“ARE INDIA’S FINANCE GRADUATES TRULY READY FOR THE MODERN FINANCIAL WORLD?”
Finance graduates who have done traditional degrees in accounting or finance usually face a huge finance skills gap; the modern financial world and roles are advanced and require diverse skills, including analytical and practical expertise. Traditional degree holders usually lack analytical, ethical, and practical finance skills that matter the most in practical roles. Hence, to stand out amongst other candidates and ensure relevancy to the practical finance world and its needs, students should incorporate certain changes. All the effective ways to fill the finance education gap in India are discussed in this blog; students who really want to prosper should follow these practices to maintain their value in the financial world.
Aspirants should understand that fulfilling the skills gap for finance students is quite essential; this gap can not be overlooked, especially in today’s fast-evolving financial world. Over the years, the financial sectors and professional roles around the globe have become more advanced and complex; therefore, students must have enhanced adaptability to new industry trends if they want to sustain in this fast-evolving sector.
TECHNIQUES TO FILL SKILLS GAP FOR FINANCE STUDENTS IN INDIA
The top effective ways to fill the finance education gap in India are as follows: these techniques will help in developing in-demand skills and ensure a successful finance career in India.
1: CURRICULUM OVERHAUL AND ALIGNMENT WITH INDUSTRY NEEDS
If you are at the beginner level of your qualification, you must check the academic curriculum to ensure it meets the recent industry trends. Currently, emerging trends in India include digital payments, cryptocurrencies, AI in finance, machine learning, and sustainability financing; students should assess if these trends are covered in their academic curriculum, then decide if they want to continue the qualification or switch to an advanced qualification like ACCA that covers all the in-demand aspects of the financial industry.
2: FOCUS ON ANALYTICS AND TECH SKILLS
When discussing the skills gap for finance students in India, how can we forget the analytical and technical skills, the most common gap found in aspirants? The modern financial world requires professionals who have strong analytical skills, such as decision-making, critical thinking, and ethical judgment, alongside technical competencies (eg, Fintech tools), as it is a requirement of advanced financial roles. Students who are willing to have a strong presence in the practical world as finance professionals must equip themselves with strong analytical and technical skills.
3: INDUSTRY CERTIFICATIONS AND PRACTICAL TRAINING
Accounting bodies observed this huge finance skills gap amongst students in India; therefore, to address it efficiently, several certifications and practical training were introduced; through these training programmes, certifications can fill the skills gap for finance students by equipping them with in-demand analytical, technical, ethical, and professional skills. Students can also take advanced professional certificates like CPA, CFA, etc, to advance their role in finance careers.
4: SOFT SKILLS AND PROFESSIONAL DEVELOPMENT
To bridge the gap between industry trends and finance students in India, aspirants must show determination and ambition to learn something new. Students should focus on developing soft skills and also take part in professional development programmes/trainings/ seminars. As mentioned before, the finance industry is ever-evolving and advanced; therefore, to keep up with it, professionals must focus on continuous development and adaptability.
5: NETWORKING AND INDUSTRY EXPOSURE
A finance student or professional in India should be well-updated about the industry changes, trends, and regulations; this is one of the best ways to fill the skills gap for finance students. If they are well-informed, the chances of them learning new skills are higher. To ensure this, they must have a strong professional network and industry exposure in India.
CONCLUSION
Indeed, to achieve success in the practical finance world, it is very important to fill the skills gap for finance students; today’s students are tomorrow’s professionals. Hence, this issue should not be overlooked; for students, the competition is tough, and candidates with advanced qualifications and a strong skillset tend to win in this race. Therefore, to prove yourself competent, you must ensure that you bridge the finance skills gap; this is the only way to remain relevant to the changing industry requirements.
FREQUENTLY ASKED QUESTIONS
Q1: Which are the most advanced and modern accounting/ finance qualifications in India?
Answer: The top accounting and finance qualifications in India that meet the modern practical world’s requirements are ACCA, CA, ICAEW, CIMA, CPA, etc.
Q2: Which are the top analytical skills important for modern world accountants?
Answer: The top-most analytical skills essential for modern-world accountants are critical judgement, ethical assessment, strong interpersonal skills, compliance with regulations, decision-making, and leadership skills. To sustain in today’s financial world, students must have all these expertise.
Q3: Are there any Online courses that offer training or short courses to develop accounting skills?
Answer: Yes, many online courses and training programmes are introduced to help students develop modern world accounting skills regarding Fintech, Digital accounting tools, ESG in finance, etc.
