It is vital for students to have a clear post-MBA plan, but wide options in the industry makes it difficult to choose. MAHESH SHUKLA shares tips on how to make the right decision
In the mid-90s or the early 2000s, MBA was a specialist programme that used to attract focused managerial hopefuls, who had their eyes set on the C-suite. However, over the last few years, the scale of the MBA world has increased manifold. The quality of programmes is increasing but with it comes the challenge to enter the world that is full of MBAs and also to choose the right path as a variety of post-MBA options are available out there. With the increase in competition, it is vital to have a clear post-MBA plan in mind.
Unlike other specialisations in MBA, Finance stands out as ‘the specialisation’. The path to a better job is not that easy. The course itself is a training that is designed to prepare a person for one of the most liable roles in the world. The degree holders will be handling the finances of the business or in short, will be handling an indispensable arm of the enterprise.
Plan of action
To move ahead without a plan can have unpleasant consequences resulting in dissatisfying professional and personal life. In the current scenario, one should not take seeking job for granted. For the starters, finding a post-graduation job can take a lot longer if one is not clear about his/her aspirations. A prior plan of action would also mean that you are fit for the business world that looks for proactivity. Remember, opportunities elude those who do not seek them actively.
A lack of plan would also lead to financial dangers as the more you take time to find a job the harder it will become to pay off MBA loans or to plan other things in life. The planning also works in choosing the right electives and the right career options.
Often it is found that people coming out of the MBA become stiff in terms of choosing an industry, sector, or even profile. However, there should be flexibility in the post-MBA career plan. Ask yourself what you want to be after completing the course. For example, ‘working for an MNC with a path to reach C-suite’ will make sense but to think of ‘working as CFO for a famous company’ is being too ambitious. After coming out of MBA, you may also miss the target and you should be prepared for it. However, the goals should not be too vague as well.
A coveted degree, an MBA in Finance opens up a range of career options as the course provides an opportunity to the student to specialise in various sub-fields such as investment management, international finance, tax planning, taxation, insurance management, financial statement reporting and analysis.
The degree mixes up the two magic words that are in vogue or in demand — finance and management. The culmination of the two words open up a myriad of career opportunities in sectors such as banking and financial services, management consulting, investment banking, wealth management, insurance, hedge fund management, and asset finance.
Typically, the job of the person after completing the course is to ensure that funds are available for a company’s business activities. Finance professionals, as they are called after joining a company, are required to study and forecast economic trends, analyse company reports, balance risk and profitability, and suggest improvements. They also take steps to maximise stock value, manage funds by choosing investment portfolios, and apply the principles of financial risk management.
An MBA in Finance grad has ample of opportunities waiting around-all he needs to do is grab it. All of this is because of the diverse skill set he possesses. There are thrilling careers in financial consultancies, financial institutions and banks. To be more specific, you can get into fields like merchant banking, investment and consumer banking, international finance, corporate finance and institutional finance.
Once you build up your work experience then you can serve on government committees and add your inputs to the policy-making issues. You can also provide consultation services to government and corporate organisations.
Job titles and remuneration
Profiles available to an MBA in Finance include financial manager/analyst, credit analyst, accounting manager, risk and insurance manager, treasurer, finance manager, cash manager, chief financial officer, VP (finance), and finance director.
Talking about the money, the pay scale depends on the business school that you attended. Greater the reputation of the b-school better the pay package.
Top MBA colleges in India provide financial students with placements at an average of `10—`15 lakh p.a. Financial analysts earn about `4 lakh a year at the start, credit analysts `5-6 lakh at the start to `20-30 lakh in senior-level posts, and management consultants `5-8 lakh and, in a few years, `10-15 lakh.
The writer is Founder, PayMe India
Wednesday, 03 July 2019 | Mahesh Shukla | in Avenues