Finances have been the most important element of any economy. It is in fact the life blood of the economic system and on it depends the well being and prosperity of the state. Since the emergence of civilizations various state craft theories have accorded highest priorities to financial earnings and its planning. Finance and business are inseparable concepts and financial efficiency determines the versatility, resilience and ultimately the profitability of any business enterprise. Financial resource mobilization and strategic planning are the issues of prime significance for churning out profits in changing market conditions. This gas created demands in the business sectors for a trained and intelligible workforce capable of devising proper financial strategies for the companies.
Many professional colleges have developed short term courses in India under various financial specializations to meet the rising demands. We see therefore core competencies evolving in the financial sector resonating to the demands that have been emerging over the decades owing to differentiation of tasks and priorities in business verticals. A survey revealed various specialized financial streams having affinities with core sectors of economy and businesses. Some of these relate to ‘micro financing’ which is finding great applications in the ‘banking and lending sector’. With the expansion of economies numerous opportunities are now available to start business ventures especially small and business enterprises.
Micro financing specializations focus on identification of promising proposals for the purpose of providing of financial support to them. This competence requires the ship to judge the prospective implications of the proposal, for upon this judgement depends the profitability avenues of the MFI (micro finance institutions) on one hand and piling up of the NPA’s (non performing assets) on the other hand. This is based on ‘credit based development approach’ and it must be added here that the ongoing economic crisis at the global level had first surfaced up due the failure of above stated model in the US and some European economies. While the model cannot be faulted, there were some judgmental discrepancies in its applicability. This fiasco further added importance to the development and refinement of financial sub sectors of the economy and the businesses. And hence we see greater differentiation in the financial divisions of the businesses. Many more management courses developed to lend consistency to the financial management issues of business enterprises.
Programs such as – corporate budgeting, stock evaluation, derivatives and risk management, applied corporate financing among others are now on offer as full time MBA finance courses in Delhi and other metros of India. Many short diplomas of 1 year duration also evolved in the academic arena. The idea behind these financial courses is to develop specific competencies for the financial dynamics of changing economic environments. Some degree programs such as those relating to ‘macro financing’ also gained prominence with aim of imparting stability to the global financial system and develop innovations for the same. The motive is to do academic strengthening and research in the field of macro economics and strengthening the prospective and anticipating abilities of financial experts.
