March 20, 2023
NBFC – Non-Banking Financial Companies include a loan company, an investment company, an asset finance company, and residuary non-banking companies.
In the past decade, NBFCs have made tremendous growth in the Indian financial sector. These may be in ways of disbursing loans, accepting deposits, leasing and even selling via hire purchase.
How can we forget the role of NBFC in promoting inclusive growth, mobilization of assets, financing for the long term, offering innovative products, and much more? That makes everyone think about how to have a flourishing career in the NBFC sector.
And choosing a career in the NBFC sector can’t be thought of as a wrong decision. Here are some reasons to support your decision and also the required knowledge and skill set to flourish in it.
Benefits of having a career in the NBFCs
Careers in NBFC MFI in India offer a good amount of benefits. Below are some of those.
- Good money and growth – Just explore the opportunities that come up on your way
- Balanced lifestyle – Stressful days are not meant for always!
- Job security – Maximum financial stability
- Diversity – Many roles with diversified specialization
- Scope for growth – A growing sector will always look for new talent and skills
Top career options in NBFC in Bangalore
As the name suggests, this segment of NBFC deals with corporate clients. It includes activities and transactions related to raising capital to create, develop and acquire a business.
Some of the important functions of this job profile include:
- Balancing risk and profitability
- Analyzing and forecasting economic trends
- Reviewing company reports and suggesting improvement measures
- Maximize the value of stock
- Managing funds and selecting investment portfolios
- Performing tasks related to financial risk management
A candidate for this domain is expected to have a knack for numbers and can apply this smartness while managing money, maximizing return on Investment, and introducing smart solutions for budgeting.
Investment Bankers are professionals whose primary function is to help corporate, governments, and other entities in raising capital at the optimum cost.
In addition to this, investment bankers play a key role in structuring the acquisition, merger, and sale of assets that can garner the highest possible amount from the market.
Other job profiles of investment bankers can be grouped into equity participants, which range from trading and stock broking to asset management to asset research.
Investment Banking is very popular because of its hefty pay that can’t be matched by other fields. But as more power comes with greater responsibility, a person who loves to crunch big numbers, has good communication skills, and has the ability to work for long-long hours can be the best for this field.
Let’s make things simple. A portfolio is a collection of comprehensive financial investments done by an investor.
And your work in this field is to manage the overall investment mix of your client, institute, or an individual.
The ultimate goal of a portfolio manager is to earn the highest possible returns at minimal risks. Also it’s your job to make suggestions for investments, some of them are:
- Change in organizational policies for investment
- Decision on asset allocation
- How to choose investment avenues in the current scenario
- Take care of prevailing law and compliance
- Which market and instrument is the best
- Risk Management
The prime objective of this field’s professionals is to maximize return at optimal risk. They require mathematical prowess and logical reasoning abilities to play with numbers and present market scenarios.
He/she should have the ability to foresee market risks and recognize poor investment decisions before their occurrence.
Some of the positions available in this field can be:
- Financial risk manager
- Enterprise risk manager
- Supply chain risk manager
- Operational risk manager
Everyone has a financial goal to achieve in a definite period. For example, economic freedom, paying off the entire debt, buying a home, building a corpse for retirement/marriage/education, capital for business, etc.
So, the role of financial planners is to chalk out a strategy to achieve those financial goals.
Here are some specific areas in this field that one can explore to have a bright career and that will surely sound exciting to you!
- Wealth management
- Knowledge Processing Organisations
- Asset Management Companies
- Finance Journalism
Compliance and Internal Control
This field of finance is related to ensuring that the company or institution is carrying out its business as per applicable laws, ethical practices, and standards.
Here you can explore a role with the firm that is providing this function as a service or in the law and compliance department of an organization.
A person with a law and accounting degree can opt for a role in this field and make the firm compliance-ready with its logical reasoning, mathematical acumen, and business interest.
What are the skills required to make a flourishing career in NBFC MFI in India?
We get to know about the opportunities available in the NBFC sector in the first part of the blog, but the skills and knowledge needed to perform these better is yet more important than just knowing it. Let’s deep dive into that.
This line of the finance sector demands the right degree for a particular role. For example, if you want to perform the role of a company secretary in the compliance department.
Then you have to pass the company secretary course by The Institute of Company Secretaries of India.
Every role in NBFC demands a different set of education may be due to its legal nature of compliance.
There is a popular myth that says, NBFC in Bangalore’s employees – are people of numbers. It’s not like that always.
Employees need to deal with clients, communicate clearly, and build strong relationships. And to do these, one should have good communication and interaction skills to garner better results.
If you have tons of data but you can’t generate insights from it. Then, it’s of no use to gather the data and go through it.
An NBFC guy should enjoy drawing conclusions from the dataset by performing and applying various statistical and mathematical techniques.
Attention to details
A tiny mistake has the power to spoil the big picture and especially when it is related to money, its impact, you know – right?
So, a keen eye on financial matters while creating, developing, and representing them to the stakeholders in an easily understandable format different for each audience with 100% accuracy is the mastery here.
Keeping pace with the changing business environment is an essential quality NBFCs look for in a person.
Because NBFCs like Chaitnya, lend loans to low-income families and individuals. That’s why, the NBFC representatives expected to know about the present and future data regarding sales, inventory, and other fields.
And chalk out the financial services path for their customers accordingly.
A determination to succeed, even if it means working for long stretches of time and making sacrifices in order to achieve a given set of goals, especially the sales ones.
As mentioned earlier, NBFC is a flexible and placidly competitive environment where you’ve to overcome many obstacles on a daily basis on your journey from low-level personnel to the higher ones.
The monetary and non-monetary benefits are also unimaginable as compared to invested hard work and intelligence.
Usually, any role in finance is considered to be as stressful, given its monetary nature, high-performance pressure, and long working hours.
A high tolerance level and methodical approach to coping with stressful situations turned out to be a mandatory quality that an NBFC guy should possess.
While meeting monthly sales goals, closing a high-value deal, or performing regulatory duties. It may happen that due to the unavailability of sufficient time, things may turn adverse and can damper an individual’s confidence.
At the end
As we can say, the life of a guy working in NBFC MFI in India is more exciting than a regular 9 to 5 job. Although, monetary benefits set it higher than its alternatives. As a result, aspirants have to sacrifice a lot before reaching the pinnacle.
We at Chaitanya India are excited to see you thriving in the NBFCs! Have an incredible career ahead!