The Finance Sector has witnessed immense growth in the last one decade.
The Indian Economy- tenth largest economy of the world by nominal GDP and the third largest by purchasing power parity, a member of BRICS, one of the G-20 major economies and a developing economy that is among the top 20 global traders (according to the WTO). Going by these facts, one can’t simply deny that India is one of the fastest growing economies of the world.
But, what might the possible reasons behind this growth?
The answer is quite straight forward. Substantial growth in sectors like Banking and Finance, Real Estate, Education, Information Technology and Tourism.
The Finance sector in particular has been seeing a continuous ascent since the last one decade. Divided amongst Organized and Unorganized sector, the finance sector includes sub sectors like private and public banking, Financial firms, Non-banking financial firms and money launderers.
However, the tough macroeconomic situation in India is driving private-sector banks to shift their focus on emerging sectors and rural markets to increase growth.
Has the government been supportive enough?
When it comes to one of the strongest sectors in the Indian economy, the efforts of the present and past regime are bound to be questioned. Nevertheless, the government has proven to be quite instrumental in spurring growth which has consequently resulted in increasing the number of job opportunities in the Finance sector.
According to reports, the government has eased the restrictions to encourage foreign and private banks to discover a potential market in the country. Various private banks can open their branches in all of the tier-1 cities without seeking the RBI’s approval in each case.
This will not only push banks to expand their operations but will also create a considerable number of opportunities in this field. For instance, HDFC bank is planning to open 500 mini branches across India by the year 2014, each of which will include one to three employees.
Reforms introduced by the government in financial markets focused on removal of structural bottlenecks, introduction of new players, free pricing of financial assets, increased transparency and clearing & settlement practices. These have ensured a relaxed financial market and abundant opportunities in this field for job seekers who desire to enter it.
Opportunities Created in the Sector
“Finance is the key when you think about strategy, because what are we all about? It’s about creating shareholder value.” Underpinning all of those strategic decisions to sell properties or to make acquisitions – is the financial analysis says Janet F. Clark, CFO Marathon Oil Corp.
The finance field is a vast sphere in itself and this fact is quite evident by the variance in job opportunities this field provides to the citizens of the country.
Some of them are discussed below.
In this field you would work for an organization to help it raise fund and find possible sources to grow business, manage money and induce methods for future economic growth.
Credit Manager: A credit manager has the role of establishing norms and regulations for revenue collection and securitizing the receivables. The responsibilities also include analysis of various accounts and the preferences of the customers. Salary of a credit manager as per latest statistics is found to be an average of ₹5,01,474 per year (as of 2nd Sep 2014).
Treasurer: A treasurer is responsible for raising funds, planning the finance and budget of the organization and managing the assets.
Controller: Responsibilities of a controller include keeping a check on accounts, analyzing cost, planning the expenses & creating costing efficient systems. A Chartered Accountant or Cost Accountant with some substantial external experience is generally preferred for this job. To apply for this job you need to get a bachelor’s degree in any of the fields like economics, accounting & finance or a bachelor’s in business administration. Remuneration in this job profile is found to be as high as ₹17,86,043 per annum.
Investment banks have the role of issuing securities to companies and governments, assist investors to purchase securities and look after the financial assets.
A Financial Analyst and be responsible for documenting reports, maintaining sheets to store the accounts data and trading stock alternatives.
Most foreign banks recruiting in this sector prefer management graduates from the best management schools or professionals in accountancy.
An investment banker earns approximately ₹7, 38,472 per year (as of 2nd Sep 2014).
Commercial banks work with big multinationals, small and medium businesses and the public of the country. In spite of the recent slowdown, this industry is providing continuous job opportunities than any other industry in this sector.
With the initial job profiles like tellers, leasing agents, finance officers and trade credit specialists, the opportunities in commercial banking are numerous.
Private banks select their personnel from premier management institutes by holding interviews and from among professionals like Chartered accountants, Cost & Work accountants and Chartered financial analysts.
Recruitment in government banks is also done through Banking Service recruitment board (BSRB).
Remuneration in commercial banking varies from ₹2,23,000 to ₹16,98,529 per year (as of 15th Nov 2014)
A professional working in this field has the duty of purchasing and carrying financial bonds, agency securities and different investment products.
Mutual Fund Analyst: To secure this profile, you simply require skills like financial analysis, asset selection, stock selection and planning implementation.
Portfolio Manager: Managers have prowess in fields like growth stocks and hedge or commodity funds.
Specific abilities in security analysis and an in-depth knowledge of companies and markets in the financial sector is required. Salary as high as ₹25,50,000 per annum (as of 15th Nov) can be secured in this field.
Financial planning enables people to make provisions in advance for financial requirements that might arise in the future.
To be in this field strong attention to detail is required as you are required to analyze all types of finance alternatives, including tax implications and legal restrictions.
Necessary computing skills and proficiency are also recommended to perform mathematical calculations efficiently. An average salary of ₹3,44,203 per year (as of 2nd Sep 2014) can be easily secured in this field.
Stock market houses and brokers have given the field a new dimension altogether. The stock broking business is witnessing a steep ascent.
Financial brokers are either playing hosts to foreign investment bankers or visiting fund managers in European and American countries seeking major investments.
A Post Grad course in Economics or any specialization in Commerce might fetch you a stock broking job with the desired remuneration.
Vast and Diverse- the finance sector in India has provided immense options to those looking for employment options and have different interests in the same field. Seeing the ongoing trends and diversification, the same is expected in the future too. Meanwhile, all you need is to hang in there and give in your best efforts.
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