Finance as a Profession
Of all the professions that deal with business, marketing or manufacturing, finance seems to be the most stable. We are particularly concerned about this angle of looking into professions because recently advances in technology and changes in economic conditions have brought about a huge turmoil in the employment scenario. Not that finance professions have not been impacted by the turmoil, it has brought about huge changes in the way many banks and other financial organizations work, but the profession is blessed because it is obsolescence proof. While advances in technology are constantly turning products and services that have been making money for centuries obsolete the basic functions of finance have not changed and are not likely to change in the future. It is a fact that every issue revolves round financial freedom and financial allocations decide the future and outcome of all developmental projects. As a matter of fact we all know that we need blessings from finance and feel highly obliged when such a thing is in occurring. Being a professional expert in finance gives one a great chance to solve problems of many a people and simultaneously earn value and respect for one’s own self. Hence the job opportunities for people are better with better job satisfaction.
Advances of Information Technology into the Profession of Finance
Information technology has made large advances into the age old profession of book-keeping and accountancy, but these advances have not made the finance professional obsolete. Computer programs help performing many of the tasks of the finance professional, but no computer program can replace the finance professional. Some of the reasons are listed below.
- Technology can help in auditing accounts but can never replace the auditor.
- Technology can help the reporting functions of Finance Professionals but only Finance Professionals can evaluate the reports and take decisions
- Technology can monitor figures with great accuracy and doggedness but it can not find opportunities for making profits or to enhance it. It is for the Finance Professional to explore the opportunities.
Role of Financial Professional
There are many roles and responsibilities that are fulfilled by finance professionals. Some of the typical roles are listed below.
- Manage and monitor financial systems and budgets
- Undertake audits to mitigate risks
- Advise business on opportunities to enhance profitability.
One needs to have in-depth knowledge of financial theories and practices to be able to carry out the functions expected from a Finance Professional.
Functions of Financial Professionals
There are many functions that need to be performed by Financial Professionals. Some of these require specific skills and knowledge and some are general in nature. Listed below are some general functions in finance and accounting practices
- Accountant
- Chartered accountant
- Financial risk analyst
- Senior tax professional/tax inspector
- Chartered management accountant
- Corporate treasurer
- Financial adviser
- Financial manager
- Internal Auditor
The functions listed below are typical to Banking Industry:
- Chartered public finance accountant
- Corporate investment banker
- Financial trader
- Investment analyst
- Operational investment banker
- Retail banker
Qualifications required in Finance and Banking
Most of the functions above can be undertaken by any Finance Professional. Qualifications can vary from basic accounting degree to an MBA in Finance. Some of the functions require certifications from the respective charters or professional bodies. Some of the degrees and certificates required to enter the field of Finance and Banking are listed below.
- A Bachelors Degree in Finance
- A Bachelors Degree in Business Administration
- A Certificate from the Association of Chartered Accountants
- A Certificate from the Association of Chartered Financial Analyst
- A Certificate from the Association of Cost Accountants
Financial dealings and applications have increased to a greater than expected extent and hence the educational policies have very well taken the call and remodeled the layout for imparting such type of education. Institutions in public and private sector have come up to fulfill the needs of students who want to secure their carrier as finance experts. This is definitely a positive development which has yielded wonderful results so far as the utility and applications of these studies are concerned. The future of this profession is sure bright.
