Money makes the world move, and finance is at the heart of understanding it. Whether planning an individual’s food budget for the month, handling the investments of a large MNC, or proposing a budget for a country of over a billion people, you need to understand how finance work.
From small questions to big ones, finance will give you the skills to understand them all. No wonder it is one of the most sought-after degrees in the world today. Out of the 3.82 lakhs net increase in jobs in the financial year 2022, finance (along with IT and banking) was one of the three sectors that contributed to the 93 percent net increase. According to the Federation of Indian Chambers of Commerce and Industry, the domestic financial sector is expected to generate another 50 lakh jobs in the next ten years. Moreover, the salary in the financial services sector is predicted to increase by 9-12%.
To meet the ever-increasing demand among aspirants and professionals looking to upskill, some premier institutes in India are offering financial services courses, like IIM Lucknow online certificate courses for finance.
If you want to ride the wave of growth in the financial sector, here is your chance! Take a look at some of the leading careers for finance aspirants in 2023.
Leading Careers for Finance Aspirants
Finance professionals are an essential part of any organisation, no matter their size. The job prospects are immense, and the roles pay incredibly well. If you want to secure your professional growth in the financial sector, these are the careers that you can look into.
A financial advisor is your one-stop shop for all finance-related advice. These professionals help their clients make informed financial decisions, build an investment portfolio, make retirement plans, provide insurance coverage advice, strategise tax planning, manage debt, and much more! They help people get their financial affairs in order based on their goals. A financial advisor can expect to earn an average base salary of INR 4,26,380.
One of the most sought-after positions in the financial services sector is of a financial analyst. A financial analyst is responsible for assessing and analysing the financial data of an organisation to help it steer business decisions through recommendations. They evaluate the fiscal health of organisations based on which they advise the stakeholders and help them draw up a plan of action. The average salary of a financial analyst in India is INR 4,81,684, subject to various factors.
Investment bankers are at the top of the chain in the financial services sector. One of the most highly-paid careers, with an average salary of INR 8,94,943, it is also an extremely demanding and competitive career option. An investment banker is a professional who provides financial services to corporates, retail and institutional investors, and governments to raise capital, invest, manage debt, and arrange mergers and acquisitions.
Financial Software Developer
If you want to combine your love for technology with finance, a career as a financial software developer is just what you need! As the world becomes even more technologically advanced, the finance industry is increasingly relying on technology to foster its growth. Financial software developers provide their technical expertise to the finance industry by developing, maintaining and upgrading software that provides solutions and meets its transforming needs and requirements. The boom in the Fintech industry is a testament to the collaboration between the two sectors.
Financial Risk Manager
Whether it is a recession, inflation, pandemic, natural disaster, or war, the financial sector has to weather several storms. Financial risks constantly threaten the economy and market. A financial risk manager protects an organisation from internal and external risks to ensure its financial stability and growth. It is a professional designation issued by the Global Association of Risk Professionals (GARP) through their FRM Certification. They identify, analyse, and mitigate threats to the organisation through strategic risk management.
If mathematics is your field of expertise, then the role of an actuary will be right up your alley! An actuary uses advanced mathematical and statistical techniques and models to measure and manage the risks and uncertainties of future events. They analyse financial risks resulting from future scenarios and assess their impact based on historical trends and future projections. Actuaries are essential for sectors like insurance, social security, annuities, pensions, health benefits, government schemes, investments, and business management. The average salary of an actuary in India is INR 10,13,674.
A treasury manager is the gatekeeper of an organisation’s financial resources. They are responsible for overseeing the management of corporate finances, including cash flows, liquidity, financial records, investment management and risk management. You can expect to earn INR 12,31,513 per annum for helping an organisation achieve its financial goals and safeguarding its financial health.
Hedge Fund Manager
For those seeking a fast-paced, intensive career track with high rewards, being a hedge fund manager is the career for you. Hedge fund managers are responsible for managing a hedge fund (a pooled investment fund) and making investment decisions that are high-risk and high-reward. They constantly seek ways to outdo the market returns by reading market indicators and the general economic climate. The world’s richest hedge fund managers have a net worth in the billions!
Chief Compliance Officer (CCO)
A member of the C-suite (the coveted club of ‘Chiefs’ leading an organisation), the Chief Compliance Officer (CCO) oversees and ensures that an organisation adheres to the laws and regulations of the state. They protect the company by ensuring it toes the lines of governmental regulations that affect its operations. The average salary of a CCO in India is a whopping INR 32,22,193!
Chief Financial Officer (CFO)
The head honcho of the financial department in any organisation, the Chief Financial Officer (CFO), is the zenith of success for any finance professional. This C-suite executive works closely with the CEO and other C-suite members to strategically lead the company’s financial growth. The CFO is responsible for overseeing the entire financial management of an organisation, liaison with external financiers, assessing and evaluating the financial health of the company, managing financial risks, and much more! A CFO in India can earn a mind-boggling average salary of INR 35,71,771!
The ever-changing and ever-evolving financial sector is continuously expanding. One thing that has remained constant throughout its dynamic growth is the demand for financial services. Finance professionals have the flexibility to move across industries equipped with their expertise. But, if you have higher aspirations and want to be the next CFO of a Fortune 500 company, you have to continuously learn and grow.
This is where Imarticus’ Advanced Management Programme In Financial Services And Capital Markets, offered by IIM Lucknow, can be your guiding hand.
Among the top IIM finance course, this program will help you develop a comprehensive knowledge of digital banking, capital markets, risk management and fintech domains. Connect with the brightest minds in the world as you become part of the illustrious IIM Lucknow alumni.