05 Jul Uncovering the Myths of Finance Specialization
A word that makes a non-finance student nervous, a word than can create nervousness, a word that can cause bewilderment. That word is nothing but FINANCE. Usually finance as a term is only associated with number crunching. The moment there is anything related to finance, the non-finance group is always nervous in handling the same. Similarly in an MBA world, finance as a specialization is taken up for several reasons and also NOT TO BE TAKEN UP for several reasons which are as follows:
Reasons for taking up Finance:
- Don’t want to do Sales/HR/Operations
- Graduation is B.Com/BAF/BMS Finance so logical conclusion is to do finance (the most illogical)
- Parents/friends suggested
- It will be a desk job
- Will become CEO in 10 years
- Want to put into use the analytical and logical skills and also number crunching is an added advantage
Reasons for not taking up Finance:
- Finance is only numbers
- Very poor in mathematics
- Requires lot of analysis
- Very difficult to understand the concepts
- Extremely creative and having a knack of people skills/networking skills, etc
The above are brief comments that we come across everyday life when we ask why or why not MBA in finance. So to begin with, the first five reasons for taking up Finance are an absolute MYTH. Finance is just not numbers and finance doesn’t lead to a desk job always. Also having done graduation in B.Com/BAF/BMS Finance doesn’t mean the end game is MBA finance. Finance is much more than number crunching and numerical solving. MBA in finance helps to enhance knowledge about financial skills, business ideas, and economy of the country. You can get opportunities in the different sectors of the market. It offers a roadmap to get a better position and higher salaries afterwards. The finance stream includes wider topics in its curriculum that will help students to get a diverse thinking and ideas. Some major topics covered are Stock market analysis, global economy, Derivatives, Corporate finance, etc.
Similarly the reasons for not taking up finance should not be from number one to number four given above. If you chose Marketing or HR or Operations, you are not going to gain freedom from number crunching. In fact, these days all the major fields are moving towards big data analysis and hence all the departments of the company will require numerical aptitude. Hence, even if one is doing MBA in other fields (except Finance), it is still going to be as challenging in terms of numbers. So dreaming of getting a job directly into media or advertising and enjoying the creative aspect all through your life can be achieved but only for a few students.
So to sum it up, the reason for taking up finance or not taking up finance should purely depend on your skill set and your competencies. Every student should do a self-analysis and then discuss with the subject expert and then make a decision regarding the specialization.
-by Prof. Priyanka Oza, Assistant Professor