Careers in Finance

Globalization and liberalization has created an atmosphere of fierce competition in which companies are trying hard to reduce their overhead costs and thereby maximizing profits. This in turn has led to hunt for professionals who can manage finances properly to maintain financial viability and soundness of the companies. The financial managers with a specialized MBA (Finance) degree can achieve this herculean task. The roles of a financial manager are to supervise the preparation of financial reports, guide investment activities, and execute cash-management strategies.

Course Details
Finance Management is taught as part of the MBA curriculum at B-Schools across India. MBA is a 2 years' course after graduation or equivalent degrees. Admission into the MBA course is generally held on the basis of a written test, group discussion and personal interview. Separate tests are conducted by different institutes like CAT by IIMs, MAT by All India Management Association, XAT by Xavier Institutes etc. Besides, there are executive MBA (Finance) programmes offered by some institutes which require a minimum years of experience.

Career Prospects
MBA (Finance) graduates can be employed in public and private sector as a finance controller, treasurer and finance officer, credit manager, cash manager and risk and insurance manager. There are wide varieties of job opportunities for these people in banks, financial institutions, insurance companies, mutual funds and investment companies. Financial institutions such as commercial banks, savings and loan associations, credit unions, mortgage and finance companies also employ financial managers.

To reduce risks and maximize profits, firms rely more and more on the guidance of experienced and knowledgeable financial managers in mergers and consolidations, and in international expansion and related financing. Firms increasingly hire financial managers as temporary consultants to advise senior managers on these types of business operations. In fact, some small firms hire contracting companies to handle all of their accounting and financial needs.

Top Colleges Offering UG/PG/Other Courses
Several institutes in India offer MBA (Finance) as a specialization under the MBA programme. The Indian Institute of Management (Ahmedabad, Bangalore, Kolkata, Lucknow, Indore, Kozhikode and Shillong) are among the top business schools that offer MBA (Finance) course in India.

Some other top B-schools that also offer this course are Xavier Institute of Management, Bhubaneswar; Indian School of Business, Hyderabad; Faculty of Management Studies, Delhi University; Jamnalal Bajaj Institute of Management Studies, Mumbai; S. P. Jain Institute of Management Studies, Mumbai; Management Development Institute, Gurgaon; Narsee Monjee Institute of Management Studies, Mumbai; Symbiosis Institute of Business Management, Pune.

Remuneration
As a general MBA graduate, Finance Manager gets Rs 20000 to Rs 30000 starting salary per month particularly in private sector. In public sector the pay scale is lower than that of private sector. The pay scale may go up depending upon qualifications, ability and experience of the person concerned. At a senior level a MBA graduate with Finance as specialization can well go up to Rs 50000 to Rs 60000 per month. Besides those who has taken up consultancy as a career are also getting handsome returns.