IntroductionThere are three main routes to success in Financial Management.
These three courses are so vital for success. Hence anyone interested in a career in Financial Management has to study any one of these three courses.
These three courses are the Chartered Accountants Course, offered by the Institute of Chartered Accountants of India. The second is the course in Cost and Works Accounting offered by the Institute of Cost and Works Accountants of India. The third course is the Company Secretaryship course offered by the Institute of Company Secretaries of India.
Each of these courses can be taken after after the plus two examination. Details can easily obtained from the respective websites. It is possible to get specialized coaching for passing these examinations from the Study centers of these major institutes situated in the metros and major cities.
It is wise to enroll in any of the three aforesaid courses after the plus two examination and then enroll for the B.Com degree course through correspondence from a good University like the University of Madras or the Indira Gandhi National Open University.
It should be noted that that the CA or the ICWA or the ACS course is very tough. Each of the subjects requires a detailed study for at least seven hours per day. For example, there are specifications to pass each subject with a minimum pass mark. If the mark is lower than what is prescribed in even one subject, the student has to appear for the three specific papers once again.
The distance education courses, as such can help the candidate to improve his or her knowledge and also change track only if he or she wants to. These courses by themselves can, to some extent provide the baseline to change careers and go into different jobs. For example after a course in Financial Analysis, one can go to Mumbai or Pune and seek a job in a good Mutual fund. A further experience of working with a good Mutual Fund can help him or her to go far ahead in life, in the area of Capital Markets and or investment advisory services or investment management.
Here are some details of specialized courses in Financial Management, through distance education.
ICFAI UNIVERSITY TRIPURAThis University has been in existence since 1984. The main campus is in Hyderabad. This educational institution, called the ICFAI University, has been in the forefront of education in Financial Management and Research, and ran the Certified Financial Analysts (CFA) program for some years. However this ran into legal troubles and this course was withdrawn. However the ICFAI University has made giant strides over the years. Its full time PGDM course and the MBA courses are recognized as one of the best in India (within the best thirty in India).
Be that as it may, this University has through its ICFAI Tripura University offers some courses through Distance Education in the online mode.
The degrees or diplomas have the UGC and AICTE approval as well as the Directorate of Distance Education's Approval.
As already mentioned, these courses will take one to careers in Mutual Funds or Capital Markets or Investment Advisory Services. The best careers are available only in the city of Mumbai.
Madurai Kamaraj UniversityThe Madurai Kamaraj University Madurai has been offering the M.Com degree courses in a variety of subjects. These courses are quite useful to those already in service and are reportedly quite useful for State Government employees of Tamil Nadu, for promotion purposes.
However, for those who are already employed, these courses will add some value in terms of knowledge.
For example, the M.Com course in Banking Management will offer sufficient details of the nuances of bank management and can help the employed person to acquire advanced knowledge. However for the bankers, there is another advanced course called the CAIIB, the examination offered by the institute of Bankers, and recognized by the Government of India. The M.Com degrees offered by the Madurai Kamaraj University are also recognized by the UGC and the Government of India.
At present, there are four M.Com courses run by the University. These are M.Com (Finance), M.Com (Computer Applications), M.Com (Banking) and M.Com(Cooperative Management).
The contact phone numbers are: 091-452-2458471, 091-452-2459185 and Extension numbers are: 554, 556 and 574. The email addresses are :- email@example.com and firstname.lastname@example.org
Other coursesThere are some other private Universities like the Narsi Monjee Institute of Management Studies and the Symbiosis Institute of Management Studies, Pune that also offer a few courses in Financial Markets and so on, as the Post Graduate diploma courses.
However since these courses, by themselves do not take anyone to big careers, the details are not mentioned here.
Why the base line is very importantThe correspondence courses in Financial Management, offered by the ICFAI University, according to industry experts are very good for careers in Capital Markets, equity research and so on. There are so many Universities offering the M.Com course, but there is nothing, for example like the CFA course that one can acquire through private study. As already mentioned, the correspondence courses will add huge value to knowledge. However they cannot be depended upon for careers. The ACA or ICWA or ACS route is the only option.
This is one fact that cannot be ignored. This is the correct career guidance. Let us not make any mistake here. Only these courses are the baselines. Yes one can build new careers only if he or she wants to.
There is always a question raised as to why Mumbai is the only big city capable of providing anyone a good career in Capital Markets and Mutual Funds. This is because the Capital Markets function in only this commercial city. The Mumbai Stock Exchange and the National Stock Exchange are the only two stock exchanges that have survived all these years.
So before studying any Post graduate distance education course in financial management, one should be clear about his or her career objective, which can take off, only after the baseline is very clear and solid, as explained above. Even after passing the inter examination of the Costing course, for example, there are so many jobs available in the Indian Corporate Sector.
After this, the person can complete the final examination of the Cost Accounting, that is, the ICWAI course and then have a good experience of some ten years. In fact, after some eight years of experience in India, there are good jobs in Nigeria, Kenya and such other countries. One can always come back to Mumbai for the career switch into capital markets, after doing the ICFAI course. That is the Post Graduate Diploma in Financial Analysis.
Even if the Capital Markets and the Mutual Funds go through trouble, one can always go back to regular accounting and finance jobs at the senior level.
ConclusionAs mentioned above, the correspondence courses can only add knowledge but by themselves, cannot provide careers. This is because in the real world dominated by the Chartered Accountant, the Cost Accountant and the Company Secretaries, which are regular courses, the distance education courses may not mean much at all. However the only course that can help in achieving the career switch to Capital Markets and Investment Banking is the ICFAI course. The Diploma courses can also provide the appropriate knowledge.
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