Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy, six-figure salary.
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Is a commerce degree still valuable in the job market?
What career options are available for students who have completed a bachelor's degree in commerce?
What are the additional upskilling courses and skills that can help commerce and finance graduates get a cushy job?
When you are in a competitive job market, pursuing the right course can give students a significant edge in their careers, especially in accounting and finance.
I have listed a few courses and certifications that demonstrate expertise and a commitment to professional development.
There are five major certifications that learners should consider obtaining to improve their job prospects:
1. Chartered Financial Analyst (CFA)
The CFA programme is the benchmark for investment professionals. An arduous yet rewarding journey, it promises high-paying jobs in finance.
The curriculum comprises advanced investment techniques, portfolio management strategies, ethical issues in finance, comprehensive financial reporting and analysis, quantitative methods and economic principles.
CFA charter holders are sought after by top-tier investment banks like Goldman Sachs and Morgan Stanley, global asset management companies like BlackRock and prestigious hedge funds.
While starting salaries often range from Rs 60 lakhs to Rs 70 lakhs per year; experienced professionals can easily make around Rs 1 crore or more.
For example, senior investment analysts, portfolio managers and chief investment officers (CIOs) have compensation packages as high as Rs 2 crores.
2. Certified Public Accountant (CPA)
The CPA certification remains a cornerstone qualification in the accounting world, opening doors to diverse and well-compensated roles across industries.
CPAs gain expertise in cutting edge auditing techniques, comprehensive business concepts, in-depth financial accounting and reporting standards and have mastery of tax regulations and compliance procedures.
The 'big four' accounting firms (Deloitte, PwC, EY, KPMG), Fortune 500 corporations, government agencies and even fast-growing startups value CPAs highly.
Entry-level CPAs can expect salaries of around Rs 50 lakhs while those with experience often earn Rs 80 lakhs or more.
CPAs can progress to roles like senior accountant, controller and ultimately chief financial officer, where compensation packages can exceed Rs 1.5 crores annually.
3. Financial Risk Managers (FRMs)
As businesses face increasingly complex financial landscapes, FRMs are in high demand for their ability to navigate and mitigate various types of financial risk.
The FRM certification equips professionals with sophisticated market risk assessment methodologies, advanced credit risk analysis techniques, comprehensive operational risk management strategies and cutting-edge investment risk evaluation tools.
Global banks like JPMorgan Chase, insurance giants such as AIG, regulatory bodies like the Reserve Bank of India and top consulting firms including McKinsey & Company actively recruit FRMs.
These professionals typically start around Rs 55 lakhs to Rs 60 lakhs annually, with experienced FRMs earning Rs 1 crore or more.
Career paths can lead to positions such as senior risk analyst, risk director or chief risk officer (CRO), where the total compensation can surpass Rs 1.75 crores.
4. Certified Management Accountant (CMA)
The CMA certification is ideal for those who want to combine accounting expertise with strategic business skills, preparing them for leadership roles in finance.
CMAs are trained in strategic financial planning and analysis, advanced performance management techniques, data-driven decision making in finance and ethical considerations in management accounting.
Multinational corporations across various sectors, including tech giants like Google and Amazon, manufacturing leaders such as General Electric and healthcare conglomerates like Johnson & Johnson, value CMAs for their strategic financial insights.
CMAs often start at Rs 50 lakhs to Rs 60 lakhs annually, with experienced professionals earning Rs 90 lakhs or more.
They can advance to finance manager, controller and even chief financial officer (CFO) roles, where total compensation packages can exceed Rs 1.5 crores to Rs 2 crores.
5. Financial Modelling and Valuation Analyst (FMVA)
The FMVA certification is rapidly gaining recognition for its focus on practical, real-world financial modelling and valuation skills that are crucial in investment banking and corporate finance.
FMVAs are skilled in advanced financial statement analysis, sophisticated forecasting and budgeting techniques, complex discounted cash flow (DCF) analysis and comprehensive mergers and acquisitions (M&A) modelling.
Boutique and bulge bracket investment banks, private equity firms like Blackstone, corporate finance departments of major corporations and financial advisory firms such as Lazard actively seek FMVA certificate holders.
FMVAs typically start around Rs 50 lakhs to Rs 55 lakhs annually, with experienced professionals in investment banking or private equity often earning well over Rs 80 lakhs.
Career progression can lead to roles such as senior financial analyst, investment banker or corporate development executive, where compensation can exceed Rs 1.5 crores when it includes bonuses and other incentives.
The above five certifications represent some of the most valuable qualifications for students in accounting and finance.
Each offers unique benefits and caters to different career paths within the financial sector.
When choosing a certification, students should consider their career goals, interests and the specific requirements of each programme.
It's important to note that while these certifications can significantly enhance career prospects, they also require substantial time, effort and dedication.
Students should be prepared for rigorous study and examination processes.
Additionally, many of these certifications require ongoing education to maintain their credentials, ensuring that certified professionals stay current with industry developments and best practices.
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