Way to Go with Career in Finance
The finance industry had taken the brunt of the global meltdown in the recent past, but it has swung back in action with a vengeance. Finance positions are again opening up and they are very much in demand once again. The finance industry is known to be multi-faceted and offers a plethora of positions that cater to diverse interests and skills. Financial services are said to have several sub-industries offering career opportunities. If you wish to have a great career and carve a niche in finance, you need to do a lot of research to find the perfect job for yourself. Make sure that the financial job you are looking for is compatible with your skills, aptitude and interests.
Top Financial Careers
It is just not enough to achieve a degree or certification. To be successful you need to choose the right career path. Here are some of the progressive and lucrative financial careers you can pursue.
Investment Banking/Merchant Banking
Investment banking encompasses two main businesses. One is the corporate or advisory finance role that entails acquisitions and mergers. The job entails finding targets, understanding valuations, compliance to legal protocols and regulations, and negotiation. The second role involves equity capital markets. This job would entail assisting corporate houses in fund-raising from the public or investors.
The basic role of any private equity is raising funds from big investors and then directly investing the money into businesses. The general way of functioning is to find overseas investors so that money could be raised. Then look for businesses that are in their growth stage. Now you can invest the funds in these businesses.
Financial Risk Management
Financial risk management entails the practice of economic value creation in an organization by utilizing financial instruments for managing exposure to risk especially, market risk and credit risk. In financial risk management you need to identify the risk sources, measure it, and plan to address them. Financial risk management could be qualitative as well as quantitative. The banking sector globally, adopts the Basel Accords to track, report, and expose credit, market and operational risks.
A fund manager’s job entails vital decision making relating to mutual fund. He should have an overall good understanding of the various macro factors affecting the markets and also, those regarding which firm to invest in. A fund manager’s responsibilities include investing money in debt market, stock market, directly into firms etc. as per his fund mandate.
Wealth management is basically an investment advisory field, which is known to incorporate investment portfolio management, financial planning, and a host of other financial services. Wealth managers assist small business owners, high net-worth persons and families that are looking for assistance from a financial advisory specialist. Wealth manager responsibilities include coordinating retail banking, legal resources, tax professionals, investment management and estate planning.
Retail banking is also referred to as consumer banking and involves dealing with products and services primarily for individual customers. So the job responsibilities include acquiring business for products namely personal loans, credit cards, auto loans and savings accounts. Operational roles include teller, clearing, remittances, authorizing, and customer service.
Corporate banking encompasses the entire spectrum of banking services needed by corporate; both large corporate and Medium and Small Enterprises. A corporate banker has companies or firms as his clients. Departments such as credit borrowing, treasury and cash management solutions are all integral parts of corporate banking.
The job of a corporate finance manager entails working for a company, assisting it in finding funds for running the business, expanding the business or making acquisition. He must be involved in planning for the company’s financial future and is responsible for cash management.