Finance is a generalized term referring to various subjects about the financial management, creation, allocation, and control of funds and investments. It is usually used to refer to the science of funds management. It includes many processes such as risk analysis, investment management, financial accounting, and the measurement of financial performance. All these processes help to understand the market and predict the behavior of funds. This also helps to choose the right investment plan and make optimum use of finance.
Finance has many applications in different fields. A good example is the health care industry. The health care sector requires a lot of financial services such as purchasing medical equipments, maintaining health records, processing claims, collecting payments, and organizing and managing health care facilities. All these activities help to maintain quality care and take care of the patients. Some of the related activities include budgeting, cost accounting, healthcare cost management, provider management, pricing, quality monitoring, etc. These activities form the basis of financial services.
Public finance also includes the financial services provided by public bodies like states, cities, counties, and other civic organizations. Public finance includes various activities like collecting fees, maintenance, operating modes of transportation, providing aid to needy people, etc. Some of the important aspects of public finance include bonding, development of tax base, administration of funds, etc. Another important aspect of public finance is collecting loan from banks and other financial institutions and then disbursing the same to the citizens.
There are many finance degrees which can be pursued by both young and senior students. Finance graduates can work in different sectors such as insurance companies, public agencies, corporations, hospitals, accounting firms, finance consultancies, investment banking, mortgage companies, and financial advising firms. The most popular finance degree is the Master of Science in Finance with a PhD. A MBA is also an excellent option which can be pursued by those who have already earned a bachelor’s degree in finance. Finance graduates can find various jobs which require knowledge of finance as they are often required to manage the finances of large companies, hedge funds, individual wealth, etc. Careers in financial management include investment analyst, portfolio manager, risk assessment and financial officer.
Apart from these, there are other interesting fields such as information systems, financial analysis, risk management, e-comparison, economic theory and economic policy, bank management and accounting, business mathematics, financial markets, international relations, financial management certification, financial reporting systems, portfolio optimization, portfolio construction, risk management and portfolio management. In addition to these, Finance graduates can pursue further degrees in accounting, auditing, economics, law, marketing, political science, and even psychology or statistics. A very interesting option is the Wharton School of Finance as it offers very good chances for financial management and job specialization.
One can also opt for Finance training in India. There are several universities and colleges which offer Finance programs at undergraduate and post graduate levels. Courses are based on theory and practical concepts and help students prepare for a career in financial services, business, and law. Some of the popular courses are Accounting and Financial Management, Finance and Accounting, International Business and Finance, Risk Management and Policy, Functions and Income, Labor Economics and Business Strategy. These courses are quite helpful for those who wish to opt for a career in finance or money management.