MBA in Finance: Benefits & Career Paths in A Post – Covid Era
20th January, 2021
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A financial crisis like those in the times of a global pandemic is tough to deal with. This necessitates companies to have skilled candidates with an MBA in Finance. This is one of the most sought-after courses, mainly when the scope of MBA in Finance broadens. It helps the students gain knowledge in business and finance, enhancing their career prospects in the sector. The government of India pays special focus on economic development through the financial management of small and medium scale enterprises. There has even been an emergence of many fintech companies. This has resulted in numerous jobs for MBA in Finance candidates. Keep reading to learn about the various aspects of this specialisation.
Scope Of MBA in Finance
This is such an important specialisation that its importance is visible even during times when the country’s economy is gloomy. The MBA in Finance professionals has the capability of recovering the financial system of an organisation through the use of their skills and experience.
Today, its scope has been further enhanced to include creative accounting, merger, acquisition, commodity derivatives, corporate restructuring, modern portfolio, investment analysis, and corporate governance. All these are crucial to the existence of a corporate entity. In other words, we can say that they are the lifeblood of small, medium, and large scale organisations.
Looking at the current situation of the global pandemic, we can say that the pace of change is the new normal. Since it is unavoidable, we need to identify new opportunities. Financial professionals with a multidisciplinary approach are highly required for the firms as they have an innovative thought process and approach.
What Is the Scope of MBA in Finance in India?
MBA in Finance scope in India is vast. It provides an interesting career option with various job opportunities. MBA in Finance jobs have lucrative pay packages, especially for those pursuing it in top colleges such as IIMs, XIMs, and XLRI. There are AICTE approved institutes in India for pursuing this 2-year full-time course. Some of the important subjects in this specialisation are tax planning and taxation, insurance management, finance and budget management, corporate financial valuation, investment management, international finance, etc.
Students get all the necessary financial skills in this course, making them fit for the financial sector jobs in reputed firms. Their analytical skills are polished in the process, which helps them derive the right conclusions by crunching numbers. All organisations need a good finance and accounting manager for running their business safely and attaining profits. This makes careers with an MBA in Finance most promising.
What Are the Job Opportunities After MBA in Finance?
This course equips you with the knowledge that makes you suitable for different jobs. Here is the list of job profiles:
- Risk Management
- Financial Manager
- Budget Analyst
- Equity Analyst
- Financial Advisor
- Asset Management
- Merchant Banking
- Financial Analyst
- Sales and Trading
- Personal Finance
- Corporate Controllers
- Cash Managers
- Chief Finance Officers
- Accounting Manager
- Retail Banking
- Business Analyst
- Planning and Taxation
- Virtual Financing
- Project Finance
- Investment Banking
- Private Banking
- Private Equity/Venture Capital
The top firms where you can apply after completing the course include private and public sector banks and other MNCs. Besides this, you can also apply to work with NBFCs, research firms, brokerage firms, mutual fund investment firms, and brokerage companies.
What Are The Benefits of Doing an MBA in Finance?
MBA in Finance benefits are enumerated in the following points:
i. You will gain knowledge in the business domain that will open doors for enhancing your career. This specialisation has a requirement almost everywhere. For example, there are regular activities related to cash flows while paying out salaries in a firm, distributing the profits or reinvesting in a new product, and other similar circumstances.
So, if you don’t want a regular financial job in banks or MNCs, you can also work in any company’s finance department and contribute to the decision-making process through your skills.
ii. You will learn about local and global economics, insurance, strategies of investment, and taking corporate risks. This will not just provide you with in-depth knowledge, but you will be in a position to explain complex data in your business proposal to your clients in a much better way.
iii. Practical exposure will be provided in the financial sector through training in finance, investment, and banking. This will be in the form of industrial training and internships.
iv. You will learn various important subjects in the two-year course related to leadership, marketing, strategy, and statistics.
How Did COVID Hit the Finance Sector?
The global pandemic had an impact on the banking and finance sector. The smooth functioning of the economy is because of the crucial role played by the banks that fund the individuals as well as corporates. So, the global slowdown has a significant impact mainly on the small and medium-sized firms. The forced shutdown has made it riskier to lend them loans.
Besides this, the service sector has also been hit hard. There is a decrease in consumer goods because of which the consumer companies are functioning with a thin margin of working capital. Exports and imports have been severely affected as the relationship with China has been strained, which has a 22% share in the export industry of India.
Similarly, all other sectors such as construction, pharma, retail textile, ITs, BPOs have all been negatively affected because of the slowdown of business and lockdowns.
How Does the Finance Sector Cope With Challenges Post COVID?
COVID has been one of the serious challenges for the financial sector resulting in lower demand, the shutdown of production, and lesser incomes; everything adversely affecting the business. Coping with the challenges needs strategic response through the adoption of the right digital technologies, which involves:
i. Identification of solutions through analytics and staying prepared for the new risks.
ii. Reengineering business processes and automation for ensuring that everyone can easily access digital banking services.
iii. Facilities for video banking.
iv. Using tools and platforms for efficiently dealing with a rise in call volumes.
What’s the Career Scope of MBA in Finance in 2021?
Hiring candidates with MBA in Finance is expected to rebound in 2021 as per the 2020 Corporate Recruiters Survey published by the Graduate Management Admission Council (GMAC) (Source). It is because the employers believe that the skills and abilities of the candidates are a huge contributing factor in the economic recovery post-pandemic.
The important skills that can help navigate through the challenging situation include communication skills, versatility, and strategic thinking; all of which are provided during the 2-year MBA program. Recruiters are even ready to provide suitable candidates with good compensations and benefits. The Fortune 500 companies will remain as the top-paying companies to the professionals with good experience.
MBA in Finance Career Salary Packages
This is considered one of the most highly-paid careers with packages starting from 5 to 10 lakhs per year. Gradually, when the experience increases, the pay also rises to as high as 30 lakhs per annum.
Now that you know the advantages of pursuing an MBA in Finance, you need to decide on the right college. Once the course is completed successfully, you can take the help of consultancies like Sunstone, which values the diversity of skills and strives for continuous improvement of candidates through resilience and adaptability. This will help you get into the right job and ensure a work-life balance, so there is always a scope for introspection and improvement and update one’s skills to fit the current market requirements.
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