Well, isn’t finance all about turning tables? The unpredictable for many can become predictable for one when one learns the art of Finance. The numbers, charts, patterns, and theories that have the potential to make or break the economies of the world is what a career in finance all about. So, you ready to take it on?
Let’s clear out the air about what finance actually is. Broadly speaking, finance is all about studying the management of money and how one can acquire and multiply it. It oversees the deployment and management of funds, credit, investments, banking, liabilities, and assets. Finance is a vast subject, theoretically and practically, for an individual to be well versed in the subject. Following are some of the subjects that one should be well aware of broadly if they plan to make a career in finance.
- Fundamentals of Marketing
- Introduction to Project Management
- Personal Finance Concepts
- Accounting I
- Introduction to Business Law
- Management Fundamentals
- Introductory Human Resource Management
- Principles of Business
- Managerial Accounting Practices
- International Business Communications
- Statistics: Data-Driven Decision Making
- Introduction to Corporate Finance
- Managing Human Resources
- Organizational Change
- The Legal and Ethical Environment of Business
- Business Strategy
- Organizational Behavioural Principles
- International Business Practices
- Marketing and the Virtual Marketplace
- Ethics: The hallmark of Leaders at All Levels
The study of Finance is like the study of power. The power that enables one to understand, comprehend, and apply the world of numbers so that money is never a problem. If you have a career in finance you will have the option to assume many roles that may deal with money generation either directly or indirectly, but the major objective for any career in finance will remain the same: Maximum return from the money employed.
Objectives of Career in Finance
- Planning: This refers to the career in finance that involve the decision related to the allocation of money.
- Raising Funds: The activities engager is such professions are related to raising the money to execute the planned allocations.
- Making Investments: A career in finance can cater to both High Net worth individuals and corporation. These services are demanded mostly by the individual so that they can maintain and make the most of their wealth.
- Controlling Costs: A career in finance is not all about allocating and raising funds. One of the main aspect of the same is to maintaining and staying on the plan. This includes controlling the expenses and removing unnecessary expenditure.
Courses in communications, psychology, and ethics will also greatly aid your understanding of the overarching concepts of business and finance.
Popular Choices for a Career in Finance
Mutual Fund Analyst
This career in finance demands an individual to be well-versed with debt and equity market so that they can analyze, interpret, and make sound decisions in regard to mutual fund investment. An individual needs to be constantly tracking the market such that nothing goes unnoticed. With thousands of mutual funds in the market and around 200 asset management companies, there is an acute lack of talent available in this particular sector, making it a lucrative career option.
Hedge Fund Analyst
Analysts are the soul and heart of the hedge funds. Hedge funds are usually less formal, loosely structured and have fewer titles and tiers. This career in finance is passion driven. The passion for the securities and markets is essential for an individual to succeed in this adrenaline rushed job. Hedge fund investments aim to earn an active return for their investors. Herein, a hedge fund analyst is expected to help portfolio managers with the structure of the portfolio.
Private Wealth Manager
They are meant to build long-term client relationships and make significant contributions which leads to growing wealth and secures their legacies with customized wealth management solutions. Collaboration is done across the platform to research, interpret and provide them with investment ideas and remarkable client service. This career demands excellent presentation and communication skills. Passion for investing, the ability to multi-task, and exceptional organizational skills are the backbones of this career in finance. Working with the wealthiest individuals and families, one helps them to invest in various asset classes. This helps in gaining broad exposure of the markets and experience that will take one’s career in a positive direction.
A career in Investment Banking relates to the functions of a corporate financial analyst. Their main job is to raise capital to fund the operations of a corporation. Rather than dealing directly with investors, they help in raising money from capital markets. They also structure acquisitions, mergers, or sale for a client. Investment bankers may or may not be working with these firms but they are required to undertake huge financial transactions. Risk taking is a part and parcel for this career in finance.
Financial Planning Analyst
They are essential to any organization. In many organizations, there are complete departments dedicated to this career in finance. Their main role is forecasting, budgeting, and analyzing the activities that they comprehend to be important and support decisions of the Board of Directors, CEO and CFO. They analyze the operational activities of an organization, both qualitatively and quantitatively, so as to make sure that they are in sync with objectives and ultimate goals of an organization. An analyst studies trends of the industry, organization’s past performance to predict or prepare for an upcoming problem. They look into all the financial aspects of an organization from taxes, expenses, income, investments to financial investments.
Chief Financial Officer
The main aim of a CFO is to maximize the financial performance of the organization. It elaborates into optimizing return on investment, liquidity, and reporting. As a senior executive, a CFO is also responsible for tracking the cash flows, analyzing the company’s strengths and weaknesses so as to propose corrective actions. CFO works with top-level management and is essential for the progress of an organization. This is one of the few careers in finance that may deal with all the activities associated with Finance.
As a risk analyst, an individual is meant to analyze and interpret the areas of potential risk threatening the company’s, asset management, earning capacity affecting the achievement of the ultimate goal. They use their qualitative and quantitative abilities to minimize and diversify the potential risks through currency exchange or other investment options. There is a need for high levels of precision and specialization in this career in finance. Risk analysts work in various sectors such as marketing, sales, production, or financial services. However, they specialize in credit, operations, and regulation.
Asset managers are meant to be expert in the diversification of clients’ profile so as to give them the best possible return. They are expected to manage the funds and achieve the financial goals depending upon clients’ objective and risk taking capacity. Many of the firms and individuals today hire asset management professionals to manage, evaluate, and grow the owned, leased, or sub-leased assets. Assets can range from physical real estate properties to the intellectual property of patents or goodwill.
Equity Research Analyst
The main purpose of an equity research analyst is to make recommendations to whether purchase, sell, or hold particular investment backed by financial analysis reports. They analyze, interpret and make reports on investments that the clients, institution, and investment banks might be interested in. An analyst generally focuses on a small group of stocks narrowed down via some attributes like industry or geographical area. They need to be updated and well versed with each and every detail or happenings of the company. There’s a quick response for every news communicated further via varied direct or indirect means. Developing a financial model and conducting comprehensive financial analysis are a crucial part of this career in finance.
Public accounting is the sector of accounting that deals with clients from businesses, companies, or individuals. The services vary from client to client depending upon the size of the operation. Tasks at hand are consulting and advisory regarding accounting systems, and mergers and acquisitions. However, daily chores are that of formulating, reviewing and auditing of financial reports of an organization. Financial planning and analyzing budgets are also performed by a public accountant. There are also many careers in banking that hint towards the finance domain.
Insurance and Claims Officer
This career in finance is usually employed in the insurance department of a firm, finance agency, or insurance agency. An insurance and claims officer performs several tasks such that of supervisory and ground level operations depending upon the severity of the situation. To be more specific, insurance and claims officer is the one who decides whether an insurance company needs to pay out the claims or not. They also guide and train the insurance agents so as to ensure that the best customer service is provided on their behalf.
They help an organization to maintain its footing in terms of Finance. They analyze, interpret and make decisions on the basis of the firm’s income and expenditure. Estimating future budgetary needs and executing current budgets so that there is a constant effort to increase efficiency. Budget analysts are also involved in policy making, appraisals, performance evaluation and drafting legislation related to budgeting. However, end decision making is not taken by this career in finance but their suggestions are crucial to companies.
Evaluating the creditworthiness of the client is the main function of this career in finance. Depending upon the scale of the operation, the client can be an individual or a company. They assess the risk factors and influence the applications and approvals for credit grant. A credit analyst is expected to perform a thorough background check and financial analysis of the applications so as to come to an appropriate outcome. They conduct a thorough analysis of credit, past savings, incomes, assets, and other liabilities of the client. Credit analyst jobs are generally available in investment and commercial banks, investment companies, credit card issuing agencies, and credit rating agencies.
Personal Financial Advisor
When an individual seeks external help to manage their finances, then the person hired is a Personal Financial Advisor. This career in finance helps an individual with taxes, investments, mortgages, insurance, retirement planning, etc. depending upon the services employed by the client. They evaluate and comprehend the current financial status of the clients and helps in devising future financial plans. Several factors such as age, financial goals, and risk-taking capacity are considered before devising the future financial plan. Financial advisors can specialize in many fields so that they can help their client make better and informed decisions. A Personal Financial Advisor can help avoid errors, find opportunities and optimize their outcomes, assist in sticking to the plans in times of tension, and manage risks in a tax-smart way so as to protect and grow the assets.
Venture Capital Analyst
The main job of a venture capital analyst is to determine where should the companies money be invested. A lot of research and analysis is done to determine whether money should be invested or not, since a large amount of money and risk is involved. Assessing business records, past ventures, and financial reports are essential for decision making. Community building and portfolio support are also a vital part of the job. The main objective of this career in finance is to generate revenue such that risks and return are in sync with each other.
This career in finance demands constant analysis and research of current happenings and financial markets. Portfolio managers work regularly with analysts, as they are eventually responsible for final investment decision making across various asset classes for an individual client, asset management organization, or a fund. This is the ultimate job desired in financial sector wherein there are several steps in the ladder to be climbed up to reach this position over the years. They make the ultimate buying, selling, or holding decisions for securities. Portfolio managers need to maintain constant touch with investors through various means so as to explain the strategy, research, and decision-making rationale.
Business and Finance Professors/Scholars
Across various courses for business and finance undergraduate, postgraduate, and Ph.D. degrees there is the need for teachers and professors who are well versed with the subject matters and have a passion to research for the advancement in the field.
Top Colleges to Target for Finance
1. Stanford University
This private research university was established in 1885 and is not an epitome of academic excellence. A degree from this esteemed university will give you exposure and opportunities that only a few select can provide across the globe. Stanford provides a course on the undergraduate, postgraduate, and P.HD. level.
2. Harvard University
The spearhead of elite schools around the world, Harvard doesn’t need an introduction. Established in 1636, this ivy league research university provides many domains of finance and accounting that you can study at all levels from undergraduate to doctorate.
3. MIT, Sloan
MIT is the institution to target for any course related to research in a technical field. They open up MIT Sloan in 1914 to achieve the same level of excellence in the field of business and finance. They are a premier institution that is situated in the beautiful city of Cambridge in Massachusetts.
4. Wharton, University of Pennsylvania
With famous alumni like Elon Musk and Donald Trump, the Wharton School is an ivy league private university that is situated in Pennsylvania and was established in 1881. It is a part of the University of Pennsylvania and was established through a generous donation from Joseph Wharton.
5. Booth, University of Chicago
Being the second oldest business school in the US, Booth holds the record of producing the most number of Nobel laureates in Economic science. With the goal of ultimate excellence, the finance courses of the school are considered as on the best in the world.
6. Berkeley, University of California
A public research university situated in California, Berkeley was established in 1986 to promote excellence in academics and research. It is also a part of the 14 members that have founded the Association of American Universities. It was over 42,500 students enrolled right now.
7. Columbia University
Another Ivy League University, Columbia is situated in New York and was established in 1754 as King’s College. It is one of the only 9 colleges in the USA to be founded before the declaration of independence. It is constantly included in the top 10 universities in the world.
In today’s world where Finance is the backbone of the economy, job opportunities are not hard to find but being worthy enough for them is the main point to focus upon here. The right education from top universities can do wonders in your career advancement. Leverage the opportunity at the right time with the right guidance with Leverage Edu. Connect with us at +91 8826200293.