Admissions Enquiry open for the Post Graduate Diploma in Management (PGDM) Program for the Academic Year 2023 - 2024.
In today’s world, data is everything, and everything is data. And in recent years, data has become the lifeblood of the finance industry. Financial institutions, from banks to investment firms, are leveraging data analytics to make better decisions, manage risk, and identify new opportunities.
With the advent of big data and advanced analytics techniques, financial institutions can analyse vast amounts of data in real-time, enabling them to make more informed decisions and gain a competitive edge.
This transformation is driving a high demand for professionals with skills in data collection, analysis, and interpretation. One such programme that equips students with these skills is the Post-Graduate Diploma in Management (PGDM) in Finance.
In this blog, we will discuss how data analytics is revolutionising the finance industry and how the PGDM in Finance programme prepares students to excel in this data-driven environment.
The Power of Data in Finance
The finance industry has been making significant strides towards digitalisation with the help of data analytics. This has helped the industry diminish the chances of human errors and transformed how people make business-related decisions. Financial analysts can integrate various Machine Learning (ML) and Data Science tools with this to achieve even more precision in their results and make this technology more reliable when making important decisions.
Data analytics has revolutionised the finance sector by reducing the component of human error in daily financial transactions. It enables finance executives to turn structured or unstructured data into insights that promote better decision-making. Moreover, data analytics helps finance teams gather the information needed to gain a clear view of key performance indicators (KPIs), such as revenue generated, net income, payroll costs, etc. This allows finance teams to scrutinise and comprehend vital metrics and detect fraud in revenue turnover.
The Rise of Data Analytics in Finance
Data analytics has been a game-changer in the finance industry. It has not only helped businesses understand current market trends but also enabled the transformation of businesses by foreseeing possible negative consequences of strategies. This is the power of data, and every organisation possesses it. Businesses have started using data analytics to drive profitability, improve efficiency, and lower costs. The finance industry, which deals with confidential and sensitive information, has found data analytics to be crucial.
Evolution and Growth of Data Analytics
The evolution of data analytics in finance has been significant. The research found by Christian Westermann, John Fildes, Thomas Olsen, and Claudio Sorgente states that the financial data and analytics market globally had a compound annual growth rate of 6.5% from 2017 through 2020 when it reached roughly $35 billion. It is expected to grow by 5% to 7% annually through 2030. With an estimated compound annual growth rate of 10% to 20%, alternative data like carbon, mortgage, or environmental, social, and governance (ESG) data are contributing more and more to this growth.
Case Studies of Successful Data-Driven Decision Making
There are numerous examples of successful data-driven decision-making in the finance industry. For instance, Bose developed an assumption-to-knowledge ratio that forces teams to weigh new information against key assumptions. This approach has helped Bose make good, data-driven decisions.
Another example is Google, which has created its place at the centre of the investment banks as it ensures better returns more deliberately. Google uses data analysis tools to detect situations where there is a higher probability of defaulting on loans, which gives them the ability to take early action before things get uncontrollable.
PGDM in Finance: A Gateway to the World of Finance Data Analytics
A Post-Graduate Diploma in Management (PGDM) in Finance is a specialised course that combines the nuances of finance and management. This course equips students with a broader understanding of the finance sector, such as financial markets, taxation, working capital management, mergers and acquisitions, and international finance. It is a diploma-level course where students can opt for a finance specialisation and other PGDM specialisations in business intelligence, marketing, and human resources.
How a PGDM in Finance Prepares Students for a Career in Finance Data Analytics
A PGDM in Finance prepares students for a career in finance data analytics by developing skills such as customer engagement, project management, leadership, and effective communication. It enhances their professional development and gives them the chance to work together with leaders and specialists in the field. Additionally, students can broaden their knowledge across a variety of business domains, verticals, and sectors and help businesses succeed by achieving both short- and long-term objectives.
With the aid of business intelligence (BI) tools, the course teaches students how to collect and analyse data. The primary aim of this specialisation is to help them learn ways to derive meaningful insights from data for business planning and forecasting. This data-driven approach can lead to better business outcomes and a sustainable competitive advantage.
The Value of a PGDM Degree
The value of a PGDM degree cannot be overstated. It enhances career prospects in finance by equipping students with a deeper knowledge of cost analysis, making balance sheets, minimising costs, and maximising revenues. Moreover, a PGDM in finance is not just about making money; it’s about achieving deep goals, protecting the fruits of labour, and, therefore, achieving a good society.
Choosing the Right College of Management Studies
Choosing the right college for a PGDM is a crucial decision that can significantly impact your career. The right college will ensure you get a quality education, industry exposure, and placement in a reputed company where you will get a good salary and lots of experience. Therefore, it’s important to consider several factors when making this decision.
Factors to Consider While Choosing a College
- Course and its Accreditation: To ensure a successful career, prioritise your desired course and avoid pursuing a college solely for ranking purposes. Instead, prioritise your desired course and make it the first criterion on your checklist.
- Cost: The cost of a course, including tuition fees and scholarships, is a crucial factor to consider. Institutions often offer financial assistance to students to ensure they can afford a quality education.
- Location of College: College location is a significant factor for students, with some preferring proximity to home and others seeking better options, and the city of the college should also be considered.
- College, Campus Size, and Course Rank: College and campus size options vary greatly, from institutions accepting fewer students to colleges with thousands of candidates.
- Rankings and Acknowledgements: Rankings and recognition are essential for evaluating the quality of a business management institute, using accreditations like NBA, EQUIS, and AMBA as benchmarks.
Why Choose Us/Thakur Global Business School for PGDM in Finance
At Thakur Global Business School, we offer a comprehensive PGDM programme in finance that is designed to provide students with a strong foundation in the finance sector.
Following are a few of the many reasons why you should choose TGBS for PGDM in Finance:
- TGBS offers a comprehensive understanding of management principles and practices, including marketing, finance, human resources, and operations, developed by industry experts and regularly updated to meet industry standards.
- TGBS boasts world-class infrastructure, including advanced classrooms, computer labs, libraries, study skill centres, consciousness labs, entrepreneurship centres, and business incubators, all Wi-Fi-enabled and accommodating differently-abled individuals.
- TGBS offers an innovative teaching and learning process focusing on managerial skill building and personality development, enhancing employability and entrepreneurial opportunities, with the TGBS Tool Kit providing curated management education.
- TGBS boasts a robust placement cell, with over 500+ recruiters visiting annually, and offers comprehensive training to enhance students’ employability skills.
- TGBS collaborates with international institutions in New Zealand, Canada, Singapore, and India, offering students global management education, internships, and exchange programmes.
- TGBS has been recognised as one of the ‘ET Best Education Brands 2023’ by The Economic Times, honoured for its excellence in Management Studies Western Mumbai, and certified as an ISO 21001:2018 Institute.
Conclusion
Data analytics is playing an increasingly important role in the finance industry. It helps financial institutions turn massive amounts of unstructured customer and transaction data into valuable insights. These insights help businesses comprehend numerous important commercial facets. Robust corporate fraud management solutions are also necessary in this market to protect brands and maintain business operations.
A Post-Graduate Diploma in Management (PGDM) in Finance is a highly coveted qualification for students who want to build a career in the finance sector. The program equips students with the information and abilities needed to oversee a company’s financial operations, as required by the industry. Since the financial sector is essential to all businesses, there is a steady need for qualified financial professionals. In particular, postgraduate business administration graduates from India’s top management schools are highly sought after.
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