India is one of the fastest growing economies in the world. Financial services are one of the fastest growing sectors in the Indian economy. It has huge potential. Due to the large middle income population and low penetration of financial services in the country, making personal money management an absolute necessity. The financial services sector can be divided into sub-sectors such as banking, insurance, non-banking financial services and financial markets. There is a lot of potential for growth in all sub-sectors of the financial services sector Lack of awareness, low risk appetite and limited access to these financial markets have led to minimal penetration in the country. With interest rates falling, technological advances and awareness raising, more and more people are being attracted to the capital market.
The increased flow of capital into the Indian capital market offers great opportunities for talented and skilled people. The sector is looking for qualified professionals to take it forward. The rewards are best compared to other sectors of the economy.
Below are the top 5 career opportunities in the Indian financial market
Director of the Fund: This is one of the most sought after and highest paid career opportunities in this sector. Financial institutions such as mutual funds, insurance companies and other organizations with large investable funds hire a fund manager to manage the funds in line with the objectives of the organization / investment project. The minimum qualification here is MBA Finance, but preference is given to persons with CFA qualification. The potential for earnings is limitless because the fund manager’s compensation is usually associated with the performance of the fund.
Portfolio Manager: Parallel to the fund manager is the portfolio manager. They have a similar role but in a slightly different way. Portfolio managers manage small amounts for multiple clients at the same time. Their job is to manage the portfolios of HNI clients or companies with small investable funds keeping in mind the needs of the clients and their investment objectives. Job expectations, qualifications and compensation profile are the same as fund managers.
Business Analyst / Financial Analyst: One of the most sought after career options in the financial markets is the analyst, who may be called a business analyst or a more specialized financial analyst. The role of helping top officials to get accurate information for decision making. Analysts work with data both internally and externally, understanding and analyzing it to create meaningful information from it. Analysts may have general assignments or specific assignments. Eligibility is usually MBA Finance, but the qualification at the undergraduate level will depend on the nature of the institution employed. The entry level salary is not very high, but as the individual gains experience and develops domain skills, the compensation increases geometrically. Basic knowledge of economics and skills to connect points and pull threads are required.
Risk Manager: With increasing globalization and the large number of startups popping up every day, business risk has multiplied over time. The number of business failures has also risen sharply. So risk managers help companies assess business-related risks and take calculated risks. They help to manage the risk and take appropriate steps to reduce the risk or hedge the risk. Risk managers need to have strong basic knowledge about the business. In addition to a master’s degree in finance, they must have additional qualifications in risk management.
Investment Banker: Investment banks help companies and governments raise capital. People who work with an investment bank are usually referred to as investment bankers. They are usually advisors to agencies and governments on fundraising – such as the right source, time and form of capital. They advise companies on mergers, acquisitions, takeovers, downsizing, share buybacks, and more. Investment bankers are also paid higher salaries. Desirable qualifications are MBA Finance and CFA.
Traditionally, for various reasons, the financial services sector has always been dominated by chartered accounts in the country. Most Indian B-school curricula are not complete and updated to create excellent human resources to handle the above roles. IIMs are among the top 8 Indian B-schools in preparing finance professionals Other B-school pass-outs take a little more time and experience to get to the right job profile. Several organizations offer add-on courses to prepare people for the above roles. There is a huge demand-supply gap for skilled and experienced professionals in this sector.
Author Bio : Professor Sanjeev Bajaj did his MBA with Finance Specialization in 1992. He has a total of 25+ years of rich experience including 11 years corporate and 14+ years academic. He teaches postgraduate specialization finance courses in security analysis and portfolio management, project evaluation and finance, strategic financial management, insurance and risk management. He is interested in promoting financial literacy among the masses. He wrote guest posts on its behalf Elearnmarkets.com Besides, he has managed MDP for a number of corporations like Central Coalfields Limited, Hindalco etc. He conducts investor awareness programs for various financial institutions. He is also a master trainer for “Train the Trainer” programs.