Marketing vs Finance : The 2 parallel roads

08Oct,2018
By Editorial

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:

Marketing

Marketing managers

  1. Creating marketing strategies from objectives and market characteristics.
  2. Promoting services or products through various marketing activities
  3. Describing product offerings and strategies on pricing

Sales representative

  1. Identifying prospective customers and following sales lead
  2. Communicating with prospective customers about the features of the products/offerings.
  3. Building and maintaining customer relations through regular check-ins.

Market research analyst

  1. Gathering data on marketing conditions and possible sales of a product.
  2. Determining a company’s position in the market and compare to competitors’ price and sales.
  3. Collecting statistics and information through surveys, polls, and questionnaires.

Communication specialist

  1. Creating, maintaining and promoting the public image of the company through media.
  2. Forming beneficial relationships between the company and consumers, communities or public interest groups.
  3. Determining the objectives and needs of different companies and develop strategies to promote products or services.

Digital marketing specialist

  1. Developing digital strategies to promote visibility and engagement of a product.
  2. Analyzing online consumer behaviours in relation to the product and market
  3. Monitoring and measuring outcomes and data for further optimization 

Finance

Financial analyst:

  1. Reporting on current and past financial data
  2. Determining a company’s value and prospects through financial statements and meetings
  3. Gathering trends and statistics and build investment portfolios

Accountant:

  1. Keeping records of the company’s assets, liabilities, taxes, and profits
  2. Analyzing financial statements and reports for standardization and accuracy
  3. Organizing tax returns and reports to meet tax requirements and standards

Business analyst:

  1. Researching systems and operations that assist management in working more efficiently
  2. Gathering and analyzing data to develop solutions
  3. Following through with implementation and monitoring of the effectiveness of new strategies

Budget analyst:

  1. Examining budget estimates for accuracy and conformance with procedures
  2. Analyzing monthly department budgeting and accounting reports
  3. Assisting business leaders with cost analysis, fiscal allocation and budget preparation

Financial controller:

  1. Assisting companies or organizations in making financial decisions
  2. Creating and monitoring budgets, financial plans, and investments
  3. Writing and reviewing business reports, financial forecasts, and annual budgets

Skills required for marketing:

  1. Sales
  2. Marketing
  3. Social media
  4. Customer service
  5. Business development
  6. Market strategy
  7. Scheduling
  8. Sales management
  9. Customer contact
  10. Market research

Skills required for finance:

  1. Accounting 
  2. Financial analysis
  3. Financial reporting
  4. Financial statements
  5. Economics
  6. Business administration
  7. Forecasting
  8. Accounting principles
  9. Account reconciliation
  10. 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.

LATEST NEWS


NATA 2021 Admit Card Out(Phase I), Download link, Exam day Instructions
NATA 2021 Revised Eligibility Criteria Released By COA
ATMA 2021 Registration process (Ends), Know Exam dates, syllabus, pattern
CMAT 2021: Last Few Days Preparation Tips To Ace The Exam
ACET 2021 Result Declared, Download Scorecard
UPSC NDA I 2021 Admit Card Available, Check Exam Date
How to Crack CLAT 2021 in First Attempt
Check CLAT 2021 UG And PG Exam Pattern. Descriptive Pattern Made a Comeback
CLAT 2021 Registration Extended Till 30th April, Get direct link here
GATE COAP 2021 Registration Started By IIT Delhi, Apply Here
JEE Main 2021 April Session Registration Started, Know Exam Dates
Application form of TS LAWCET and TS PGLCET 2021 Begins, Check here exam dates, eligibility
13 Students Hit the Perfect 100% in JEE Main 2021, Check The State Wise Toppers List
WBJEE 2021 Registration Process Extended Till 30th March
JEE Main 2021 March Session Final Answer Key Released For B.E/B.Tech
MET 2021 Registration Process Ends Tomorrow, Apply now
JEE Main 2021 March Session Result Out, Check Scorecard
CMAT 2021 Admit Card Released By NTA, Download Here
CUSAT CAT 2021 Registration till 31st March , Get direct link here
CMAT 2021 Exam To Be Conducted On 31st March
GATE 2021 Topper List and Cut off marks (Out), Check Paper wise cutoff
JEE Main 2021 March Session Answer key With Question Paper Released
COMEDK UGET 2021 Application Form available, Know Registration Process
NATA 2021 Correction Window Starts Today, Registration Close Soon
JEE Main 2021 State wise Topper List (out). Check out Women Top scorer's
TISSNET 2021 Result (Declared), Know how to check it
GPAT 2021 Result Announced, Check Scorecard Ratio Here
Students Scored 100% in JEE Main 2021 Paper 2
JEE Main 2021 February Session Paper 2 Result Declared
IIT JAM 2021 Final Answer key (Out), Know steps to calculate score
JEE Main 2021 Day 3 March Session Exam and Paper Analysis
Predict Your Score Using GATE 2021 Answer Key
IIT Bombay Released GATE 2021 Final Answer key With Question Paper
PAF 2021 Registration Ends, Apply here
WBJEE 2021 Registration Process Last Date Tomorrow, Apply Soon
NIFT 2021 Result Declared, Check Scorecard Here
JEE Main 2021 Day 2 March Session Paper And Exam Analysis For B.E/B.Tech
KLEEE 2021 Admit card Released, Check dates,Download procedure
MAT 2021 CBT Mode Registration Last Date Tomorrow, Apply Soon
MAT 2021 CBT Mode Phase 2 Admit Card Released, Download Here

© 2020 | educationasia.in | All Rights Reserved