It is no secret that choosing an appropriate academic stream after high school education is among the numerous dilemmas that young adults face. However, discovering and recognizing your interest will play a crucial role in finding the right career path. For instance, if you are enticed by numbers and desire to work in the profession of money management, then opting for a finance-related program can be a pragmatic decision.
Finance has always been the backbone of every company and nation. Two hundred years of research in economics and finance suggests that in the absence of externalities social welfare is maximized when each company in an economy maximizes its economic value.
With the rapid economic growth and dramatic rise in the business landscape, the field has become promising for aspirants to make their mark in the field. The field of finance provides divers and distinct career roles such as investment banker, actuary, fund manager, quantitative analyst, security trader, corporate treasurer, wealth manager, and ESG analyst. However, in order to succeed as a finance expert, you must maintain an intense passion for the field, have a strong desire to learn new things and thorough understanding of all its numerous facets.
Furthermore, a career in finance is one of the most sought-after choices among MBA/PGDM graduates. By opting for an MBA/PGDM in Financial Management, students will get the opportunity to hone their skills and forge crucial relationships with industry experts, preparing them to position themselves across the finance sector. So, let’s delve into some of the important things to know before embarking on a career as a financial management professional.
Things To
Comprehend: For a Successful Career
Research about the Financial Market, Institutions and Intermediaries: With no surprise, the first and most obvious step to take before commencing a career in financial management is to gain a complete understanding of the field it encompasses. By doing adequate research, you can brush up on your skills and gain more insight into which institutions will be best for you. Furthermore, you also need to explore various market trends and regulatory changes to help you expand, as well as how much experience is relevant to getting an upper hand in the field. Thus, it is safe to say that by conducting thorough research about the field of finance, you will be able to navigate the competitive environment and make wise decisions.
Choice of a Prominent Education Institute: Without a doubt, finance can be a straightforward career track; as you can finish off your schooling and end up at Dalal Street. There is nothing wrong with being ambitious at a young age. However, with the ever-growing competition, getting proper education about the profession has become significant. This entails enrolling in classes and considering applying for a graduation and postgraduate diploma to get practical experience in the field. Furthermore, having certificates and internships can also be useful while looking for job opportunities. Therefore, selecting a prominent management educational institution is one of the most critical things to keep in mind before starting a financial management career.
Outstanding Communication Skill: One of the most significant things you should know before starting a career in financial management is that the finance industry is a vast and diverse field. There are many careers within it, and each one requires unique sets of skills. However, among various skills, as a financial management professional, you must be able to communicate effectively to provide solutions that benefit the clients first. Additionally, as the finance sector is strongly associated with credibility and trust, it is crucial to show integrity in your communication skills and financial decisions. As a result, having excellent communication skills is necessary to launch a career as a financial management specialist.
Leverage Network Opportunity: It is not an overstatement to say that the finance sector, like continually expanding technology, legislation, and market trends, is transforming at a breakneck pace. This is where, to stay current on new advances and broaden your knowledge, the adoption of a continual learning mindset has become crucial. As part of continuous learning, various renowned management institutions have begun emphasizing the value and benefits of networking opportunities. With robust chances, the educational institute allows students to learn about industry norms and expectations by setting up webinars, presentations, and live meetings with industry experts and specialists. Speaking with financial analysts can further help students, particularly those pursuing an MBA/PGDM in Financial Management.
Relevant Work Experience: Regardless of any industry, it is essential to have appropriate professional experience before starting a career. This is where getting great internship opportunities in financial department of any organization help you learn more about the occupations associated with financial management. Alternatively, you can also work with a financial coach to get further advice on the crucial elements of this line of work. In a nutshell, having relevant experience in the industry will provide you with a competitive advantage when applying for a job at a renowned organization.
Financial Management Career: It’s Now or Never!
Owing to the ever-growing landscape, finance has undoubtedly become an industry that is constantly evolving and expanding. With the growth traction, the industry has become the most desirable, stable industry to work in among 18- to 25-year-olds, surpassing tech, healthcare, and education, according to research from the CFA Institute (a non-profit dedicated to financial education).
In addition, by keeping the aforementioned things in mind, you can effectively prepare yourself to start a career in financial management and make wise decisions to succeed in this exciting and lucrative field. As a result, if you’re looking to start a career in financial management, now is the best time.
The author is Professor in the Finance and Accounting Area at FORE School of Management, New Delhi