Build a Career in Finance by Applying One of These 12 Jobs

Finance is a broad field, with jobs available for many levels of qualification from class XII to multiple MBAs. A career in finance can also bring you job satisfaction and a high rate of pay. If you are considering a career in finance, it helps to know the various opportunities available. In this article, we talk about the various areas you can work in the financial sector and describe 12 jobs that you can apply for.

What are careers in finance?

Here are some areas offering careers in finance:

1. Public finance

In this sector, you work with the Indian finance ministry to allocate financial resources and develop the government's fiscal and monetary policies. Jobs here include consulting on the laws regarding taxation, government spending and other factors that influence the country's economy. Typical responsibilities include:

• analysis and approval of all public funded schemes of the central government

• improving the quality of expenditure by developing suitable schemes

• assessing the risk for government initiatives

• designing subsidies offered by the government

2. Corporate finance

Using an expert understanding of finance, you help companies increase their shareholders' value. To achieve this, you may use a variety of methods such as acquiring and managing loans, allocating funds for the best return on investments and other efforts to improve the ratio of debt and equity. As a corporate finance professional, you can help companies when they go public through an initial public offering (IPO) or acquire entire other companies on behalf of an organisation.

3. Personal finance

The goal of personal finance is to study an individual's financial situation to evaluate their needs and financial constraints to deliver a plan to meet those needs. This is a large sector, and you can work with banks, lending organisations, consulting companies, insurance companies and other financial services (finserv) institutions. Common responsibilities in personal finance include:

• suggesting financial products like insurance plans

• providing guidance on investment schemes

• taking over the investment portfolio for paying customers

• helping people set up checking and savings accounts

• selling products like credit cards and investment schemes

• providing wealth management services

• assisting people with their retirement plans

• dealing with mortgages on homes and other properties

• developing cash flow strategies for customers

Jobs in the finance industry

Since the finance sector is quite broad, it offers many job opportunities. From cash manager to CFO, here are twelve jobs you can apply for:

1. Loan officer

National average salary: ₹15,083 per month

Primary duties: Loan officers meet clients to assess their creditworthiness on behalf of a bank or other lending institution, based on factors like each client's credit history and debt-to-income ratio. They review loan applications, analyse them and either authorise or reject them. Typical daily responsibilities include selling loan products to meet a monthly target, creating documentation for the underwriting department and staying updated on government regulations regarding lending, market trends and competitors.

2. Financial controller

National average salary: ₹9,77,206 per year

Primary duties: A controller is primarily in charge of internal control audits to eliminate error and fraud. They also develop daily operational strategies for businesses and ensure that the businesses follow these guidelines. Businesses hire financial controllers to improve their operational efficiency and streamline management reporting. They oversee corporate accounting, regulatory and financial reporting, budgets and financial risk management efforts. Also known as comptrollers, these officials also ensure the company's compliance with government regulations.

3. Financial analyst

National average salary: ₹7,48,749 per year

Primary duties: Using data, financial analysts locate business opportunities or anticipate the outcomes of decisions that a business is about to take. They provide consultation for businesses on investment decisions. Companies rely on advice from financial analysts to establish cost structures and set capital budgets for their projects. Financial analysts work at places other than typical financial institutions and banks. For example, a business may contractually hire a financial analyst to measure the effectiveness of their marketing campaigns with an emphasis on returns on investment (ROI).

4. Investment banker

National average salary: ₹44,918 per month

Primary duties: Companies only offer this prestigious and high-risk position to candidates with considerable experience. Their key task is to raise capital by issuing securities like debt or shares. Employers often expect that candidates have a master's degree like an MBA in Finance. Investment bankers advise businesses on financial strategies and develop ways to raise capital for them. They can also work in personal finance, taking control over investment portfolios from multiple clients to invest and earn a profit on their behalf. Investment bankers can work as financiers and help businesses with budgetary issues.

5. Chief financial officer (CFO)

National average salary: ₹75,292 per month

Primary duties: Organisations employ chief financial officers at the top of an organisation's hierarchy. They report only to the CEO (Chief Executive Officer) of the business. They oversee all financial operations within the organisation. A CFO makes sure that the business always achieves its financial goals. They oversee all financial personnel, analyse financial statements and develop financial strategies. They take responsibility for the company's financial risk. Daily, a CFO may watch over mergers, acquisitions, financial obligations, cash flow, accounting, tax payments and investments.

6. Cash manager

National average salary: ₹4,97,975 per year

Primary duties: Cash managers are in charge of all cash-related strategies and activities, including payment procedures, refund policies and the organisation's bank account. They may work with a team to ensure that the company's financial activities comply with local and international laws and policies. A cash manager typically reports to the head of a unit or department. Their daily responsibilities include assisting with audits, managing company funds, examining for any shortages and overages, overseeing payroll activities and streamlining cash-related operations.

7. Compliance manager

National average salary: ₹40,080 per month

Primary duties: Compliance managers safeguard the company from risks and ensure that it is safe from lawsuits. They oversee business operations to check that they follow all government laws. To do this, they develop company-wide policies for compliance. They also run compliance audits and create metrics to track compliance within the finance department. Compliance managers always keep themselves updated on laws and new regulations. Aside from finance, they are also experts in law and ethics.

8. Chartered accountant

National average salary: ₹17,981 per month

Primary duties: With certificates of practice from the ICAI (Institute of Chartered Accountants in India), chartered accountants work in public practice firms, as individuals and as in-house financial counsel for companies. Their goal is to supervise strategies to maximise profitability for their clients. A CA is skilled in financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, and accounting systems and processes. They manage finances and provide financial advice for businesses, individuals and government bodies. Since they often consult for businesses, they are skilled at explaining financial concepts to non-CA stakeholders within a business.

9. Financial advisor

National average salary: ₹21,452 per month

Primary duties: Financial advisors work both in the public and private sectors, at brokerage firms, credit counselling companies, financial consultancies, fund management companies, investment banks, life insurance companies and wealth management firms. Typically, they work with individuals to identify short and long-term financial goals for them. Then, the financial advisor works on a strategy, showing the client the most suitable products and services they can use to achieve these goals. They may also give their clients guidance on policies like life insurance plans, automobile insurance and housing insurance.

Related: 35 Financial Advisor Interview Questions (With Answers)

10. Financial software developer

National average salary: ₹44,273 per month

Primary duties: Combining an expertise of the financial domain as well as coding, these developers work for financial services companies and government offices. They either help develop new financial software products for these organisations or help modify existing programs to tailor them for a particular company's requirements. Since the finance industry has embraced technological solutions, these developers can work in many applications like online payment gateways, banking apps, online banking websites and loan application services. Senior developers need to have an end-to-end understanding of the software development cycle so they can oversee developer teams.

11. Auditor

National average salary: ₹22,249 per month

Primary duties: Auditors prepare and analyse financial records. They check these for accuracy in reporting and calculation, and make sure that records comply with applicable laws. Companies hire auditors to assess their financial operations to check that they are efficient. Aside from this, they also compute taxes for organisations. Auditors may choose to specialise in a discipline like assurance services and risk management. Some auditors choose to become experts for specific industries like healthcare and education. An auditor can serve as a budget analyst, financial analyst, financial manager or personal financial advisor.

12. Tax consultant

National average salary: ₹27,969 per month

Primary duties: Using a knowledge of tax laws, compliance and planning, tax consultants help individuals and businesses pay their taxes. They help clients minimise tax liabilities throughout the year, so that clients don't have to face outstanding tax liabilities at the end of the year. They can help clients with tax documentation, e-filing their returns, tax filing for freelancers, documents like form 16 and form 12B, and making tax-saving investments like pension plans, child plans and life insurance plans. By hiring a tax consultant, clients can save time and stay compliant with taxation norms.

Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.

Please note that none of the companies mentioned in this article are affiliated with Indeed.