Banking and Finance is a vast and powerful field with careers ranging from that of customer service personnel in retail banks to that of investment bankers providing investment advice to individuals and organisations about stocks, bonds and retirement funds. It also includes Finance professionals carrying out financial analysis and portfolio management and other related activities for banks, insurance companies, mutual fund organisations, and pension and securities firms.
Investment banking is a specific division of banking related to the creation of capital for companies, governments and other entities and the providing of help in planning and managing large investment projects.
This area of Banking & Finance deals with the consolidation of companies or assets through various types of financial transactions.
Retail banking deals with provision of financial services related to credit, deposit, and money management to customers in a retail bank.
Corporate finance is concerned with financial planning and the implementation of various strategies aimed at maximizing shareholder value with activities ranging from Capital Investment decisions to Investment banking
Stockbroking is a service which provides assistance to retail and institutional investors for buying and selling equities.
Insurance broking is the providing of advice to people on their insurance needs and negotiation of insurance contracts on their behalf with insurers.
This field deals with risk assessment and advice in Insurance, finance and banking fields.
Financial analysis is the process of analysing financial data to evaluate businesses, projects, budgets and other finance-related entities to determine their performance and suitability.
|Name of Exam||Institutions||Languages||Application Period||Exam Dates||Website|
|Actuarial Common Entrance Test (ACET) (Held twice in a year)||Institute of Actuaries of India (For student membership)||English||
|JEE Main||For Integrated MTech (Financial Engineering) at IIT Kharagpur||English, Hindi, Gujarati (in selected regions)||
|JEE Advanced||For Integrated MTech (Financial Engineering) at IIT Kharagpur||English., Hindi||May||May||www.jeeadv.ac.in|
|Entrance Exams for MBA (banking & Finance/ Finance management)|
|CAT||Admission to IIMs and many other business schools||English||August-September||Last week of November||iimcat.ac.in/|
|CMAT||Multiple institutions||English||November||Last week of January||www.ntacmat.nic.in|
|XAT||Xavier institute of management||English||3rd week of August||January first week||xime.org/eligibility-for-admission|
|MAT||Multiple institutions||English||March-April||May first and second week||mat.aima.in/|
You can take any stream at +2 with Mathematics as one of the subjects. It would be of advantage to take Commerce stream with Mathematics as it will give you a better perspective about the field you are taking up. However if you wish to take up Financial engineering you will need to take Science stream with Physics and Math to be eligible to write engineering entrance exams.
Mathematics and Economics are two subjects that are important for taking up Finance related courses. Along with focussing on these two subjects you should also give importance to developing a good grasp of English language to be able to take up studies in these globally significant subjects.Admission to good institutions for undergraduate courses in BCom/BBA require very high percentages. Hence you should also work for a good aggregate score.
Students of Finance and banking subjects require good numerical skills. Also important are research skills to read, analyse and draw inferences from huge volumes of financial data. Time management skills and perseverance are also essential for successfully handling challenging course requirements.
Minimum aggregate percentage of 50% is prescribed by most institutions.
|Student Support Scheme- Institute of Actuaries of India||Funding of membership fee, study material cost, examination fee and coaching/ counselling charges if any, for student members of the Institute taking examinations for the subjects of CS 1 & 2, CM 1 & 2, CB 1 & 2 from IAI. The annual family income should not exceed Rs. 300,000/||www.actuariesindia.org/subMenu.aspx?id=245&val=Student_Support_Scheme|
|GARP FRM® Scholarship||PGDM – Banking and Financial Services students at TAPMI Manipal can apply for the FRM® scholarship for the FRM exams.||www.fintreeindia.com/frm-scholarships/|
|Nirankari Rajmata Scholarship Scheme for Meritorious Students||Applicant should be a regular student of any recognized University/Educational Institution admitted through a competitive written test. Students of CFA after securing a minimum of 95% marks in Class XII and qualifying Foundation Test and students of MBA/PGDM are eligible among others. Applicant’s family income from all sources should not be more than Rs.3.50 lacs per annum.||www.nirankarifoundation.org|
|Federal Bank Hormis Memorial Foundation Scholarship||Students of MBA from Kerala,Tamil Nadu, Maharashtra and Gujarat with annual family Income less than Rs.3 Lakhs can apply.||www.federalbank.co.in/scholarships|
|Central Sector Scheme of Scholarship for College and University Students||Scholarship will be awarded to the students who have secured not less than 50% marks in the previous final examination and annual income of their parents/guardian from all sources does not exceed Rs. 1.00 lakh.||scholarships.gov.in/|
|UGC Post-Graduate Merit Scholarship for University Rank Holders for PG Programs||The scholarship is available to the student for first PG Degree only. Age limit for the students is 30 years at the time of admission in PG course. Distance mode of education will not be considered under the scheme.||www.ugc.ac.in/urh/|
|Dhirubhai Ambani Scholarship||Awarded to students all undergraduate courses, who are shortlisted on the basis of the Merit List received from educational boards for performance in class 12 examinations.The annual income of the applicant’s family should not exceed Rs 4.5 lakh.||www.reliancefoundation.org/education|
According to the Bureau of Labour Statistics, USA, careers in fields of Finance and Banking like Investment Bankers, financial analysts and financial managers are projected to grow by 10% to 19% from 2016 to 2026 which is faster than the average for all occupations. Several core functions including risk management and cash management, are expected to be in high demand over the next decade. Growth in Banking and Insurance Industries, rising Financial Audit and Consulting Firms, global Mergers and Acquisitions has led to global demand of well trained and skilled finance professionals
Individuals qualified in accounting, finance and economics, as well as having industry certifications and advanced educational qualifications, such as an MBA in Finance, will have stronger prospects for securing competitive positions.
The advent of AI and automation may replace more menial finance jobs like that of bank tellers and cashiers over the next decade and after 2030 it is likely that AI will replace more complex finance roles such as Tax preparers, Accounts clerks, Loan officers, Financial advisors and analysts. However, according to the World Economic Forum reports it will also lead to job creation for professionals who are not only "skilled in AI technologies, both on a technical and applications level, but also have soft skills," Therefore undergoing required reskilling and upskilling, prospects for finance professionals will continue to be on the rise.
Finance professionals can work in areas related to economics as there is much similarity between their areas of operation and career fields like economic analysis.
Much of the required qualifications in the field of finance and banking and of commerce are similar and hence these career areas can have considerable overlap.
Qualified Finance professionals would be equipped with the relevant knowledge and expertise to start ventures of their own and become successful entrepreneurs.