Dr Pradip Kumar Mitra
Finance being the lifeblood of any business there are ample scopes which a post graduate in management with finance can avail. MBA finance as a career demands skills in accounting, finance, taxation but also requires the proficiency in statistics and econometrics specially the time series techniques. Students often misunderstand finance as a subject of accounting and taxation only but it is far beyond this scope. Actually nowadays one needs to build his quantitative acumen while studying this course and also learn some new software and programming techniques dealing in quantitative finance. This will build in him a diverse skill set and magnetism to start an attractive career in a good company.
The Challenges ahead.....
If we compare the scenario that is taking place worldwide especially in B-schools of Western countries like Europe or America we find a paradigm shift in the teaching- learning process which is foraying into more digitisation or instagramming or use of number of machine languages which helps in bridging the gaps between industry and academia and making students experiencing more technology driven curriculum rather than the theoretical classrooms. Experiential learning is the new focus for the higher education. Along with digitization artificial intelligence and robotization will also become the pillars for the fourth industrial revolution. The block chain, crypto currency, nanotechnology have already created their footprints in the industry around the world and therefore in the coming days MBAs will have to shape up themselves on the thriving pulse of industrial change and make themselves industry ready.
While delivering the curriculum, ‘educational technology’ has carved out a niche in this transformation. Flip the classroom is the new instructional method where students get course material, projects and tasks online before they actually come to classroom where they discuss only the cases or some problems with the faculties. Students are more engaged with business simulation and games that make learning increasingly interactive and thereby more effective.
How to move ahead....
Back to India the business schools have started orienting towards this direction and thereby trying to make professionals industry ready through this process. So point is that the more dynamism has ventured in the curriculum and one needs to cater to it. MBA finance thus become a challenging course not in terms of theory only but also in terms of developing some unique skillset that the industry will look forward in the days to come.
Along with learning some applications, the industry also demands that one should get specialised in some areas and make himself complied with the same. For example if a student is looking for a role in capital market he needs to pass some certificate courses like Investment Adviser, Derivatives and Securities Operations and Risk Management etc. run and certified by National Institute of Securities Market (An institute launched by SEBI). On the other hand if a student is looking for a career in Banking then he needs to clear the Diploma in Banking and Finance (DBF) a flagship course launched by Indian Institute of Banking and Finance which is equivalent to JAIIB. Similarly for risk management one should go for FRM course and for hands on knowledge on commodities the course of MCCP by Multi Commodity Exchange or for credit appraisal jobs a certificate course is available from CARE. Along with these certificate courses one should also have a strong acumen in excel and develop programming skills in R-programming or Python or SAS programming. There are also some courses available online for almost all subjects which are available online and free (Coursera and Edx). Apart from that a thorough training in soft skills like negotiation, leadership, teamwork and problem solving remained as a top priority. MBA finance program in a traditional University set up is yet to gear up with modern curriculum and pedagogical innovation but some of the B-schools have surely noticed the changes and incorporated those in their own PGDM curriculum which are again recognised by the AICTE, Government of India and equivalent to MBA programs as run in a University system. Having said that all it is true that there is no dearth of jobs for a right candidate rather they are in galore actually. One has to make him or her capable to get the offers.
Jobs after MBA in Finance
Thrilling career opportunities are there in various consultancy firms, financial institutions and banks. One can get into the jobs in various broking, insurance and mutual fund companies also. Once you are through with a five to eight years of experience one can serve in Government organisations and get engaged into policy making affairs as a consultant. Here are some examples that MBA Finance can look at to start with.
Accounting Professionals
Financial Analyst
Credit Appraisal Officer
Treasury Manager
Investment and Banking Associate
Financial Risk Managers
Investment and Insurance Advisors
Investment Bankers
Financial and Investment Consultant
Research Executive for DEBT and Equity
The pay scale depends on the B-school from where one is graduated but his acumen in finance will be the deciding factors. Even students from Tier II or Tier III B-schools can get creamier package if he has a sound knowledge about the subjects and an all-rounder. The salary ranges normally from 6 to 15 lakhs in Tier I and Tier II schools depending on the reputation of that school.
To conclude it can be said that career opportunities are in numbers for MBA Finance students the key is how one remain focussed throughout the journey and gears in the right direction. As Einstein has said “Knowledge is the Currency” one needs to soak up knowledge from everywhere to rule the roost.
