Finance Management

Introduction:

Business concern needs finance to meet their requirements in the economic world. Any kind of business activity depends on the finance. Hence, it is called as the lifeblood of the business organization. Whether the business concerns are big or small, they need finance to fulfill their business activities. In the modern world, all the activities are concerned with the economic activities and very particular to earning profit through any venture or activities. The entire business activities are directly related to making a profit. (According to the economics concept of factors of production, rent was given to landlord, wage given to labor, interest given to capital and profit given to shareholders or proprietors), a business concern needs finance to meet all the requirements. Hence finance may be called as capital, investment, fund etc., but each term is having different meanings and unique characters. Increasing the profit is the main aim of any kind of economic activity.

Nature of work:

Financial managers advise clients on appropriate business planning and help in decision-making processes to ensure that businesses are financially successful. This might involve advising on investments, savings, pensions or insurance products.

A wide range of organizations employs financial managers including financial institutions, supermarkets, insurance companies, manufacturers, charities, utilities, local government, health authorities, industrial organizations, retailers, universities/colleges, IT companies and engineering firms.

Personality:

Employers look for evidence of good oral and written communication skills, self-motivation, commercial awareness, initiative and the ability to work as part of a team. Excellent problem-solving, analytical, technical, IT and numerical abilities are crucial.

Courses:

Divided into three main parts:
1. MBA
2. Statutory Courses

Chartered Accountant
Cost Accountant
Company Secretary
Actuary

3. Specialized Course

Chartered Financial Analyst
Certified Financial Planner
Economics
Statistics
Investment Analyst
Financial Risk Manager
Financial Modeling and Investment Banking Programmes

Eligibility Criteria:

The basic qualification to this 2 years full-time program is graduation in any discipline and the admission is based on written test, group discussion, and interview. And many Certificate, Diploma, Graduate and post graduate courses are also available and help one to enter the profession.
The minimum educational qualification to join these courses is graduation in Commerce or Economics.

Personal skills:

One must keep on updating the knowledge about the subject and the current global- national financial scenario. They should have the love for numbers, good mathematical and analytical skills, knowledge of latest computer technology, integrity, problem-solving, decision-making and organization skills.

Job Prospects:

As with other managerial occupations, job seekers are likely to face competition because the number of job openings is expected to be fewer than the number of applicants. Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should enjoy the best job prospects. An understanding of international finance and complex financial documents is important.

Remuneration:

A fresher in this field, especially an MBA graduate can expect an initial payment of about Rs. 10,000-30,000 per month in a big corporate. A senior financial expert could get something not less than Rs. 50,000 to 1.5 lakh depending upon his performance.

Sunday, 11 September 2016