COMMERCE, FINANCE,
BANKING, INSURANCE etc.
COMMERCE
BANKER
CHARTERED ACCOUNTANT
COST & WORK
ACCOUNTANT
EQUITY RESEARCH ANALYST
FOREX DEALER
INVESTMENT BANKER
STOCK
BROKER
VENTURE CAPITALIST
COMPANY SECRETARY
ACTUARY
Evergreen academic and professional
careers in the field of commerce, accountancy, costing and finance. It is one
of the most stable professional field. No business activities can be carried
out without accountancy and is required by the statutory regulations by the
Governments, both central and states for various business requirements like
financial reports and statements.
Personality Traits
Patience, hard work , dedication to
the profession, numerical abilities, monetary transactions, analysation
capacities, comparative blent of mind, cluster of creativity with statutory
requirements, pre planning capacity, ability to follow up a speedy action,
timely decision making skills followed by proper feed back, constant touch with
the latest legal news, acts, amendments, repealments, removals and additions,
continuous contacts with respective professional bodies, institutes or
organisations, keeping in touch with the latest business and industrial
magazines, web sites, reference with seniors in the same professional field etc.
Standard
certificates/degrees/PGs/Professional memberships
1. Academic Courses
·
After Xth, 2 years for +2 with MEC / CEC
·
After +2, 3 years for B.Com / B.Com (Computers) / B.Com
(Hons.)
·
After B.Com, 2 years for M.Com, MBA (Finance),
Master of Financial Management MFM, Master of Bank Management MBM, M.Com
Cooperative Management, MA Corporate Secretaryship Course
·
After post graduation - Research works as M.Phil, Ph.D from
Universities or Fellowship programmes from Institutes like IIMs, IIFTs, IITs,
IISc etc.
Almost all Universities in India
are offering these courses on a regular / distance mode / correspondence / under
open university systems.
The duration is Xstd.+2+3+2
years.
One can join the profession of
Teacher, Accountant, Accounts Officer, Manager, Financial Advisor, Fianancial
Controller.
2. Professional Courses
Chartered Accountant
Cost & Work Accountant
Company Secretary
Chartered Financial Analysist CFA
Institute of Chartered Financial
Analysts of India, ICFAI, Hyderabad
Eligibility: Any degree with 2nd
class (preference will be given to commerce students)
Duration: minimum 3 years,
System of course: correspondence, oral classes and training
Admission procedure: Direct admission for graduates
Certified Public Accountant CPA
American Institute of Certified Public Accountants,
AICPA
Eligibility: Any degree with 2nd class (preference will be given to commerce
students)
Duration: 3 years minimum
System of course: correspondence, oral coaching and contact classes
Admission procedure: Direct admission for graduates
Banking in India has come a full
circle from the time when you had to wait in a queue to collect cash to getting
it delivered at your doorstep at no extra cost. Add to that services like phone
banking, Internet banking, 24 hour ATM, draft delivery at home, etc. and you
have service spelt with a capital.
Though the contemporary banks'
services have changed a lot over the last few years, the core function has
remained the same. Banks handle deposits and withdrawal of money, provide
loans, pay a part of the surplus as interest and the rest is kept back for the
smooth functioning of the bank and profit making.
A banks' functions can be divided
into various divisions like:
Retail/Personal Banking: This
division provides a range of financial services to individual customers and
small companies. It operates mainly through branch networks.
Retail banking includes routine transactions like deposits and withdrawals of
money; money transfer; foreign currency exchange and traveller's cheque
encashment. They also deal with personal and small loans, credit and mortgages;
insurance policies; investment schemes; pension funds; and advice to customers
on various financial matters. Apart from offering home loans, car loans,
educational loans, consumer loans, etc. they also develop various deposit
schemes and help people fill their coffers.
Corporate Banking: They deal
with medium to large-scale companies and government agencies. It could start at
the local branch manager level, though more complex dealings are routed through
corporate divisions of clearing banks and their merchant banking subsidiaries.
Corporate banking deals with credit and advances, trade finance, foreign
exchange management, asset management, lease financing of heavy equipment,
infrastructure, machinery, credit risk assessment, etc. They also advise
clients on matters such as corporate mergers and acquisition, raising capital
and business strategy regarding competitors and outside factors.
Merchant Banking:
Investment management is the primary activity of this group. It could be on
behalf of corporate clients, or institutional investors-like pension funds,
investment trusts, or those in the securities business. This groups also
handles public issue and marketing of shares, debentures and other such papers.
It may also include other stock market functions like dematerialisation services,
investment advisory services, etc. Merchant banking executives research into
capital market, advise and manage funds of various corporate and individual
customers.
Treasury group: This
group takes care of the total funds of a bank including foreign exchange
reserves. Responsibilities include bank portfolio management, dealing in
foreign currency, etc. There are Forex (foreign exchange) dealers in this group
who exclusively deal with the foreign market. They buy and sell foreign
exchange at the minimum exchange cost thereby earning maximum profit from the
transactions.
Rural Banking: This group deals with the banking and credit
needs of people in the rural sector. Not all banks have this group and some
banks have separate subsidiary companies for rural banking.
Product Management: This group conceptualises various banking
services and then develops, implements and manages them. They have the
responsibility for a banking product (meaning services like personal loans,
home loans, cre dit cards, loans against shares, educational loans, etc.)
Apart from these main functional
groups, there is an appraisal group to analyse economic feasibility of
industrial projects, the bank's exposure to financial risk and long term
returns. There are internal auditors who audit the bank's internal books of
accounts.
There are various groups of
professionals like lawyers, engineers, agricultural scientists and economists
who work in various departments in advisory capacities. They help make decisions
on issues that are legal, technical or economic in nature. For example, the
economist advises various functional groups on the implications of the Union
budget on the business of the banks, consumer buying pattern, etc.
The term 10 to 5 no more holds true
for bankers. This is mainly true for the officers. There is constant pressure
to perform well. Typically, in a private sector bank and in public sector banks
(like State Bank of India), you may join in as an Assistant/Clerk or as a
Trainee Manager/Probationary Officer. As a Trainee Manager or a Probationary
Officer, you will be rotated through different functions for the initial four
years.
Once you have completed a series of
management/officer level postings, your progress and performance will be
reviewed and you will be assigned as a Branch Manager in any town or city.
In some banks when you join as a management trainee, you are generally trained
in all aspects of banking for the initial two years. Then, you are assigned the
responsibilities of an Assistant Manager in a particular functional group or
you become a Branch Manager.
After 2-3 years of experience, you are given independent charge of a product of
a functional group. Another 3-4 years of experience may see you as the head of
a functional group.
Requirements
* Analytical and reasoning skills
* Good mathematical abilities
* Meticulous
* Excellent communication skills
* An attitude to serve people and a
pleasing personality
* Strong leadership abilities and
organising skills
* Ability to take initiatives
* Ability to work in a group
* Always open to learning-new
skills, new methodologies, and so on.
You need to be a graduate in any
stream to get into a nationalised bank as a Probationary Officer. But to
qualify as an Assistant/Clerk you need to have completed your 10+2.
However, MBAs are preferred in
almost all the managerial positions in a bank. Private banks generally recruit
their managerial staff from top business schools across India.
Professionals like Chartered Accountants,
Agricultural Scientists and Engineers are also taken in as management
trainees/officers. Other professionals who find positions in banks are M.
Sc./Ph. D in Economics, Lawyers, Statisticians, Company Secretaries and
Information Technologists (i.e. those with an MCA/B.Tech in Computer Science or
equivalent).
For entry in the clerical/assistant
level, private banks have a minimum educational requirement of graduation. You
stand a better chance if you have additional qualifications in computers,
marketing management or any secretarial course.
Senior professionals in Marketing, Human Resource Development, Information
Technology as well as those from financial services companies also find
opportunities in banks.
Job Opportunities
In various private sector banks
like HDFC Bank, IDBI Bank, ICICI Bank, Centurion Bank, UTI Bank, etc.
In various multi national banks
like Citibank, American Express Bank, ABN-AMRO Bank, Standard & Chartered
Bank, etc.
You will find opportunities in public sector and nationalised banks like the
State Bank of India, Bank of Baroda, Allahabad Bank, Bank of Maharashtra,
Central Bank of India, Canara Bank, etc.
You can find work in various
co-operative banks like Bharat Co-operative Bank, Saraswat Bank, etc.
In the public sector you can even
work for speciality banks like the National Bank for Agriculture and Rural
Development (NABARD), Gramin Banks, Industrial Reconstruction Bank of India,
etc.
You can also work in regulatory
banking authorities like Reserve Bank of India and its regional branches.
Money & Other Benefits
A Management Trainee in a public or
private sector bank: Rs 2.4-5 lakh or more p.a.
Officer Trainee/Probationary
Officer: Rs 1,00,000-1,20,000 p.a (gross salary in a public sector bank). Plus,
this job offers annual increments and all the perks that go along with bank
jobs-casual leave, privilege leave, sick leave… the list just goes on and on
and on!
Officer trainees in private or
multinational bank: Rs 1,44,000-1,60,000 or more p.a
Senior Executives in a private sector
or multinational bank: Rs 12-24 lakh or more p.a. If you perform well it will
take you about 7-10 years to reach this level. Even at the middle level, you
can expect to get about Rs 6-9 lakh p.a in a private sector or multinational
banks.
Senior Managers in public sector
banks: Rs 30,000-Rs 50,000 a month.
That's not all. You could also opt
for an outstation transfer once you reach the officer level. And your
pay-cheque will get fatter and fatter. Thinking four-figure? Think bigger!
Clerks: Rs 6,000-8,500 (isn't bad,
considering that you are entitled to all the perks that an officer is entitled
to). So, are you game to make good money for eight hours of work with loads of
paid leaves including maternal leave and paternal leave?
Career Prospects
Commercial banking is a cyclic
business - when the economy does well, so do bankers. But the last few years
have seen a very healthy growth in the banking industry. The leading banks in
the public sector, almost all the private sector banks and the foreign banks
have seen their net profit grows by about 60 per cent. This shows that the
banking industry is definitely on an upswing.
This trend becomes apparent when
one considers the indicators of growth and changes in the environment. For
example, the Central Government is planning to reduce their share in banks from
the current 51 per cent to 33 per cent. The private sector banks are growing
aggressively. The multinational banks are entering into the personal banking
business targetting small customers.
Though the growth in net profits do
not always lead to a growth in manpower, the number of managerial level staff
as well as professionals is increasing. In fact, though the total manpower
employment figure shows a negative growth of about 0.2 per cent there is
definitely a growing need for MBAs and other professionals.
Apart from the traditional banking jobs, other jobs in banks are increasing.
For instance, as the banks are leaning towards sophisticated technology there
is a growing need for information technology professionals.
It is true that there are more opportunities in the officer cadre than in
clerical cadre. In fact, the recruitment at the clerical/assistant levels is
negative. Most of the public sector banks are reducing their manpower recruitment
in the clerical jobs. But overall, as banking is a growing industry, the job
prospects are good.
There is one final reason to feel enthusiastic about a banking career. Many of
the services are now available at your fingertips. It's a result of the rapid
changes in the banking functions and redefinition of the concept of banking as
a whole. These will definitely lead to rapid changes in careers in banking and
generally pull the industry upward.
Chartered Accountant
Join Institute of Chartered accountants
of India (ICAI), for specialisation in financial accountancy and taxation after
Graduation or +2.
About the Institute
Institute of Chartered accountants
of India (ICAI), Indhraprastha Marg, NEW DELHI
- 110002
Started
in 1949
Designation after completion
Associate
member of ICAI (ACA)
After completion of 5 practising years Fellow member
of ICAI(FCA)
The process of money flow is a
complicated one. You will master it and show others how to do it. As a CA you
will offer financial advice and audit accounts for private individuals,
companies, industries, educational institutions, etc. This in short is the summation
of your job profile.
You will audit-analyse and verify
your clients' accounts and give a fair financial picture. You could also work
as a financial guide or consultant and push an organisation's profitability.
You will also advice clients on investments, general taxation and act as
executors and trustees.
Auditing means analysing and
verifying a client's accounts to make sure that they give a fair financial
picture. It also involves interviewing staff and management. Most companies
hire CAs as financial guides or consultants.
Budgeting, fund raising and other
financial activities related to corporate finance will be your domain. CAs are
experts in corporate law.
Procuring finance for projects
needs high level of skills and expertise in finance. CAs are trained to advice
on financial sources and prepare project reports.
You will analyse the profitability
on business expansion as well as its long term returns. Your advice will also
be sought in matters such as mergers and acquisition, diversification etc.
This profession calls for a lot of
travelling. So if you hate to pick your bag and leave the comforts of your
office, think twice. Auditing will see you move from one office to another,
unless you have your own practice.
Requirements
You have to complete the course conducted
by the Institute of Chartered Accountants of India (ICAI).
According to the new system in place you are first required to do your
Professional Education (PE) course I and II. For PE-I you need to have
completed your 10+2 level in any stream. The course is administered via
correspondence for a period of 10 months after which you give a written exam.
The subjects include accounting, mathematics and statistics, accounting, as
well as business communication and management.
After this you are eligible for PE
- II. You can directly join PE -II if you have completed your B.Com with
Accountancy, Auditing and Mercantile or Commercial Law with a minimum of 50 per
cent marks. For non-commerce students with mathematics the cut off percentage
is 60 per cent and for other non-commerce students it is 55 per cent. If you
fall below these academic requirements, you need to do the PE-I course first.
Candidates who have cleared the
final exams conducted by the Institute of Cost and Works Accountants of India
(ICWAI) or the Institute of Company Secretaries of India (ICSI) can also join
the PE - II course directly. Subjects in PE-II include Cost Accounting and
Financial Management, Business and Corporate Laws and Information Technology.
In both PE-I and II you need to score
at least 40 per cent in each individual paper and 50 per cent overall in order
to pass the examination. The duration of each of these courses is 10 months.
After this you are required to register yourself as articled clerks and work as
a trainee under a chartered accountant for a period of three years. During the
last six months of this internship you can appear for the CA Final examination.
On clearing the final examination and completion of your three-year internship
programme, you are required to complete a course on general management and
communication skills. After all this has been done will you be admitted as an
associate member of the Institute of Chartered Accountants of India. Only then
can you call yourself a Chartered accountant.
These days more and more CA firms are IT enabled and as such you need to be
knowledgeable about things like:
1. Working knowledge of Tally and
Spreadsheets
2. E-commerce
3. Internet Applications
4. Enterprise Resource Planning
(ERP)
5. Software Solutions
6. DBMS and RDBMS Concepts
Job Opportunities
You will work with:
You could also freelance or start your
own consultancy service.
Money & Other Benefits
Registered firms: Rs 5,000-20,000
or more per month
Chartered accountancy firms: Rs 6,000-20,000 or more per month
Management consultancy firm: Rs 15,000-40,000 or more per month
Banks: Rs 12,000-Rs 30,000 or more per month
Other organisations: Rs 10,000-30,000 per month
Career Prospects
In recent times, accountancy has
grown in popularity as a profession. The services of a CA are required even in
the smallest of enterprises.
Moreover, under the Companies Act,
only CAs in professional practice are entitled for appointment as auditors of
companies in India.
With growing globalisation and
formation of new policies, the corporate sector requires the services of more
specialised professionals.
There is also a demand for
consultancy service on specific issues to a business enterprises.
Cost & Work
Accountant
Join Institute of Cost and Works
Accountants of India (ICWAI) for Cost and Management accountancy after
Graduation or +2.
About the Institute
Institute of Cost and Works
Accountants of India (ICWAI)
12,sudder
street, CALCUTTA-700016
Started
in 1959
Papers In Foundation Course
Business
fundamentals & Economics,
The actual course consists of two
levels: Intermediate and Final both divided into two groups / stages.
Papers in Intermediate Examination
Stage / Group-1: Financial Accounting,
Stage / Group-2: Cost and Management accounting,
Paper in the Final Examination
Stage / Group-3: Advanced financial accounting,
Stage / Group-4
Pass Requirements
Minimum of 40% and an aggregate of
50% in that particular stage / group.
Designation after completion
Associate
member of ICWAI(AICWAI)
After
completion of 5 practising years Fellow member of ICWAI (FICWAI)
Duration of the course
Minimum
3 years.
Coaching facilities
Oral, postal, regular coaching
facilities at various regional centres
Placements and Counseling cells
Placement and counselling cell for the best placements of its members.
Equity
Research Analyst
In market research you have to evaluate
factors influencing investment like currency market positions, inflation rates
and others. You have to understand the dynamics and markets to track all the
relevant players, from the industry giants to new enterprises in the market.
Your work serves as a barometer for
the corporates and the investors. You have to assess the value of the company
and advise the company on profit making moves after studying the market. You
will also review the future earning potential of the company. In a way you are
also keeping a check on the management decisions of the company.
You will start off as an Junior
Equity Analyst and then climb the higher rung of Equity Analyst, Senior Equity
Analyst, Head of Research, Regional Fund Manager and finally the Global Fund Manager.
To be a successful Equity Research
Analyst you need to have access to right information at the right time. You
should also be able to foretell the market moves. Therefore, it becomes
necessary for you to constantly upgrade yourself with the latest happenings in
the market. Computer skills and being net savvy helps as it gives you easier
access to information.
The job is very interesting and you
are at the higher end of the learning curve. The pay pack is also impressive
but you would be spending most of your time at work. This is a place for
workaholics.
Requirements
As an equity research analyst you
need to have the following personality traits:
· Analytical thinking
· Ability to understand and evaluate
· Ability to forecast
· Good communication skills
· Convincing power
· Conviction
· Technology and net savvy
· Aware of the latest happenings in the field
If you have an MBA in Finance, or
you are a Chartered Accountant or Chartered Financial Analyst then you qualify
for the post of an Equity Research Analyst. Other accepted qualifications
include Master of Business Finance and Master of Finance & Control.
You could also pursue the
postgraduate diploma course in Equity Research and Analysis offered by The
Institute of Chartered Financial Analyst of India at Hyderabad.
Job Opportunities
You would find employment with:
Money & Other Benefits
You'll never regret choosing this
career considering the money. But you would hardly get time to socialise. In
this high-pressure job money comes as another incentive to work on.
Junior Analysts earn around Rs 3-8
lakh p.a.
With 5-6 years experience you could
earn Rs 12 lakh to 1 crore p.a depending on the organisation and the post
offered.
The MNCs offer more moolah than the
domestic ones. But it's not easy money. You have to slog for it. You have to be
exceptionally good in your job.
Career Prospects
Capital markets all over the world
as well as in India are witnessing major changes. With escalating interests of
domestic and international players in India, there is an increasing demand for
a more systematic approach. The Securities and Exchange Board of India (SEBI)
is also trying to bring transparency in the dealings. All this has opened a lot
of avenues for people planning their career as an Equity Research Analyst.
Economic growth and liberalisation
has opened a number of opportunities in various fields like mutual funds,
investment consultancy, broker firms, insurance companies, merchant banks,
pension funds and other financial institutions.
Forex
Dealer
Forex literally means dealing with
the financial aspects of the currency and stock market. You'll be working
either as a Corporate or Currency Dealer.
Corporate dealer quote merchant
based rates like one related to export and imports or customer related. You
have to workout the rates of various foreign currencies, study the market
reports and get a firm view of the market. You have to plan strategies for the
day with the Chief Dealer, note down the currency wise opening positions in the
daily position sheets. Position sheets are charts stating the exchange rates of
various currencies in the markets all over the world in the beginning of a day.
Your job also includes quoting
merchant transactions keeping in mind the profit factor, make transactions over
the internet, talk to corporate clients, write inter-bank deals and tally deals
with the backup department.
Currency traders are involved in
speculative deals in the currency markets all over the world. Your job requires
you to study market, analyse currency movement in the Asian as well as
international market. You will also be involved in technical analysis using
graphs and charts like candle chart, line and bar chart. You have to buy and
sell currencies in international market quoting your own prices on the basis of
New York and Tokyo market review.
You need to have good knowledge of
currency and stock market to cater to the clients' needs and profit margins.
You will also have to take into consideration the banks' working profit margin
before finalising a deal.
Generally, there are two-three trading positions followed:
In forex dealing, you will start as
a Junior Forex dealer and then graduate to becoming a Senior Forex Dealer.
Then, after being promoted as a chief dealer you will have to train your
juniors to quote the market proceedings. You have to handle press, corporate
brokers, inter bank dealers. It will also be your duty to guide and brief the
management about the market happenings and routine dealings. The highest rank
you can attain as a dealer is that of treasury head.
You will be hard pressed at work
though the remuneration is high. There are no fixed timings and you would end
up working almost 12-13 hours or more a day. Also included are the risks while
dealing, which could make or break your career. You will hardly have anytime to
socialise other than with your corporate clients. Performance is what matters
most, which includes your speed of quoting and maintaining your customer
database.
Requirements
Generally any bank officer is
inducted in the dealing room after undergoing training programme of Bourse or
Foreign Exchange Bourse conducted by RBI's Bankers Training College.
Some large Nationalised banks like
Bank of India have their own in-house Bourse training programme. This training
programme is usually for three-four weeks, involving mock dealings.
The other traits that you would
require to qualify as a Forex dealer are:
There are age restrictions in the
sense young people are preferred keeping in mind the risk taking capacity.
The minimum educational
qualification is graduation in any field with interest in stock market.
Nowadays, preference is given to MBAs with specialisation in Finance and CAs
could also apply.
Job Opportunities
Performance is the key to success
in this field. You will find employment with
Money & Other Benefits
The pay scale is good in this
field. To start off as a junior dealer you would earn around 10-12000 a month depending
on the organisation you are working with.
If you are from premier institutes
like IIMs, working with multinationals then you could expect around Rs 40,000 -
60,000 to begin with.
Depending on your experience,
performance and the organisation you are working with, you could earn around
3-45 lakh p.a.
Career Prospects
Capital markets all over the world
as well as in India are witnessing major changes. With escalating interests of
domestic and international players in India there is increasing demand for a
more systematic approach. SEBI is also trying to bring transparency in the
dealings.
Economic growth and liberalisation
has opened number of opportunities in various organisations like mutual funds,
investment consultancy, broker firms, insurance companies, merchant banks,
pension funds and other financial institutions.
The demand for forex dealer is
inversely proportional to the market conditions.
Investment
Banker
An investment banker deals with corporate houses.
They manage shares and capital formation of a company. They also manage capital
market operations on behalf of the company. Investment banking operations
mainly revolve around investment management on behalf of corporate clients.
Career Overview
Your work would involve advising companies
on capital formation, mergers, acquisitions, investments and managing capital
assets. You will have to liaison with businesses, governments, nonprofit
institutions and individuals.
You will look into the financial
aspects like advising a company or a client on financial transaction, selling
and trading the securities, researching the company's background and the market
before making any investments, etc. You also have to analyse and make
recommendations to the company, based on the market and competitors.
Your job will also involve
extensive research on industries and companies. You will have to find out
opportunities to invest in profitable shares, debentures and other financial
instruments. You will also invest and control the portfolio of shares, decide
which shares to buy and which to sell to gain maximum returns.
You have to excel and be accurate
in terms of business information as the investor will totally depends on your
reports. You have an important role to perform for the company. Yours is a
high-risk job. You will have to face the criticism and failure at times.
Initially, you will join as an
Analyst. You will be responsible for writing reports, maintaining spreadsheets,
trading stock options, research, etc. You will have to put in long hours at
work to get the projects completed on time.
You need to have a good knowledge of the business world and the latest market
developments. Team spirit is the key to climb up the ladder, as you have to
work in harmony with people of different temperaments.
Having a good network will help you
get more business as well as earn more rewards. As you graduate to higher
levels like that of Director, Managing Director and others the risk is higher.
You will be evaluated on the basis of your performance.
Requirements
As an investment banker you need to
have:
Your success mainly depends upon
your ability to communicate, willingness to travel, hard work and the number of
profitable deals you clinch for the company.
A Degree in MBA with specialisation
in Finance or Chartered Accountancy is preferred. Ph.D in Economics and
relevant experience in the industry can also get you a good job.
Job Opportunities
You will find employment with:
Money & Other Benefits
This job is highly rewarding, as
far as the money aspect is concerned. Junior Manager gets Rs 3-4 lakh p.a. The high
end is actually a dollar salary converted into Indian rupees. Average package
paid to MBAs from premier business schools is around Rs 9 lakh p.a.
With 5-6 years experience you could
earn Rs 12 lakh - 1 crore p.a., depending on the organisation and the position
you would be working in.
Career Prospects
Capital markets all over the world
as well as in India are witnessing major changes. With escalating interests of
domestic and international players in India there is an increasing demand for a
more systematic approach in investments made in the capital market.
SEBI (Stock Exchange Board of
India) is also bringing in mandatory transparency in the dealings. All this has
opened lot of avenues for people planning a career in financial sectors.
Economic growth and liberalisation
has opened up considerably large number of opportunities in various
organisations like mutual funds, investment consultancy, broker firms,
insurance companies, merchant banks, pension funds and other financial
institutions.
Stock
Broker
Of course not everyone can become a
registered stockbroker. Why? Simply because it's quite expensive. If you can
cough up an exchange fee of Rs 2.41 crore you can procure a broking card.
That's not all. You have to shell out another Rs 20-25 lakhs to get registered
with SEBI. But, that shouldn't deter you from becoming a stockbroker. You can
always work as a dealer or an agent with a stockbroking firm. The stock
exchange is exposed to a high degree of volatility. Prices fluctuate within
minutes and are determined by demand and supply of stocks at a given time.
Stockbrokers buy and sell securities on behalf of individuals and institutions
for some commission. As a stockbroker you could get into private practice or
work for institutions. Those who work with institutional investors are also
called Securities Traders. You could work as a dealer, advisor or securities
analyst. Security analysts use their sound knowledge of capital markets to
advice companies on floating shares. You could even research, analyse market
conditions and draw profit margins on behalf of your client. You have to simply
stock market terms and trading practices for your client, offer financial
counselling and also devise financial portfolios. This portfolio also includes
securities, life insurance, corporate and municipal bonds, mutual funds,
certificates of deposit and other investments. You also offer advice on the
purchase or sale of securities. Back office (administration) forms the backbone
of the business. Work is not as fast-paced and exciting as a dealer's. It
involves keeping track of the procedural aspects after a deal is executed. The
nitty-gritty of the business, like handling pay-in and payout forms a part of
the job.
Your job as a dealer involves
contacting clients and executing the deal that has been closed. You should be
good at sourcing information. Buying and selling involves convincing clients to
buy or sell shares to a client, a big organisation or retail investor. You need
to be constantly updated about market conditions. Computer literacy is an added
advantage with most of the dealings being computerised.
Stockbrokers also research and
analyse various sectors, industries including the price of a share - whether it
is under-priced or overpriced. You should be open to criticism and willing to
accept failures when you are an analyst. Late hours, stress and tension go hand
in hand with the job.
There is very little room for
boredom or stagnation in this field. No matter which department you are in, a
thorough knowledge of the various sectors and industries, gives you an edge in
the business.
Since the industry is performance
driven you got to be on your toes all the time to keep pace with the market
movements. Stress levels are very high and since money attracts all sorts of
people, one has to develop a certain amount of insensitivity.
Requirements
* Strong desire to succeed
* Good sales ability
* Good communication skills
* Knack to convince people
* Knowledge of market and investment products
* Ability to listen to clients
* Understanding clients needs
* Build customer base
* Sharp memory
* Analytical mind
* Foresight and logical approach to make projections
* Ability to withstand mental stress and handle complex situations
* Head for numbers
* Patience
* Interest in market proceedings
Minimum requirement is graduation
in any discipline preferably Commerce. It is essential for you to have thorough
knowledge of economic conditions and market trends.
Some big broking firms prefer MBAs
with specialisation in Finance or CAs. To be a member of the stock exchange you
have to undergo training with a broking firm for a minimum period of six
months. Training aims to impart knowledge of accountancy, law related subjects,
capital markets, securities, portfolio analysis, etc.
Job Opportunities
* Business houses
* Broking firms
* Investments banks as well as traditional banks, which have business with
broking firms
You could also prepare market
report and analysis for magazines and newspapers.
Money & Other Benefits
Most brokering firms pay
performance-based commissions along with the salary. Beginners get Rs
10000-25,000 plus commission. With experience you could earn around Rs 20 -30
lakh p.a.
Career Prospects
Capital markets all over the world
are witnessing major changes. With escalating interests of domestic and
international players in India there is an increasing demand for a more
systematic approach. SEBI is also trying to bring transparency in the dealings.
Economic growth and liberalisation has opened number
of opportunities in various organisations like mutual funds, investment
consultancy, broker firms, insurance companies, merchant banks, pension funds
and other financial institutions. Foreign institutional investors, mutual funds
and even individuals have once again started posing confidence in the capital
markets. This has enhanced prospects for brokers, investment and equity
analysts. They can also start their own consultancies. Stock exchanges to some
extent play an important role as indicators, reflecting the performance of the
country's economic state of health.
Venture Capitalist
Do you want to fund the dreams of young entrepreneurs?
Ever thought of playing angel to a great business idea? Do you have the ability
to analyse a good business opportunity among scores of others? Then what are
you waiting for? Come, become a Venture Capitalist.
Career Overview
Hold on. We are not talking of KBC,
which will make you a corepati overnight. A Venture Capitalist does not give
away his or someone else's money. You will be working for a Venture capitalist
firm.
These firms have two principal
functions. Firstly, they raise money from various wealthy individuals,
corporate organisations, financial institutions like banks and other sources
like non-profit funds to build up a corpus fund. Secondly, this fund is
utilised by the firms to finance start-up organisations.
The start-up organisations are
generally in a very innovative business field. Or, many of such start-up
organisations come up with very innovative ideas in an existing business field
or industry. Venture capital firms generally finance newer businesses. For
examples, dotcoms, biotechnology firms and the likes.
As a venture capitalist, your main
job will be to analyse the venture proposals submitted by entrepreneurs. The
proposal, which comes to you as a business plan has:
* Description of the product or
service that the business intends to make and deliver
* Market needs and how the product or service proposes to fulfill the need
* Details of how the product will be produced and delivered
* Manpower and systems needed by the business
* How the business will be established over a period of time
* Cost to establish the business
* Sales and profits that the business will generate over a period of time
* Profitability and long-term viability of the business
As a venture capitalist,
your first job will be to analyse different aspects of the business plan such
as:
* Whether there is really a need
for the venture in the market
* Production and delivery process
* The financial and commercial feasibility of the business
After the preliminary analysis you will have to seek clarification from the
entrepreneur about various aspects of the business. You will ask for a
presentation and discuss a number of issues regarding the viability of the
business. You will also look into the educational and professional background
of the venture capitalist, the profile of the management team that will
establish the business and the ability of the entrepreneur to attract and
retain talented people in the team.
If you are satisfied with the
business's viability and the ability of the management, you will also plan out
how you will give them the money and analyse what will be your firm's return on
the money. Generally, a venture capital firm gives the money in the form of
equity. The firm becomes an investor in the equity of the company.
That means the firm will become a
joint owner of the company in which they are investing money. Of course, the
firm does not become a life long owner. It generally exits from the business at
an opportune time.
Your aim will be to earn maximum
possible return on the money you invest in the business. You will have to earn
a surplus on the corpus fund of your firm. You will try to see that the cost of
developing and maintaining the corpus fund is minimum. And at the same time,
you will have to ensure that the returns on your investments are more than the
cost of the corpus fund.
The venture capitalist firm also
makes plans to exit from the business at an opportune time. So, you will have
to carefully decide and plan, when and how you can exit so that you earn the
maximum returns on your money.
Requirements
Does this describe you?
* Very strong reasoning ability
* A critical outlook, an ability to see beyond the clutter of words
* An entrepreneurial mindset
* Excellent communication skills
* Excellent organising abilities
* An ability to keep yourself abreast of the latest in social and economic news
* An eye for details
* Excellent numerical abilities
* Strong leadership abilities and ability to take initiatives
* Hard working
The job is very complex and demanding. It will never be a dull 9-5 job.
Analysing a business plan is a long and tedious process. Deciding on the
investment takes longer. So, you will have to work 12 hours on most of the
days. It is also a high-risk business. You will be responsible for making the
right investment decisions. Any lapse on your part may put your job on the
line. Alternatively, you will be rewarded if you make the right decisions and
earn profits for the firm.
You will need to have an MBA or
equivalent degree or diploma in management to get into this field. Also, CAs
and people with a degree in finance with some experience have an edge.
People with some experience in a
start-up organisation or very good managerial experience in a particular
industry have good prospects in this field. Few years of experience in equity
research and financial analysis can get you a good break.
Job Opportunities
A combination of a degree in
Engineering from IIT and then a management degree from a premier institute will
be enviable. Add to this a few years of experience in the financial sector and
you are a good contender for a job. Experience in a successful start-up
organisation, is another crierion for a good position.
You can get a job in:
* Indian or foreign Venture capital
firms
* Venture capital branches of
financial service companies like an investment bank
* Venture capital wings of
commercial banks
In a VC firm, you generally join as
an Analyst or as an Assistant Consultant at the entry level. You will move on
to become a Consultant and then a Senior Consultant. If you have a few years of
experience in your pocket, then you will be offered a job as an Associate
Consultant or Associate depending on the years and quality of experience. An
Associate consultant becomes a Partner or Managing Partner.
In an investment bank or a commercial
bank, your career progress will be different. But it always depends on your
performance. Joining as an Analyst, you can move on to become a Vice President
within 6-7 years.
Money & Other Benefits
An entry-level job will pay you Rs
4,50,000-7,00,000 p.a on Indian shores.
A dollar salary will range from US
$ 4,800-6,000 a month.
If you join after a few years of
experience in other financial/industry job, you will get about Rs
6,00,000-18,00,000 p.a.
Senior level VCs earn about Rs
20,00,000-100, 00, 000 p.a.
Career Prospects
Though the opportunities sound very
high profile and lucrative, the number of inputs in the firms is limited. It is
because, typically, a VC firm or a VC capital wing of a bank is run by 10-12
people or even less. And most of the firms take experienced people. Entry-level
opportunities are very few.
And though, many foreign VC firms
are setting up shops in India, each firm is having 3-4 people at the most. So,
overall opportunities are little.
However you move very fast in your career after you
find a placement. There are enormous opportunities for the right person. But
however small in number, opportunities are increasing. With the sunset in the
dotcom business, there are two new sunrises - Biotechnology and telecommunication
technology.
Company Secretary
Join Institute of Company
Secretaries Of India (ICSI) for Secretarial and legal Matters after Graduation
or +2.
About the Institutes
Institute of Company Secretaries Of
India (ICSI)
22,industrial
area,Lodi Road, NewDelhi-110003
Started
in 1980
Designation after completion of
course
Associate
member of ICSI(ACS)
Fellow
member of ICSI after completion of 5 practising years (FCS)
Company Secretaries are recognised
by law, as one of the principal officers of the company. You will act as a
legal advisor to the company, plan expansion opportunities, oversee
collaborations, amalgamations, acquisitions, mergers, etc. You will also
interact and coordinate with other functional heads of the company. As a
Company Secretary you will need to have a good hang on subjects like law,
management, finance, corporate governance, corporate planning, tax planning and
tax management.
Your job will involve not just
meeting legal requirements and statutory compliances but also formulating long
and short-term corporate policies and programmes. Basically, you will serve as a
vital link between the company, its board of directors, shareholders and
governmental agencies. You will act as a confidante to the Board of Directors.
Requirements
You should possess the
following essential attributes:
The Institute of Company
Secretaries of India (ICSI) is the premier body for education in the field of
Company Secretaryship. It was formed under the Company Secretaries Act, 1980 to
develop and regulate the profession of Company Secretaries in India.
You could qualify for the
Foundation Course exam after HSC (in any discipline, except Fine Arts) or any
equivalent exam. Once you clear this, the next step is to register for the
Intermediate and Final exams respectively.
Post graduates or graduates in
commerce or any other discipline other than fine arts, graduates from the
Institute of Cost and Works Accountancy (ICWA) or Institute of Chartered
Accountants of India (ICAI) can skip the Foundation Course. They could directly
enroll for Intermediate exams.
For the final exams you require to
undergo a minimum of one year's training or apprenticeship with a company
recognised by ICSI or a practicing Company Secretary.
People with ICWA or ICAI background have a definite edge over the others when
it comes to CS studies as well as job opportunities, later. The study material
and tuition options - postal or coaching are provided at the time of the
admission.
Once you appear for the finals, you
become an associate member of the institute. At this stage the inscript 'ACS'
will follow your name. The senior members eligible for fellow membership can
use 'FCS' after their names.
Certificate of Practice from the
ICSI is essential for being considered as a company secretary.
Job Opportunities
Company Secretary is a mandatory
requirement for the companies with a paid up share capital of Rs 50 lakhs or
more and the ones seeking listing on the Stock Exchange.
If you have passed the Intermediate
Exam you could be employed with companies having a paid up share capital of
less than Rs 50 lakhs.
You could also consider company
law, administrative jobs, Financial, Personnel and Tax management as
alternative career options.
Money & Other Benefits
As a fresher you could earn
anything between Rs 7,000-10,000 a month depending on the organisation you work
with. A senior Company Secretary earns Rs 20,000-35,000 or more a month.
To rake in more moolah you could
apply abroad, particularly in the Gulf and the African countries.
Career Prospects
The growth in the corporate sector
has thrown open a lot of legalities of various kinds. And this falls under the
purview of a Company Secretary. Companies need advice from a person with a
thorough knowledge of all relevant laws. The Company Secretary provides this
service. So the employment potential in the corporate sector is very high.
With your level of expertise and experience you could
always move on to become the chairman, director or managing director in reputed
organisations.
India in general is a nation of
fatalists. If things go bad, we tend to blame our fate. The wizards of finance
however have come up with a neat way to safeguard you against the unforeseen.
Find out how you can help people buy peace of mind by being an actuary.
Career Overview
An actuary is a professional who,
using probability theory and mathematical, statistical and financial
techniques, analyses the financial consequences of risk to enable businesses to
make better-informed decisions. You will assess the financial impact of
uncertain future events by methodically analysing the past, modelling the
future, and quantifying the likely range of financial outcomes from different
future events. Confused? Read this.
Say a person buys a car. The
insurance for this car needs to be determined. The actuary does this
calculation. Your skills in finance and risk management will be used in areas
such as insurance, pensions and investment. Other applications include census
studies, forecasting, banking and finance
You will analyse statistical data,
such as mortality, accident, sickness, disability, and retirement rates and
construct probability tables to forecast risk and liability for payment of
future benefits. Using these statistics you will ascertain premium rates and
cash reserves necessary to ensure payment of future benefits.
As an actuary, you will apply
mathematical models to problems of insurance and finance, thus improving upon
the financial decision making process.
You may also be called upon to
perform the following tasks:
Advise companies on the distribution of profits to policy-holders and assist
with investment policy
Manage long-term financial projects both in the public and private sectors
Measure and analyse the investment performance of financial institutions
Design, manage or supervise government financial policies in areas like social
insurance and pension schemes
In some ways an actuary is a financial crystal ball gazer!
Requirements
You need to have
* Ability to express conclusions clearly and concisely
* Good mathematical and analytical skills
* Ability to think clearly and logically
* Keen, analytical, project management and problem solving skills
* Good business sense
* Knowledge of finance, accounting, economics
* Good communication skills
* Strong computer skills including statistical analysis, database manipulation,
etc.
* Ability to work with others
Remember, this is one career in which you need to be good at mathematics. This
is a number game and you should be able to master it. If you are poor at
geometry or trigonometry, then it's all right but you must be able to find out
0.7 per cent of 29,675 in a jiffy. You need to have sound analytical and
logical skills.
You will be spending long hours at
your table pouring over sheets and sheets of data. Patience and perseverance is
therefore essential. However you must realise that at the end of all the
numbers lie people. You need to have a friendly, outgoing personality with good
communication skills. Only then will you be able to build up trust with your
clients, which is so important in this business.
A degree in math, statistics,
economics, business or finance are all good starting points for a career in actuarial
science. You could even do your B.A. in actuarial science or a postgraduate
certificate /diploma in insurance. To become an actuary you need to take the
entrance exam conducted by the Actuarial Society of India. These are held twice
a year and consists of one paper each in English and mathematics.
To become an insurance surveyor you need to be a degree or diploma holder in
engineering/architecture or hold a Fellowship/Associateship of the Institute of
Chartered Accountants.
You can also obtain the Fellowship or Associateship of The Institute of
Insurance Surveyors and Adjusters (IISA) by giving their exam and thereby
become a licenced insurance surveyor.
Job Opportunities
Challenging careers exist in a
growing number of fields, including the insurance industry, consulting firms,
government, banks and investment firms and large corporations. The largest
growing segment for actuaries is actuarial consulting. The trend for companies,
even large insurance corporations, is to outsource actuarial services.
Actuarial consultants have also started to become more involved with decisions
regarding health plans, advising on mergers and acquisitions, demutualisations,
new product development and asset management, financial analysis, alternative
distribution systems, regulatory compliance and market conduct issues.
The big brother of the Insurance industry in India is LIC (Life Insurance
Corporation), which employs over 100,000 people. You could join as an Assistant
Administrative Officer through the all-India examination. The examination is
objective in nature and consists of logical reasoning, general knowledge and
quantitative reasoning. The written exam is followed by an interview. On being
selected candidates are sent for a six-month training programme.
Money & Other Benefits
Starting salaries fall in the range
of Rs 4,250 - 8,500 which can work up to Rs 6,000 - 9500. As Assistant Manager
your pay scale will touch Rs 7,500 - 10,000. A Zonal Manager gets Rs 14,000 a
month.
This is just the basic salary Additional allowances include Dearness Allowance,
Travel Allowance, City Compensatory allowance, etc which works to almost
150-200 per cent of your basic salary!
Salaries in multinational are very
good indeed. At the entry level you will be paid around Rs 4 lakh p.a. and
after five years of experience it can reach Rs 10,00,00 p.a.
Career Prospects
With the Insurance sector thrown
open the decks are now clear for the private insurance bigwigs to venture into
the strong Rs 90 billion Indian insurance sector. If all goes well, the
sector's total turnover is expected to touch Rs 200 billion by 2005. At present
there are about 17 Indian PSUs in the fray.
If you consider the fact that only
2 million of India's 300 million middle class is insured you can imagine the potential
for expansion in this sector.
Projections suggest that for a wide
spectrum of functions - marketing, sales, human resources, finance, operations,
actuarial function, at least 20,000 strong work force is needed, plus 1.5 lakh
agents. In five years from now managerial recruitment is likely to rise 10
times thus making it the most attractive sector in the job market.