Finance has emerged as a distinct area of study during second half of the twentieth century. Since its evolution, it has changed in scope and purpose mainly because of growth and diversification of business and introduction of new financial analytical tools.
Who all can take up Finance? Finance needs people who are good at solving problems, are comfortable with numbers and who like to work with people.
What skill set is required in Finance? Good problem-solving skill; ability to deal with ambiguity and rapidly changing environment with strong computer skills. You need to enjoy business and corporate environments.
Finance has an extremely important role in every business and corporate house, known as Corporate Finance. It requires you to work for a company to help it find various sources to raise finance, grow the business, make acquisitions, plan for its financial future, manage any cash in hand and ensure future economic viability.
Some of the functions you would be required to perform in a Corporate Finance Position are:-
-Designing, implementing and monitoring company’s overall financial strategy
-Forecasting profits and losses
-Managing cash resources
-Negotiating lines of credit
-Planning and executing the financing programme
-Interfacing with the financial community and investors
A career in Corporate Finance is vast and challenging, the demand for this field is accelerating. Opting for Finance, you can be anyone of the following:-
•Financial Analyst- Duties involve determining financing needs, analyzing capital budgeting projects, long-range financial planning, analyzing possible acquisitions and asset sales, visiting credit agencies to explain firm’s position, working on budgets and monitoring the market price of your firm’s securities.
•Credit Manager-His responsibilities consist of establishing rules for credit collection as well as for the receivables. He Must be able to analyse accounting data and know a lot about their customers.
•Treasurer- He is Responsible for capital raising, financial planning, cash and asset management. He must possess analytical abilities, management and motivation
•Benefits Officer- Under this profile one will have to determine which companies to use for retirement plans, heath insurance and life insurance for the company’s employees.
•Investor Relations Officer- He’s responsible for publishing corporate financial information and events through press releases, coordinating with investors and replying to investor inquiries. It Demands understanding of both finance as well as public relations.
•Controller- Its responsibilities include accounting, cost analysis, financial planning and reporting, creating costing systems, transfer pricing issues. The analytical skills and the training in the latest financial methods and technology are valued.
Your job in finance could take you far on your road to success. For this you also need to possess knowledge of other fields. Some of them that assist in finance are:-
~Business Development- Expanding an existing product portfolio and/or markets served.
~Consulting- Generalists often perform financial analyst duties on projects and Internal consulting groups.
~Marketing- Non-brand marketing involving market/opportunity analysis, pricing strategies, and corporate resource allocation.
So, Go Ahead, Choose Your Option Wisely. Good Luck!