Kickstart a Career in Microfinance!

Are you someone who’s into banking or finance or is good with money in general and wants to help those in need? And maybe one day, you would love to make a living out of it? Well, a career in Microfinance might be your calling! 

We all know that microfinance is very similar to banking and financial services provided to people. Today it is a more sophisticated industry, and all banks want to offer microfinance services to the general public. And at the same time, you get to work for the betterment of the poor and alleviate poverty in the microfinance industry.

Therefore, it becomes the first choice to make a career in Microfinance. You can accomplish your dreams by making good money in no time!

What is Microfinance?

In simple words, microfinance, aka microcredit, is a helping hand to those people or groups with minimal access to monetary resources. It lets people obtain suitable small business loans in a manner that is not only safe but also consistent with ethical lending practices. The goal of microcredit is to let impoverished people become self-sufficient ultimately.

Education and eligibility requirements in the field of Microfinance!

If you’re someone who’s willing to learn different things at a go and is excellent at multi-managing, this career is just for you! Let us explain why!

Microfinance management courses are highly versatile! You can either get a certification or diploma course done. Or plan to obtain full-fledged degrees and an MBA based on different levels of expertise and requirements!

These courses, though, have their unique requirements! For both undergrad and postgrad, you must ensure you not only have a 60%

These courses, the undergrad (diploma) and postgrad (MBA) require at least 60% aggregate marks in the 10+2, and proper background in finance and commerce isn’t necessary but is highly appreciated. But don’t worry if you aren’t from a commerce background! Microfinance is such a versatile career option that you can very easily switch into the field of microfinance management even after belonging to different areas of operations!

Worry not; you can pursue a degree in this profession using both traditional and distant learning techniques. The usual course fee ranges from 15 to 30 thousand rupees per year, depending on the institute chosen, and the price for an MBA is significantly greater than that of a diploma.

Is it even worth it?

Just getting a quality education is not the goal; we get it! After working tirelessly for years for the degree, you deserve to do something you love, and that would pay you handsomely. So naturally, the next question arises, “What about the career prospects and job profiles?”

MFIs or Microfinance institutions are generally the only recruiters in this field but are hundreds of thousands in number. And with India and its booming rural population, the state of rustic finances- the sector doesn’t seem to show any signs of slowing down the hiring of management employees anytime soon! After all, HR or Human resources is the lifeline of this field. It is estimated that the job opportunity in Microfinance may increase by 20-25% next year.

What does the future hold for you?

So now that you’re well aware of how there are no limits to what you can achieve once you have a career in Microfinance, let’s look into a few possible jobs for you in the future!

• Risk Management and assessment: In the sphere of finance and banking, risks go hand in hand. Therefore, risk management professionals have a massive opportunity to get into the business. Your responsibility as a risk manager is going to be setting benchmarks & establishing risk limits! 

But don’t worry; handling all the pressure and the risks singlehandedly also comes with perks! A risk manager earns around 13 Lakh/per year!

• Data Scientist: Are you good with organisation, handling pieces of information and taking care of data? Well, then, being a data scientist might be your calling! Today’s organisations grapple with how to make sense of an excessive amount of disparate data. As a data scientist, you’ll work closely with stakeholders to help them turn their goals into reality!

A data scientist makes over ten lakhs/per year. Additionally, as data scientists accumulate years of experience, they often move into more senior positions with higher pay!

• Business Development: Business development managers are the cornerstone of any thriving community because they ultimately develop new revenue and help their company grow. Discovering new business prospects is the main goal. What form this takes will depend on the nature of the company. To better serve existing markets, you’ll probably be searching for new markets, collaborations, avenues for accessing current markets, and product or service offers. And then you’re going to be the one to use these opportunities and bring your company more revenue! 

You’ll be earning around 8.5 lakhs/per year, and it’s the same for every profession; it’ll only get better with experience!

• Tech developers: Got a creative flair? This job lets you create, formulate and aid in the innovation of company programs and software. Generally found in tech-heavy industries and enormous corporations, a Software Developer will work alongside a group of programmers to code programs that will fulfil the needs of the company or client.

A fresher stepping into the world of tech development starts off their job with a salary of 5 lakhs/per year. 

• Microfinance officers: If you want to give back to society, this job is for you! NGOs usually hire those to help the company to execute their microfinance projects! Your work will mainly be to report to the manager about their company’s project and status! You must ensure your idea gets carried out smoothly and execute the plans to achieve the company’s growth well!

If you’re starting in this field, you can expect to earn around 1.5+ lakhs/per year. But there’s steady income growth once you’ve gathered some experience in the field!

Why choose a career in Microfinance?

Microfinance is a huge unexplored sector that can help balance the country’s economy. It is a rapidly expanding market segment that can end poverty in a nation. 

If you’ve always wanted to be associated with the world of finance, this is your calling! Our counsellors here at Mentoria are waiting for you to help unlock your true potential and achieve your goals! So get in touch with our counsellors today and find out the easiest ways to efficiently get a head start in your journey while you get #CareerReady! So what are you waiting for? Take the Mentoria Assessment today!