How to outsmart your career in finance within Indian financial industry?

Two decades back, the only career choices people were aware of were in the field of medical and engineering. Furthermore, it is also true that commerce was not given much importance. Remarkably, finance being part of the commerce stream then. But with the advent of the globalization, economic development took place at a faster pace. Besides, it created myriad options for the people who want to carve the niche for themselves in the field of finance. So a career in finance is among the various other available good alternatives in India.

Nonetheless, in the present arena, we all know that finance and accounts are the backbones for any business. In today’s modern time, every company, irrespective of its size, has its finance and accounts department. Now career in finance is not just limited to traditional ways. The finance industry is one of the sunrise industries. It has grown manifold and has the potential to rise further.

Moreover, it is no wonder that with the rise in the finance sector, new arenas have opened up for the aspirants who want to build their career in finance. In this blog, I am listing many options that a person can choose as the career in finance domain in India.

A career in fintech – if technology, innovations, and finance fascinates you

First of all, consider the fintech industry. The fastest growing career in finance is in the fintech industry. Forthwith you must be wondering that what this fintech industry refers to? Plainly put fintech refers to using technology in the finance field. Mainly fintech is a name given to companies in the area of banking and finance backed with technology. Such fintech companies use and apply techniques such as cloud-based tools and other myriad tools and techniques to improvise the services.

Furthermore, these companies aim to revolutionize the banking and finance industry. For instance, the advent of the mobile wallet like Paytm, mob quick and many more are just the beginning. Plus it is no wonder that fintech companies are paving the way for improved financial services via the use of technology. Alternatively, it is a whole new finance world. For instance, Raghunandan Money is a prominent player in the Indian financial service industry, specializing in stocks, commodities, currency broking and other financial instruments for retail investors.

So, a career in fintech offers many roles such as project managers, data management experts, sales and HR as well. In fact, in India, the fintech offers an outstanding career in the finance industry.

How do I need to prepare for a career in fintech? 

Now the question is if this interests you, how you need to proceed? First thing first, the qualifications. Accordingly, as far as educational qualification, you need a degree in finance and/or technology. Such qualifications will give you a good start as a career in fintech field. However, you will need to inculcate the following skills and traits as well. Plus you must note that such skillset will ensure you to rise in your career in fintech field.

i). Adaptative

ii). Inquisitiveness

iii). Ability to multitask

iv). Ability to work in a team

Apart from having the above traits, a person having fair technical capabilities and an ability to understand the financial concepts will go far in this field. Moreover, fintech is your world to live in if terms like digital payments, cryptocurrency, block chains, digital wealth management appeals to you.

If real estate allures you, choose a career in real estate finance

Real estate finance is not a popular destination as a career choice in the finance field in India. It is all the more reason why we are suggesting you make a career choice in real estate finance.

You must be aware that this is already gaining momentum in developed economies including in the USA. In the US the Federal government had made necessary changes regarding mortgages and borrowing. So helping boost job opportunities in this field there. Plus it has started gaining impulse in India too.

Also, for those who are interested in making their career in real estate finance, job opportunities are plentiful. Anyway, under real estate finance, there are two sub-categories to choose –

• Commercial real estate finance
• Residential real estate finance

Before entering into the career in real estate finance, you must understand the difference. So, when financing multi-family homes, shopping complex, malls, industrial sites, sites for office purpose it is called commercial real estate finance. On the other hand, when financing individual or private residential properties it is called residential real estate finance. Further, you can enhance your skills for any of the following jobs in real estate finance.

1. Real estate portfolio manager

First of all, let us understand who employes a real estate portfolio managers? Most noteworthy in India banks, mortgage companies and similar hire real estate portfolio managers. Next, let us understand what work such managers do? After that, we will see what basic qualifications are needed for a career in finance in real estate sector.

a). Roles and responsibilities of real estate portfolio managers

i). Supervising the client accounts

ii). Reviewing and approving remittances

iii). Reconciling and other requests

b). Educational requirements for real estate portfolio managers

i). Bachelor degree in any stream

ii). Five to ten years of experience in the finance industry

2. Real estate underwriter

Like real estate portfolio managers, bank and financial institutions dealing in property loans recruit real estate underwriters. It is a good career in finance option in India. However, this is a little bit of a technical job. So you need to understand the nature of the job first. Afterward, you should acquire the know-how on such job openings. So I am listing some basic requirements below.

a). Roles and responsibilities of a real estate underwriter

i). Evaluating the creditworthiness and management capabilities of the borrower and the guarantor.

ii). Assess the real estate collateral

iii). Assessing the sufficiency of the loan structure for the transactional relationship

b). Educational requirements for a becoming a real estate underwriter

i). Bachelor degree in any stream

ii). Three to five years of experience in real estate lending or underwriting

3. A real estate loan officer

a). Roles and responsibilities for a real estate loan officer

i). Soliciting, underwriting, coordinating and managing the company’s commercial real estate portfolio

b). Educational requirements for a real estate loan officer

i). Bachelor degree in any stream

ii). Three to five years of relevant experience

4. Real estate loan analyst

a). Roles and responsibilities for a real estate loan analyst include

i). Analyzing the underwriting

ii). Reviewing Reports, appraisals, surveys, and leases.

b). Educational requirements for a real estate loan analyst

i). Bachelors degree in any field

ii). Minimum of two years of experience in the real estate field

Plan to become the quantitative analyst, if good at mathematics

Another career that is soaring up in the finance industry is that of a quantitative analyst. The job of a quantitative analyst is to analyze the situation or events, particularly of a financial market, by applying complex mathematical and statistical modeling. The job of a quantitative analyst is to identify investment opportunities and manage risks.

a). Available careers as a quantitative analyst

A quantitative analyst can choose to work in any of the following areas –

i). Investments

ii). Information technology

iii). Private equity firms

iv). Derivatives

v). Quantitative trading

vi). Risk management

vii). Hedge funds

Besides, there are many other fields within the finance industry as well where the quantitative analyst can work.

b). Roles and responsibilities of the quantitative analyst comprise

i). Identifying profitable trading and investment opportunities

ii). Managing risks

iii). Developing computer software to evaluate the financial data

iv). Developing pricing models and risk evaluation strategies

c). Educational requirements for the quantitative analyst

i). Bachelor degree in mathematics/statistics is reasonable to start the career as a quantitative analyst

ii). Master degree in mathematics/statistics is a standard education preferred.

iii). An aspirant must be good at crunching numbers.

iv). The candidate must possess advanced computer skills

Investment banking profession a good choice as a career in finance

Investment banking is a career choice you should make if you are good at number games. Also, one should have common analytical skills and reasonably stronghold on communication skills. A person having strong work ethics will shine as an investment banker.

Investment Banker’s job is to help the client to gain access to the funds and also to help clients to deploy funds rightfully. Investment Bankers gets employment in banking, private equity firms. They also work as the venture capitalist, hedge fund managers and play other roles that suit their skills in the finance field.

Roles and responsibilities of an investment banker

Investment bankers mainly work as intermediaries between the clients. Clients who want to have access to the funds and those who want to deploy the funds. Apart from helping and assisting clients in the financing activities, they also play an important role in mergers and acquisitions deals. Their roles and responsibilities can summarize as follows –

i). Financing ventures of investment bankers

i). Firstly, advising the clients on which type of securities to be issued (shares or bonds)

ii). Secondly, deciding on the pricing of the securities to be issued

iii). Thirdly, helping in the placement of the guards. This process is also known as “underwriting”.

ii). Other roles of an investment banker

i). Investment bankers assist their clients in mergers and acquisition deals.

ii). They assist their clients in the valuation of the companies

iii). Helps clients in negotiating the deals.

iv). Assist clients in the formation of the strategy to carry out mergers and acquisition deals viably and without any complication.

If you love uncertainties, pick a job in the insurance sector

Firstly, the Indian insurance industry has seen exceptional growth in the past two decades. With so much change that engulfed people and their lives, insurance has become their defense weapon. And a career in finance, especially in the insurance sector in India is far more rewarding.

Apart from protecting people and their assets, the insurance sector does also generate lots of career opportunities for people. An increasing number of players in the market has not only resulted in better and innovative products but also a myriad of employment opportunities.

In summary, there are many roles and jobs in this field. For instance, apart from the front office roles, the other important job titles in the insurance industry are as follows:-

1. Insurance agent professionals 

For the most part, insurance agent works as an intermediary between the seller and the buyer of the insurance products.

a). Roles and responsibilities of an insurance agent 

Meantime, you must acquaint yourself with the following –

i). Firstly, networking with people to make prospective clients

ii). Secondly, promoting and selling insurance products

iii). Thirdly, working in the capacity of the financial advisor to the clients’

iv). Fourthly, customizing the tailor-made plans to suit the need of the clients

v). Afterward, providing the after-sales service to the clients

vi). Lastly, creating and re-creating the marketing strategies as per the customer preferences and market conditions.

b). Educational and other requirements to become an insurance agent

Most importantly the following things you need to keep in mind –

i). Firstly, No minimum educational requirements to enter into the insurance field as an insurance agent

ii). Secondly, a flair for marketing

iii). Thirdly, strong communication skills

iv). Finally, the ability to understand the need of customers

2. Insurance underwriter as a profession 

In case of the insurance underwriters, you need to be the critical link between the insurance agent and the insurance company.

a). Roles and responsibilities of an insurance underwriter

Accordingly, the most prominent roles and responsibilities of an insurance underwriter includes –

i). To begin with, you must be capable of analyzing the risk in insurance proposals

ii). Secondly, you must be competent to determine the policy terms

iii). Afterward, you must be well versed with calculating the premium from actuarial and statistical information

iv). Lastly, Review the proposal bought in by the insurance agent

b). Educational requirements to become an insurance underwriter

Especially, the most important education qualifications are –

i). In particular, minimum qualification is the bachelor’s degree in any field.

ii). Particularly, specialization in business, accounting or law is preferred by the employers thought it’s not mandatory

iii). Finally, the experience of two to three years in the field of insurance is an added advantage.

3. Actuary as a profession 

One career that is gaining momentum in the insurance field is an actuary. Firstly, let us understand what a specialist in actuary does? In brief, an actuary analyzes the financial cost of the risk and uncertainty. So, to ascertain these economic costs actuary employs complex mathematical, statistical and financial theory. Furthermore, it is mandatory for insurance companies to hire at least one actuary.

a). Roles and responsibilities for actuary cover

In the first place, you as an actuary professional need to deliver any or all of the following –

i). To begin with, the role requires competence in designing new insurance products

ii). Together with, calculating the probability of the occurrence of certain events is to mandatory

iii). After that, estimating the financial implication of the contingent event

iv). Lastly, they are also responsible for asset-liability management

b). Educational and other requirements for actuary professionals

Besides the above role and responsibilities, you will additionally require the following to be successful as an actuary professional –

i). Above all, a bachelor degree in mathematics, statistics, or finance is required to enter into this career path. In brief, you must keep in mind that employees prefer masters in statistics and/or mathematics

iii). Similarly, you must have high technical expertise in the field.

iv). Besides, it is a necessity to have good business sense

v). Furthermore, you must have problem-solving skills

vi). Likewise, the ability to communicate effectively is a must

Lastly, you know apart from the careers in finance as mentioned above, there are some professional courses too. Besides, you must keep in mind that these courses aim at the specialization in the respective area within the finance industry. Further, I will be covering an exclusive blog article on various professional courses in finance. Basically, those courses in finance that you can do along with your present studies or job. Also, this will for sure help enhance your prospects in the financial domain job market.

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