Wondering what are the emerging career options in Finance? Or do you want to learn more about a different career in finance?
The role of finance is to carry out the development and growth activities of an economy. The number of charts and patterns that have the potential to make or break the economy is what a career in finance is all about. Finance is all about studying the management of money and how one can acquire and maximize profits.
When you want to tap careers in finance you need to understand how to grow better at financial careers. By the end of this blog, you will have an idea about the top emerging careers in finance.
Top Career in Finance
There are a good number of options under career in Finance which you can pursue if you want to specialize in finance or make a career in financial professional jobs. Take a look at some of the top career in finance and choose what’s best for you.
1. Public Accounting
Accounting is an extensive field of study and practice that comprises a variety of services related to finance. It mainly focuses on recording and maintaining the flow of money for public or private entities.
As an accountant, one can work to help organizations to get their finances in order, understand the investment cycle, and help in making projections to achieve success in the long run.
A public accountant will never face the problem of a lack of clients from the commercial as well as private sectors. However, people working as accountants usually end up serving giant accounting firms or get employed by companies to work in-house.
2. Corporate Finance
Corporate Finance is a sub-division of finance that provides funds for the conduction of business activities. The job function in this profession includes:
- Balancing risk along with profitability
- Maximizing the value of stock
- Managing funds along with selecting investment portfolios
- Critically analyzing and forecasting economic trends
The professionals in this domain are hired in junior and senior capacities and it depends on their educational qualifications, skills, interest, and aptitude. Also, leading corporate firms recruit finance graduates to expedite mergers along with acquisitions of businesses.
3. Investment Banking
A career in Investment Banking finds a place among the most prestigious careers in finance. Investment bankers are responsible for handling tasks related to financial remodeling. Their field of operation involves working with data and numbers and decisions that can improve business operations. The practitioners must have insightful knowledge of financial markets and economic trends.
It is a highly competitive field that requires financial expertise, and negotiation skills accompanied by high confidence. Most of the top investment banks prefer hiring candidates who have an MBA in Finance with the desired skill set. An MBA in Finance or a degree in Law can be beneficial if you want to enter this domain.
4. Portfolio Management
This career is a fusion of commerce and science and it required knowledge of business, mathematics along with analytics. As a Portfolio manager, one does not need to pore over individual investments but you need to look at the overall investment mix which can be institutions or individuals. Also, you will have to guide organizational policies on investments and decisions regarding asset allocation. The professionals who are employed as Portfolio Managers need to work to maximize profits at a negotiated risk.
A background in Economics, Business Administration, or Accounting is an ideal choice to get started with a career in finance. If you have experience in the domain of financial asset management or working with investment institutions then it can serve as a great advantage for your career.
5. Risk Management
Risk management professionals help to identify market risks and recognize poor investment outcomes. They have to strategically maximize returns and minimize risks. And for this purpose, they will have to apply their mathematical and analytical reasoning skills and will have to advise clients on various business matters. There are various job roles in this field:
- Financial Risk Manager
- Enterprise Risk Manager
- Supply Chain Risk Manager
- Operational Risk Manager
- Digital Risk Manager
Risk management is an in-demand profession in India and companies like SBI Life Insurance, LIC, PolicyBazaar, etc recruit for various positions which include analysts, managers, consultants, and advisors.
6. Financial Planning
For securing current and future financial stability individuals and companies look for the services of Financial planners. A career in financial planning involves reviewing financial statements and cash flows and creating various methods for saving and investing in matching the need of the client.
If you want to opt for financial planning then you can concentrate on a specific area like wealth management, tax planning, estate planning, investment growth, and many more.
Here are some places that employ financial planners in India:
- Wealth management and financial institutions
- Knowledge Processing Organizations
- Non-Banking Financial Companies
- Asset Management Companies
- Finance Journalism
- Self- Employment
A candidate who has a postgraduate degree like MBA in Finance, MS in Finance, or MA in Economics can plan to obtain employment as a financial planner at an established firm.
7. Commercial Banking
Commercial banks render their services to individuals and businesses. They offer savings and current account facilities, debit and credit card facilities, education loans, personal loans, and also many other services.
The primary duty of bank personnel is to maintain a trustful relationship with the existing customers and find new clients to keep a smooth running of the business. For this, they deliver effective and consumer-friendly services and remain proactive to improve the day-to-day functioning of the bank. Employment in Commercial Banking is considered a good career choice due to decent pay packages and working hours.
In the current scenario, Financial services are rapidly evolving in the technology-led world. So, your career choices must be future-oriented. Here are some latest innovations in the Fintech space:
- Payment banks are fostering financial inclusion along with advancement in digital payments.
- Artificial intelligence and cognitive analytics power data-driven decisions.
- Blockchain implementations that transform banking and financial markets.
- Robotic process automation has the potential to address case backlogs.
- The need for cybersecurity solutions that will help eliminate intrusions and attacks has multiplied.
With big firms like ICICI and Axis Bank, many more opportunities are emerging and it would be wise to take up courses that empower development in fintech and teaches you about finance.
8. Compliance and Internal Control
Compliance services hire managers and administrative officials who ensure that all the procedures and activities adhere to laws, ethical practices along with standards. As companies want to avoid any harm to their reputation and finances the job of Compliance officers is to support effective business performance.
Candidates who graduated in accounting and law can opt for a career in financial compliance services.
Summing up we can say that multiple career options are emerging and depending on your academics and professional work experience you can choose a suitable career in finance and can then acquire or enhance a specific skill set for a specialized role to build a career in finance.
If you want to know more about different emerging careers in finance or have any confusion regarding your career then feel free to avail Mindler’s Online Career Counseling Session with experts.