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Why MBA in Digital Finance & Banking: Scope, Skills & Opportunities

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23rd Jul, 2020
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Why MBA in Digital Finance & Banking: Scope, Skills & Opportunities

As a prime proponent of the Digital Revolution, the BFSI industry is rapidly embracing digitalization powered by new-age technologies. Today, banks, financial services, and insurance companies are readily adopting modern tools like Artificial Intelligence, Big Data Analytics, Machine Learning, Internet of Things (IoT), Blockchain, and Robotic Process Automation, to name a few. Major established and reputed firms in the BFSI industry have started experimenting with and exploring the nuances of these disruptive technologies. 

The traditional procedures and services that have long been around in the BFSI sector are being fast replaced by innovative tools and processes, simplifying things, and enhancing customer satisfaction. Naturally, this dynamic change in the infrastructure and procedures demands a repositioning and upskilling of the existing workforce and also hiring new employees who are well-aware of the nitty-gritty of modern technologies. 

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Why MBA in Digital Finance & Banking?

At present, the BFSI sector faces the grim challenge of the demand-supply gap of skilled and qualified professionals. This skill-gap challenge works like a double-edged sword – while the existing workforce lacks the technical know-how and expertise required to leverage the latest tech tools and platforms, there aren’t enough qualified experts to fill the gap, particularly in niche domains like AI & Machine Learning, Data Analytics, Industrial Relations, and Risk Management. 

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MBA programs are one of the most coveted advanced degrees because they help you acquire both specific and all-round skills and knowledge required to excel in the industry. Most MBA courses cover diverse areas of business administration and management, such as business operations, business strategy, finance, marketing, sales, supply chain management, human resources, public relations, and IT management.

An MBA in Digital Finance & Banking is the perfect course, both for professionals looking to upskill and for young aspirants who wish to build a successful career in the BFSI domain. Apart from acquiring general business skills, you will also gain BFSI-specific knowledge and skills, like tax planning and taxation, corporate financial valuation, investment management, international finance, insurance management, budget management, and much more.

The MBA in Digital Finance & Banking is exclusively designed to impart industry-specific knowledge and skills. The two-year course includes several modules covering relevant topics like Artificial Intelligence in Business, Blockchain and Cryptocurrency, Data Visualization in Finance, Financial Management & Valuation, Fintech Ecosystems Management, Digital Fraud & Risk Analytics, and Design Thinking & Leadership for Business.

What’s more, is that the course curriculum also includes case studies, real-world projects, student-mentor interaction sessions, mock interviews, resume building sessions, and peer-to-peer networking. Together, they ensure that a candidate is well-groomed and prepared for all kinds of job roles in the banking and finance sectors.

The bottom line – an MBA in Digital Finance & Banking program will give you a 360-degree view of the unique challenges and requirements of the BFSI industry and train you on how to address them.

Read: Career Options after MBA

MBA in Digital Finance & Banking: Scope and Opportunities

According to a PwC report, by 2050, India will become the third-largest domestic banking sector, after China and the US. This statistic indicates that the Indian BFSI sector is a highly promising industry that is likely to create numerous job opportunities in the upcoming years. As new technologies and tools enter the BFSI infrastructure, companies will look for certified experts who can take on niche technical roles and responsibilities. 

One of the greatest benefits of holding an MBA degree is that you can use the knowledge and skills gained practically in any sector of the industry. Most employers around the world view an MBA degree as a mark of excellence and competence. Usually, when it comes to senior-level executive and management roles, companies require candidates with advanced degrees (postgraduate level). So, it is a wise choice to expand your education with an MBA program – it will help you gain both hard and soft skills that you can use throughout your career. 

Rest assured, if you are equipped with an MBA degree in Digital Finance & Banking, you can accept senior-level management/leadership-oriented roles within a company and take home a hefty annual salary package. 

Some of the top job positions you can bag with your MBA degree in Digital Finance & Banking include Financial Analyst, Corporate Controllers, Personal Financial Advisor, Accounting Manager, Insurance & Risk Managers, Investment Banking Associates, Management Consultants, and Treasurer.

In India, the top recruiters for MBAs in the BFSI sector are HDFC, HSBC, Deutsche Bank, Citi Bank, ICICI, Axis Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, SBI, Tata AIA, Tata Capital, L&T Financial Services, JP Morgan Chase, Capital First, Ujjivan Small Finance Bank, and CRISIL. Apart from banks, you can also land promising jobs in NBFC firms, brokerage firms, and mutual fund investment firms.

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Also Read: MBA Salary in India

Wrapping up

To conclude, an MBA in Digital Finance & Banking will open up a plethora of opportunities before you. Given that the BFSI sector is one of the most crucial pillars of the Indian economy, an MBA degree in this domain will always stay relevant, making you a valuable asset for any organization operating in the BFSI industry.

If you are keen on upgrading your career with an MBA Degree, upGrad is offering an MBA in Digital Finance & Banking in collaboration with the Jindal Global Business School and the Jindal School of Banking & Finance. The program has been designed to Future-oriented content suited for those working in or aspiring to work in finance across domains. Be a JGU alumnus and take advantage of continued engagement and networking with the world of academia, policy, and industry

He is working as Associate Director of Digital Marketing at upGrad. Apart from marketing he is a crazy and courageous traveler. He has traveled from Kashmir to Kanyakumari through his bike(bullet).

Frequently Asked Questions (FAQs)

1What is an MBA in Digital Finance and Banking?

An MBA in digital finance and banking is one which contains specialised courses devoted towards the areas of digital finance – such as cashless transactions, specialized accounting systems, technological requirements for managing and executing secure transactions on domestic as well as international levels, creation of financial models using tools in order to come up with effective strategies for managing mergers and acquisitions, and more. This course will also help you understand the basics of banking – such as how regulatory policies affect a bank’s offerings, and more. It is especially suited for those who are interested in the booming field of digital banking and fintech.

2Can I get jobs in different industries after an MBA in Digital Finance & Banking?

An MBA in digital finance and banking is designed specifically for those who are interested in BFSI jobs such as risk management, portfolio management, financial planning, investment banking, financial analyst, asset management, and more. That being said, it also allows you to look for jobs in industries such as consulting, education, or fintech. If you love financial modelling and planning, you could also look for jobs as a financial planner in the finance department of any organisation – be it in the BFSI industry or any other such as pharma, FMCG, manufacturing, auto, or more.

3Who should select Digital Finance and Banking as an MBA specialization?

Typically, a digital finance and banking specialised MBA would help one who has a technical background – through an undergrad degree, or even some work experience in an IT/ITeS company after under graduation, and has a desire to grow his/her career in the BFSI industry. Typically, you should be one who not only understands technology and systems, but also loves numbers and the world of financial transactions. If you are interested in becoming a part of the growing world of digital finance – as more and more financial companies are undergoing digital transformations every day, then this is definitely the right course for you.

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