help your clients with are: Investments – where your clients invest their money. Tax planning – how taxes will affect your client’s funds and what they can do about it.  Inheritance – if a client expects to receive an inheritance, what they should know and how should they plan their finances.  Debt management – how to get out of debt as efficiently as possible.  Due to the unique nature of their role, financial advisors must be experts in different avenues of finance. They should be well-acquainted with the government’s rules and regulations while staying up to date with the financial industry’s latest news. You might have to travel a little in this role to visit clients and institutions. The position might also require you to train junior financial advisors. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. Factors Affecting the Average Financial Advisor Salary in India You must have noticed that there’s a vast spectrum of financial advisor salary in India. That is so because your pay in this field depends on multiple factors. If you know how these factors affect your salary, you can plan your career more effectively and bag the highest pay quickly. Primarily, your pay as a financial advisor depends on the following four factors: Your location Your skills Your experience Your employer The following points will throw light on exactly how each one of these factors affects your financial advisor salary in India:  Location One of the most important factors determining your financial advisor salary in India is the city you work in. Different cities offer different salaries to financial advisors because the cost of living varies from city to city. Moreover, how many clients your organisation has will also depend on the city. Due to these reasons, pay for financial advisors varies greatly according to their location. Some cities offer above-average pay to financial advisors, which include Bangalore (57% more than the average), New Delhi (61% more than the average), and Kolkata (28.7% more than the average).  Conversely, some cities offer below-average pay for this role, such as Mumbai (3% lower than the average), Hyderabad (9% lower than the average), and Indore (23% lower than the market average).  Skills Your skills would play an essential role in determining how much you earn as a financial advisor. It’s a specialised field, and recruiters look for skilled professionals with expertise in various subjects. If you have the in-demand skills for this role, you can get lucrative jobs in this industry.  The most popular skills among financial advisors are Sales, Customer Relationship Management (CRM), and Investment Planning.  Like most professions, having particular skills helps you in getting high-paying roles. The most beneficial skill to have as a financial advisor is Portfolio Management, as financial advisors with this skill earn 101% more than the average. Other prominent skills that above-average pay in this industry is: Financial Analysis (64% more than the average) Investment Planning (31% more than the average) Client Interaction (2% more than the average) By developing these skills, you can certainly enhance your career prospects substantially.  Experience How much professional experience you have will have a significant impact on your earnings as a financial advisor. There are many reasons for it. However, primarily it’s because financial advisors with a lot of experience have a rapport with numerous clients and have a strong reputation in the industry. The more experience you gain in this profession, the more you earn.  Entry-level financial advisors earn 21% less than the average, and early-career ones make 14% less than the average. On the other hand, late-career financial advisors earn 171% more than the average and highly experienced financial advisors earn 369% more than the average.  To be more specific, financial advisors with less than a year’s experience earn INR 2.93 lakh per year on average. Similarly, a financial advisor with one to four years of experience earns INR 3.2 lakh per year, while one with five to nine years of experience earns INR 5.38 lakh per annum.  Those with 10 to 19 years of experience in this field make INR 10.11 lakh per year on average. Finally, a financial advisor with 20+ years of experience makes around INR 20 lakh per year.  Employer Another vital factor to consider while determining your pay in this field is which organisation you work for. However, you shouldn’t solely choose an employer based on the paycheck they offer. You should also consider the additional benefits, work environment, and similar factors while picking the right employer. Different companies offer different salaries for this role. For example, the average salary of a financial advisor at Deloitte is INR 9 lakh per year. On the other hand, the average salary of financial advisors at Edelweiss is INR 4.6 lakh per year. Financial advisors also work in the tech industry. For example, Dell Technologies pays an average salary of INR 16.9 lakh per annum to financial advisors. Their pay ranges from INR 6.46 lakh per annum and goes up to INR 2.18 crores per annum.  Another notable company that offers lucrative pay for this role is ICICI Securities, whose average pay is INR 7.5 lakh per annum for financial advisors. It can go up to INR 10 crores per annum.  How to Get the Top Financial Advisor Salary in India We discussed in the previous section that your pay in this field depends on multiple factors. However, out of all of them, the one you have the most control over is your skillset. By developing the right skills and expertise, you can easily bag high-paying roles in this industry.  Having the most in-demand skills will help you stand out among your peers and make it easier for you to advance your career.  The best way to learn the latest skills in this field is through taking a professional course. Not only will a program help you in learning skills efficiently, but it will also certify you as an expert and help recruiters realise that you are a skilled professional. At upGrad, we offer an MBA in finance program, perfect for aspirants who wish to become financial advisors. If you’re interested in a career in financial advisory, do check out the course.  Conclusion A career in financial advisory can be very fulfilling. You’d be helping your clients plan their future, make smarter decisions, and make financial progress.  What are your thoughts on the average financial advisor salary in India? Which aspect of this field intrigues you the most? Let us know in the comments.  If you want to reap maximum benefits from an MBA in Finance, apply for upGrad’s MBA programs. We provide Job-ready Program in Financial Modelling & Analysis in association with PwC India. All the subjects are carefully crafted, keeping into consideration the current world scenario and competition in the market. Plus, the courses are taught by eminent industry leaders and experienced management faculty.
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by Dilip Guru

25 Oct 2022

Career Opportunities for Freshers in Banking and Insurance Sector
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Last month, in November 2020, an RBI committee recommended the allowance of commercial banking licenses to large and established companies as well as Non-Banking Financial Companies (NBFCs). Well, the proposal is still being brainstormed, but it is good news for you. Wondering why? The creation of more job opportunities, obviously! Jobs in the banking and insurance sector have always been in demand among freshers. Moreover, these segments also rank top when it comes to generating employment opportunities. In the financial year 2017, banks recorded the highest number of employment, generating about 21% of the whole employment opportunities in the economy. If the latest recommendations come to pass, imagine the employment opportunities that you would get! Read more about the urgent need for talent in BFSI. BFSI sector is booming and the demand for the professionals are exceeding with time. The market is expected to grow and reach  US$ 89.1 Billion by 2027 (Source). As a fresher, straight out of college, you look for opportunities to jump-start your career. If you are from a commerce background, banking and insurance are the hottest sectors for job opportunities. And as the numbers mentioned above say, this sector also promises the easiest employment opportunities for freshers, making it a hotbed for job applications. If you are looking for banking jobs or insurance sector jobs as a fresher, have a look at the following available opportunities – Learn Online MBA Programs from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Top Career Options For Freshers in BFSI 1. Telecaller Remember the calls you get about loans, credit cards and even new insurance policies offered by companies? Well, it can become your job too. Banks and insurance companies are constantly on the look-out for freshers to work in their call-centres and sell their products through telesales. The telecallers are required to sell the products or services. They directly call the potential customers and inform them about the products or services. Depending on the customer’s interest, the call goes forward or ends there. They are required to sell on the call only. In order to grab the attention of the customers, they ar erequierd to be fully aware of their product. In case the customer has any query, the telecallers should be able to address that. There are various skill sets which a telecaller must possess in order to make the most out of the opportunity. Some of those skills are mentioned below- Communication Knowledge of products or services Adaptability Persuasiveness Patience Rapport building Selling techniques Active listening It is one of the most sought- after job role for the freshers. They do not need any professional qualification rather good communication skills to begin their career. It is a good way to earn experience and good compensation along with bonuses that comes with good performance.  Insurance companies also use telecaller agents to sell the services, along with that the agents are also required to address the grievances and provide suggestions. It is considered as one of the easy BFSI jobs to begin the career in the industry. Along with that, sought- after jobs in insurance sector for a fresher. The eligibility criteria are simple – you just have to be a graduate with good communication skills, and you are set to go. Besides a fixed monthly income, you can also earn commissions on the sales you generate. Simple and well-paying, isn’t it? 2. Bank Probationary Officers (PO) The bank PO job is highly sought after because it allows you a chance to grow your career in banking. For this job, however, you need to pass an exam conducted by the Institute of Banking Personnel Selection (IBPS) if you want placement in a public-sector bank. For private sector banks, the exam is not a criterion, but you might need other qualifications. As a PO, you get a fixed monthly income and a chance at promotion. A bank probationary officer is given the responsibility of performing transactions of the customers. They are responsible for performing tasks related to banking, finance, etc. They are also given the responsibility to issue checkbooks, cash management, etc.  Career in banking as a probationary officer is considered a good career. There are various skills that are required from the PO professionals such as customer service, people management, cash handling, verification, communication, numerical literacy, etc. It is considered as a high paying job. The SBI probationary officer procures the salary of  ₹ 8,09,257 (Source). There are various advantages for pursuing banking career such as stability, flexibility, good pay, etc. It is a good career option to go after for a fresher, they are required to sit in the competitive exam after finishing their formal education.  3. Sales Representatives or Relationship Managers The job of sales representatives, relationship managers or sales managers is also available for first time job seekers in banks and insurance companies. Needless to say, this is a sales-oriented position wherein you need to sell the products of the bank or insurance company. There might be a monthly target, and this position is open for graduates fresh out of universities. A sales representative is required to represent the products or services to the company to the potential customers. They are required to probe and profile the customers, understand their concerns and priorities and accordingly suggest the right product or services to them.   BFSI jobs for freshers are a good option to begin the career. It does not require specific education rather skill sets. Moreover, the sales representatives who are freshers can garner experience, high compensation and good industry exposure.  Some of the skills required from a sales professional are active listening, good knowledge of product or services, people management, quick thinking, persuasive skills, collaboration, communication, written skills, empathy, etc. Related read: Future of BFSI Industry 4. Tellers and/or Cashiers Banks need tellers, individuals who sit at the ‘‘deposit’’ and ‘‘withdrawal’’ windows at the branch. Freshers can apply to these positions and get placements. Along with the tasks, the cashier or tellers are also responsible for providing a positive experience to the customers and resolve their queries they may be having. Some of the skills required from a cashier includes positive energy, numerical literacy, problem-solving, communication skills, people management, etc. 5. Insurance Agents Another lucrative avenue is becoming an insurance agent. You can become an agent straight after 10+2 and start your own business of selling insurance. The beauty of an insurance agency is that it allows you to work full-time in another job and sell insurance policies on a part-time basis for additional income. The insurance agents are responsible to actively listen to the customers and understand their needs and goals and then intelligently give the appropriate suggestions. They are also required to have strong follow ups with their leads and have strong time management.  The insurance agents are required to have strong communication skills, knowledge of the services, active listening skills, written communication, empathy, etc. Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad. The Qualification Required Under most of the jobs, you need a graduate degree. Moreover, for the telecaller or sales position, you don’t even need specialisation in commerce. The job is yours even if you are an arts or science graduate. All you need to do is learn sales skills which can be done through a hands-on experience on the job or through online courses before getting the job. The professionals are suggested to invest their time in upskilling themselves before or after getting a job. As the relevant  skill sets is a good way to open doors for better opportunities. The Expected Pay As a fresher, you might not have sky-high expectations when it comes to the salary package. However, knowing the pay package ball-park is important. What if you get a chance of negotiating your CTC? The pay package actually depends on the position you get placed in. Telecallers can earn around Rs. 15,000 to 20,000 per month (excluding incentives) while POs and sales reps can have a salary starting from Rs. 25,000. Tellers and cashiers might earn somewhere between Rs. 20,000 to 30,000 while in an insurance agency, there is no fixed payment. As an agent, your income depends on the number of policies that you sell and the premium that you collect. The Growth Curve Everybody wants to grow their careers with experience, why shouldn’t you? Experience is an important qualification, and as you gain experience, you can grow your insurance and banking career too. Banks and insurance companies look at internal promotions to fill their vacancies. It saves them the cost and time of hiring someone from the outside. So, even when you are a fresher, if you work passionately and prove your mettle, promotion would just be an appraisal away. You can become a manager and reach the top management levels with your performance and experience. Adding to Your Qualifications Though freshers are welcomed in insurance and banking sector jobs, additional courses help in honing your skills. The job world is competitive, and the fittest ones survive. To stand out of the crowd, you need an extra feather in your cap. And how do you get that extra feather? Through online courses, simple! upGrad’s Job-ready Program in Financial Modelling & Analysis provides extensive training on different aspects of banking and digital finance. The course offers a blend of fundamental subjects related to finance, accounting, and economics and new-age subjects such as managing fintech ecosystems, data protection, financial criminology, etc. The focus on constantly updating the curriculum to match the demands of the industry has made upGrad a preferred choice of BFSI to find new talent.  
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by upGrad

25 Sep 2022