Finance About

A career in finance can be rewarding, intrinsically and monetarily. Today the role of finance professionals varies from helping corporates and individuals make financial planning decisions to helping businesses raise capital for expansion and running business operations. A degree in finance opens a wide domain for employment in areas such as banks, finance companies & financial institutions, insurance companies, mutual funds, large MNCs, private equity firms, consulting companies and investment companies. Successful financial professionals also earn good salaries, as a reward for solving complex problems.

Finance
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Career Roles & Responsibilities

Reporting to a manager and supporting the finance and accounting teams, a Finance Officer job description should include some of the below key duties and responsibilities. This is a role that interacts with several departments internally.

A Finance Officer job description generally includes:

  • Assisting in the preparation of budgets
  • Managing records and receipts
  • Reconciling daily, monthly and yearly transactions
  • Preparing balance sheets
  • Processing invoices
  • Developing an in-depth knowledge of organisational products and process
  • Providing customer service to clients
  • Resolve financial disputes raised by the customer service and sales teams
  • Being a key point of contact for other departments on financial and accounting matters
  • Supporting the Finance Manager and executives with projects and tasks when required
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Career Education Path Summary

How to Pursue a Career in Finance

 

Stream

Graduation

After Graduation

After Post Graduation

Path 1

Clear Class XII in Commerce with Math or Science stream

Pursue Bachelors in Any Stream for 3-4 years

Pursue Post Graduation Diploma in Finance/ MBA/ Masters in Finance or Certification Program like CFA for 1-2 years

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Path 2

Commerce

Pursue Bachelors in Finance/ BFIA/ B.Com (H) for 3 years

Pursue Post Graduation Diploma in Finance/ MBA/ Masters in Finance or Certification Program like CFA for 1-2 years

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Path 3

Commerce

Pursue Certification Course in Chartered Accountancy/ Cost Accountancy

Pursue Post Graduation Diploma in Finance/ MBA/ Masters in Finance or Certification Program like CFA for 1-2 year

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Path 4

Commerce

Pursue Bachelors in Finance/ BFIA/ B.Com (H) for 3 years

Pursue Certification/ Diploma Program in Finance

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Important Facts

  • Most Colleges have an eligibility of at least 50% aggregate marks in class 12th.
  • Most examinations have an eligibility of at least 50% aggregate marks in class 12th and graduation.
  • A career in the finance industry generally requires a bachelor’s degree. While majoring in fields like finance, business, economics and mathematics can help you score your initial gig and perform well there, the industry is also open to those who studied different subjects, from English to history, as long as you have some sort of quantitative background. Some jobs in finance require specialized licensing, such as becoming a Chartered Financial Analyst (CFA) or a Certified Financial Planner (CFP). Often, an MBA or related master’s degree — or even better, a Ph.D. in economics — can immediately bump up your pay prospects. While the finance industry isn’t always known for relaxing hours and stress-free work environments, it is a place whereby putting in your time as a junior employee, you can see big payoffs in terms of both salary and reduced work hours as you advance through the ranks.
Finance Career Median Annual Salary*
Actuary $100,610
Financial Manager $121,750
Personal Financial Advisor $90,530
Financial Analyst $81,760
Securities, Commodities and Financial Services Sales Agents $67,310
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Career Pros Details
  • High paying potential
  • Opportunity to work in different areas, like accounting, auditing, pricing, taxes etc.
  • Fast growth in job and never-ending demand of professionals
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Career Cons Details
  • Getting certification is a long process
  • Work-life balance may get affected due to tediousness of job
  • Can become boring in the long run

 

. A formal accounting qualification

In some industries, sparkling talent combined with real-world experience is enough to land your dream job.

But a career in finance – a sector ruled by rigorous processes and standards as well as commercial best practices – a glowing resume simply isn’t enough.

Successful candidates will have completed recognised industry qualifications to demonstrate they have the necessary educational training to back-up any work experience they have.

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2. Interpersonal skills

There once was a time when finance professionals were bound to cubicles, but that era is long gone.

These days, any perception that a career in finance involves simply crunching numbers has been replaced by the reality that positions require workers to deal with clients every day.

For accounting and finance professionals, the ability to build successful relationships with customers is critical if you want to excel. When looking at two equally qualified hires, interpersonal skills are often the point of difference.

3. Ability to communicate

For aspiring accounting and finance workers, strong written and oral communication skills are important, but it’s just as imperative to be able to explain financial jargon in simple terms.

Many companies choose candidates who can make complex industry language legible to clients who have limited knowledge, as opposed to potential hires who simply regurgitate what they’ve learned.

4. Financial reporting

There’s no denying that financial reporting skills is a requisite requirement, particular with in growing areas such as superforecasting.

However finding candidates with strong financial reporting skills is proving a challenge in this sector.

Financial candidates looking for a competitive edge would be wise to ensure they can demonstrate a high aptitude for financial reporting at their next job interview.

5. Analytical ability

Companies are looking to hire employees who can implement lateral thinking, the ability to analyse scenarios, and draw suitable conclusions. Candidates looking for a successful career in finance must demonstrate their analysis abilities with real-world examples and KPI driven results.

6.Problem-solving skills

These days, it isn’t enough to have watertight knowledge of systems and processes – it’s also essential to be able to tackle complex problems as they arise.

Whether it’s addressing the financial implications of a complicated business structure or coming up with a personalised solution for a client’s tax dilemma, a record of solving problems will see your career grow in leaps and bounds.

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7. Knowledge of IT software

The increased focus on digitisation and automation has encouraged more hiring managers to look toward financial professionals with the right IT skills to leverage new financial systems.

Candidates who can demonstrate knowledge and proficiency in predictive analytics, accounts payable automation, SAP accounting software or Oracle will find themselves in-demand.

8. Management experience

Although it’s not essential, management experience is often highly desirable for employers looking to hire a financial professional for a new role.

If you’ve proven your ability to manage teams during your career, you’re bound to excel in a leadership position in the future.

9. Commercial acumen

It’s important for financial professionals to understand the relationship between a company’s fiscal behaviour and marketplace demands.

Candidates that can exercise commercial acumen as well as an interest in the trends shaping the industry are well-placed to get ahead.

10. Capacity for innovation

Finance and accounting may be associated with routines and systems, but that doesn’t mean that innovation doesn’t have its place.

Whether you’ve invented a data-collection method that streamlines productivity or a recording process that drives accuracy, candidates who are innovative are likely to stand out.

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