MBA In Banking Finance and Consulting SectorAnisha Mukhija
MBA In Banking Finance and Consulting Sector (ft. Harsimran, Chairman IMT Ghaziabad: –
Today we have Harsimran who is alumnus of IIM I and is a standard chartered. He has spent time with us to give a better understanding of BIFS as to who should do it. Let us dive in to get information regarding MBA In Banking Finance and Consulting Sector.
Why do an MBA in BIFS?
- It is the sector that bags the largest companies in every b-school according to placement reports every year.
- Everyone wants to work in a bank if given an opportunity, especially the multinational banks where different facets of foreign exchange to wealth management are working so exposure is different and enriching there.
- There are a variety of roles here unlike consulting or operations or marketing. Finance can be subdivided into various roles according to needs.
- It needs a specific domain as PGDM courses do not cover the banking domain or financial services domain too vividly which is the need of the hour.
- There are specific requirements for wealth management, Insurance sector, foreign exchange, etc. which are taught in detail for a clear approach and students get a line of thought in their job roles.
- BIFS is gradually moving to Fintech which is another opportunity to grow and explore one’s career options.
Who should do BIFS?
So there is a common misconception and dilemma that students from non-finance background has which is whether they are able to pull off this specialization or not. So for this sir gave up some tips to know who are meant for this specialization.
- It is definitely meant welcomed to everyone.
- Since the curriculum of this specialization in any b-school covers everything from basic management processes to core advanced ones. Slowly, building up their potential from general to specialized core courses like financial services, wealth management. Investment banking etc. So it makes them easier to approach such courses, enabling them to cope up with the relevant job role they would take up through this in future.
What are the Job Roles in BIFS?
These are the major job roles that are commonly given to students pursuing BIFS-
- Consultants- they have specified domain knowledge.
- Core banking Jobs- operations, Wealth Management
- Specialized Roles in financial services like Insurance, Foreign exchange etc.
MBA in Consulting: –
Consulting is an emerging domain carving its place in the corporate industry. It is currently booming like anything. We have Master’s Union alumni who got placed in top consulting firms like BCG. Here is the conversation:
How to get into BCG:
- Resume building- this is pre shortlist part.
- Shortlist will come according to the spike in your resume i.e. whatever exciting you have done in your life, achievements, courses, activities etc.
- Work in your resume with introspect of the job role you will be getting. Get enrolled in internships, courses, competitions according to that.
- Post-shortlist Process- Read cases as much as possible. Search them online to understand the kind of cases they would ask.
- Work on Analytical capabilities. Companies are focusing on estimates, structural skills.
Role of Communication:
- In interview– Good communication skills in your interview will demonstrate whether you are a team player or not. It is very crucial to be able to hold up a conversation with the recruiters and hence, communications skills are of utmost importance here.
- It helps the students or interns to communicate in a structured format with the company and the clients as well which is highly in demand in such sectors. You need to be able to sell good experiences to the clients too.
- Focus on extra-curricular activities in college- Explore in-college opportunities and find out whether you calling or interest is matching those opportunities or not. Not only colleges, try exploring opportunities outside in the real world too. These will help in finding your calling so that you actually know if you fit in the domain a what role inspires you to do better. This is the best way to know your strengths, weaknesses, learn new skills and network with myriad personalities, thus, strengthening yourself holistically.