One of the most preferred careers for students post MBA happens to be working in the finance domain. Whether it be banking, insurance, asset management, trading or more, a large chunk of MBA graduates find themselves at home in the world of finance. But for the longest time, organisations have been facing a problem. Despite recruiting students from top schools, there is a knowledge gap. Basically, while an MBA degree serves to augment a student’s knowledge, there is still a gap in their understanding of the finer points and nuances of each sub domain in the world of finance. To bridge this learning gap and to help focussed students understand finance and its relation to industry better, Goa Institute of Management started the unique PGDM in BIFS or Banking Insurance and Financial Services course. We spoke to Dr. Abhishek Ranga, FCMA, CPA, MBA, PhD (Finance), Associate Professor and Program Chair at GIM to understand the finer points. If you’re a finance enthusiast, looking for a highly specialised study path to help you augment your career and give you clear direction, you must read and find out more!
Here’s excerpts from our conversation with Dr. Ranga:
Q: Tell us about the PGDM in BIFS and how it came to be?
A: So, at GIM, we conducted a survey across industry and found some interesting insights. We found that a huge chunk of MBA graduates were employed by or chose to work in the finance domain. But, our survey unearthed another interesting fact. We asked organisations about the kind of students they recruited from b-schools and what skills they looked for. One of the points that came forth was how, despite being from a top school, MBA graduates still needed to be trained after joining organisations. They were lacking some key skills and understanding about the domain. At GIM, we took our time, over a couple of years and researched how best to solve this problem.
This is how the BIFS course was born. The programme is a two-year full time one, with six terms / trimesters. The overall structure of the programme is one that is highly involved with our organisational collaborations.
It delves into finance subjects like accounting, financial management, economics, etc. The course additionally also includes subjects like Banking regulations, financial products and services, financial technologies, etc. It’s a holistic course that prepares students to take on the mantle of an informed, well learned finance professional.
Q: How is this BIFS program different, especially compared to a general MBA in finance?
A: Well, for starters, the MBA in finance is a more generalised course. With a general MBA, students are expected to study operations management, HR, supply chain management, etc as well. Also, the general MBA allows students to learn the finance basics, but there’s a catch.
For example, students in a general MBA study normal balance sheets, profit and loss statements, etc. But a bank or an insurance organisation has a different kind of balance sheet, P&L statement, etc. One of the major differences between a general MBA and the BIFS course is that it focuses solely on financial aspects of various subjects and prepares you to be an all rounded professional in the industry today.
Then there’s courses like business law. The general MBA just touches upon general business law. But the BIFS course offers more. Depending on the specialization chosen by students in 2nd year, they learn courses on banking regulation and compliance courses, insurance regulation, etc. These courses are much more relevant to the students and are capable of helping them real time, as soon as they start working!
Then there’s financial technology. An MBA in finance does not equip students to learn and understand various tech that are in vogue in the BFSI sector. This is where the BIFS course stands out. Our students are taught the ropes to financial technology from scratch. It’s not necessary for students to be computer science engineers and know coding. The course curriculum is designed such that every student can learn and understand how to use tech in the financial sector, relevant to the domain they are interested in!
So all these aspects make the PGDM in BIFS much more relevant, present and interesting to anyone who wishes to build a career in finance.
Q. How will this course prepare students for a career in the finance domain?
A: First, like I said, this course is created after a lot of research and analysis. We have taken industry expectations and need - gaps into account as I mentioned earlier. Based on our findings, the curriculum has been designed ground up to serve the needs of the industry. But the major takeaways from this would be:
Fundamentals of understanding the Finance sector: Students get a strong background and in depth information on the BFSI sector. The emphasis is on the BFSI sector and basics of each of the functions therein.
Strong Input on Tech Aspects: We want our students to be aware of the innovation in banking and finance. To cater to this aspect, we have included AI, machine learning, chatbots, etc and the other tech used by the BFSI sector as a part of our curriculum. Data analytics is a large part of this course. We have to keep in mind that industry is progressing towards an integrated operations model. Banks, insurance companies, financial services, are all moving online. There’s so much innovation in the fintech space. This course makes sure that students are equipped to be comfortable in a technologically charged environment as mentioned earlier. This is also a USP of the course.
Catering to different & upcoming domains of the financial industry: As you know, the financial industry comprises more than just banks and insurance companies. There’s opportunities in microfinance, NBFCs, wealth management, financial engineering and modelling, International trade, fraud detection (cybersecurity), blockchain and cryptocurrency and so much more. All of these newer and up and coming fluid roles and functions are accounted for. The BIFS course combines all these aspects to help students get the best training possible before joining the workforce.
Apart from these 3 aspects, we also help students with personality development, values & ethics, customer service and more. But the above 3 components we feel would provide a very strong background and help students become value adding professionals.
Q. Can you share highlights about the faculty and pedagogy for the BIFS course?
A: Sure. So the BIFS course incorporates subjects like Data Analytics, Technology, cybersecurity, rules around the NBFC sector, mutual fund related learning, etc as mentioned above. We also have a vibrant faculty that comes from across industry. With visiting faculties who have worked with the likes of HSBC Bank, Karur Vysya Bank, Citibank, JP Morgan, etc. our professors range from the banking, insurance and financial services sector. They have decades of experience and bring a rich case based learning methodology to class.
All of this leads to hands-on, case based learning emanating from real life experiences that shape not just the minds and opinions of students but also give them a look into the corporate world.
Q: Who can apply for this course? Is it open only to finance students?
A: Not at all! In fact, a large chunk of our current batch are engineers! Our students need to have the right mindset to learn. Only that! Our faculty and curriculum does the rest! But yes, this course is for you, if you’re looking to build a career in finance, especially in the modern times of today!
Q. Can you share some examples of BFSI jobs that students will be ready for thanks to this course?
A: Students will mostly find career openings in the sector of banking, financial services and insurance. For example, in banks, treasury is a role that companies need MBA graduates for. People can get into asset and liability management, forex dealing, derivatives, risk management, etc.
There are also openings for credit risk management involving appraising credit risks, pricing loan products, etc. There are corporate banking opportunities like corporate account management. Business analyst is a role that’s in demand today.
IT companies especially need business analysts for their strong BFSI verticals business. There are M&A openings in investment banks, risk management, business development, etc. Then there’s roles in data analytics based jobs. Mastering skills like behavioral finance and business strategy, financial modelling, business valuations, financial analytics, etc. are also resulting in newer and more fluid roles in the job market.
Apart from these, students can look forward to roles in cyber security, fraud detection in banks, regulations, international trade and lots more. These are some of the possible careers you can look at after doing this PGDM course.
Besides all this, the average salary of GIM graduates placed in the BIFS space is continuously improving. Highest salary offered in the BIFS space witnessed a drastic jump in the last placement season with a package of Rs. 24.37 lakhs per annum. The average salary is increasing along with the increase in proportion of students getting placed in the BIFS space, during the last placement season almost 40% of the graduates joined BIFS space. These figures demonstrate that pursuing a specialised finance course like the BIFS is the right step to a glowing financial career.
Q. Any message for students wanting to build careers in the BFSI sector?
A: Well, the BFSI sector is one of the most preferred domains to work in for MBA graduates. It is clear that many students aspire to work in finance post MBA. At the same time, the sector has seen some major shifts recently, with digital payments becoming more and more lucrative among others thanks to the pandemic.
There’s also the fact that cryptocurrency has made a comeback, some organisations are reeling from losses, while the digitally savvy service based organisations are thriving. While some banks are going bankrupt, and the economy is at an all time low, the financial services sector is getting a boost, especially online.
We are in the middle of a global shift and if there was ever a right time to join the workforce, it is now! There are ample opportunities for people who can work in the fintech sector, with AI, automation for transaction, analytics for credit and risk and other contemporary and emerging skill sets despite the pandemic.
It’s a great time to work in the finance domain and develop the right skill sets to succeed. If you are looking to reinvent yourself and upgrade your skills or learn the right kind of skills to fit into this new, exciting sector, GIM’s PGDM in BIFS is for you.
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