Banking as a profession

Banking as a profession

The prospects in banking and finance is growing day by day and to have a good reputational job in your career, banking is one of the good option you can choose for.

Advance your career as a Finance and Banking Graduate

There are some tips that might help you if you are already in the field of finance, but looking for a way to enhance your skills,

· Increase your network

A big part of working in the finance industry is knowing the correct people. The best way of getting exposure is by meeting people from the same stream in which you would like to embark on. You could also sign up for certain finance-based networking societies to be introduced to more people.

· Get more Certifications

If you are working an entry-level banking job, a great way to advance in your career is by pursuing higher education. If you are a graduate, consider getting your master's degree or certification like that of a Chartered Financial Analyst (CFA) or a Certified Public Accountant (CPA). If you have completed these certifications, try to look for international equivalents of your existing licences. The more certifications and licences you earn, the higher is your potential to work at a higher position for a higher salary.

· Know about the market and its affiliates

One of the most important parts is being aware of the latest financial news and market trends in the economy. In order to stay on top of market news, it is important to keep track of news updates, read business journals and conduct your own research to come up with assessments and data. This additional knowledge will also be helpful in job interviews and networking events where you will be able to make conversation about the financial market and the current trends with industry experts and learn more from them.

Why should you choose a finance and accounting career?

Unsure of what to do after graduating from Commerce? Here are some reasons why a career in finance and accounting might be the right fit for you.

· Desirable salary

Professionals who have completed their graduation in finance or accounting or have completed certifications like Chartered Financial Analyst or Certified Public Accountant,, can expect a basic salary of anywhere between INR 2 lpa to 6 lpa. Moreover, a person can expect to get a good hike in their salary over the years with the increase in experience as well as by earning more certifications and licences.

· Global Opportunities

One of the most desirable aspects of working in the field of finance and accounting is that there are numerous job opportunities available to any professional. Moreover, since most industries need a professional to look after their finances, you can choose to work in any industry you like. You can also specialise in a particular industry that you are passionate about. If you have had enough experience and have the necessary global knowledge, you can also explore job opportunities in countries other than India.

· Opportunity for Growth and Learning

Since the global economy is constantly growing and evolving, finance professionals are required to keep up with these changes by learning new skills and getting new certifications. Most businesses and banks such as BDO, EY and KPMG offer growth opportunities to their employees in the form of structured training, arranging webinars as well as masterclasses from industry experts. After gaining experience as an executive-level employee for a few years, you can try to move on to management opportunities.

· Fast-paced and exciting work environment

On one hand, there are people who prefer a quiet work environment and on the other, there are those who prefer to work in a fast-paced and challenging environment. If you are among the latter, a career in accounting and finance is the right fit for you. Especially if you are working as a Broker or an Investment Banker, the trading floor or your general work environment can be a stimulating environment to work in.

Top Career Paths for Finance and Accounting Graduates

Here are some of the most sought-after career options pursued by Finance and Accounting Graduates.

· Accountant

One of the most common career options chosen by students after completing their graduation in commerce is that of a Chartered Accountant. In India, the starting salary of a normal Chartered Accountant can earn anywhere between INR 6 to 7 lpa. Other than Chartered Accountancy, an accounting graduate can also pursue courses like Certified Management Accountant (CMA), Certified Public Account (CPA) and Association of Chartered Certified Accountants (ACCA). Accountants are responsible for looking after the financial statements and records of a company and ensuring that they are following the necessary regulations. They are also supposed to help the organisation make sound and informed financial decisions by analysing financial records and performing audits.

· Broker

Another popular career option among finance graduates is to work as a Stockbroker. A Broker is usually responsible for handling the existing and potential investments of a company. They also offer advice regarding insurance or real estate investments to their clients and help negotiate profitable brokerage deals for their clients. Brokers must maintain their client list and strive to expand their network over time. To work as a Stockbroker, one must ideally have a bachelor's degree in finance or business administration. Having completed a master's in finance or in business administration can also help you get hired at a higher position.

· Auditor

If you have a bachelor's degree or a master's degree in accounting, finance or business administration, you should also consider working as an Auditor. In addition to graduation, you can also complete certain certifications like Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Government Auditing Professional (CGAP) and Certified Financial Services Auditor (CFSA). As an Auditor, you will be required to ensure that the company you are working for is following all the necessary rules and regulations when it comes to their financial landscape. This includes looking after the taxes owed and the tax returns, going through the accounting books, ensuring that the legal requirements are being met.

· Wealth Manager

A Wealth Manager or a Financial Planner is an individual who analyses the current financial status of their employer and then further advises them on how their profits can be improved. Wealth Managers also look after the investment portfolio of their clients and analyse which ones are to be retained or to be sold. They can also create financial plans for their clients and customise these plans to the respective goals and objectives that they want to achieve.

· Credit Analyst

A Credit Analyst is a professional who assesses the creditworthiness of a business or an individual. This assessment helps determine whether an entity can be trusted to fulfil its financial obligations. Such Credit Analysts usually work for banks, credit card companies, and private loan providers. They also determine the credit score and the credit limit of the borrower and also determine whether these limits should be altered or not based on their credit history.

Choosing a career path after graduation can be a daunting experience without the right guidance. Make sure you do the right research and reach out for guidance from experts before coming to any conclusions. If you are passionate about the field of banking and finance, the above-mentioned career options and tips could can help guide you in the right direction.