One myth that people always have is that a Finance major can only be employed by companies that sell financial products likes banks, investment firms etc. Well its about time we bust it. Finance forms one of the basic pillars of any company irrespective of what the company does. Finance includes everything monetary from expenses to budgeting to salaries to the money spent on each department.
Another myth that people often talk about is how difficult finance is. Again, False! Sure, understanding the concepts can take some time but don’t we all deal with finances in our day to day lives!
Fear of the name increases the fear of the thing itselfAlbus Dumbledore
Fearing numbers in today’s world is foolhardy. In a world where we are surrounded by data, information and everything can be broken down into numbers, we should embrace this side of business and try to understand even if we do not wish to make a career in finance. One of the major qualities of the management degree is that it gives some knowledge about all aspects of a business and how it functions.
But if you are a finance enthusiast and are looking to have a career along this line, then below are 5 job roles that might interest you-
These are corporate financial advisors who help their clients raise money in the capital markets, provide various financial advisory services, and assist with mergers and acquisition activity. Thus, when the capital markets are doing well, investment bankers tend to do well since they can generate more revenues from all the activities that they undertake.
Their duties primarily include
- Arranging Finance
- Underwriting Deals
- Private Placements
- Advising with Mergers and Acquisitions
- Resolving conflict of interests
Financial Risk Analyst
As a financial risk analyst, you’ll be responsible for predicting change and future trends, as well as forecasting costs to the organisation. Financial risk analysts identify and analyse the areas of potential risk threatening the assets, earning capacity or success of organisations in the industrial, commercial or public sector.
There are high degrees of specialization in this domain. The 4 main specializations are-
Risk analysts must keep track of developments in the economy alongside financial assessments to identify any repercussions or implications for their clients. Once they have identified potential risks, they recommend strategies to avoid or minimise them. Clients require daily monitoring of risks to their assets, credit and business status.
A Treasury Manager is responsible for cash and treasury operations, short-term borrowing and investments, as well as payments. They have to assesses the products, services, technologies and systems that are available and appropriate for Treasury departments. They oversee all aspects of the company’s financial risk exposures including interest rate risk and foreign currency risk.
Some of their duties include-
- Supports treasury and cash management operations and helps develop strategies to maximize efficiencies, safeguard assets and minimize costs
- Assists in preparing and managing annual budgets and forecasts.
- Supports financing negotiations and capital strategy formulation
In general, accounting managers are responsible for tracking, monitoring and evaluating day-to-day accounting tasks and activities. These tasks are essential to ensure company’s performance and success. For that reason, Accounting Mangers are almost always in demand.
Their basic job duties include-
- Plan, implement and oversee overall accounting strategy
- Monitor and analyse accounting data
- Set up and monitor accounting KPIs
- Ensure the timely reporting of all monthly financial information
The list isn’t exhaustive but it is clear that the Accounting Manager is responsible for all areas relating to financial reporting.
Also known as a Financial Advisor, an Insurance Advisor provides financial advice to clients on retirement planning, investing, and protecting against risks. Insurance Advisors complete a financial needs analysis with clients, which includes assets and liabilities, tax status, existing insurance and risk analysis.
Their duties include-
- Meeting with clients to analyze their financial needs
- Utilizing their tax investment knowledge and devise products best suited for their client’s requirements
- Assessing the financial risk of their clients and their portfolios
Of course, the above list doesn’t cover all the aspects of an Insurance advisor’s job role but their work is along the same lines. Insurance advisors utilize their knowledge of insurance policies and companies to evaluate, recommend, and sell plans to customers or businesses based on their needs. This job involves communicating with customers to assess their current situation, researching products to match the customer’s needs, processing paperwork, and ensuring existing customer information is up to date.
Besides the above-mentioned job roles here are few other roles that a finance majors’ students can delve into-
- Financial Analyst
- Credit Appraisal Officer
- Research Executives for DEBT & Equity
- Hedge Fund Manager
- Asset Manager
Finance holds a very vast scope and so the roles an individual can take are also many and multifaceted. But if this is where your true interests lie then go ahead and chase your dreams.