Count-less choices The rapidly expanding
financial services sector offers innumerable job opportunities, writes
Over the last few years, with the emergence of a global economy, there has been a revolution in the role of finance and accounting. Every business activity is today measured in terms of its bottom line. The finance departments are looked at more as profit than as cost centres. From being back-office jobs mainly for record and bookkeeping, careers in the financial services today are more challenging and attractive, offering a greater role in decision making, and in planning and controlling of operations in any organisation. Moreover, with banks expanding their services and moving into retail, insurance and non-banking financial services, there are a host of careers and employment opportunities for those with ambition and drive and a good head for numbers. While the chartered accountants, company secretaries and bankers will always be needed, other financial services increasingly in need of professionals include: Stocks and securities Stocks and shares is a method to raise funds from the public for use by the government or private companies. Companies use these funds for their development and progress and share the profits with the investors who have bought the shares of the company. Qualified securities traders and brokers advise on buying and selling of stocks. They often specialise in a variety of financial services, such as bond issues, mutual funds, handling of institutional accounts and so on. Securities analysts are expected to have sound knowledge of the market to be able to advise on, and anticipate market trends. The automated screen-based trading facilities and market operation transparency calls for professionals who can cope with the demands and expectations of investors. Equity analysts and researchers are continuously collecting and analysing fundamental and technical data on companies and industry, making profitability projections and financial analysis for individual and institutional investors. Training talk Postgraduate programmes in capital market studies are available in select universities and institutes in the country, for which a background in economics and commerce is useful. You must also have a sound knowledge of finance, be informed on every industry and keep abreast with the ups and downs of the market. Training includes working in accounting, securities law, exchange rules, market analysis, and on the job training in research and portfolio analysis. Equity research and analysis is a specialised finance field, requiring either an MBA in finance or a chartered accountancy qualification. Prominent institutions offering courses in stocks are listed below:
Financial analysts Financial analysts provide conceptual and techno-financial inputs to industry in areas of financial accounting and management. A financial analyst handles corporate finance, dealing with management accounting and financial management; investment management, including aspects of economics, quantitative techniques, economic legislation and security evaluation; and financial services, covering project planning, merchant banking services, portfolio management, venture capital, leasing, hire purchase, new issue management, credit rating and other allied areas. Financial analysts can work with banks and insurance companies, financial consultancy companies, non-banking financial services organisations and with corporates. The Institute of Chartered Financial Analysts of India (ICFAI), Banjara Hills, Road No 3, Hyderabad, with centres across the country, is the premier institution for the postgraduate programme for chartered financial analysts. Financial planners Financial planners manage the financial needs of a client, whether an individual or institution. Professionally trained and qualified financial planners are required to plan out all important financial activities and investments. They study and monitor the client’s financial situation and provide advice on wealth creation and assistance and support for making investment decisions. Financial planners therefore work with banks, insurance and investment advisory services, financial planning organisations, in stocks and securities, with fund managers and credit counselling organisations. With some experience financial planners can even choose to establish their own financial planning consultancy. Financial planners have to be certified, and the International Association of Financial Planners grants the certification, an independent professional regulatory organisation with members in many other countries, the UK, and US. The International College of Financial Planning conducts the training for the CFP examination. In India, some of the institutes offering this course are: The International College of Financial Planning, 5th floor, Bajaj House, 97, Nehru Place, New Delhi (with branches in Mumbai; Chennai; Kolkata; Bangalore; and Hyderabad). www.collegefp.com The Institute of Financial and Investment Planning, M.V. Road, Andheri (East), Mumbai. Corporate finance With the enormous growth of a network of financial institutions and services, there is an increasing need for professionally trained financial managers to handle financial planning and decision making, crucial to every business enterprise. Finance managers handle not just the conventional auditing and accounting, but also a vast range of activities like fund raising, foreign exchange, treasury management, investment banking, money market operations, securities management and financial and strategy consulting. Those with strong analytical and reasoning ability and a feel for finance can work with the finance departments of companies, consulting firms, banks, investment organisations and brokerage firms. Financial isntitutions such as ICICI, IDBI, HDFC, nationalised banks, and regulatory authorities like CRISIL, insurance companies and multinational financial firms recruit finance managers. An MBA specialising in finance is a good option for a career in finance. You could also take up a Master’s in Finance or Finance Control, chartered accountancy, CFA or other PG courses in finance, for which a bachelor’s degree in commerce or economics is a good starting point. Courses such as certified treasury management, certified investment banking, management of business finance, financial management, certified risk and insurance management are other courses that can lead to a career in finance. Masters/PG courses in Finance Control/ Business Finance/ Finance Mgt can be done from:
Those well versed in economic or statistics can also consider a career in the Indian Economic/ Statistical Service. This is a government service and the Union Public Service Commission (UPSC) conducts the Indian Economic Service/ Indian Statistical Service Examination in November every year. A postgraduate degree in economics/statistics is required for eligibility into the service. You should also be between 21 and 30 years and physically fit. With the growth of industry and the current turn towards globalisation, the Indian economy requires the services of more and more specialised professionals in the area of finance. Today, companies look for professionals who can perform multiple functions and are well-versed with the changing environment. Apart from becoming a banker, financial manager or a capital market professional, finance professionals can also go into the insurance business, foreign exchange management and security management. Moreover, those with additional qualifications in these areas can also look forward to lateral career growth. For anyone getting into this field, it is also good to be aware of the legal aspects of finance, while a knowledge of computers and IT is an added advantage for any career in finance. Whichever way the global winds of change move, in the present age of disinvestments and public issues, mergers and acquisitions, collaborations and joint ventures, most careers in finance should reap rich dividends. The writer is a noted career expert
|
|||
|
|
Fifty
thousand new jobs expected in the banking, financial services and
insurance sector, say the business magazines in their predictions for
the year. Enough to make any student with an interest in accounting and
finance head straight for a good training programme.
