In this digital age, millennial kids want fast access to a successful career. While there is no short cut to success, there are many short term courses which accentuate your chance to zoom past your peers. Finance is a much sought after field of education, and short term certifications in Finance are quite in vogue today. These courses provide the necessary skills in a relatively short span of time and can be conveniently pursued with existing job or studies.
We have compiled a list of top 6 courses which are highly preferred by students and employers alike. This is an indicative list which has been formed by analysing Google Trends, availability of jobs on leading portals and overall popularity amongst aspirants.
Few reasons why students are more inclined towards short-term courses are:
- Quick learning: These short-term courses enable faster knowledge building, sometimes in a span as low as 3 months. This criterion is gaining increased relevance in today’s time as students can quickly upgrade themselves for better opportunities.
- Rapid Changes: The world of finance is rapidly changing. The changes are of all kinds, macro, micro as well as country specific. For eg: Let’s take the case of GST and IFRS. With such a landmark change in the tax regime and financial reporting standards, it becomes mandatory for professionals to quickly learn the new ways and implement them.
- Testing the waters: The fresh graduates or 10+2 pass outs mostly face the dilemma as to which field would suit them. These short-term courses help students to realize where their true potential lies in the most cost and time-effective way.
- Makes you Job ready: Gone are the days when a plain university degree would ensure a job for you. We are at a stage when even an engineering degree may often fall short of the needs of the job market. Reason? Traditional curricula, which are often dominated by theoretical concepts, are fast losing their appeal in the rapidly changing job market. The preference is for newer, skills-rich curricula or supplementary courses that make students job-ready from day one.
1. Financial Modelling
Financial Modelling is the backbone of finance industry today. It works on a basic principle of working on historical data of a company/ industry, analysing its performance and building models to predict its future performance. The knowledge of Financial modelling helps you to master advanced excel skills and sharpen your ability to judge the future course of events. These qualities are a must for a good analyst working in any field. While there are various courses in the market, the one offered by NSE Academy stands out. The module covers the basics as well as advanced levels. After the completion of the certificate, you will be able to work as a financial modeller in functional areas such as:
• Investment Banking
• Credit Ratings
• Project Finance
• Merger & Acquisitions
• Financial Analysis
- Engineers or graduates with knowledge of Financial Modelling.
- CA and/or MBA
- CFA also preferred
Training Providers: NSE Academy, IMS Proschool, Edupristine, Simplilearn
Duration: 3-6 months, Fees range: Rs 25,000 to Rs 30,000
Expected Salary: Rs 4.75 lacs to Rs 9.35 lacs per annum (Source: LinkedIn)
Job Prospects: Financial Analysts can enjoy an immensely promising career. They can get lot of job opportunities in companies involved in Equity Research, Industry Research, Advisory Companies, Insurance, Banks, Mutual Funds etc. The main role of the financial analysts will be to help the clients take important investment decisions. As a Financial Analyst, with expertise in Financial Modelling, you can either work with the leading names or choose to start a firm of your own. You can also be associated with the Finance and Accounting department in companies or be involved in special projects such as IPOs, Mergers/Acquisitions, Buyouts, etc.
2. International Financial Reporting Standards (IFRS)
In the wake of globalization, most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted IND-AS. Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, the Insurance industry, KPOs, etc. Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS.
Education Background: Candidates pursuing graduation, post-graduation in commerce, or qualified professionals like MBAs, CAs, CMAs, CSs, CFAs, CFPs or any other relevant course in the field of finance can opt for this certification in IFRS.
Training providers: NSE Academy, IMS Proschool, Dip and Cert IFRS: ACCA, Edupristine, KPMG, Ernst & Young
Duration: 3-6 months, Fees range (Training and exams): Rs 25,000 to Rs 40,000
Expected Salary: Rs.3.00 Lacs to Rs.21 Lacs. (Source: LinkedIn)
Job Prospects: IFRS professionals are in huge demand in India. With a certification in international accounting, IFRS professionals surely have an advantage over generic accountants. Besides India, more than 100 countries are implementing IFRS, therefore a certification in IFRS can open doors for a global accounting career as well. Furthermore, the specifications and regulations for the IFRS change periodically, hence companies want an expert on board to integrate these changes seamlessly.
The NCFM Modules offered by the NSE Academy has been one of the most recognized certifications in the capital markets industry. For some profiles in the capital markets, this certification is mandatory. At present, the NSE Academy offers certifications in Capital Markets, Derivatives segment, Debt market, Banking and Risk Management. There are beginners, mid-level and advanced modules for Financial markets certification and the training curriculum is designed to impart balanced learning on conceptual as well as practical aspects.
Education Background: Anyone interested in Capital Markets and Financial Knowledge.
Training providers: NSE Academy
Duration: 3 months/ Flexible, Fees range (Training and exams): Rs 2,000 to Rs 6,000
Expected salary: Depends on your level certification.
Job Prospects: After an NCFM certification, you can find jobs such as an Equity Dealer or Relationship Manager in a stock broking firm. You can also look for roles in Operations or Risk Management. In combination with degrees like MBA, CFA or CA, NCFM can truly up to the quotients of a job in financial analysis.
4. Certified Financial Planner (CFP)
“Don’t save what is left after spending; spend what is left after saving.”—Warren Buffett
Indians always lacked awareness about Personal Finance planning. However, the trend is changing and more of the young working-class are warming up to the idea of savings and investment. There are growing number of firms and portals which offer financial planning advice and employ Chartered Financial Planners for the same.
As per current industry estimates, the requirement for financial advisers will be around 50000 in the coming years. If you want a career in Financial Planning, Wealth Management or Retail with a globally recognized certification then CFP is the right course to pursue.
Education Background:The candidate should have minimum bachelors or higher degree or its equivalent in any discipline from an accredited university.
Leading training providers: IMS Proschool, Financial Planning Academy, International College of Financial Planning (ICOFP), ICICI Direct
Duration: Within 1 year, Fees (Training, registration and examination): Rs 25,000 to Rs 40,000
Expected Salary: Rs 2 lacs per annum to Rs 9.00 lacs per annum (Source: LinkedIn)
Job Prospects: An increasing number of MNCs such as ICICI Bank, Standard Chartered Bank, American Express Bank, and others have made it mandatory for their Relationship Managers to acquire the CFP certification in order to raise current service standards.
5. Chartered Wealth Manager (CWM)
CHARTERED WEALTH MANAGER (CWM) is a Wealth Management Certification that comprehensively deals with all aspects of wealth management like Investment Strategies, Life Cycle Management, Intergenerational Wealth Transfer, Relationship Management, Behavioural Finance, Alternative Products, Real Estate Valuation and Global Taxation.
The American Academy of Financial Management is a worldwide Board of Standards and Financial Professional Organization, offering exclusive certified designations, charters, and masters certification to candidates who meet the high standards required. AAFM India Pvt. Ltd. is the standard settings body for providing CWM certification in India.
Education Background: To be eligible for the CWM exam a candidate is required to have a graduate degree or education equivalent to of a post-graduate which is approved by the AAFM and minimum of three years of wealth management experience
Leading training providers: International College of Financial Planning (ICOFP), ICICI Direct
Duration: 3-6 months, Fees: Not available.
Expected Salary: Rs 3 lacs per annum to Rs 11.00 lacs per annum (Source: LinkedIn)
Job prospects: Wealth Managers can choose to work with financial services or choose to start their own venture. The advisory firms with which employ the wealth managers allocate them to a particular client on a short-term or long-term basis. Leading Financial advisory firms to employ wealth managers to handle the assets of their high net worth clients.