Published : March 9, 2019
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.
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.
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.
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.
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 –
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.
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.
i). Supervising the client accounts
ii). Reviewing and approving remittances
iii). Reconciling and other requests
i). Bachelor degree in any stream
ii). Five to ten years of experience in the finance industry
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.
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
i). Bachelor degree in any stream
ii). Three to five years of experience in real estate lending or underwriting
i). Soliciting, underwriting, coordinating and managing the company’s commercial real estate portfolio
i). Bachelor degree in any stream
ii). Three to five years of relevant experience
i). Analyzing the underwriting
ii). Reviewing Reports, appraisals, surveys, and leases.
i). Bachelors degree in any field
ii). Minimum of two years of experience in the real estate field
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 quantitative analyst can choose to work in any of the following areas –
ii). Information technology
iii). Private equity firms
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.
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
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 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.
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). 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”.
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.
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:-
For the most part, insurance agent works as an intermediary between the seller and the buyer of the insurance products.
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.
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
In case of the insurance underwriters, you need to be the critical link between the insurance agent and the insurance company.
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
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.
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.
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
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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