Earlier, making a career in business was a great achievement. Well, not much has changed even today. A career in business is the most preferred profession even today. But with time, certain things have changed. We have a wide variety of divisions in this sector as well. However, the most popular ones are marketing and finance. The graduates who plan to do masters in business are often confused about which stream to prefer, marketing or finance.
Some basic differences are given below so that the student s are able to clear up their muddled head a bit and decide what to opt for or the particular area in which they have their knack.
Finance basically refers to handling or budgeting large amounts of money or assets. It is very similar to accounting as it includes computing and investing. If a person opts for studying finance, in the end, he will be able to manage debt effectively, manage an investment portfolio or efficiently monitor financial markets or trends.
For economic graduates, the term marketing may sound familiar. A market refers to the arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to buy or sell their products or services. And the process of monitoring what happens in the market may be referred to as marketing. Hence marketing refers to activities of a firm associated with buying, advertising, selling or distributing a product or service.
However, the eligibility criteria remain the same for both cases. A minimum of 55% of marks in bachelors are required to apply for these courses.
Job profiles one can opt for:
- Creating marketing strategies from objectives and market characteristics.
- Promoting services or products through various marketing activities
- Describing product offerings and strategies on pricing
- Identifying prospective customers and following sales lead
- Communicating with prospective customers about the features of the products/offerings.
- Building and maintaining customer relations through regular check-ins.
Market research analyst
- Gathering data on marketing conditions and possible sales of a product.
- Determining a company’s position in the market and compare to competitors’ price and sales.
- Collecting statistics and information through surveys, polls, and questionnaires.
- Creating, maintaining and promoting the public image of the company through media.
- Forming beneficial relationships between the company and consumers, communities or public interest groups.
- Determining the objectives and needs of different companies and develop strategies to promote products or services.
Digital marketing specialist
- Developing digital strategies to promote visibility and engagement of a product.
- Analyzing online consumer behaviours in relation to the product and market
- Monitoring and measuring outcomes and data for further optimization
- Reporting on current and past financial data
- Determining a company’s value and prospects through financial statements and meetings
- Gathering trends and statistics and build investment portfolios
- Keeping records of the company’s assets, liabilities, taxes, and profits
- Analyzing financial statements and reports for standardization and accuracy
- Organizing tax returns and reports to meet tax requirements and standards
- Researching systems and operations that assist management in working more efficiently
- Gathering and analyzing data to develop solutions
- Following through with implementation and monitoring of the effectiveness of new strategies
- Examining budget estimates for accuracy and conformance with procedures
- Analyzing monthly department budgeting and accounting reports
- Assisting business leaders with cost analysis, fiscal allocation and budget preparation
- Assisting companies or organizations in making financial decisions
- Creating and monitoring budgets, financial plans, and investments
- Writing and reviewing business reports, financial forecasts, and annual budgets
Skills required for marketing:
- Social media
- Customer service
- Business development
- Market strategy
- Sales management
- Customer contact
- Market research
Skills required for finance:
- Financial analysis
- Financial reporting
- Financial statements
- Business administration
- Accounting principles
- Account reconciliation
- General ledger
However, like all others, marketing and finance each have its own set of pros and cons.
As you now have detailed knowledge of both marketing and finance, you may choose your stream accordingly as per your strengths and interests.