THE SIGNIFICANCE OF INTRODUCING FINANCIAL ENGINEERING AS A SPECIALIZATION TRACK IN MANAGEMENT EDUCATION
ABSTRACT:
In 2021, India currently facing a problem of unemployment, especially among engineer graduates. Most Indian students study the engineering course in the specialization is COMPUTER SCIENCE, MECHANICAL, CIVIL, ELECTRICAL, MECHATRONICS, MARINE, ROBOTICS, and ELECTRONIC COMMUNICATION. There are many engineering courses are available to expect FINANCIAL ENGINEER. This financial engineer is not available in India except at IIT KHARAGPUR. Lack of Innovation moreover skills ability. The financial engineer course has a lot of connectivity to the Indian economy.
INTRODUCTION:
The Financial Engineering course is a judicious combination of two major areas of business viz., finance and technology. The application of technology often known as tech-driven or digital driven enable business houses to comprehend complex business issues to arrive at workable solutions. Technology-driven strategies like IoT, robotics, ai, blockchain management virtual and augmented reality are widely used in businesses to cut down the cost and for scaling up the businesses. the course based on these cutting-edge technologies is the need of the hour for generating employment and entrepreneurship in India.The financial engineer course related to OUR LIFE, STOCK MARKET MOREOVER INDIAN ECONOMY. In 2021, only 2% of Indian people invest in the share market. The Indian people mostly thought the stock market is a gambling area but the share market is a good investing business. Indian people are not aware of the stock market. This course study about Investment, Management, Statistics, Mathematics, etc.…
PRIMARY OBJECTIVES:
- Introduce and Implementation the financial engineer course.
- To know about financial engineer scope and employment opportunities.
- To know the Importance of the stock market to south Indian people.
OBJECTIVES OF THE STUDY:
- To examine the need for introducing financial engineering as a new track of specialization.
- To examine the skill sets and competencies imparted by the financial engineering track.
- To explore the areas where technology adoption is feasible and profitable.
RESEARCH METHODOLOGY:
The present study has been undertaken with internet data analysis of the status of financial derivatives in India with the use of secondary data because of a covid pandemic. Data and information for the research study were collected and analyzed from secondary published sources like newspapers, articles, web sites.
FINACIAL ENGINEER AND STOCK MARKET:
FINANCIAL ENGINEER COURSE:
Financial engineering is a new field of study. Students study MATHS, STATISTICS, COMPUTER SCIENCE, ECONOMIC THEORY QUANTITATIVE ANALYZING, STOCK MARKET moreover DATA SCIENCE. Financial engineers use this tool for deciding on companies or institutions. This type, of course, is utilized to develop ALGORITHMIC OR ARTIFICIAL INTELLIGENCE OR TRADING PROGRAMMES that are used in the financial markets.
CAREER OPPORTUNITIES:
There are a lot of jobs you can get with financial engineering. Some of the common positions in financial engineering such as INVESTMENT MANAGER, PORTFOLIO MANAGER, and TRADING STRATEGIES. There is a huge quantity of other positions you could be hired for as well. There are more job opportunities in INVESTMENT BANKING, CORPORATE FINANCE, MUTUAL FUNDS COMPANY, ASSET MANAGEMENT FIRMS, EQUITY RESEARCH FIRMS, BROKERAGE HOUSES, ENGINEERING CONSULTANCIES, AND OTHER FINANCIAL SERVICES.
FINANCIAL ENGINEER SALARY:
This is a huge part of the appeal to earn an engineering degree. Engineering is a such good degree, worldwide, the engineering salary is high expect India. Here is the sum of data of foreign financial engineer salary packages. US financial engineer salary $1,04,355(INR-77,77,578), UK financial engineer salary £32,938(INR-33,92,614), Singapore financial engineer salary $71100(INR-39,11,922)
TAX BENEFIT:
In India tax rates for individual
person salary.
|
INCOME TAX
SLABS |
TAX RATES |
|
₹0-2,50,000 |
NIL |
|
₹2,50,000- ₹5,00,000 |
5% |
|
₹5,00,000- ₹7,50,000 |
₹12,500+10% |
|
₹7,50,000- ₹10,00,000 |
₹37,500+15% |
In comparison to foreign salary and the Indian government implement the financial engineering course. One person pays the tax of approximately RS.10,00,000
STOCK MARKET:
An investment bank is a financial services company, this bank might assist in raising financial capital by underwriting or acting as the client’s agent in the issuance of securities. In 2021, only 2% of Indian people invest in the share market. The Indian people mostly thought the stock market is a gambling area but the share market is a good investing business. Indian people are not aware of the stock market.
LACK OF INNOVATION:
Nowadays Indian students are committed to memory the subjects and not enough to innovate or think themselves. Behind the reason for innovation, we don’t allow questioning. If a student asks questions to a mentor, he either asked to sit down or mocked out. The Indian educational system is only a testing system, not a practical system, this is the main reason for our lack of employment. Indian students trained right from their initial education to mug up moreover getting good grades only never learn to question or innovative. The Indian education system is not allowing “INNOVATION” or “THINK OUT OF THE BOX”.
LACK OF SKILL-BASED TRAINING:
In India, engineer students study their textbooks, write exams and collect degrees. Universities can provide HAND-ON-TRAINING on the basis of major and in the real world. The fresh candidates face insufficient understanding of basic concepts moreover the students study only the particular topics framed by universities rather than the students study some certificate course related to the core subjects or course.
LACK OF LIVE REALITY EDUCATION SYSTEM:
The financial engineer student is lively learning the stock market, how to buy and sell the shares moreover invest the money into the stock market this money provided by universities some percentage of student’s fees in abroad countries. But the Indian government follows the pattern of mug-up studies, not practical or live reality studies.
UNEMPLOYMENT PROBLEM:
The peakiest problem is unemployment, there are 3500 institutions for upcoming engineers in India. In India, around 1.5 million engineer graduates are passed out every year but only 20% of students are employed in the field of IT and other sectors but not desired field. Only 2% of students got placed in dream company and fixed our own salary moreover balance 18% of student got placed in companies for agreement basis. 80% of engineers are not employed in past 5 years due to some reason lack of skills, lack of training, and education, this is the reason for not sustaining in the employment world.
FINDINGS:
- There are plenty of unemployed engineer graduates in India.
- Not skill-based engineers.
- Lack of Innovation and education system.
- The financial engineer student is lively learning the stock market, how to buy and sell the shares moreover invest the money into the stock market this money provided by universities some percentage of student’s fees in abroad countries.
- But government and private institutions are interesting in collecting fees from the student, this is the main focus of private institutions.
- In some abroad countries are giving free education for students like SINGAPORE etc…
SUGGESTIONS:
- The first is, Implement the financial engineering course moreover skill-based training for upcoming engineers.
- To give a career or reality-based training and assignments.
- All the universities and colleges arrange the outbound training for the students weekly or monthly once.
CONCLUSION:
The financial engineering course has vast scope for students and business houses. the new track builds necessary competencies and skillsets for the students to become successful employees. It also enables management students to become fintech entrepreneurs. This track will attract the best students of engineering and technology to study management subjects. The students coming out of the track will be multi-disciplinary and multi-talented. it will also improve the competitive strength of Indian business houses in international trade.
REFERENCE:
https://www.investopedia.com/terms/f/financialengineering.asp
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