Each company has a financial objective, here comes the role of finance manager who plans, analyzes, monitors and directs the financial activities of the company. The accounting system in the corporate sector of the country has changed from simple to incorporated with the introduction of the Enterprise Resource Planning (ERP). Only trained finance managers are capable of handling this system and therefore the demand for financial management course is on the rise in India.
Streams / Branches - Commerce, Sales & Marketing, Human Resource Development, Chartered Financial Analysis, Management of Business Finance, Cost and Management Accountancy, Certified Treasury Managing, Certified Investment Banking, Certified Public Accounting and Basic Business Finance are the chief areas of study in a course on financial management.
Who can opt for this course - A student who has passed graduation in either economics or commerce is eligible to pursue a course in financial management.
When to start the preparation - Preparations begin towards the end of the college years. Generally, the commerce, mathematics and economics knowledge acquired in high school and college years are to be brushed up on.
Type of Exams for Eligibility - Most institutes that offer a course in financial management ask for the CMA entrance test score from students. CMA tests the accounting knowledge of a student.
Best universities, institutions and colleges - The best institutes in India for pursuing a course in financial management are:
- The Institute for Financial Management and Research, Chennai
- Indian Institute of Financial Management in Mumbai, Ahmedabad, New Delhi and Indore
- National Institute of Financial Management, Faridabad
- Indian Institute of Management, Kolkata
- Indian Institute of Social Welfare and Business Management, Kolkata
- International College of Financial Planning, New Delhi
- Wigan and Leigh College in Mumbai, Hyderabad, Bangalore, Kolkata and Pune
- Financial Planners & Advisory Academy, Mumbai
How to prepare – Students of financial management must have a thorough knowledge of mathematics, economics and commerce taught in the 10+2 and in the undergraduate study classes. Students must start preparations during the college years.
What are the prospects / future - Qualified financial management students can have a promising career in the posts of a financial manager, a financial director, a financial officer and a financial planner.