The science of funds management is called Finance. The term finance broadly includes functions like analyzing credit applications, risk management and collections. Finance as a department in a company is primarily responsible for ensuring the costs are in control, there is adequate cash flow, established and controlled profitability levels. They also prepare financial documents and final accounts for reports.
Your daily tasks would be based on the profile you are hired for. Finance as a career will earn you positions like financial analyst, tax associate, auditor, trader, or a financial advisor. The responsibilities and challenges might differ across profiles. Major part of the job includes number crunching for projecting profits or loses, results of which are used by senior-managers for implementing the desired measures to divert losses or bring in changes for profits
What does it entail
Finance as a career is progressive, owing to the application of finance in all the sectors the opportunities for professionals from this domain are generated frequently, which can be a step further from your current role; thereby getting you a promotion and better compensation. A career in finance also offers self-employment opportunities where you can work as a financial consultant on a project basis by starting your own management consulting firm in the later stages of your career.
Finance jobs are open for graduates or post graduates holding degrees in commerce or Finance. However, being a graduate will get you an entry in this domain. Although, employers increasingly seek graduates with a Master's degree in business management, finance or economics. These management degrees will enhance your analytical abilities and will also provide knowledge of the recent development in analytical tools and technology. Once on the job, you will be learning the tricks of the trade making it easier for you to navigate through advance stages of your career.
Also by clearing certain certificate examinations like CA, CWA, or CFA will not only broaden your skills also will make you competent with advanced skills and knowledge. Higher decision making powers and of course a hefty paycheck, will be the merits of being a certified financial professional. Choosing a career in finance is a tedious task as you will need to decide which specialty is suitable for you. There are extensive variations in job roles and duties from company to company. Financial management being a crucial task for efficient business operations, employers look for well-trained, experienced financial managers who possess strong know-how of operations of various departments with an organization are the prime candidates who are hired for top management profiles.
A degree in finance empowers you to work with banks, IT companies, investment banking, stock broking, management consultants and factories. As a finance professional, you would need to develop a certain set of skills which are specific to your job would be of utmost importance. Companies generally look for candidates who posses all-round IT skills, are sensitive and integrated at the same time, have analytical and logical approach to problem solving, commercially aware and interested in their profession, also motivated and ambitious. For example. Investment Analysts need to be politically and economically aware whilst being fully versed in all aspects of the trade.
First and the most obvious course of action to get an entry in a finance role is to choose an appropriate major. A master's degree will make you eligible for better job prospects. To look for jobs in finance internet can be an indispensable resource. Websites like Careerbuilder continually list all available postings from a wide base of companies and can serve as your gateway to a bright career in Finance.