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Career in Financial Management

Apr 4, 2014 14:42 IST

    What is Financial Management?

    It may be defined as the art of judiciously and efficiently utilizing and distributing the monetary resources adhered to an organization in order to make wealth for the organization and rotating the process for further accomplishments being anticipated.

    Prospects:

    In a fast moving era of today, Finance and it’s management is something which is utmost essential for any organization. A career in Financial Management requires an in depth knowledge of the various financial activities and the transactional structure of the firm. Moreover, basic accounting knowledge is must. Most of the big brand companies opt for the students of Financial Management from B-Schools as they want a proper auditor and Finance Manager for their firm. The compensations for the same may vary between 4LPA – 8LPAand may even go further as the experience comes into picture.

    How to pursue a Financial Management Career?

    One can pursue a career in the field of Financial Management by opting for MBA/PGDM in Finance. Additionally, A Bachelor’s degree in Finance can also be helpful to start a career in Finance and later on go for Post-Graduation after gaining some experience.

    Roles to play in Financial Management:

    1) Planning and budgeting the Finance.
    2) Properly allocating the resources.
    3) Operating and safeguarding the financial resources.
    4) Evaluating and reporting for the allocated finance.

    Financial Management related courses

    1) Master Of Business Administration [MBA]-Finance
    2) Post Graduate Diploma In Management [PGDM]-Finance

    Entrance Exams to take admission for these Courses:

    Common Aptitude Test (CAT)- Once in a year.
    Management Aptitude Test (MAT)- Four times in a year [Feb, May, September and December]
    Xavier Aptitude Test (XAT)- Once in a year.
    SNAP-Once in a year. [for colleges of Symbiosis]
    C-MAT- Twice in a year.
    Others- IBSAT, NMAT,IIFT, MICA, MH-CET etc.

    Colleges Providing Courses:

    1) Indian Institutes Of Managements [IIM’s]
    2) S.P.Jain Institute of Management and Research [SPJIMR],Mumbai.
    3) Jamnalal Bajaj Institute Of Management Studies [JBIMS],Mumbai
    4) Indian School Of Business [ISB],Hyderabad
    5) Xavier Labour Relations Institute[XLRI],Jamshedpur
    6) Indian Institute Of Foreign Trade [IIFT],Delhi
    7) Management Development Institute [MDI], Gurgaon
    8) Narsee Monjee Institute Of Management Studies[NMIMS],Mumbai
    9) Symbiosis Institute Of Business Management [SIBM],Pune
    10) Master of Finance Control, University of Delhi
    11) Institute Of Financial Management and Research,Chennai.

    Besides, there are many other premier Institutes and B-Schools that consider the CAT, MAT score for taking admission in MBA/PGDM.

    Course fee and Placement Records:

    The course Fee structure varies from college to college and is generally on a higher side in the range of 8 Lacs to 18 Lacs but it gets overshadowed once the students start getting placed. There is a long list of Big brand companies like: Google, Facebook, Microsoft, Tata, ITC, Nestle, Aditya Birla Group etc with huge packages depending upon the skill sets being possessed by the candidate.

    Growth in the field Of Financial Management:

    The Job growth in the field of Financial Management is totally adhered to the economy as a whole. The career option in Financial management, though challenging, is very diverse and fetches good salary, incentives and position hikes.

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