Is Finance A Good Career Path in India? Pros & Cons (2024)

How to choose the best career? As a part of growing up, this is one question that often looms large in the minds of young adults. For someone who is good with numbers and wants to go into the economic field, the obvious next question will be “Is finance a good career path?”

Considering the wide range of well-paid jobs in the financial industry, it is a great choice for a financially rewarding career. Working in finance is an ideal option for detail-oriented people who enjoy maths. Additionally, the finance sector offers a variety of growth opportunities in comparison to other industries.

How is a finance career important? What are the pros and cons of working in finance? What are the different types of finance jobs available? How much do jobs in the finance field pay? Find out the answers to these questions below.

The Importance of Careers in Finance

Finance is one of those industries that is constantly evolving and expanding and will always be one of the best career paths. The estimated figures from the Bureau of Statistics state that jobs in the financial industry from 2019-29 are projected to grow by 5%. This is one industry that will remain significant to various sectors including businesses, banking, commerce etc.

As firms continue to advance and expand with new exciting ventures, the demand for finance professionals also increases. Moreover, the role of finance is crucial for the growth and development of an economy. In that case, careers in finance will continue to be relevant in the future.

Now that the significance of finance careers is explained, explore the pros and cons of this sector.

Advantages and Disadvantages of Finance Jobs

A career in finance has to offer a wide variety of highly fulfilling job roles. However, while jobs in finance can be rewarding, both professionally and personally, it has their own set of drawbacks as well. So, what are the major advantages and disadvantages of finance field jobs?

Benefits of a Career in Finance Services

Financially Rewarding

It is no secret that finance professionals at all levels gain a higher-than-average income. Chances of getting a higher salary increase as one continues to gain more experience. Professionals working in finance earn six-digit incomes. Additionally, they also receive a lot of bonuses and other benefits.

Today, a lot of firms, especially those that are based in cities, reward their hardworking employees with health and wellness benefits. These may include giving a free gym membership, free medical consultations, free access to healthy meals etc.

A Variety of Opportunities

When people think about jobs in the finance field, most of them just consider accounting. On the contrary, there is more to careers in finance than that. Many jobs are available in finance across various sectors such as banking and financial analysis. Each of these job roles requires specific education and comes with different benefits.

Similar to job opportunities, one’s work in finance will never look the same every day. The unpredictable nature of the finance industry requires its professionals to learn new things now and then. Finance professionals are also likely to meet new people and grow their networking opportunities. This may open new doors for them.

A Stable Career Choice

As the finance job market continues to grow globally, the number of jobs in finance also grows. Therefore, one should never feel threatened by the number of finance graduates or professionals seeking jobs. Even if they may look like competition, the hiring volume of this industry is huge. Thus, the opportunities are endless and finance professionals are always in demand.

Speaking of stability, as discussed earlier, the salary offered to these professionals tends to be above average. Moreover, the path of growth and development also looks promising. Hence, it is one of those industries that offer great stability in a career.

Job Satisfaction

With a stable job, incredible income and vast opportunities for growth and development come high job satisfaction. Thus, people who are pursuing a career in finance need not worry. Experts who have years of experience in this line of work suggest that a finance career is worth it.

Potential Risks of Working in Finance

Demanding Jobs

Although there are several opportunities in the finance sector, the requirements to fulfil these job roles are challenging. After all, an incredible salary coupled with other benefits does not come easily. Be it an investment banker or a financial planner, all job roles come with their own set of challenges every day. Thus, all of them demand high problem-solving skills.

Moreover, you have to be very careful while dealing with numbers. Of course, for some, challenges may sound exciting. But, having to face a new problem every other day can be frustrating.

Relatively Stressful

As those working in finance have to tackle a new challenge every day, the chances of getting stressed are high. On top of that, they have to deal with a large amount of workload. Their career relies heavily on clients and stocks which may fluctuate often.

Apart from that, they also have to deal with external factors such as interest rates.  One needs a lot of mental strength to deal with these conditions. Many times, people give in to this pressure. This can in turn hurt their careers.

Long Working Hours

Working in finance, one does not get to enjoy the typical 9-5 working hours. Most of the professionals in this industry spend an average of 40+ hours a week. Working for 50-70 hours also should not be surprising. For instance, investment bankers can go up to 100 working hours.

As a result, it becomes difficult to maintain a healthy work-life balance. It can take a big blow to one’s personal life as people struggle to separate work from private life.  You have to be dedicated and work hard to be successful in this career.

Types of Finance Careers in India

Is finance a good career path to choose? How many jobs are available in finance? What are the key requirements for these careers in finance? What are the expected salaries for finance careers?

A specialization in finance can help one grab some of the highest-paid jobs in India. It is crucial to learn the requirements for these job titles before deciding on one. Keeping that in mind, here are some of the best jobs in finance in India.

Investment Banker

Working as an investment banker, one gets involved in the financial remodelling operations of a business. The job is ideal for people who enjoy learning new trends in data and numbers. One needs to be updated with the latest information in the industry to make informed decisions.

Taking up new challenges is part of the job role and so, be prepared to work for countless hours. For someone who aspires to be an investment banker, they should focus on their networking. Big investment banks often tend to hire candidates from top business schools.

A graduate degree in finance is essential to secure an entry-level job. Candidates with a postgraduate degree in Business Administration with a specialization in finance are often having an edge. A graduate degree in Law can also benefit. The average salary for an Investment Banker in India is 11 lakhs per annum.

Actuary

Actuaries analyze the potential risks of future events and set aside money to cover those losses. They help their clients minimize the risk by combining their knowledge of finance theory with maths and past data. Their work is of significance to the insurance industry.

To be an actuary in India, one needs a Bachelor’s or Master’s Degree in Actuarial Science courses such as BSc., MSc., or MBA in Actuarial Science. Most firms look for graduates with high skills in mathematics for entry-level jobs. Working as an actuary in India, one can get around 5 lakhs to 30 lakhs per year.

Portfolio Manager

For someone who has an interest in both commerce and science, this is the perfect job. A portfolio manager oversees the overall investment of a firm without going into detail about the individual investments.

This job role will require one to make sound decisions about a firm’s investment policies. At the same time, portfolio managers are responsible for allocating assets to individuals to fulfil their needs. Managing a firm’s portfolio means analyzing its strengths, weaknesses and potential threats across various markets.

To start, one needs a graduate degree in finance-related fields. This involves Accounting, Economics or Business Administration. Knowledge of high-level statistics and maths can help secure a job easily. However, some firms demand an MBA or a Master’s Degree in Economics. The average base pay of a professional in portfolio management is 7 lakhs, which answers your question of whether is finance a good career path, very well.

Quantitative Analyst

A quantitative analyst relies on quantitative methods to make informed financial decisions. They focus on managing risks and identifying profitable investments for the firm. They are hired across various sectors such as Investment banks, insurance firms, private equity firms etc.

Candidates should hold a graduate degree in quantitative fields such as finance, economics, statistics and maths. A postgraduate degree or PhD in mathematics discipline is essential for a senior post. These workers need to have an idea about programming languages like Python and econometrics. The average annual salary of a quant is around 23 lakhs.

Securities Trader

Securities trader also goes by the name stock trader. Stocks or small tradable assets sold by a corporation are a great investment option. While it can increase the firm’s profits, this can also be a risky move. A stock trader must analyze the risk involved.

They carefully study the market and stocks and advise clients to buy those stocks that look profitable. To work as a securities trader, one needs good statistical capability and analytical skills. They also need to have a great understanding of stock market conditions.

Pursuing a Bachelor’s Degree in finance-related disciplines like Commerce, Statistics, Economics and maths are recommended. It can be followed by a postgraduate degree in Finance. To specialize in stock market research and analysis, there are several diploma courses available. The average salary of a stock trader in India is around Rs.2.5 lakhs per year.

Financial Planner

A financial planner performs two key functions. (i) They ensure the financial stability of a firm. (ii) They build strategies to secure the future finances of individuals or firms. In short, a finance manager helps meet current needs and achieve future goals.

A financial planner reviews the investment plans of their clients. Then, they form financial plans and strategies for investments. These are made based on the needs of the client. Therefore, these plans can focus on different aspects such as tax planning, investment growth etc.

The minimum educational qualification for a financial planner is a graduate degree in Finance, Business Administration, Commerce or Economics. After that, gaining a postgraduate degree in these subjects can secure a job position. The Certified Financial Planner or CFP qualification is essential to build a career around finance planning.

The average salary of a financial planner in India is Rs.3.9 lakhs per annum.

Financial Analyst

A financial analyst must provide the required guidance for clients on investment decisions. First, they review the goals of the client. Later, they analyze the current trends and review current business data and news to form decisions.

The business’s financial position is a crucial factor in this process. Financial analysts should possess specialized industrial knowledge to make sound decisions. They work across a variety of sectors such as banks, investment firms or even within businesses.

To pursue a career as a financial analyst, aspirants require a graduate degree in accounting, finance, economics and statistics. To secure a job with a high salary, a Master’s Degree in Finance or MBA is recommended. The average annual salary of a financial analyst in India is Rs.6 lakhs.

Economic Analyst

Economic analysts research the trends in business or commerce. Based on this research, they forecast how a particular trend can affect a firm. They work for private and government firms and analyse data that is relevant to the specific industry.

Candidates with a Bachelor’s Degree in Finance, Economics, Mathematics and Statistics followed by a Master’s Degree are often preferred. They should be capable of analyzing new trends and interpreting data.  They should also possess good review and writing skills to report their findings.

The average annual salary of an economic analyst is around Rs.12 lakhs, this clears your doubt about whether is finance a good career path to choose or not.

Chegg Expert with Finance

The business experts at Chegg answer finance-related questions asked by students. As an expert, one would be required to strictly follow the answering guidelines. It should also be made sure that the answers meet the standards of the platform.

For someone interested in becoming a Chegg expert, one should hold a postgraduate degree in Commerce, Finance or Business Administration. The Chegg experts will be paid every month for all valid responses.

Want to share expert knowledge in finance with students around the world? Working with Chegg is ideal for people who look for flexible working hours and networking with experts in the same field. Build a career by gaining global exposure and get paid for every valid answer.

Is Finance a Good Career Path in India?

If you are wondering, is finance a good career path in India? Then you need to know that the finance industry in India today is robust and growing. The finance sector in India is diversified and is undergoing rapid advancements. In addition to the flourishing existing financial firms, new entities are entering the financial market. Today, this sector involves banks, non-banking firms, co-operatives, insurance firms, mutual funds and various other entities.

Earlier, firms used to seek the help of finance professionals to carry out basic finance functions. This included services such as finance, payroll and liquidity management. Over the years, this field has transformed into its independent domain of expertise. This has led to an increase in career opportunities.

Different levels of expertise are required to support the financing needs of a variety of industries. At different stages of growth, they have different expansion requirements to meet. To fulfil these requirements, they need the help of finance professionals who are experts in different areas of finance.

To aid each industry in its growth, finance workers should gain specialised knowledge in areas leading to their development. Firms are on the lookout for finance experts in their industries who can put effective strategies into action to support their growth.

Also Read:
Top 10 Courses After MBA Finance that Pay Well
The Ultimate List of Jobs after MBA Finance

Key Takeaway

Different careers in finance have different skill-set requirements. The working conditions firms offer can also vary depending on the job roles. Before choosing a finance career, one should be clear with their long-term goals and other aspirations. Then, analyze which career path aligns with those goals and consider the options.

Doing the required research is crucial in choosing the right career in finance. The time spent on research helps people land a job role that fits their capabilities. And you will not be wondering whether is finance a good career path or not for you.

Evaluate numerous career choices to choose the right career path for yourself. Dive in to our guide on Career Options.

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