Finding a finance job that fits your education, skillset, and career aspirations can be challenging. Especially if you are forced to make a decision early in your life. This is because finance is a vast field and there are a lot of different professions associated with it. You could be a stockbroker if you know about stocks, a banker if you are into accountancy, or a chartered account if you are strong in mathematics.
There are a lot of professions to choose from in the banking, financial services, and insurance (BFSI) fields. Which one you go for should depend on your interests, your current education, and your desire.
Here are three questions to ask yourself to determine which finance job is right for you.
What are You Studying Right Now?
This question should be asked during the final months of or after your graduation. That period is apt for you to explore the various professions and choose the right one.
If you are from a non-financial background, you may need a bit more understanding of the BFSI field. Basic online financial courses might help in this regard. In case you are still in college, it would be a great time to explore online finance courses and start learning.
If you are from a finance background (if you studied in the commerce stream in college, for instance) or are studying finance, choosing the right track will be easier. Since you may already know some of the subfields, you can pick the one that most interests you. This could be in banking, insurance, financial analysis, mutual funds, wealth management, or stocks.
Where Do Your Interests Lie?
This is the most critical question. You need to be sure what your interests are. Here are some common examples:
- Regular banking – accountancy and bookkeeping
- Investment banking – knowledge of investment instruments, accountancy, taxation
- Stockbroking – knowledge of markets, industries, economy
- Insurance – knowledge of insurance concepts, their rules and regulations
- Loans – knowledge of loans and associated concepts
- Financial analysis – finance maths, microeconomics and macroeconomics, tech tools
- Mutual funds – accountancy, stock market, taxation
Along with this, it is also important to clearly understand what your chosen subfield is all about. For example, many students in India choose stockbroking as their career option because of its high earning potential. However, they fail to understand that it’s a complicated field and one that requires in-depth knowledge about the markets. They fail to perform and eventually branch out.
To avoid such a situation, it is important to one, list out your interests, and two, study them in detail. There are a lot of free and affordable finance courses available online which will give you a good start.
What Do You Want to Do?
It all finally comes down to your bearings. Do you want to be a regular branch banker at a government bank? An investment banker who helps HNI clients manage their wealth? Or a stockbroker who helps individuals make their money work?
Here’s a list of some of the most common finance jobs in India:
- Financial planner and advisor – help clients manage their money (and taxes) well
- Corporate finance – help larger companies manage their finances
- Banking (teller, manager, loan officer) – provide and advise on banking services like savings accounts, credit cards, etc.
- Insurance – help clients understand insurance policies and sell them
- Accounting – help companies maintain their finances and manage their books
A good understanding of what each job entails will help you make a better decision. Start by enrolling in finance courses of your interests and shortlist topics. The field that you both enjoy and are knowledgeable in will bring the right finance job for you.
Also Read: 5 Trending Career Profiles in Finance