A diploma in financial management is a niche one-year course that a student could pursue if he or she wants to make a career in the field of finance and accounting. In this particular article on Diploma in Finance or popularly known as Diploma in financial management, we aim to provide a different perspective of this course that is going to help students make an informed decision on whether or not to pursue a diploma in financial management.
While we may not have answers to all the questions that you might have, we have tried to give here a rudimentary idea of the course and help students plan their careers ahead. We also advise students to do thorough research on a diploma in financial management before proceeding further. At the end of this article, the reader will have a well-rounded perspective on a diploma course in financial management.
- What is a diploma in financial management?
- Diploma in Financial Management Eligibility
- Diploma in Financial Management Fees
- Financial Management Diploma Admission Process
- Diploma in Financial Management Course Structure
- Diploma in Financial Management Subjects
- Pros and Cons of Diploma in Financial Management
- Diploma in Financial Management Colleges
- Diploma in Financial Management Jobs
- Is it worth doing a diploma in financial management?
- Which is the best college to do a diploma in financial management?
- What is the difference between a diploma in financial management and a diploma in cost accounting?
- How much will it cost to do a diploma in financial management?
- How much do financial management graduates earn?
The course of diploma in financial management is a one-year course offered by various universities in India that teaches students the aspects of financial management, business management, and fundamental theories revolving around the tools of financial management and the latest market practices regarding the same.
A diploma in financial management will equip a student with an overall knowledge of the management of finances in an organization including MIS (Management Information System), accounting, receivables, taxes, audits, etc. The basic objective of a diploma in management of finance is to prepare the student in such a way that he or she can run a business and its financial aspects in the job market, years down the lane.
The subjects that are thought to students in this course will help them acquire enough knowledge to know the business aspects of finance. We have also listed the subjects in the diploma in financial management in the subsequent sections of this article. One should know that this course largely focuses on the business side of finance and not the technical side. This course of diploma in financial management is completely different from that of CA or B.Com.
The following are the criteria for a student to pursue a course in diploma in financial management. The below criteria remains more or less the same across all universities and colleges within India:
- A candidate should have passed his or her 12th standard from a recognized education board in India
- The candidate should have a minimum of 50 percent aggregate in his or her 12th standard as well as 10th standard
- In the case of candidates with reservation quota (SC (Schedule Caste), ST (Scheduled Tribes), or OBC (Other Backward Class)), the minimum aggregate is 45% in the 10th standard
- The candidate should have cleared the subjective entrance exams with expected cut-off marks, as set by the university of the student’s choice
- The candidate should have no backlogs in his or her 12th standard at the time of admission to a diploma in financial management
- The candidates opting for reservation and fee waivers should have relevant government-approved certificates to justify the same.
You can even do a Master of Financial Management (MFM) Course after pursuing this.
The average fee for a diploma in financial management varies from college to college and affiliated University to University. The range varies from INR 30000 to INR 1000000 for the entire course. However, certain universities offer scholarships for students from economically weaker backgrounds to pursue this course. The student has to provide relevant certificates to apply for such scholarships.
Scholarships are also offered by NGOs, corporate houses, and government (state and central government) that students can avail at the time of admission to a diploma in financial management.
The admission procedure for diploma courses in financial management is as below:
- Largely, the admission to diploma in financial management is done by merit and the score of the student in his or her 12th standard examination or equivalent.
- However, certain universities conduct entrance examinations to get a seat in their college. The cut-off marks for these colleges-conducted examination varies year to year depending on the number of seats and demand for the same.
- After the shortlisting of students based on merit or through entrance examination, the candidate might be called for a personality test (interview).
- Upon qualification of candidates in all levels, he or she can be admitted into the college.
- The discretion of admission lies solely on the college admission authorities.
- In most government colleges, the admission procedure is simple, wherein the candidate is admitted solely based on his or her score in the 12th standard board examination.
The course structure of a diploma in financial management is as follows:
- The course is of 1-year duration
- The course is divided into 2 semester
- The subject’s thought is a mix of both theoretical as well as practical subjects
- In certain universities, a month or two of internship in the industry of student’s choice is compulsory. This will give the students hands-on experience of real-world financial management.
The following are the subjects thought to students of diploma in financial management. The subjects mentioned below are mostly similar across all universities in India
- Capital markets
- Risk management and mitigation
- Accounting management
- Managerial finance
- International economy
- Trade relations and international commerce
- Corporate tax and planning
- International and national financial institutions
- Reporting and Control Management
The above subjects are divided into two semesters and thought to students across one year. Along with these theoretical subjects, the students are also thought through practical financial labs for livestock market trading, accounting, and floor Management.
Get to know about similar kinds of course details by visiting our page.
The pros of a diploma in financial management:
- Job market: Business houses and corporates are always looking for people with competencies involving both business acumen as well as knowledge of finance. Hence, the demand for financial management graduates is always high
- Campus placements: Many reputed companies from various sectors such as investment banks, manufacturing sector, service sector, governmental organizations, etc., hire students with diplomas in financial management from college campuses with good pay packages.
- Salary: The salary of a graduate with a diploma in financial management varies anywhere between INR 30000/month to 100000/month, depending on the competency of the candidate and previous work experience.
- Course duration: Since the course is just of one-year duration, the candidate can start his or her career much earlier than his or her counterparts in BBA or B.Com.
- Fees: The fee structure is very reasonable for a diploma in financial management in comparison with other courses such as B.com or BBA
Cons of Diploma in Financial Management
The following are some of the disadvantages of pursuing a diploma in financial management
- Certain recruiting companies might prefer BBA or B.com graduates over diploma graduates for hiring into important positions in their organization.
- The average salary will vary depending on the competency of the candidate. However, historical data suggests that the average salary in India for B.Com or BBA graduates is a notch higher than thier counterparts in diploma in financial management.
- Students need good personality skills, interpersonal skills, and communication skills to do well in the career field of financial management. If the student does not have these qualities, he or she might feel difficult to progress well in their career.
- The starting salary is relatively on the lower end in comparison with students of CA or BBA from top colleges.
- To improve in-depth knowledge of the subject in finance, the candidates have to pursue additional courses to have an edge in the job market as well for their professional growth.
The following are the top colleges in India to pursue a course of Diploma in financial management:
- Indian School of Business, Hyderabad
- All India Institute of Management Studies
- Indian School of Business Management and Administration
- Amity University
- Bangalore University
- Institute of Management Development and Research
- University of Mumbai
- Narsi Monjee Institute of Management Studies
- Madras University
The above top universities/colleges are listed based on the following criteria by our team:
- Fee structure
- Campus Placements
- Campus crowd
- Technology and innovation
- Syllabus and pedagogy
The demand for financial management students is increasing as rapid globalization and industrialization are taking place across the world.
The need for competent people to lead, from the front, the businesses is something that has become increasingly alien due to an increase in the demand for the same. The number of startups that have popped up in the country in the last ten years is more than what was there in the last 50 years, combined. Entrepreneurship and start-up culture are the new trends in society and graduates in this field should keep up to date on the latest market trend in terms of financial management tools.
As a graduate, one might get a job in various fields as:
- Management trainee in finance
- Management trainee in MIS
- Management trainee in inventory management
- Assistant manager in finance
- Assistant manager in auditing
- Manager in accounting
- Manager is a financial strategy
- Financial analyst
- Financial assistant
A graduate with a diploma in financial management will get a job in any of the below companies. One should note that the career of a finance management graduate is industry independent which means that the graduate can work in any industry, irrespective of the business model.
- Goldman Sachs
- JP Morgan
- Axis bank
- Tata group
- Reliance group
- Dr. Reddy’s Laboratories
- Aurobindo Pharma
FAQs on Diploma in Financial Management
Given the increasing demand for finance managers in various industries, a diploma in financial management is a good course to do in terms of job growth, job satisfaction, and financial stability
Narsee Monjee Institute of Management Studies is considered as the best college in the country to pursue a course in Diploma in Financial Management.
Answer: Financial Management is more about business aspects of finance while Cost and accounting are more concentrated on numbers and technical aspects of the field of finance.
It will not cost more than one lakh rupees to do a diploma in financial management in a government college in India. However, the cost of education might increase up to INR 3L in private colleges for a diploma in financial management
In the beginning, a graduate of finance management course will earn anywhere between INR 30000 to INR 60000 per month. As and when the experience and competency level of the candidate increases, he or she will start earning in lakhs per month.