TASK 5

ALL IMPORTANT DESIGNATIONS IN

FINANCIAL SERVICE INDUSTRY

Submitted by:

ARUNIMA VISWANATH
HR INTERN
21HR30B12
 FINANCIAL SERVICE INDUSTRY

Financial services are the economic services provided by the finance industry,
which encompasses a broad range of businesses that manage money,
including credit unions, banks, credit-
card companies, insurance companies, accountancy companies, consumer-
finance companies, stock brokerages, investment funds, individual managers, and
some government-sponsored enterprises. India has a diversified financial sector
undergoing rapid expansion, both in terms of strong growth of existing financial
services firms and new entities entering the market. The sector comprises
commercial banks, insurance companies, non-banking financial companies, co-
operatives, pension funds, mutual funds and other smaller financial entities. The
banking regulator has allowed new entities such as payment banks to be created
recently, thereby adding to the type of entities operating in the sector. However,
financial sector in India is predominantly a banking sector with commercial banks
accounting for more than 64% of the total assets held by the financial system.

TYPES OF FINANCIAL SERVICE INDUSTRY

The Indian financial services industry comprises several key sub segments.
These include, but are not limited to- mutual funds, pension
funds, insurance companies, stock-brokers, wealth managers, financial advisory
companies, and commercial banks- ranging from small domestic players to large
multinational companies. The services are provided to a diverse client base-
including individuals, private businesses and public organizations. The different
types of financial service industry are as follows:
1. Banking
2. Professional Advisory
3. Wealth Management
4. Mutual Funds
5. Insurance
6. Stock Market
7. Treasury/Debt Instruments
8. Tax/Audit Consulting
9. Capital Restructuring
10.Portfolio Management

DESIGNATIONS IN FINANCIAL SERVICES INDUSTRY

Chief Financial Officer:

A CFO, commonly known as a Chief Financial Officer, is responsible for
working directly with both senior executives and junior financial analysts of a
company. A CFO is a leader whose duties include:

 Direction and management of the finance team

 Control of financial forecasting and report preparations
 Advising on long-term fiscal planning for the business
 Relationship management and development both internally and externally
 Review of organization-wide procedures with senior management

Financial Analyst
A Financial Analyst, also known as a Finance Analyst, is responsible for
gathering information and data for their organization. A Financial Analyst is
tasked with organizing and using the data collected to assist a business with
creating financial projections, comparing stock prices, researching the
industry, and making projections. A Financial Analyst may also be tasked with
building financial models and making recommendations to cut costs or grow
revenue.

Financial Advisor
Financial Advisor is responsible for providing guidance and financial advice
for their clients related to their personal finances. A Financial Advisor may
specialize in various types of financial services, such as financial planning or
asset management. The duties of a Financial Advisor include tax planning,
estate planning, retirement planning, budget planning, philanthropic planning,
investment management, and insurance planning.

Finance Manager
A Finance Manager, also known as a Financial Manager, is responsible for
managing and organizing the financial portfolio of an individual client or
organization. A Finance Manager is tasked with overseeing cash management
and investment planning. The duties of a Finance Manager also include:

 Preparing financial reports

 Managing cash assets and investments
 Overseeing credits and collections

Treasurer
A Treasure is responsible for cash and liquidity management, risk management,
and corporate finance. A Treasurer, usually reporting to the CFO, assists senior
management with investment decisions. The duties of a Treasurer may include
financial benchmarking, overseeing day-to-day cash management, and preparing
financial forecasts based on past financial reports. The “Treasurer” is also an
official role in the articles of incorporation at many companies where there are
often 3 officers named (e.g. President, Treasurer and Secretary).

Credit Analyst
A Credit Analyst is responsible for analysing financial information and credit data
for individuals or companies that are applying for loans. A Credit Analyst is
responsible for determining the financial risks to the bank or other lending
institutions and recommending if the loan or line of credit being applied for
should be granted. Another task of the Credit Analyst is to prepare credit reports
based on their findings after analysing the creditworthiness of an organization or
person.

Director of Finance
A Director of Finance, or Finance Director, is a senior executive who is
responsible for the financial health of a company. The duties of a Director of
Finance are to manage the financial and accounting control functions of an
organization. A Director of Finance is also responsible for establishing financial
strategies to ensure the long-term growth and profitability of a company.

Payroll Manager
A Payroll Manager is responsible for the compensation and payroll activities
within an organization. A Payroll Manager is responsible for overseeing the daily
duties of the payroll department employees and handles the tracking, calculations,
and pay distribution to company employees. Other responsibilities of a Payroll
Manager include:

 Calculating payroll taxes

 Resolving payroll discrepancies
 Distributing employee forms for tax preparation
 Record keeping for employee files

Economist
An Economist is a trained financial decision-maker. The daily duties of an
Economist are to research economic data, forecast market trends, collect and
analyse data, present reports from financial research, and advising on economic
topics for individuals, governments, or organizations. An Economist is also
responsible for recommending solutions to economic issues.

Purchasing Manager
A Purchasing Manager is responsible for managing the purchases needed for an
organization. Tasks include supplier evaluations, interviewing vendors, and
visiting supplier plants or distribution centres. A Procurement Manager is tasked
with keeping the organization up to date on market trends and the latest products
by attending trade shows and conferences.

Budget Analyst
A Budget Analyst is responsible for helping organizations of all sizes to maintain
a balanced budget. A Budget Analyst is tasked with working directly with senior
management to assess budget needs and make decisions for one-time
expenditures or select purchases. Depending on the size of the company, it may
also be the duty of a Budget Analyst to run regular financial reports to share with
the upper-level management in an organization.

Senior Finance Analyst

A Senior Finance Analyst commonly called a Senior Financial Analyst is
responsible for developing and maintaining a network of industry-related contacts
to help develop investment opinions for an organization or individual. A Senior
Finance Analyst is tasked with monitoring market-related events that may affect
an organization’s investment portfolio. Another task of a Senior Finance Analyst
is to research and pitch new investment opportunities to the senior management
of an organization.

Purchasing Clerk
A Purchasing Clerk works directly with the Purchasing Manager and is
responsible for purchasing products, supplies, and raw materials for an
organization. A Purchasing Clerk may also be responsible for negotiating with
vendors and suppliers. Other duties of a Purchasing Clerk are:

 Scheduling deliveries for supplies and equipment

 Tracking company inventory
 Keeping records and reports of supply costs

Procurement Analyst
A Procurement Analyst is an experienced employee who works directly with a
Procurement Manager to compare products and services from suppliers and
research, which are most compatible with the organization. A Procurement
Analyst is responsible for monitoring inventory levels of existing stock and
keeping track of changes that may affect the supply and demand for materials
necessary to an organization’s operations.
VP Finance
A VP Finance is also known as VP of Finance or Vice President of Finance and
is responsible for having a hands-on role in the finance department of an
organization. Depending on the size of the organization, the duties of a VP
Finance include:

 Creating financial plans with senior management

 Directing financial strategies and budget management
 Directing accounts receivable, payable, and payroll staff
 Overseeing financial planning and matters in an organization

Finance Assistant
A Finance Assistant, or Finance Clerk, is responsible for supporting the senior
management and financial team within an organization. Daily tasks of a Finance
Clerk include:

 Maintaining and updating financial records

 Tracking and documenting raw financial data
 Calculating bills and other transactions
 Answering basic financial questions from clients

Finance Intern
A Finance Intern is responsible for shadowing upper-level management in the
financial department to gain industry knowledge. The duties of a Finance Intern
may include administrative tasks such as data entry, record keeping, data
maintenance, and assisting with financial audits. A Finance Intern is also tasked
with sitting in on meetings to take notes about client-related financial matters.

Personal Finance Advisor

A Personal Finance Advisor is responsible for researching the needs of their
clients and recommending financial plans or investments that could be profitable
for them. A Personal Finance Advisor is tasked with helping clients plan their
financial short-term and long-term goals. A Personal Finance Advisor invests
money from individuals based on research and the clients’ decisions; they may
also provide tax advice.

Financial Aid Advisor

A Financial Aid Advisor is also known as a financial aid counsellor and assists
parents and students in identifying financial resources available to them through
the government or private resources. A Financial Aid Advisor is also responsible
for outlining financial aid plans, assisting with form completion, and informing
students about loan repayment procedures.

KEY RESPONSIBILTY AREA (KRA)

KRA stands for Key Responsibility Areas and directly follow from Job
Description of an employee. KRAs document the specific areas in which an
employee is expected to work. This post shares a simple approach to write goals
for employees by using KRAs and KPIs and can be used by employees, managers
and HR.

Key Responsibility Area (KRA): Each employee has responsibilities based on

their job role. These responsibilities are called KRAs and are described in the
employees Job Description document.
Key Performance Indicators (KPI): The KPIs are measurable indicators used
to gauge how well a Business Unit or Organization is doing. Examples include:
Revenue, Profitability, Customer Satisfaction, Employee Engagement, Net
Promoter Score, and many others.

Goals: An employee is expected to perform their duties based on their job role.
In addition, their work should be aligned to the needs of their organization. The
Job Role identifies the employees KRAs, and the Organizations define the KPIs.
The mapping of the KRAs to KPIs as quantifiable statements gives employee
goals.
To clarify these definitions further, let us look at a specific goal of a HR Manager
who is responsible for hiring
 – Goal: Hire 5 sales executives in this quarter
 – KRA: Recruitment and on boarding of suitable candidates
 – KPI: Top-line growth

BENEFITS OF DEFINING KRAS

Having a well-defined set of KRAs for each job role has many advantages.
Including
 – Allows linking of each job role to business strategy
 – Top-down alignment of the organization
 – Setting of unambiguous goals for employees
 – Need based coaching and counselling
 – Periodic measurement of outcomes
 – Fair performance reviews
 – Hiring employees based on organization needs

Goals (KRAs) for Human Resource Manager

Organization KRAs Goals

KPI

New Customer Formulate organization’s – Hiring and on boarding

Acquisition staffing strategies for of Sales team for Mid-west
current and future region by end of Q1
demands.

Identify Talent – Setup of product training

Development Needs programs for sales team
members
– Build training calendar
for Inside Sales team and
finalization of training
budgets by January

Implement cost Select and audits vendors – Complete vendor

savings and of outsourced benefits negotiations for new
improve programs benefit plan by October
profitability by 4% – Development of
communications package
to implement the benefit
plan
– Complete annual
enrolment by 15 December

People Respond to common – Develop an employee

Development and employee problems and feedback program
engagement concerns – Run employee
engagement surveys on a
monthly basis
 – Include employees in
performance reviews

Introduce a climate that – Design a new

rewards excellent group performance management
and individual process for end of year
performance. performance reviews
– Implement a 360 Review
for leadership team

The same set of Organization KPIs are applicable to each job description but the
goals vary based on the role of employee.

Linking SMART goals to job description based KRAs and the organization KPIs
helps employees to be aligned to organization needs. Using well defined job
descriptions helps managers setup a goal setting process that not only maps to
what employees do in their job but also to the organization requirements.