The banks, financial services, and insurance are adopting modern technologies like Artificial Intelligence, Machine Learning, the Internet of Things, Blockchain, Robotic Process Automation, and Big data analytics. Given the COVID-19 situation, digital transformation has accelerated further. To fortify operational versatility and position the business for the new era, investment banks are hiring professionals from cross-industry too.
There occurs a skill gap challenge among the existing workforce as most of them would have done an MBA in finance and its related branches. Also, most of the MBA programs cover areas related to business administration.
They may not be experts in new domains like data analytics, AI, machine learning, and so forth. Investment bankers today need to upgrade their talent, augment their understanding of the recent technologies, and explore more on their technical and interpersonal skills.
As a solution for young aspirants, an MBA in Digital Finance and Banking is most preferred these days. The 2-year course imparts industry-specific knowledge while covering several modules on recent technologies like AI in business, blockchain, data visualization in finance, digital fraud, design thinking, and leadership. On the other side, existing professionals can update their knowledge and skills through various courses and investment banking certification.
Let’s understand the opportunities an aspirant with MBA in Digital Finance and Banking would get in the banking domain.
Opportunities for MBA graduates in Digital Finance and Banking
The finance industry looks for candidates who can take on niche technical roles and responsibilities. An MBA in digital finance and banking is the savior for finance aspirants as they can take up roles like Financial Analyst, Financial Advisor, Accounting Manager, Investment Banking Associates, Insurance and Risk Managers, and etc. Let’s have a brief understanding of these roles here.
An investment banker’s role is very much popular these days. With an MBA, you can accommodate yourself with the changing market, interacting with your IT team, handling IPOs, identifying the right mergers and acquisitions, and learn more about security awareness too. The program will help you to have the right physical and virtual mix of remote employment.
The Big firms like Goldman Sachs or Morgan Stanley and others look for candidates with distinct capabilities. As an Analyst, in the first phase of your investment banking career, you can earn about USD 85K to 100K with a remuneration of USD 125K to 200K.
As a financial analyst, you are accountable for churning large datasets, make better strategic decisions, and scale investments. You would contribute to the decision-making process, reach clients, identify products to invest in. A brief knowledge of data analytics is essential for crunching datasets.
The average salary for a financial analyst is USD 71,402 per annum in the United States.
Another interesting career path for you is to take the challenging role as a risk manager. With this role, you can identify risks in the company’s financial operations, and take an active part in building integrity, safety, and growth of the organization. You will be expected to manage the unpredictable future trends and cost-involvement in the organization.
As a risk manager, you can earn USD 113, 173 per annum.
These three roles are important and interesting for MBA graduates in Digital Financing and Banking. Apart from these roles, you can get a job as a Chief financial officer, Venture capital analyst, or Portfolio manager.
With the latest developments in technologies and trends, there is an increased demand for smart candidates. The market has plenty of opportunities for an MBA graduate in digital finance and banking studies. To kick start your career, this program will be the right option for you. For existing professionals, continued learning through banking certification will serve the purpose.