Finance is the back .of any economy. Of the many changes brought about by liberalization of economy In our country, one is boost to the operations of financial management and control with the result that finance has become an independent profession. Consequently, a good number of methods of arranging money for entrepreneurial and business ventures have been introduced.
At the same time, it is a fact that one cannot avail of opportunities unless one possess good knowledge of how to go about the entire process of arranging and managing money. To cite an example, for a lay man it continues to be a cumbersome procedure to get a loan. In such cases, finance specialists and professional consultant help the business people to fullfil their financial requirements.
When we talk of finance the matter does not end only with arranging capital for business or personal needs, it goes beyond that since the aim is not only to run a business profitably but also make prudent investments which may take care of the uncertainties, emergent needs and funds for expansion and diversification of the business as well.
Finance is a diversified field which includes many fields related to money and investment. Financial system of any economy includes multiple organizations like banks, insurance companies, NBFCs, mutual funds, developmental institutions, etc. As such, the expertise of financial professionals can be utilized in project management, profitability analysis, corporate law, cost accounting, financial and statues consulting and auditing.
As we have already stated that finance is a diversified field and financial institution. And financial system is the back bone of any economy this field is m0st important for any commerce student. Finance is not merely an individual field but it also consist of a number of other fields which are equally important.

Some important areas of finance

Accounting & Finance
Asset Management
Assets worth billions of rupees are managed by fund managers and they provide in depth and incisive study of the markets in which they operate. This not only ensures higher returns but also helps in taking investment decisions based. on research and knowledge. Mutual Funds and other asset management companies are driving the markets. They are also providing opportunities to MBA's and other finance professionals. The jobs in such firms are highly rewarding at the same time highly challenging..

Various aspects of primary and secondary markets are covered under It. It includes information related to IPQ's, Grading IPQ's, buy and sell decisions in various market formations and allowing people to profitably maintain its portfolios. Stock market operation have become Important aspect of our economic life and it has also emerged an Important tool of our financial markets. Capital markets are challenging not only for investor but for the Career minded professionals. The\ require quick decision taking ability ability to bear risk, analytical and computing abilities.

Corporate Banking

Corporate banking includes raising funds for the investments, dealing treasury operations, providing their working capital needs, receivable management services etc. Unlike retail banking where normally small sums are transacted, in corporate banking usually large sums of money are involved and this requires specialized services.

Credit

Providing easy and cost effective credit is an important service offered by the financial institutions. Specialized credit rating firms like CRISIL ICRA ect. are provides  credit rating services to the retail investors  and corporates . Based on these ratings, banks offer loans at different rates of interest to the institutions.
After stringent government rules on lending importance of credit rating agencies have increased and they provide challenging opportunities in risk evaluation and management for the young professionals.

Debt/Fixed Income

It is an investment that provides a return in the form of fixed periodic payments and eventual return of principal at maturity. Unlike a variable income security, where payments change based on some underlying measure such as short-term interest rates, the payments of a fixed-income security are known in advance. It is a big market for commercial banks and corporates. Government also raises its fund through debt and fix income instruments. Considering the size of the market and amount transacted it can provide a rewarding carrer for finance professionals.

Money Markets & Foreign Exchange

Market for short-term debt securities, such as banker's acceptances, commercial paper, repos, negotiable certificates of deposit, and Treasury Bills with a maturity of one year or less and often 30 days or less is called money market. Securities in Money market generally very safe investments which return a relatively low interest rate that is most appropriate for temporary cash storage or short-term time horizons. Bid and ask spreads are relatively small due to the large  size and high liquidity of the market. The foreign exchange market (currency, forex, or FX) trades currencies  It lets banks and other institutions easily buy and sell currencies.

Global Custody

It means processing cross-border securities trades, keeping financial assets safe and servicing the associated portfolios. It is a big fee based activity for the commercial and Investment banks. With Increase in international banking and the globalized sale purchase of securities, it is important to keep the securities in safe custody. This has resulted in increase in custodial services.

Hedge Funds

Hedge funds are generally privately-owned investment funds and are not regulated like mutual funds whose owners are public corporations. Further more, hedge fund managers are compensated as a percent of the returns they earn.
Today they dominate the western economies but due to the risk involved in these funds such funds have currently limited appeal in India but in future these funds may increase in India.

Investment Banking I M & A

It is a common short term for mergers and acquisitions and groups •the two concepts as a single area of interest. Although an acquisition mayor may not lead to a merger, from an investment banking point of view, the two concepts require the same expertise. M&A activity can result in consolidation or rationalization in a particular sector or industry.
An individual or institution which acts as an underwriter or agent for corporations and municipalities issuing securities. Most also maintain broker/dealer operations, maintain markets for previously issued securities , and offer advisory services to investors. investment banks also have a large role in facilitating mergers and acquisitions, private equity placements and corporate restructuring. Unlike traditional banks, investment banks do not accept deposits from and provide loans to individuals. these are also called investment banker.

Private Banking I Wealth Management

Private banking is the activity of managing private client's money. This term is sometimes opposed to retail banking and corporate banking.
A private bank is a bank which offers private banking services. Such banks would not, for example, do mortgage business, merger and acquisitions or have checking accounts. They specialize in clients with large accounts (the minimum balance varies) who want their money invested and managed for the long term.
This trend is increased by advent of foreign banks in India and it also provide lot of entry level job opportunities for the professionals with lot of professional opportunities to grow.

Private Equity I Venture Capital

Equity securities of companies that are not listed on a public exchange. Transfer of private equity is strictly regulated; therefore, any investor looking to sell his/her stake in a private company lIas to find a buyer in the absence of a marketplace. Returns on private equity generally occur in three ways: a merger or sale, an initial public offering, or a recapitalization.
Many developmental banks have started venture capital divisions and they also provide funds to the entrepreneurs . This could be high risk high rewards field.

Retail Banking

Retail banking is a banking service that is geared primarily  toward individual consumers. Retail banking is usually made available .By commercial banks, as well as smaller community banks. Unlike wholesale banking, retail banking focuses strictly on consumer markets. Retail banking entities provide a wide range of personal banking services, including offering savings and checking accounts  bill paying services, as well as debit and credit cards.

Risk Management

It is the process of analyzing exposure to risk and determining how to best handle such exposure. For corporate investment It IS an Important aspect of their business management.
All projects are evaluated for the risk and other credit related enquires hence risk management could provide lot of growth opportunism
All the fields mentioned are high salary fields and salary keeps on increasing in these fields.
Considering the scope of these fields it is not feasible to include all these fields into this book so we have tried to include some of the fields which are fast emerging as better alternatives for the commerce graduates and it is up to the student to decide a suitable option for the career.

Institutes offering Banking & Finance related courses:

•    Bangalore Management Academy, Bangalore (Kar.) offers 1112 years Master of Professional Finance & Banking. Eligibility: Graduation.
•    Competent Institute of Commerce (CIC), U-75, Kalra Complex, Near Metro Station Gate No.2, Above Karnataka Bank, Shakarpur, New Delhi (Ph: 011-22430817, 9899404799, 9212360435) offers classes for. CA-CPT, IPCC, Final • CS Found, Inter, Final • CWA Found, Inter, Final • B.Com (Pass/Hons.).
•    Institute of Finance Studies (IFS), Noida: 1-10, First Floor, Sector 12, Near Metro Hospital, Delhi; B-83, Defense Colony, Near HDFC Bank, South Extn., Ph: 9654657703, 9716315579 offers classes for CA-CPT, IPCC, Final, B.Com, CFA.
•    The Institute of Computer Accountants (ICA), 27 N.5 Road, 4th Floor, Kolkatta 700001, (Website: www.icajobguarantee.com) offers Short term programme (Industrial Accountants Plus). Eligibility: Passed 10+2.
•    Indian Institute of Banking & Finance, Mumbai (Maha.) offers 1-year Diploma in Banking & Finance. Eligibility: Graduation.
•    Indian Institute of Cost and Management Studies and Research, No 85/1, Law College Road, Chiplunkar Road, Erandwane, Pune 411004 (Maha.) (Website: www.mdsearch.org) offers 2-year PG. Diploma' Finance. Eligibility: Graduation.
•    International College of Financial Planning, 3rd Floor, Right Wing Naurang House, 21, Kasturba Gandhi Marg, Conn aught Place, Ne~ Delhi (Website: www.icfpindia.org) offers Full/Part time PG Diploma in Financial Planning.
•    Jaipuria Institute of Management, Sector 14-C, Vashundhra, Ghaziabad (U.P.) (Website: www.jaipuriainstitute.org) offers 2-year MBA in Finance.
•    CFA Institute (Ph: 000-800-852-1157 Website: www.cfainstitute.org/india).
•    Institute of Financial Managment and Research, 24, Kothari Road, Nungambakkam, Chennai 34 (T.N.) (Website: www.ifmr.ac.in).
•    Gujarat University, Navrangpura, Ahmedabad 380009, Gujarat, offers Certificate Course in Financial Management.
•    National Institute of Bank Management, Pune (Maha.) offers I-year PG program in Banking & Finance. Eligibility: Graduation.
•    Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur (Maha.) (www.nagpuruniversity.org) offers I-year Diploma in Finance Management.
•    Utkal University, Vani Vihar, Bhubaneswar 751004 (Orissa), (www.utkaluniversity.org) offers BA with Finance.
•    University of Madras, Chennai (T.N.), (www.universityofmadras.edu) offers 3-year B.5c with financial Accounting.

Courses through Distance Education

•    Annamalai University, Annamalainagar 608002 (T.N.), (Website www.annamalaiuniversity.ac.in)offers3-yearB.Com. in AccountIng & Finance.
•    Maharshi  Dayanand University, Rohtak 124001 (Haryana), (Website www.mdurohtak.com) offers 3-year BBA (Industry Integrated) in  Financial Services & Banking. Student  short-listed by the Industries / Corporate for training with Stipend are admitted. Stipend is paid Y the Training Industry.
•    University of Mumbai, Institute of Distance of education, M G Road , Fort, Mumbai 400032 (Maha.) (Website www.mu.ac.in) offers 1-year  Diploma in Financial Management (DFM).