First of all, congratulations for picking up one of the best concentration (Finance) for your MBA.
In our last blog, we have written best specializations in MBA that pays you more. But we’ve thought to brief you on each opportunity that your major provides you.
As a matter of fact, The magic words “finance” and “management” open up career opportunities in various sectors including banking and financial services, investment banking, management consulting, insurance, wealth management, asset finance, and hedge fund management.
Let’s roll up our sleeves for a flawless career as Finance professional.
Firstly, What is financial analysis?
As the name suggests, financial analysis is the process of identifying and evaluating the finance related activities of the business such as- projects of the business, budget etc to determine its financial performance.
Who are financial analysts, what they do?
Without any shadow of question, we can call financial analysts as fortune tellers, because they conduct analysis by looking into company’s income statement, balance sheet, and cash flow statement.
Skills required being as a financial analyst:
- Analytical skills
- Communication skills
- Maths skills
- Critical thinking
- Systems analysis/ evaluation
- Stress tolerant
- Judgment and decision making
- Finance Basics
From here on, try to scale up the above all skills.
What does credit managers do?
He plays a key role in entire credit granting process. Hence, he is the person who is responsible for approval of credit loans. He checks the customer’s credit worthiness and assesses whether they are in the position to repay the granted loan or not, and probably approve their loans or credits based on their CIBIL score.
Skills required for being as credit Managers:
- MBA or bachelor’s degree in the relevant field (commerce) is mandatory
- Thorough understanding of NCA (National Credit Act)
- Highly ethical
- Ability to work under pressure
- Ability to work for extended hours at times
- Vast understanding of credit reporting agencies (D&B, Equifax)
- Resolve credit issues with customers
- Problem solving
You can shape your career as Credit Manager if you possess the above all requirements.
Credit risk managers:
What does Credit Risk Managers do?
He is responsible for developing and implementing the policies and procedures to reduce the credit risk. Hence, they assess risk aspects of the company and suggest various ways to make it profitable or even an existence of the company. consequently, As a credit risk manager, you’ll be responsible for managing the risks of organization, employees, goodwill, assets, and interests of stakeholders and customers.
Skills required for being as Credit Risk Manager;
- Project management skills and abilities.
- Proficient in using MS Office (i.e. MS Word, Excel, Presentation etc)
- Should have good understanding of how the Retail as well as Corporate businesses within the Bank function
- Transaction structuring
- In-depth understanding of banking and lending practices and norms
If you have above all requirements criteria, you can shape your career as Credit Risk Manager.
They are responsible for future investment decisions of the organization’s fund. However, They usually sit and work with a team of analyst and active researchers. Moreover, It can be termed as one of the most coveted areas of financial industry. Finally, a portfolio manager is an individual who develops and implements investment strategies for individuals or institutional investors.
Skills required for being a Portfolio Manager:
- High degree of efficiency in data interpretation and analysis.
- Good hand in research and analysis
- In-depth understanding of financial market
- Better understanding of economics and portfolio theory
- Should be customer-centric too.
- Ought to be unbiased about clients
- Good at strategizing and prioritizing
- Also, he should do Masters In economics, finance or any other related fields will be an add-on.
By carrying above all skills, one can easy propel their career as a portfolio manager.
Financial advisors (personal):
What does financial advisor do?
The basic role of a Financial Advisor includes advising their clients on financial plans by utilizing knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Finally, They will set the financial goals for their clients, and sit with them and they will discuss various investment options available.
Skills required for being as Financial Advisor:
- Problem-solving skills
- Able to sell bonds, share or Mutual funds at times.
- They should have Analytical skills too.
- Interpersonal skills
- Mathematical skills
- Complete risk analysis on investments
- Negotiation skills
- Complete knowledge of current financial markets
By Meeting above all requirements, one can be as an effective financial advisor.
Risk and insurance manager:
What does Risk and insurance manager do?
first and foremost quality in risk and insurance manager JD is that, They have the authority to make decisions on risk management issues affecting the organization. Usually, risk managers work on mantra known as “Prevention is better than cure”.
Because They assess the potential threats and drafts workable plan to overcome such adversities for clients.
Skills required for being as Risk and insurance manager:
- Commercial awareness
- Negotiation and ability to convince people
- Ability to understand broad business issues and threats
- Reporting abilities
- Risk management
- Leadership skills
- Should be patient enough
- They should be able to spot out the aspects that are typically insurance hazardous.
- In addition, they should be able to achieve strategic objectives
By having the above all qualifications you can be as a Risk and insurance manager
What does accountant do?
An accountant prepares, analyze and therefore examines the financial records, statements, and other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards of any business undertakings.
When we consider an organization, an accountant will be involved in key business decisions along with the strategic team.
Skills required being an accountant:
- Strong knowledge of basics in accounting
- Analytical ability
- Ability to meet deadlines
- Mathematical accuracy
- The ability to be responsible for financial decisions.
- Attention to detail
- Reporting skills
- In any case, they should be good at SFAS (Statement of Financial Accounting system) rules
Hence, by having above all requirements you can qualify yourself for Accountant.
Also, There are ample of other options open in financial markets for professionals. So, the best way to pick the rising career for you is by considering the market direction and scope of that job. furthermore, To effectively pursue jobs with a high probability of success, conscious understanding of market demand is necessary.