Finance is relatively a young discipline and, therefore, filled with opportunities for further discovery, writes Rama Seth, professor, Control and Finance, IIM Calcutta
It is probably not fair to rank the different disciplines of management as one being more important than the other. The knowledge contained in the entire field comes from potentially intersecting contributions from all the disciplines. That said, if you define finance as the study of forces and dynamics in the flow of money in all its various forms, one could argue that finance can be viewed as a strong platform on which many other disciplines depend.
After all, it encapsulates the learning around money, which was perhaps one of the first tools of co-operation at scale, and in the end, touches everyone's lives.
Finance, when compared to other sciences like mathematics or physics, is relatively young, and is, therefore, filled with opportunities for further discovery, and the moulding of theory and practice in building its foundations. The type of people that should be particularly attracted to finance are those that who want to understand the economic tools at their disposal and how to use them judiciously.
Particularly in light of the last few upheavals in world economics, it has become clear that the invention and use of new tools (complex derivatives, structured finance, asset-backed securities, etc) have not been integrated well enough into the existing system, and the new challenges are in the area of developing instruments of control that can keep the system stable, while still allowing it to function to the benefit of mankind, and maintaining the agility that is required to keep pace with a changing world.
The area of finance can be well served by students from a wide variety of educational disciplines, be it from the hard sciences, life sciences, engineering, political science, history, even medicine: a medical background can be invaluable for someone managing the finances of a hospital chain, or even healthcare for a country. There are numerous prospects for those who study finance.
It is probably not fair to rank the different disciplines of management as one being more important than the other. The knowledge contained in the entire field comes from potentially intersecting contributions from all the disciplines. That said, if you define finance as the study of forces and dynamics in the flow of money in all its various forms, one could argue that finance can be viewed as a strong platform on which many other disciplines depend.
After all, it encapsulates the learning around money, which was perhaps one of the first tools of co-operation at scale, and in the end, touches everyone's lives.
Finance, when compared to other sciences like mathematics or physics, is relatively young, and is, therefore, filled with opportunities for further discovery, and the moulding of theory and practice in building its foundations. The type of people that should be particularly attracted to finance are those that who want to understand the economic tools at their disposal and how to use them judiciously.
Particularly in light of the last few upheavals in world economics, it has become clear that the invention and use of new tools (complex derivatives, structured finance, asset-backed securities, etc) have not been integrated well enough into the existing system, and the new challenges are in the area of developing instruments of control that can keep the system stable, while still allowing it to function to the benefit of mankind, and maintaining the agility that is required to keep pace with a changing world.
The area of finance can be well served by students from a wide variety of educational disciplines, be it from the hard sciences, life sciences, engineering, political science, history, even medicine: a medical background can be invaluable for someone managing the finances of a hospital chain, or even healthcare for a country. There are numerous prospects for those who study finance.
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