Literacy is a way to initiate awareness among the people to work towards a better living and therefore is a key to socio-economic development. Before the best career options in finance let’s have a look at what actually is finance. Finance can be defined as the science and art of managing money in order to achieve the appropriate objective. Finance as a subject is very technical.
The history of finance goes back centuries. The earliest evidence that we get regarding finance is dated back from 3000BC.
This article provides a list of the top 8 career options in finance for aspiring minds who want to take finance as a career option.
Investment Banking
Investment banking is one of the profitable fields in the field of finance. They purchase assets that hold monetary value otherwise known as securities and then sell them to third parties for a fee. Investment bankers are basically risk-taking middlemen between clients and investors.
- The minimum eligibility to become an investment banker is graduation from any stream ( Commerce ones have a small advantage.
- One needs to develop some skills ( MS Excel, MS Word, good PPT skills, etc.)
- Then one should apply for a job and then crack the interview to get one.
- The average salary ranges from 8 to 15 lakh along with average bonuses of 60 to 80 %.
Asset Management
Asset Management simply means managing large sums of money, investing large sums of money on behalf of the clients in order to get a return over the long run so it’s taking money and investing it into the financial markets and expecting a positive return over the long run. Asset Managers are in the business of using money in order to make more money.
- The minimum eligibility is to clear a graduate or postgraduate degree in finance.
- They should have certain skills (analytical skills, communication skills, project management, thinking skills, creativity, etc.)
- The average salary ranges from 2 lakhs to 10 lakhs.
Commercial Banking
Commercial banks provide funds for different purposes as well as different time periods and therefore play a vital role. Commercial banking is basically providing the clients with term loans and revolving lines of credits etc.
- Different positions have different requirements.
- The minimum eligibility is to have a bachelor’s in business, business administration, or finance.
- Licenses and Certifications in different areas are quite helpful.
- Should have some relevant skills (analytical, friendly, inquisitive, etc.)
Equity Research
Equity Research refers to giving buying and selling recommendations on equity research on performing their research. The basic rules in an equity research firm are to attend conference calls, communicate with the sales team, track developments, analyzing, financial modeling, and valuation.
- The minimum eligibility is graduation.
- More preferred are – Chartered Financial Analyst, MBA Finance, or NISM certificates.
- Some specific skills are required which include financial modeling, valuation, report writing, communication, etc.
Corporate Finance
The end goal of corporate finance is to maximize shareholders’ wealth. Corporate finance looks at the firm’s financial activities and financial investment decisions. Corporate Finance jobs are not that easy to get but are less competitive as compared to others.
- More preferred ones have Chartered Accountant, MBA (Finance), and CFA.
- Specific skills are required. (Accounting, Management, tax, financial analysis, etc.)
Risk Management
A financial risk manager overall does the works of risk analysis, market research, etc. They monitor the processes of risk management and their effectiveness. It involves identifying and rectifying the business risks.
- The exam is taken by the Global Association of Risk Professionals (GARP)
- The minimum eligibility for this course is graduation.
- The duration of this course is 1.5 to 2 years. It consists of 2 exams.
- The average salary is around 12 lakhs.
Portfolio Management
In Portfolio Management a portfolio manager takes care of the portfolio in return for a fee. It does not have the same regulatory norms as mutual funds. A portfolio manager is responsible to make an individual aware of the various investment tools available.
- The minimum eligibility is graduation through business studies, finance, or management.
- Most preferred are – MBA in portfolio management, MBA in finance, etc.
- The salary raises from 3 to 30 lakhs.
Financial Analysts
Basically, the job of a financial analyst includes analyzing data, financial forecasting, providing trends, explaining the various processes, etc.
- The minimum criteria are earning a bachelor’s degree first in accounting, finance, economics, etc.
- One should get the certificate and licenses.
- Should have relevant skills (analytical skills, mathematical skills, etc.)
- The average salary is 40 lakhs.
Career making is one of the most important decisions to make in one’s life as the happiness and satisfaction of an individual depend on the right choice of career. Hope this article helped to clear your doubts regarding career options in finance.
Do not wait for an opportunity instead create one.
All the best !!
By – Anshima Shrivastava
