Believe it or not, the financial services sector has some great career options. Here?s a look at some of these. For the business graduate, obtaining a degree is just the beginning. What?s more important is to take a closer look at available career options and measuring which industry sectors have the greatest need for budding professionals. The finance industry is multi-faceted, offering a variety of positions catering to different skills and interests.
Looking specifically into the equity broking and wealth management sphere, there are ample opportunities in the financial services sector. The Indian broking industry has come a long way in the last decade and has also become more professional in its approach.
Despite the Indian economy growing at 8.5% and the global funds increasingly eyeing the India story, direct participation of retail investors in equity markets is only 1.4% of the population. Other emerging economies such as China and South Korea boast of a higher direct participation to the extent of 9.4% and 7.4% from the retail public in their respective stock markets. Given this scenario, there is ample scope for exponential growth in this sector. It is estimated that the number of households that have an annual income of over Rs 10 lakh will touch 18.1 million by 2020 and the number of those in consuming classes (income between Rs 90,000 and Rs 10 lakh) will grow to 180 million by then. Just like the telecom and consumer goods industry benefited from the consumer boom in the last decade, the retail financial services industry is going to benefit from the investment boom. The broking industry is practically at the sunrise stage and should directly reap the rewards from this growth.
With an increase in the number of PE inflow and IPOs, ample career opportunities have been created in equities, investment banking, wealth management and retail broking.
How does one tap into this opportunity? It is always wise to consider the direction of the market before seeking a financial job. To effectively pursue jobs with the highest probability of success, one must measure the demand for the position. Different financial jobs require different skills and present varied work environments, so it?s wise to select a job that aligns with one?s long-term interests and abilities. Someone with good interpersonal skills, for example, might do well as a financial advisor, while someone who enjoys crunching numbers might do better in research.
For a fresh management graduate, it is the analytical skill and knowledge of the stock market that would determine career growth. For one who likes identifying new clients, interacting with them and advising, relationship manager or a financial planning manager can be a good option. As one gains more expertise about market, client acquisition and advisory, one can lead a team of relationship managers as a financial advisor or senior relationship manager.
Fresh graduates should have a clear idea of what is the ideal profile one is looking for. Apart from campus, there are two ways to find openings?online and offline?and it?s a good idea to use both. One should keep in mind that some financial jobs are highly specialised, so job portals are not the best places to seek such positions. Instead, placement agencies that specialise in financial services industry should be considered. The key to individual success is to research, locate and land the job that has the greatest compatibility with one?s skills and interests.
The author is Head, HR, Emkay Global Financial Services Ltd
