Question

Explain the role of finance and the different types of jobs in finance.

Answer 1

Role of finance:

Finance is considered to be important for any kind of business that operates in. it provides a different kind of services to meet corporate, legal, statutory, tax & compliance requirements to provide administrative, professional & technical services to the business & to deliver financial & management reporting & value add decision support.

It is critical that each requirement is clearly understood and that organizational and specific job roles, responsibilities and activities are clearly defined and aligned appropriately. Only then can the finance function across all its responsibilities really achieve the triple benefit of world class service levels, at lowest possible cost, while ensuring an effective and efficient enterprise wide control environment.

The ‘front-office’ business services of FP&R and decision support have sometimes been left alone, or ‘out of scope’, when looking at finance transformation, with the focus instead being on the more transactional, administrative and compliance functions, and optimization through implementing new enterprise resource planning (ERP) technologies, shared services and outsourcing.

While this has undoubtedly added significant value, this is missing much of the real benefit that can be achieved from understanding the broader role of finance and the specific requirements and benefits that can be obtained from effective financial planning and reporting and decision support. The opportunity is there. Many organizations and companies have recognized this and have achieved truly world class status and continue to improve year after year.

Various kinds of finance jobs:

Following are the different kinds of finance jobs:

• Accounting jobs.
• Financial planning, actuarial & risk management.
• Financial services, general management, operations.
• Insurance jobs.
• Investment banking jobs.
• Pensions.
• Private banking / wealth management jobs etc.