Before going into the scope of financial careers and the best options out there we must first understand why one should pursue a financial career.
After the rapid industrialization in history which completely changed the face of our economy, this decade brings us into the age of rapid technological advancement. Our financial policies have also been pushed into a thrilling direction to keep up with the exciting advancements. Business-friendly policies, extended geographical reach as well as Rapid exchange of information has given a boost to all our financial planning. Today financial planning is not just keeping an account of how much money comes in and goes but is also a field of extensive study which requires expertise.
Apart from that, being in a finance-related career always keeps you on your toes as you have to keep updating yourself in order to adapt to the changes. Constant growth opportunities every day magnificently illustrate how dynamic the finance career is.
While it does provide you with varied career options some of the best options for you are listed here:
Chief Risk Officer
It is probably the most sought-after financial position in India with the highest income. The primary duties of a CRO are identifying, resolving, and troubleshooting any risk factors in the company which might be financial, managerial, regulatory, competitive, or technological threats. As the duties of this position require abundant experience it is not usually given to candidates who are in the beginning years of their careers.
Average Salary: 50 Lakhs PA
Being a loan officer will give you a good head start in your career. The major duties of a loan officer are to approve, authorize and process the documents provided by the applicant as well as explaining then the terms and conditions of the loan. You also have to take signatures and notarize the contract between your agency and the applicant. This is a good sector if you have a knack for keeping a Credit score.
Average Salary: 5 – 8 Lakhs PA
Hedge Fund Manager
An entry-level hedge fund manager earns about 8 to 10 lacs per annum however as his experience and skills in the field increase it can even increase to 25 lacs per annum. It is a very rewarding role.
A hedge fund is simply a huge amount of money that wealthy people invest by pooling. The role of a hedge fund manager is to analyze the bumps and booms in the market and invest the given fund accordingly. The aim is to maximize profits and minimize the risks of their investors’ money.
Average Salary: 20 – 25 Lakhs PA
Investment bankers are quite a popular position that all financial graduates aim for in India. They are responsible for mergers and acquisitions of assets raising money for the company through IPOs, floating bonds, issuance of stocks and also sometimes arranging loans for the company. They are basically advisors in the company who guide them on how to spend and raise money efficiently.
Average Salary: 10 – 15 Lakhs PA
Private Equity Associate
This demanded career option in finance requires the associate to manage deal processes from start to end. Private equity firms hire these professionals to analyze data and find potential investments to raise money from outside investors.
The payout of a private equity associate depends upon the size of the firm or the agency that they are working for; the average comes out to be 15 to 20 lacs per annum.
One does not need a CFA certificate to apply for this position especially however possessing one will increase your chances of getting hired.
Average Salary: 15 – 20 Lakhs PA
In India, you could call this position a black horse despite the salary being as high as 25 to 30 lacs per annum it is not very famous.
Financial actuaries use historical statistical data to predict future outcomes of the company. Calculation of ROI on investment plans, present assets, insurance premiums, and retirement plans are some of the job responsibilities. These professionals use tools like statistics, mathematics, and advanced financial models to assess the financial risks and uncertainty in the company.
Average Salary: 25 – 30 Lakhs PA
This is one of the positions that will get you by during the start of your financial career. The average salary is 10 to 12 lacs per annum but it is bound to grind all the basics in you to force a path ahead in your financial career.
A financial analyst keeps the company informed on all the data that is required before making a decision. Their primary job is to make financial forecasts, Create financial models and track operational metrics after analyzing data.
A bachelor’s degree in finance or Accounting or an MBA in finance will suffice for the position of a financial analyst.
Average Salary: 10 – 12 Lakhs PA
Compliance analyst has to make sure that all the transactions and activities take place in compliance with the government rules and guidelines, be it private or public in nature. It is a lucrative career path, especially for freshers.
In order to ensure compliance, compliance analysts extensively study data, processes and financial infrastructure.
Masters of Business and administration in Finance or accounting along with a bachelor’s degree in finance is the basic requirement to become a compliance analyst.
Average Salary: 7 – 10 Lakhs PA
Chief Financial Officer
With a salary of about 35 to 40 lacs per annum, it is one of the dream jobs of all Indian financial graduates. Chief financial officer is one of the hardest positions to get in our country as it is A position which is Virtually required in every company, they have magnificent prospects in banking and retail sector.
The chief financial officer is an executive-level officer in any organization which manages and supervises all the financial transactions in the company. The primary duties of a chief financial officer is to make decisions About the capital structure and tracking of cash flow in the company as well as monitoring the financial stability and wellbeing.
It is also the CFO who decides the strengths and weaknesses of the company’s financial model.
Average Salary: 37 Lakhs PA
Financial software developer
As we know that there are many applications made online to make our financial transactions and manage them easily.
Although the field is relatively new, the scope is very large. The primary duty of a financial software developer is to create financial models and convert them into algorithms that could be converted into codes and programs and then be made into an application.
The average salary would be 5 to 7 lacs per annum if a fresher join in however it would steadily increase as the experience is gained.
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That is all from our side. We have to see you’re paying your path into the world of finance.
Hope that we were able to provide you with some valuable Insight.