Introduction: There is a wide possibility and long term career in financial management, aspirants who are looking for a stable career and have a long term vision to work in an organization are best fit for career such as financial management.
Before we go further into the article lets first learn about what exactly financial management is, as already the name indicates it is the branch that deals with the management of funds, it also refers to utilization of funds under the allocated budget so that the objectives of the organization are met in an efficient and effective manner.
This does not limit to the capacity of managing funds but from time to time a finance manager deals with raising capital, improvising and allocation of budget in particular. The scope of management further specifies into the realms of current liabilities, dividend policies of the share holders etc.
The financial planning is the major part of financial management which also refers to long term and short term planning. The position of a financial manager is line with the top management therefore it is safe to say that the position is stable in a company.
Future for female aspirants in the Financial Management.
Also, we would like to add that now days a lot of female aspirants are interested in the field of finance where usually males were seen interceded in. Every company looks for a smart individual that could help them to gain strong hold in finance and bring about profit to the company; hence the job of a financial manager is to derive a good investment plan that could bring business huge returns.
Besides returns the financial manager is also a key decision maker who decides about the types of debt and estimates budgets such as though production budget, sales budget etc. Students who have completed their graduation and are looking for a course that could bring in stable career should go for an MBA course with specialization in financial management or there is also another option which is executive diploma in financial management. And also there is a diploma course which is the Post graduate diploma in financial management.
Job roles in Financial Management
All above mentioned courses are job oriented and certainly these will find you jobs in social organizations, manufacturing units, profit making companies, pharmaceuticals, marketing companies, business houses etc.
Apparently leaving alone financial management stream the management studies is a well accepted branch among students. Comparatively there are also other popular management courses which are as follows Human resource (HR), Operations, Information technology, Finance and Marketing.
The financial management course will help students hone skills in business administration, will make their resume appropriate and help them become employable. Even government projects, hospitals and supply companies demand good financial managers, and without their skills a company cannot stay afloat and will bear losses.
Course overview: There are three notable ways you could pursue the course in the field of financial management which we have already discussed above, apparently the most common way of and worldwide accepted way of completing a management study is to go for an MBA degree with finance as a specialization.
Equivalent Degree Program Financial Management
Other options available out there are Post graduation diploma in financial management, M.Sc. financial management. Executive MBA (EMBA) is also now days very popular among aspirants as it is considered superior over the common MBA.
The only difference is that the applicants for EMBA are already experienced individuals who have near about 5 years or more experience in managing an organization. The course duration is also for two years time but the value it provides as degree program are equal for both MBA and EMBA.
Aspirants interested in only a one year degree program should go for a post graduate diploma in financial management which is also well accepted degree program and much equivalent also, Although, few collages may ask for a prior experience as a pre-requisite for the admission. On the contrary, the duration of the diploma program is one year but it may change from institute to institute, it’s better to check with the institute before taking admission.
Eligibility criteria for admission in Financial Management
Eligibility criteria: The basic criteria for admission are an under-graduate degree from a reputed and recognized college with aggregate passing percentage from any stream. Some institutes have their own procedure of admission where they conduct an entrance test before the admission to validate the candidate’s ability for the course. This is also not a universal phenomenon. It varies from college to college, do check with university.
Colleges Offering Financial Management Courses in India
Colleges providing the course: India has plethora of colleges that are providing diploma or PG degree in financial man agent, just to mention a few are Annamalai University, Acton business school and advanced institute of management studies.
Also check out open universities for the diploma courses they are also very comprehensive and also are widely accepted. We will also be soon providing a detailed article on management studies in India in which you will find a detailed list of colleges.
Please also Read: MBA in Disaster Management & Rehabilitation.
Future Scope and Salary in Financial Management
Future Avenue and salary: The future avenue for a candidate holding a diploma or a degree in financial management is not just limited to business organization but it expands to food chains, franchise houses, hotels, hospitals, government projects, social organization, polyclinics, transport houses and banks.
The demand for a skilled person to handle the budget, allocate them and raise funds at the same time is indeed needed in every organization whose objective is to financially grow along with the lines of business or making profit in simple sense.
The salary will grow along with promotion, at the start you may have to work under someone senior to you and after a year experience you could manage finance on your own. Your starting salary may be grossly around 35000 per month which may go up to as much as around 1 lakh per month.
I have personally witnessed individuals obtaining more than a lakh per month in India working in international organization whose objective are social causes like literacy and nutrition. One could also look up bright future in Mortgage and credit companies, MNCs, Financial consultation agencies, Retail agencies, corporate houses and now a new vista of telecommunication sector has been opened due to advent and large scale use of smart phones.
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