The word ‘Finance’ almost always equates to numbers and math to those with minimal knowledge of the industry. Under the highly popular misconception of finance students, excelling in numbers and math is not the be all and end all of the required financial skills.
Being quick to decipher numbers, understanding the numerical logic and patterns of behaviour are also essential skills for a student pursuing an MBA in finance. Strategic planning for business administration is a higher degree of knowledge that is a must to thrive in the financial industry.
However, what students fail to see, be it in distance education or otherwise, is that building a successful career in this business takes more than just acquiring skills and knowledge.
Below, we have listed the top five things every finance student must know:
1. Increasing demand
Professionals in the financial sector are in luck as globalisation and an overall flourishing economy contribute to the rapidly growing demand for hiring accountants and auditors. With a projected growth rate of over 11% between 2014 and 2024, the finance industry is the fastest growing industry. Isn’t that where you would want to be?
2. Employers want accountants with software skills
In today’s world, being an accountant with just an eye for detail, above average organisational skills, ability to recognise and determine patterns and a quick mathematical mind is not enough. It is quite pivotal to be comfortable using the business software as well. Expertise in information technology is the second most sought after skill in accountants. They even place it ahead of good communication skills, leadership abilities and customer orientation.
3. More than just numbers
Who says that finance is only restricted to numbers and figures? You can choose several off-beat career paths like Corporate Financing, Commercial Banking, Investment Banking, Hedge Funds, Finance Planning, Public Accounting and Insurance with an MBA in Finance. The Banking sector pays the highest in the financial industry.
4. Strong financial base
If you look at the statistics closely, about 30% of the Fortune 500 CEOs spent the first few years of their professional life building a strong financial base. Companies appreciate the value added by employees with good financial knowledge. So which company wouldn’t want to have you?
5. Finance related jobs open several other doors
A foundation in finance ensures that the door to other possible career options is still wide open. All sectors around the world hire finance students, giving them an opportunity to choose their place of work. Remember, that finance is a challenging, competitive line of work that has a high job demand throughout the market.
The finance industry is growing at a tremendous pace in India, especially under the present market conditions. From being MODI-fied to ‘Paytm Karo’ the financial industry is creating waves like never seen before.
Do comment below if you have anything to add to the blog.