Banking, FinancialServices, and Insurance, BFSI as it’s commonly called, is a diverse sector with countless career options for people with different interests and skillsets.
Those who enjoy connecting with diverse people, and knowing multiple industries, may find themselves gravitating towards investments and loans; while those with a more solitary working style may prefer auditing and accounting.
Banking, finance, and insurance have something for everybody – long as you fulfill the foundational degree requirements. Do you know what education should you pursue to land your desired BFSI career?
Here’s a quick lowdown of the degrees, online education, as well as certifications pursued by professionals working in BFSI sector – from investment banking to insurance and retail banking.
- MBA – the Gold standard
An MBA degree is considered the gold standard in BFSI, especially investment and consulting firms, which attracts majority of BFSI aspirants.
MBA degree would hold special importance if pursued from a top-tier BSchool – thelikes of Harvard Business School (HBS), Chicago Booth, among others.
MBA will allow you to court senior-level positions. Many MBA graduatesenter investment banking at direct Associate level, surpassing Analysts (the junior-most role).
Further, possessing an MBA will help you in realizing a successful career in banking and finance – via promotions and arming you with requisite industry know-how.
Work at:Investment Banks, Consulting Firms, Commercial Banks,or any BFSI industry.
- Finance
It’s a specialization and is rather a mandatory requirement for few banking roles, such as treasury management, credit analysis, capital market analysis, credit analysis, among others.
Finance specialization is offered at both graduate and undergraduate level, depending upon offering institution.
A finance degree will familiarize you with thetools of the trade and equip you with jargons & skills to do justice to complex financial tasks.
A finance degree is a staple for those with an analytical bent aiming to enter such roles, while business-oriented degrees will suit those who intend to work on the business side of banking and finance. However, it isn’t a hard and fast rule to possess a finance degree – provided you have the skills, knowledge and other supplementary education (banking certification, degrees, or other qualifications) to show for.
An advanced master’s degree in finance will help you have a crack at senior-level roles.
Work at:Investment banks, Private Equity Firms, Hedge Funds, Retail Banks, Insurance firms, among others.
- Economics
Banking and economics are closely related – think central banks of different countries manipulating interest rates, liquidating markets. Graduates and undergraduates from economics background usually take up macro-economic research atbanks and consulting firms.
Work as: Researchers and Advisors in all types of finance and banking industries – investment banking, insurance. They also work with governments’ banking and finance institutions.
- Accounting
Most basic, yet core to BFSI sector, accounting degree holders are popular for their skills of financial reporting, payroll recording, taxation, audit roles, etc.
Comparatively, they are lesser paid than other banking and finance job roles. That said, they may move to other roles and divisions to upgrade – risk management, treasury management, etc.
Work at: All
- Actuarial Science
This is an intensive field of study that assesses future losses and suggest ways of saving money in those situations. Basically, hedging against a bad outcome. It requires people with an analytical bent of mind anda heavy focus on mathematics.
Work at:Insurance companies; Underwriters; Investment Banks; Consulting firms; Private Equity; Hedge Funds
- Certification
With steep learning curve and intense competition in banking and finance industry, it has become a norm for aspirants to supplement their degreeswith a professional banking certification.
Professional certifications are 3rd party approval to your skills and education, and this is because this route is popular between employers.
Some globally recognized certifications include,
- Chartered Investment Banking Professional (CIBPTM) – Offered by Investment Banking Council of America (IBCA)
- Chartered Financial Analyst (CFA) – Conducted by CFA Institute
- Chartered Alternative Investment Analyst (CAIA) – by CAIA Association
- Online Options
Other than professional investment banking certifications and other certification, and year-long degrees, MOOCs provide a quick and easy pathway to gaining skills and adding value to your candidature.
MOOC route is recommended if you want to add to your existing knowledge and show your streak for continuous education. From MIT to Imperial College London, you may find online resources from many top-notch universities offered in MOCC format.
- Others
Other than the degrees and qualifications listed above, a few outlier degrees such as Computer Science, IT, Marketing, and the likes may favor you for BFSI sector.
Especially, those from engineering and IT background with sound logical reasoning skills will be required as technology enters all sectors of economy, and more so rapidly in the finance industry.
Choosing the right qualification is the first step to getting your dream banking and finance career.
