Age of Plastic-Money Calls for New Careers in Finance

Calling shots on choosing the right career has never been easy. This is all the more valid now, when the world map is teeming with opportunities due to growing economies and diminishing trade boundaries around the world. Even individuals are opening up to new and challenging careers as the nations have opened up the dams for exchange of trade, culture and education.

Now, due to the opening up of the closed economies to technological advancement, the financial markets are expanding and integrating globally. Even the career as conventional as Finance, has multiple facets now, both exciting and innovative, just as the use of plastic money to make our purchases.

This growth has led to the need of the knowledge and understanding of the various sectors and segments and also processes of the financial markets. India has definitely become a hot investment spot for many global markets, giving rise to openings for financial professionals in India. Individuals, banks and the corporate are in need of expertise in terms of financial research and consulting.

Considering the rise of this industry, here is a collated list of a few contemporary careers in Finance:

Credit Management:

Corporate organizations and banks hire managers for their credit departments so that rules and policies can be formulated for collection of credit. The main responsibility of a credit manager is credit collection from the customers with a long-term goal of improving the revenue and minimizing financial risk.

There could be two types of Credit Managers, Corporate or Commercial. There are different qualifications required in different countries e.g. credit managers based out of UK require an accreditation from Institute of Credit Management.

Money Management:

These financial professionals deal in corporate bonds and securities, basically pertaining to fixed-income investments. Specializations include small stocks and equity. The profiles under money management include:

• Portfolio Manager- is required to have a strong knowledge of the financial market along with the growth aspect of commodity funds, stocks. He should be competent to analyse securities as well.
• Mutual Fund Analyst- This is mostly about investment planning and monitoring. One needs to know how to select stocks and assets to be invested in.
• Hedge Fund Trader- For this one must have a grasp on fixed income investments and also portfolio investments. A degree in MBA or CFA can give a start to a career in this field.

Commodity Trading:

This is a phenomena trending globally where there is great scope for hedgers as well as professionals who analyse on small price corrections and price fluctuations. In the economically developed markets the size of the commodity market is way more than the cash market production.

Course for Commodity Trading: Professionals looking to make a career in commodity trading must take up the course for MCX Certified Commodity Professional. The course enables you to understand and analyse the commodity markets in India.

Actuarial Science:

Another course which has caught the eyes of the youngsters looking to make a career in a field related to finance is Actuarial Science. Apart from the traditional career of a Chartered Accountant (CA) or a Company Secretary (CS), this field is coming up strongly now. An Actuary plays an important role when it comes to insurance related investments. The profile comprises of solving financial queries and issues involved in the process of insurance investments and financial planning.

Graduates with a background in mathematics or statistics or both are considered well-suited for this job profile. One also needs to complete an additional course in actuarial sciences after that to work as Actuary in the insurance sector.

Apart from these specialized roles, there is also a great scope for individuals who have an interest in financial and banking laws. Such roles demand a Masters’ degree in the laws of Banking and Finance.  This is a great combination as corporate as well financial institutions prefer candidates who understand the nuances of the finance sector as well as the legalities of it. Such professionals can also work independently as a consultant.

So, if number crunching is your thing and economic theories seem interesting to you then the world of finance has lots to offer you in today’s time. Needless to say that money attracts money and hence, a career in this field is definitely a lucrative bet!