Durva Parab

What is the Scope in the field of finance

Career like ca cs n lawyer

by Durva Parab
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3 answers

RE: What is the Scope in the field of finance

Dr. Anand Wadadekar, PhD
Dr. Anand Wadadekar, PhD

Hello There!

Looking at the words finance CA, CS, Lawyer, made me feel excited to respond to your genuine query. I am glad that you approached CareerGuide.com!!! for seeking guidance and advice for your career query and I am happy that you are open to advices and thinking before choosing an option for your life.

As per your question, you would like to know the scope of finance. To tell you straight forward, the scope of Finance is TREMENDOUS and never ending. Any business you take or any profession you take, the first aspect you need is 'money'. Therefore where ever money is involved, you need to manage it well, grow it well and also preserve it well.

Finance is considered as a wonderful and challenging field and today the whole world is looking to develop, innovate and find news ways to earn money and so there is increasing demand for professionals to manage the money too. The base for any business is undoubtedly & finance.

For pursuing a successful finance career, one should necessarily be well educated and qualified in the field. For being able to work in finance field, there are many good courses offered by Universities and Institutions across the nation. The most famous course in finance is MBA Finance. After that for fields related to finance are accounting, taxation, costing, etc. there is Chartered Accountancy, Cost Accountancy course. Company Secretary ship is not related to finance but it related to secretarial, compliance, reporting and legal field. Lawyer is about studying hard core Law and the course available for this is LLB / LLM.

Chartered Financial Analyst (CFA) is one course which is hard core into finance. As said earlier, you can pursue Chartered Accountancy course and after graduation you can do MBA Finance. This combination is a fantastic one and very demanded in the industry. However the CA course is a little tough one but with consistent practice, patience and perseverance you can surely complete CA course. Doing MBA Finance after CA would be a cake walk however through MBA Finance you would get exposed to financial management and strategy required for business organisations to succeed.

Best Luck

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RE: What is the Scope in the field of finance

Gomathi Venkat
Gomathi Venkat
Verified Career Expert
Managing Director at GV Counseling Group
  • Bengaluru

Dear aspirant

Thank you for approaching counsellors at CareerGuide.com!!! I appreciate your interest in finance and said that, the opportunities are enormous. With no doubt you can find a way and secure a place in this sector if you are a person with excellent aptitude for numerical skills. Finance gives both professional and non professional careers but once entered into this field studnets often aspire to become a finance professional.

To have a career in finance, one needs to have studied a basic degree in business or commerce like the BBA or BCom and definitely both with finance specialisation. Completing BBA with finance students can also take up work and after a few years of work experience they can do an MBA in finance or MBA in financial management. Completing this MBA Finance degree students are most often targeted by insurance or investment bank companies and finance graduates have excellent scope in this sector. They can work as a financial analyst for corporate banks, personal banks or even for the investment management banks or the wealth management banks. At present finance is most targeting by these banking sectors. There is another interesting field of scope for financial analysts and it is the stock markets.

If one wants to do a masters course in finance then they can choose to MFM Master of financial management of MSc Finance management abroad. Almost both the course and syllabus or the same but the degree title and awarding country are different.Apart from this if you want to have a professional accreditation in finance career then CFA is the best option. This is higher to MFM and equivalent to CA/ PhD in other subject areas. CFA Chartered financial analyst is the last professional degree status in finance subject and completing it students can aim to work for very top positions in companies. But just like a CA/ PhD it is equally tough to come to completion but if you are determined you can do it.

Beyond all this, some students also wish to combine law and finance and work in corporates. The best route for this is to study MSc Corporate law or business law abroad or MLM Business and corporate law in India. Choosing this law route will help students to only for corporate and business and in framing laws and policies for companies, share holders and stake holders. It is a higher authority role and a person with Business or corporate law often sits on the board meeting along with other higher officials of the company while deciding on important takes. This is equally prestigious as to CFA role.

Please write back if you require further guidance. Good luck.

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RE: What is the Scope in the field of finance

Dr Aparna
Dr Aparna
Verified Career Expert
PhD Organizational Psychology
  • Hosur


Thanks for approaching counsellors at CareerGuide.com!!!

Finance: Finance is a lucrative career option and it is very much suitable for students with high numerical aptitude. To embark on a career in finance you need to have studied a basic bachelors degree related to finance. This includes either a Bachelor of business administration BBA with finance or a Bachelor of commerce Bcom with Finance as the first graduation degree. Completing this basic bachelors degree, you can then study a masters degree like the MBA with finance or a MFM Master of financial management or a MCom Master of commerce with finance. After this masters degree, students can then pursue a CFA, Chartered financial analyst. This is a professional degree and students completing this degree can work in high profile roles as Chartered position is ever prestigious. Apart from a Chartered position, you can also consider studying a Doctorate degree like the PhD Finance. This PhD can be completed in three years and completing this professional degree you are regarded as a scientist or a researcher. Choosing finance definitely leads to a professional career and the career graph is as indicated below.

Education route:
1. Bcom with finance ---> Mcom with finance ----> PhD in Finance/ CFA
2. Bcom with finance ---> MFM Finance ---> PhD Finance/ CFA
3. BBA with finance ---> MBA with finance ---> PhD Finance/ CFA
4. Bcom with finance ---> MBA with finance ---> PhD finance/ CFA

Chartered accountancy CA: This is also a professional career route for students specialising in accounts and commerce. A chartered accountancy is a highly reputable and professional career, and completing it students are qualified to work as chief auditors in companies and private business sectors. To embark on a accounts career, one should have studied relevant degree since bachelors degree like the Bcom with accounts or BBA with accounts. Students choosing to become CA actually are most desirable to only choose BCom than a BBA. Completing the bachelors, then you can choose to do a masters and then finally a PhD or a Chartered position related to accounts.

Education route:
1. Bcom with accounts ---> Mcom with accounts ---> PhD in accounts/ CA
2. BBA with accounts ---> MBA with accounts ---> PhD in accounts/ CA
3. Bcom with accounts ---> MBA with accounts ---> PhD in accounts/ CA
Law: Law is also a professional degree and studying law actually requires you to have studied any basic bachelors degree initially. Completing law, you can practice as an advocate initially and after a few years of experience you can also practice as a Judge. Law degree are of many types that includes business law, civil law and criminal law. You can choose to become whatever you want.
Education route:
1. Any bachelors degree ---> Bachelors of law ---> Masters of law
2. Any bachelors degree ---> Masters in business law
3. Any bachelors degree ---> Bachelors of law --> Masters in business law.

In sum, all the career indicated above are highly deemed as professional and therefore you can choose the best interests your ambition. Hope this helps. Good luck.

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RE: What is the Scope in the field of finance

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