Scope of MBA in Finance
You might be astonished to learn that Finance and Economics were one and the same near the end of the 19th century if you follow the subject’s progression through time. As the field developed, a new section known as “Finance” emerged. Finance and banking were always regarded be associated until a few years ago, but today the field of finance has expanded.
Nowadays, every economy relies heavily on finance. The age of automation and industrialization is now. Finance is a key factor in the advancement of industries. Also, it is crucial to note that several businesses and sectors are currently experiencing severe financial challenges. Expert financial managers devise pertinent solutions to aid firms in enhancing their financial health and operational performance during such trying circumstances.
You must be aware that the fundamental management function in every firm and in every sector of the industry is financial management. That is one area that, in large part, is in charge of propelling the company’s expansion.
Whether a company is large, small, medium-sized, or micro-sized, finance is essential. Although you’ll start off in an executive or entry-level position, you’ll eventually advance to executive and senior positions. You might opt to work in an analytical function after investing a lot of time in the banking industry.
One of the best programs for assisting interested students in discovering the potential of the field of finance and using it to further their careers is an MBA with a specialty in it. In this course, you will study effective management techniques and how to apply creative ideas to boost the economy.
Why is an MBA in Finance a Good Career Option?
You can acquire particular financial planning skills, financial decision-making, budgeting, costing, investment management, international finance, working capital management, and corporate finance when you enroll in an MBA in finance program. The corporate sector, real estate, investing, banking, and all other industrial areas are then yours to enter.
Due to the current global financial crisis, candidates now have more options thanks to the MBA in Finance, broadening its potential applications. Several businesses and financial institutions have employed managers and analysts to protect their assets throughout the crisis. As a result, top organizations are increasingly offering lucrative wage packages to finance experts and MBA Finance graduates, given the expanding use of MBA finance in a variety of sectors.
Personal Aptitude and Skill Sets Required
- Quantitative skills
- Happy to work with numbers.
- Love subjects like Statistics and Mathematics.
- Analyzing data and interpreting them to conclude.
- Understanding fundamental principles of accounting like making balance sheets, and finance.
- Motivated individuals
- Team players who believe in collaborative and coordination efforts.
- Multi-tasking capabilities.
- Report making
- Have a basic understanding of the market trends
- Have an interest in making long-term plans.
- Have the capability to perform under pressure.
Topics Covered Within Finance
Different institutes cover topics about the following:
- Business Communication
- Business Statistics
- Organizational Behavior
- Emerging Technology: Impact on the Future of Business
- The Firm and The Consumer
- Operations Management
- Analysis of Financial Management
- Artificial Intelligence in Business
- Consumer Behavior
- Strategic Management
- Financial Management and Valuation
- Digital Finance
- People Management
- Global Economics
- Principles of Financial Regulation
- Financial Information Systems
- Marketing Management
- Design Thinking
- Data Protection and Competition
- Financial Criminology
- Business, society & Government
- Entrepreneurship & New Venture Creation
- Behavioural Finance
- Data Visualization in Finance
- International Business & Finance
- Managing FinTech Ecosystems
- Blockchain & Cryptocurrency
- Business Ethics & Corporate Social Responsibility
- Business Bankruptcy
- Financial Statement Analysis
- Business income Taxation
- Business Simulation
- Digital Fraud & Risk Analytics
- Creating Financial Stability & Resilience
- Stock Market Analysis
- Different financial instruments with Futures and options
- Market trading and volatility
- Investment Banking
Common careers for MBA in finance graduates
Here are some typical careers that you can consider with an MBA degree in finance:
1. Financial Analyst
National average salary: ₹28,810 per month
Financial analysts’ main responsibilities include measuring operational indicators, reporting, and economic forecasts. These experts often work for asset managers or investment banks and analyze microeconomic and macroeconomic data to comprehend an organization’s financial health. These perceptions aid in formulating suggestions regarding the business they are assessing. Among their typical duties are market research and data mining, trend identification, and variance analysis of previous outcomes. Moreover, they collaborate with the account team to guarantee the accuracy of the financial reporting. Creating automated tools and models based on economic analysis is another task.
2. Relationship manager
National average salary: ₹22,348 per month
Maintaining strong client interactions is the relationship manager’s major responsibility. Understanding distinct consumer demands and putting plans into place to fulfill them are duties of this role. An essential component of being a relationship manager is making attempts to keep the current client base and developing plans to attract new potential consumers. These experts see possible connections, keep cordial interactions with client employees, and make sure to promptly and effectively resolve client problems. They strive to make sure that the sales and customer service procedures are effective.
3. Accounting manager
National average salary: ₹43,942 per month
An accounting manager’s main responsibilities include overseeing and directing the day-to-day activities of the accounting department within an organization. Analyzing accounting data, creating financial reports, and facilitating annual audits are a few of their crucial responsibilities. These experts can also assist in defining accounting rules and concepts, monitoring accounting data, and assuring compliance. They also endeavor to accomplish various accounting goals by maintaining and documenting financial records, files, and transactions. Given the nature of the job, an accounting manager should be detail-oriented, have strong leadership qualities, and be knowledgeable about accounting standards, legislation, and bookkeeping procedures.
Also read: Top 5 High paying Jobs after doing MBA in India- 2023
4. Business analyst
National average salary: ₹43,821 per month
Business analysts’ main responsibilities are to examine business operations and take action to guarantee smooth operation. They provide organizations with efficient solutions to assist them to adapt to changing conditions and procedures. The most important job a business analyst has is analyzing and interpreting what stakeholders want, comprehending different project demands, and communicating this knowledge to teams inside the firm. Moreover, they guarantee that various functional and non-functional business criteria are met in a project. Business analysts frequently have outstanding attention to detail, strong presenting skills, and careful organizational abilities since they are at the forefront of company communication.
5. Finance manager
National average salary: ₹46,719 per month
Main duties: A finance manager’s duties might include everything from preparing accounts to conducting strategic analyses of a company’s financial decisions. They might have to conduct research, create financial reports, and offer to advise as part of their everyday tasks. Meeting department heads, providing back-office services, managing cash flow, coordinating with teams, analyzing objectives, and reporting are just a few other responsibilities. Contributing to significant corporate choices like transactions, mergers, acquisitions, and expansions may be a part of senior tasks. They could also take action to strengthen stakeholder connections and provide advice on the organization’s financial health.
6. Chief financial officer
National average salary: ₹76,596 per month
Key responsibilities: Improving an organization’s financial performance is the chief financial officer’s job. A CFO has a high-ranking position and is in charge of the organization’s financial stability. Building finance and accounting teams, establishing a balance between revenues and costs, and managing financial planning and analysis inside the organization are all their responsibilities. They contact board members when discussing organizational strategy and collaborate with department leaders when making choices about financing and budgeting. Chief financial officers’ opinions and suggestions are taken into account by departments throughout the organization due to their expertise in the sector and their insights.
7. Financial consultant
National average salary: ₹19,968 per month
A financial consultant’s main responsibilities include assisting firms in developing strategies and plans to enhance their financial position and structure. Additional duties may include advising customers on tax matters, assisting executives in creating and implementing short- and long-term financial goals, and keeping abreast of the state of the economy in order to inform client counsel and recommendations. They might go to the customers’ homes, workplaces, or other preferred meeting places.
8. Operations manager
National average salary: ₹38,723 per month
Managers of operations are responsible for carrying out a variety of organizational operations and making ensuring that crucial tasks are completed on schedule. These experts may operate under operational leadership in numerous organizational departments as they strive to maintain and improve the efficiency levels of a corporation. They carry out duties including hiring and training workers, managing them in their daily duties, developing plans for process-related changes, and carrying out quality control procedures. Operations managers communicate often with employees, management, and vendors to ensure the organization runs smoothly. For this position, strong leadership, time management, and supervisory abilities are essential.
9. Bank manager
National average salary: ₹39,138 per month
The main responsibilities of a bank manager are varied and focused on ensuring the efficient operation of a bank branch. In addition to being in charge of hitting sales goals, the bank manager is crucial in ensuring that employees are taught and motivated to carry out their daily responsibilities. With clever marketing techniques, they also seek to promote the branch and its numerous items. A bank manager’s main responsibility is to guarantee a high standard of customer service and to offer the best and fastest response to client complaints. Being responsible, having good communication skills, and having leadership qualities are some of the most important qualities in a bank manager.
10. Equity research analyst
National average salary: ₹26,327 per month
In order to increase investors’ chances of maximizing wealth and earnings, equities research analysts collaborate with investment firms and offer insightful advice and investment methods. Equity research experts conduct analytical studies of the market’s stocks and shares, monitor the expansion of various businesses, and evaluate their results.
As this job requires knowledge of stocks and the stock market, equity research analysts frequently want to work in a dynamic atmosphere with a demanding work environment. Excellent financial modeling and forecasting, stock valuation, accounting, and writing abilities are all important for success in a career as an equity research analyst.
Also read: Which MBA specialization is best in 2022? The reality of Marketing, HR & Finance