A career in finance can be highly rewarding, especially in the current day and age where data is more accessible than ever. From large corporations to working professionals, everyone requires the expertise of skilled finance professionals.
Hence, now is the perfect time to pursue a career in finance.
In this article, we’ll talk about the future scope of finance and help you understand how you can begin a career in this fast-growing sector.
Future Scope of Finance
The future of MBA in finance and other finance-related qualifications is very bright in the US. The finance sector offers some of the highest-paying and fulfilling careers. In terms of demand, MBA finance has been the most sought-after program among students. According to GMAC’s Prospective Students Survey 2019, Master of Finance was the most preferred program among students.
This speaks volumes about the future scope of MBA in finance. The average pay for different finance professionals is also considerably high, with great scope for growth opportunities.
Here are some of the average salaries of different finance occupations to show how promising the future scope of finance is:
1. Financial Analysts
The job outlook for financial analysts is very bright, similar to other finance professionals. The employment of financial analysts is estimated to grow 5% from 2019 to 2020, faster than the average for all occupations. Moreover, as the range of financial products and the need for in-depth demographic knowledge increases, the demand for financial analysts will rise accordingly.
The average pay for financial analysts is $81,590 per annum.
Financial analysts have to track an organization’s financial performance and analyze its performance. Financial analysts also have to analyze the market conditions to make forecasts and help the upper management make business decisions. Strong communication skills are vital for this role as financial analysts must convey technical insights to non-technical audiences (stakeholders and senior managers).
2. Finance Managers
According to the Bureau of Labor Statistics, the employment of financial managers is estimated to grow 15 percent from 2019 to 2029, which is substantially faster than most other careers.
The median pay for a financial manager is $129,890 per year, which means you can easily have a 6-figure income in this profession. Finance managers are responsible for creating financial reports and developing plans for the long-term financial goals of their company. They work in various industries such as insurance companies, investment firms, and banks.
Finance managers play a key role in the decision-making process of every organization. They support project analysis, validate plans, and manage the company’s financial activities. With sufficient experience, your pay in this field can go up to $163,000.
3. Investment Analysts
Investment analysts are responsible for conducting research and analyzing trends to help their clients make better-informed decisions about their investment portfolios. They work with pension plans, banks, and investment firms and guide investment managers towards high-yield investments with minimal loss.
The average pay for investment analysts is $84,948, and it goes up to $139,000, depending on their experience and skills.
Popular skills for investment analysts are Microsoft Excel and Customer Relationship Management. Due to the unique nature of this field, investment analysts must also have strong calculative and critical-thinking abilities. Investment analysts must also be familiar with the latest data analysis tools and techniques as they have to make recommendations to clients based on their generated insights.
How to Start a Career in Finance?
For aspirants wishing to enter the finance domain, an MBA in Finance is undoubtedly the wise choice. Even though we’re amid a pandemic, it doesn’t mean learning and upskilling have to stop. An online MBA course, such as upGrad’s MBA in Digital Finance & Banking, is a fantastic option for finance candidates. Offered in collaboration with the prestigious O.P. Jindal University, upGrad’s MBA in Digital Banking & Finance program is an industry-oriented course suited for those wanting to work in finance across industries.
Apart from online live lectures, students get to enjoy the classroom experience through a one-week on-campus immersion program. Plus, they get ample networking opportunities with peers and industry experts across banking, insurance, fintech, and financial services industries via offline BaseCamps. Each learner receives access to upGrad’s 360° Career Support by participating in job fairs, mock interviews, resume building sessions, and much more.
However, you don’t always need an MBA in finance to start a career in this field. Many professionals enroll in short-term certification Programs to learn the necessary skills and transition into different industries or pursue higher-paying jobs. Read about the right time to start an MBA.
At upGrad, we offer a Certificate Programme in Finance for Non-Finance Executives with IIT Delhi (Indian Institute of Technology Delhi). IIT Delhi ranks 5th on QS Ranking in Business and Management. The program lasts only for 15 weeks and teaches you the necessary skills you need to enter the finance sector.
Our Certificate Programme in Finance for Non-Finance Executives equips you with the skills and expertise you need to enter the finance sector as a professional. The program offers live lectures twice every week, 25+ hours of live sessions, and 150+ hours of learning content. On top of all of these features, the course also features five weekly assignments that will help you test out your skills and find out where you stand.
The program has the following sections, allowing you to study all the necessary aspects of finance:
- Demystifying financial statements
- Deciphering company performance using ratios
- How to make economic decisions – cost concepts & decision making
- Calling shots for the future – long-term investment decisions
- Budgetary control
Learning about these sections of finance will help you greatly in your professional pursuits. We have created the program specifically for senior and mid-level managers, entrepreneurs & business owners looking for in-depth knowledge of financial management, IT professionals, retail investments, and banking executives.
The upGrad Advantage
When you choose an upGrad course, you will receive many additional benefits. First, you will receive unparalleled guidance from industry mentors, teaching assistants, and assignment graders. The course offers one-on-one feedback on submissions and assignments, allowing you to improve your technical and practical understanding of the subject.
Second, learning directly from industry mentors helps you strengthen your concepts and resolve doubts much quickly. You will also have an upGrad Buddy who will help you with all of your non-academic queries and make the process of learning while working a lot easier.
Not to forget, the programs will open up numerous exciting career opportunities for you!
Now that you know how rewarding finance careers are, it’s the perfect time to take the leap and get started with a professional finance course. Be it an MBA program or a certification course – you’ll benefit greatly under expert guidance. First, a course provides you with a structured curriculum where you study every concept step-by-step. This ensures that you learn different subjects efficiently.
Recruiters look for certified professionals in the finance sector, which is another reason why you should get a qualification to pursue a career in this field. Having good qualifications will help you stand out from your peers and make it easier for you to bag high-paying roles.
Finance is a promising sector to be in, and with the right qualifications, you are sure to go a long way!