Why choose an MBA in BFSI

There is a growing trend for MBA in Banking and Finance in top business schools. Professionals with knowledge in banking, finance, and insurance management are in high demand year after year. India’s banking, Finance, and Insurance sector is multiplying. It is poised to realize its full potential as one of the world’s fastest and most significant economies. Thus, banking and finance managers with expertise in the BFSI industry are increasingly in demand to function in this challenging environment. Please continue reading to learn more about MBA in BFSI, its advantages, and salary in India.

What is BFSI? 

MBA in Banking, Financial Services, and Insurance combine economics with banking and Finance. As a result of focusing on it, students get a detailed knowledge of a wide range of economic subjects, such as Finance, financial intermediation, financial decision-making, asset and liability management, financial markets and institutions, and accounting. MBA in BFSI assists individuals or groups with financial solutions based on their product requirements.

Why choose an MBA in BFSI?

Any organization’s core function is banking and finance; private and public sectors constantly need this service. Hence, MBA programs in banking and finance are highly valued worldwide. You can start an exciting career in the BFSI industry by earning an MBA in Banking, Financial Service & Insurance (BFSI). Depending on the skills and excellence of fresh MBA graduates, this industry offers a variety of job opportunities.

MBA in BFSI Course Overview

You will study various subjects during the MBA BFSI program that will prepare you for working in banks as a manager and in related positions. Knowing the syllabus allows you to determine whether the program suits you. Here are the subjects covered in this program.

• Principles and Practices of Management
• Accounting for Managers
• Communication Management
• Principles & Practices of Banking
• Economics for Managers
• Financial Management
• Insurance Management
• Insurance Product
• Marketing Management
• Marketing Information System
• Banking & Insurance Management
• Merchant Banking & Financial Services
• Statistics for Management
• Organizational Behavior
• Team Management
• Strategic Credit Management
• Legal Aspect of Banking
• Treasury & Risk Management
• Resource Mobilization and Marketing of Banking Services
• Counter Operations, Savings Bank, Current Account, and Remittances
• Retail Insurance Management or Advance Technology in Banking
• Fundamentals of Infrastructure Project Financing
• Corporate Insurance Management
• Mutual Funds and Portfolio Management

Listed below are some learning outcomes:

• In-depth knowledge of the BFSI industry
• Hands-on experience with the Finacle Core Banking Solution
• Develop skills through fieldwork and on-the-job training
• Utilize learnings to advance to a leadership position

Advantages of pursuing an MBA in BFSI

Pursuing an MBA in BFSI benefits you in the following ways.

High growth industry: With a compound annual growth rate (CAGR) of 26.5%, the worldwide open banking industry is anticipated to increase from $15.13 billion in 2021 to $19.14 billion in 2022.

Job security: Insurance, banking, and other financial services stay if people save, acquire credit, drive cars, own homes, and operate businesses. 

Salary levels: The average salary for MBA BFSI graduates is INR 6.96 LPA. Globally, salary levels in this sector are considerably high.

Flexible work: Unlike many jobs, Insurance does not involve sitting behind a desk all day. 

Insurance, A multi-bagger opportunity: Urban areas are more likely to have insurance penetration than semi-urban and rural areas. Unlike protection or hedge products, Insurance is a primary savings tool in Tier 3 cities and some urban areas. According to an Economic Times report, due to increasing awareness of its importance, it can grow between 15 and 20% in the next few years.

Want to pursue a career in Banking or Finance?

Upon completing an MBA in BFSI, you will be competent to work for various businesses, such as banks, corporations, and investment firms. An MBA in banking and financial services can provide you with the following benefits:

• Business and finance disciplines provide knowledge and skills you can use in the workplace.
• Through it, students establish foundations, acquire theoretical and practical knowledge, and gain an understanding of local and global economies, Insurance, investment strategies, mergers and acquisitions, and business hazards.
• Most courses will teach Finance, investing, and banking issues.
• Economic theory, statistics, leadership, strategy, and accounting are all part of the MBA in Finance program. 
• You may choose from disciplines such as International Finance, Taxation, Financial Statement Reporting and Analysis, Investment Management, Tax Planning, Insurance Management, etc.
• You can get a higher salary when you gain experience in the banking, Finance, and insurance sectors.

Career options after an MBA in BFSI

After completing an MBA in BFSI, you can start your career in the following roles.

1. Chief Financial officer: CFOs are responsible for managing all finance-related tasks of an organization, including planning and implementing day-to-day financial operations. Additionally, they handle business planning, budgeting, forecasting, and negotiating based on the organization’s finances.

2. Financial Consultant: In addition to forecasting costs and revenues, the Financial Consultant analyzes financial plan risks and evaluates capital expansion options (such as funding or loans.)

3. Investment Banker: The role of an investment banker is to advise clients and help them invest in capital markets to gain lucrative returns. In most cases, investment bankers issue debt or sell equity in companies according to the needs of their clients. Furthermore, they advise clients on various investment opportunities, such as derivatives, and assist them with mergers and acquisitions.

4. Finance Manager: A financial manager is responsible for all financial functions in an organization. Ensure that the funds are utilized efficiently by maintaining the farsightedness of the person in charge. Actions taken by them directly affect profitability, growth, and goodwill.

Financial managers perform the following functions:

• Raising Funds
• Allocating Funds
• Profit Planning
• Market knowledge and understanding

5. Credit Manager: The following are a credit manager’s responsibilities: 

• To manage and oversee the credit granting process, 
• Apply credit policies, 
• To monitor the company’s customers’ credit at regular intervals, and 
• To determine whether a potential customer is creditworthy. 

Managing credit and bad debt is the main objective of a credit manager and specialist.

6. Insurance and Risk Manager: A risk manager is responsible for drawing up insurance budgets, paying invoices, and managing ongoing claims. A claim examiner is also responsible for thoroughly studying insurance claims and analyzing potential pitfalls.

7. Financial Analyst: Analyzing results, checking variances, recognizing trends, and advising management on the steps to propel the company forward are the tasks of a financial analyst. In addition, they must study and analyze the data, conduct a comparative analysis, and propose changes to the company’s financial plans.

8. Accounting Manager: Management of a firm’s accounting department is an accounting manager’s responsibility. A financial report or accounting statement is created and maintained by analyzing incoming data. Furthermore, accounting managers enforce accurate accounting methods, introduce policies, and adhere to accounting standards.

Don’t believe in everything you hear from others; check out the common myths debunked about opting for an online degree.

Choose Online Manipal

Enroll in the UGC-approved online MBA BFSI program from Manipal University Jaipur through Online Manipal to launch your career in this domain. Learning from top professors online or through live classes can be done whenever and wherever you choose. The MBA BFSI program will help you develop extensive skills that will assist you in dealing with complex financial problems.