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Role of AI in Financial Services

The emergence of automation has shifted the nature of jobs across sectors. So does the financial services. Financial services are also not immune to this development and are impacted by automation and artificial intelligence. Today, financial services are not limited to brick and mortar structure only. Traditionally, financial services used to be the job of a geeky person with a calculator. The financial industry used to be a paper-intensive industry.

But now, things have changed and the nature of the job has changed from bookkeeping to critical financial analysis. Even the Banking sector is technology-driven and gone the digital way. How one usually thinks about jobs in the financial services domain has already changed or in the process. Do you aspire to join financial services in the near future? What are the future job profiles for you? To answer these questions, one needs to understand how the increasing role of Artificial Intelligence will affect the future of financial services and how you can strive to stay relevant.

Impact of AI on jobs

Artificial intelligence AI will be the cause of great disruption for stable career choices of the financial services sector. According to one estimate, across the globe, about 1.3 million bank workers will lose their jobs. Traditional banking jobs like cashier, clerk, etc. are likely to be reduced by automation. All routine jobs are likely to go away with the increased interference of artificial intelligence/automation.

Artificial intelligence with a combination of Big Data is now even affecting jobs involving critical analysis. The combination of Big Data and AI enables us to make decision-based on humongous data and predict the future. This will thus affect the job of a financial planner, tax personnel, and others. One needs to consider this automation as a wakeup call and as an indication of the need to continuously enhance our skills to remain relevant in this fast-evolving dynamic world.

Emerging Profiles in the Financial Services Domain

On one hand, AI will cut routine repetitive jobs; and on the other hand, it will also create several jobs. It is estimated that in India, more than 50 lakh new jobs in the financial services sector will be created in the next ten years. Fintech is the new buzz word today. It is a combination of Finance with Technology. This Fintech sector will provide new job opportunities to aspirants in the future. ‘Finance Engineer’ and ‘Sustainable Wealth Manager’ are some job titles in the future.

Roles for personalized financial guidance will emerge in the future. Financial advisors who have analytical skills and the ability to translate data into relevant and meaningful stories will be in demand. Jobs in the field of blockchain, mobile wallet, and Robo advisors will flourish. Blockchain and apps developers, financial analysts, product managers, compliance experts, cybersecurity analysts, quantitative analysts, business development managers, and data specialists are few profiles that will be in demand.

Skills for Future Financial Services

The need for highly skilled and tech-savvy financial professionals is rising. In-depth and holistic financial knowledge will be the key to career success in this sector. Data analytics and sustainability are other important skills to sustain and thrive in the future market. ‘Superforecasting’ is an ability that is imperative in the domain of ‘Cryptocurrency’. Superforecasting means objective analysis of all present and past events and breaking down complex problems to smaller pieces.  Key requisite skills are business planning, data analytics, along with knowledge of C#, Java language, Murex language, Python, and other programming languages.

Contribution of IILM in your journey

The teaching pedagogy at IILM fosters a learning environment to enhance creativity, originality, critical thinking, and leadership skills in students. It also inculcates and equips students with future scoped skills.  The focus is two-pronged – traditional teaching to develop basics along with new-age electives like Fintech, Data Analytics, Python, R, etc. to give a perfect blend of modern and futuristic courses. IILM thus provides a complete package to students and makes them ready for financial sector jobs and thrive for career success.

How to Get your Dream Job?

‘’Go confidently in the direction of your dreams. Live the Life you have imagined.’’ David Thoreau

Why do young students aspire to be part of a Top B-School? Do you remember the first time you were inspired to make it big in the corporate world? As a professor on the Industry track at IILM I am always amazed by the aspirations, enthusiasm that the bright young students bring to B-School when they step in at IILM – starry-eyed, big dreams! At IILM we try and give shape to these dreams, getting them ready for their next leap towards a successful career.

The first Job from campus is always the most cherished one and I still remember the day when I received multiple job offers during the two day placement season at the B-School campus placements during my MBA back in 2003. The year was still a recovery phase in several sectors as the economy was recovering from the Dot-com bubble burst in the year 2001. Circa 2020 and we are in the middle of looking up to the new normal that beckons at fresh graduates wanting to join the Economy in June – August Season. At IILM we believe in working with loads of passion for the students’ careers. A testimony to the statement can be found in the way the students and faculty mentors have engaged beyond the classrooms to get a whopping 430+ Job Offers including 225 Job Offers at IILM GSM Campus as part of the final placement cycle that turned out to be a success (sans the impact of COVID in Mid-March 2020). We would like to keep this article as a testimony to the hours spent in making the twines meet and for the future  batches at IILM in the new normal (Post-COVID)

  • Bringing attention from 150+ Companies: IILM believes and works in student based principles. Based on the emerging trends picked up during interactions with the students, the placement team has interacted with over 180+ companies during the run-up to the placement season beginning Early September 2019.
  • Great Candidates find a way to their dreams: The graduating batch saw several examples where students lived up to the challenge to find a way to landing their dream jobs in companies starting with Consulting Companies such as Deloitte, EY, CIAN Analytics, Benchmarking Six Sigma to the FMCG Majors and Retail such as Marico, ITC Ltd, Reckitt Benckiser Plc, Café Coffee Day, Colgate, Khimji Ramdas. The season continued to see a steady upswing in high CTC job offers from EdTech Majors with Byju’s (Think & Learn Pvt Ltd), LIDO Learning picking up students. New Sectors Companies included Square Yards, Future Generali, PhonePe, Wedding Wires, Regalo Kitchen. The BFSI Sector covering HDFC Bank, HDFC Ltd, ICICI Bank, IDFC First Bank, Axis Bank, Bandhan Bank made a significant impact on campus with more than 60 offers at Greater Noida and 120+ across NCR. The complete list can be accessed at http://www.iilmgsm.ac.in/about-placements/. This is also testimony to the HR professionals who have extended their working hours to conclude placement processes at IILM as part of their recruitment calendars. We wish to extend gratitude for their support
  • Salaries are an Outcome of the Roles: Salaries have gone up by 20% in several companies while the average salaries in the Top 50 percentile of Job Offers for the graduating batch also went up by 25%. This year also saw a new maximum of 8 international job offers for Team Leadership Roles. Based on the needs of the industry, CDC Team has continued to meet with stakeholders in the industry from August last year until the COVID lockdown stopped us in our tracks in ides of March. IILM spent over 2000+ man-hours in engaging with the companies to review the student resumes and select the best possible jobs for the students.

All this would not be possible without the tireless efforts of placement team, students and faculty mentors who to spend additional several hours guiding the students with the necessary skill sets that will make them industry-ready.

  • Student’s Goals: Placement cell engages the students directly in placement oriented activities that allow them to have a very direct understanding of the requirements in the companies as well as mapping the dream companies from the student’s journey from the first year into the second year post their internship. IILM strong focus on benchmarking its pedagogy with the best B-Schools provides the students with an ambient ecosystem for scaling up their skill sets to the next level.
  • Prepare, Prepare and Prepare: Every dream company on a student journey starts with a plan. At IILM, the placement team engages with the companies around the year through industry sessions from stalwarts in the industry beginning with the orientation course, the industry http://www.iilmgsm.ac.in/event/national-seminar-skills-employment-for-industry-4-0/ ; Principle of Responsible Management (PRME) and several more sessions through placement workshops which provide the building blocks for all students to listen and network with professionals, enhance their grasp of the industry. Students are also part of several club activities including a vibrant Student Committee on Placements (SCOP 2020) which worked with placement manager and placement heads to bring hundreds of job profiles that bring joy to the eyes of the students who believe they can be part of the India growth story.

IILM is a microcosm of One India covering the 18 states and over the last two years that the students have spent on campus preparing themselves for the job roles, we are more than happy to have been able to connect students with a company that becomes their new launchpad for their long career road map ahead.

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Working On That Dream Job

Students are always in dilemma of how to manage this phase with ever increasing load of classes and exams. There are certain questions that pop up in every student’s mind.

► When should you start your preparations?
► What all should you prepare?
► How to stay calm and cool at the most crucial times?

As a student, going through the same emotions & anxiety makes me eligible to give answer to these questions and I am pretty sure these tips would definitely help you all.

1. WHEN SHOULD YOU START YOUR PREPARATION?

Most of us entering a B-school have different motives and most of the time first year is more enjoyable than second because we still carry our graduation days to the B-school. Most of us generally start to think about preparations after our SIP when we have freshly completed our internships and are now more aware of what and where do we want to go.

However, starting to prepare just couple of months before the real thing actually breaks most of us rather than giving us that confidence. The main reason for this is ever growing pressure that we have to contain with at this time. Exams, reports, projects, classes and everything takes precedence over what we thought would be a time to invest in preparations for our interviews. So why wait for the last 2 months, and why not start just when you enter the B-school. Yes, my friends starting just when you enter the school is the best time when you can plan your preparations. Just to give you a heads up, your day to chit chats with friends, reading news on your devices, watching videos of you tube can actually help you prepare for the big moment. You would not realize that by doing all this in these two years will eventually lead you to success without tension & stress.

2. WHAT ALL YOU SHOULD PREPARE?

With so many opinions from friends, seniors, faculty, relatives we actually end being confused rather than clear with what all to prepare. So why not you take the charge and extract information on what all should you prepare. With the most powerful tool “internet” in your hands, you can actually change the way you work. There are plenty of blogs, articles which will help you prepare in most accurate way. Amidst everything, you would definitely need advices from people around you, but it’s time to take on responsibility for yourselves. There have been lot of students who prepare according to the organization they have applied for. If you think you are well prepared to crack that, just go ahead. However, if you have any skepticism about this, why not prepare all (Aptitude, GD, Interview, GK, Company Overview etc). Over preparation will not harm you or your mind in any case, it will just give you more knowledge and confidence to perform well.

An organization who has a set pattern for interviews might change this at the last moment due to number of reasons. Why would you give them a chance to eliminate you because you were not prepared? Hence, spend time on preparing for your GD, Interviews, Aptitude etc and just don’t waste any chance to impress the recruiters.

3. HOW TO STAY CALM & COOL

Listed below are some tips which will help you focus and stay more calm and composed during the process:

Start preparing at the right time
Do not get bogged down by others negativity & suggestions
Take responsibility for your actions
Do what you think is the best
Prepare yourself so strong that recruiters have no choice but to select you
Meditate and focus on what you want to achieve rather than going behind what others are trying to do

Guys, these are simple tips that shall really change the way you prepare and perform. It’s the way you think that really paves the way for your success

GET OUT OF YOUR COMFORT ZONE TO ACHIEVE SUCCESS!

Wish you all the best for your dream jobs.

~ Prateek Singh Bawa
IILM PGDM 2014-16

Rush of Job Offers | IILM Placement Week 2015

The current academic session at IILM has about 3-4 months to go, but for the students it is showering jobs already. The week went by at IILM placement week round two was enthralling for not only students but also for the college management. Some major industries from Banking, Retail and Telecomm made their way to IILM, offering positions ranging from Analyst, Marketing and Finance. The average annual salary package offered till now is Rs 7 Lakh.

The Placement Week Round Two brought a sense of certainty for students in terms of final placements. Ms Samiksha Garg from final year got placed with Grail Research. “I was eager enough to know the expectations from different companies and industries. Settling with Analyst position will certainly be my first step toward to the application of practical lessons,” said a student, with offer in hand.

Taking a few examples of placed students, Ms Aanchal Gaba is ready to start with her corporate experience with Copal Amba. “This is it! My career journey starts as I leave IILM. It is time to apply the lessons on practical grounds.” Meanwhile, Vivek Sirohia with specialization in Marketing is set to take his journey forward with Territory Sales Manager position at Airtel. “I can’t wait to start with my experience at Airtel, this is the opportunity I have been offered under the support system of IILM faculty and existing curriculum.”

The companies visited us with a unique blend of positions and offers for students. This is truly the time for students when they can portray their best efforts, capabilities, and personality to some of the most potential recruiters.

As the day breaks, the college settled with the busiest event around the year. We congratulate our students who are all set to take off their next journey to corporate world. Like every year, we learn new things and experience the unexpected round about. Indeed, it is true; the sole responsibility of every college is to inculcate the courage in students to face the uncertainties ahead of them. The companies and offers takes place with some essential efforts, and all we are ought to do is be prepared to take in what comes next.