Career options for finance manager in foreign trade in india
International trade is an absolutely massive industry. Every nation in the world imports goods from abroad and exports its own wares to other countries. However, this transfer of goods is a highly complex process.
Consequently, a range of people in different careers are required to make sure everything runs smoothly. The likes of importers, exporters and freight forwarders are required to act as intermediaries who facilitate the business side of these international transactions, whilst people working as shipping clerks oversee the active process of goods coming in and going out of career options for finance manager in foreign trade in india country.
International trade and shipping consists of two parts: Importing is the acquisition of goods from abroad, and exporting is the sale and distribution of goods to other countries. These transactions tend to be on a large scale. They often involve a lot of money and a lot of goods being transported in large haulage operations using ships, HGVs, aeroplanes and trains. The necessity for international trade comes down to three things: The first reason for a career options for finance manager in foreign trade in india importing goods or raw materials is purely down to the fact that certain things are just not available in certain countries.
For instance, the UK does not really have an abundance of banana trees, so in order to meet the demands of the people who want that yellow, mushy, potassium-filled fruit, they have to be brought in from abroad. Secondly, it can often be a lot cheaper to buy goods from abroad than to produce them domestically.
For instance, electrical goods are produced and sold for a lot cheaper in the Far East. Finally, the status of some items is enhanced by their foreign origin - imported beer from the Czech Republic, for instance. Since international trade operations are conducted on such a large scale, people who pursue careers in this area need to be incredibly well-organised, focused and excellent at maintaining records.
Excellent communication skills are also necessary to help arrange and coordinate transactions effectively. Furthermore, the ability to speak a second language can be a fantastic asset when liaising with foreign clients.
The business side of importing and exporting can be extremely challenging, fast-paced and financially rewarding. Some careers in this area focus purely on the import side of things or the export side of things. However, many careers focus on the entire shipping process. Careers in this area can take a number of different routes.
You might work for an export management company. They seek out buyers, oversee distribution, carry out marketing activities, research the best transport routes, arrange the shipping and sometimes even career options for finance manager in foreign trade in india after the financial part of the transactions. These guys work as agents on behalf of foreign buyers and seek out potential suppliers for them.
To earn their commission, they then negotiate the best prices and get their clients the best possible deal. This can be a risky but incredibly lucrative career choice. They have no specific client base and simply buy goods directly off suppliers, do their research, find buyers and arrange the storage, packing and shipping all by themselves.
Understandably, this is not an entry-level option. These guys are dynamic salespeople who need to know their industry inside out. Alternatively, you might get a better understanding of international trade by working as a shipping clerk, or for a freight forwarding company. Effectively, these guys are a smaller link in a bigger chain. These guys need a good understanding of customs regulations, trade security and insurance policies.
These guys are employed by companies to keep a detailed record of all imports and exports, prepare the appropriate documents, verify the receipt and distribution of the right goods, maintain inventories, and liaise with suppliers to monitor delivery schedules and to rectify any mistakes.
These guys also need a sound understanding of customs regulations, invoices and technologically advanced documentation systems. What about all the career options for finance manager in foreign trade in india times we shared?
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The Indian Institute of Foreign Trade IIFT is an autonomous public business school established in by the Government of India Ministry of Commerce and Industry to help professionalize the country's foreign trade management and increase exports by developing human resources; generating, analysing and disseminating data; and conducting research.
It conducts an autonomous entrance examination across various centers in Career options for finance manager in foreign trade in india. IIFT has also trained more than 40, business professionals across 30 countries via its management development programmes. A cumulative weighted score depending on the rules of that particular year of examination is taken to identify the final short-list of candidates for offer letters. It was also envisaged that the Centre would evolve into a research unit with interest in TRADE in general and WTO in particular to finally develop into an independent think tank in the area.
The major objective of the Centre has been to provide research and analytical support on a continuous basis to the Department of Commerce on identified issues pertaining to the World Trade Organisation. The centre has become operational from May, The facilities available on campus include lecture halls with audio-visual aids, conference halls for round-table conferences, an auditorium of seating capacity, MDP Centre, three Computer Centres, indoor games, and residential facilities for students.
The IIFT library has 84, volumes and subscriptions to journals with online cataloguing. The library in Delhi as well in Kolkata campus have online resources. Library has also installed 12 Bloomberg terminals. Bloomberg Database is very useful for Research Analysis. The Computer Centre aims at providing 99 per cent uptime  including ensuring server uptime, facilitating storage management, hardware, network operations, streamlining operations and simplifying end-user support.
These servers offer a cloud solution using VMware. Apart from above, IIFT has 6 rack mounted mid-size server catering to different activities of the Institute. To ensure that the internet resources are used strictly for educational purpose, IIFT has installed an extremely powerful and modern internet monitoring and blocking infrastructure.
Further to increase network as well as human productivity, a well defined time allowance is allocated for social networking and entertainment websites. The institute has a full-fledged residential campus which is situated near Ruby Hospital on the EM-Bypass. Students are provided with single room lodging facility, smart class rooms and fully wired campus.
The new campus provides state-of the art facilities for International Business education, training and research.
In order to make the campus more relevant, it is proposed to offer courses more specific to the region which can help the industry to get the right manpower for addressing the current demands. This cell also caters to the specific policy research areas of both the state and central governments. It has a state-of-art library with centrally air-conditioned equipped with three Bloomberg terminals, e-library, WTO cell and computer facilities.
It has 7 acres of campus with three large water bodies to add style and beauty for the campus. The new campus is made up of three major section: Students take active part in Volleyball, Cricket, Badminton, Football and Table tennis competitions in the campus. Students also publish two magazines namely: These collaborations are mainly for student, faculty exchange programmes, joint collaborations on research and various other capacity building exercises.
IIFT has developed relations with many international organizations  by signing MoUs and participating in their activities or taking collaborative initiatives. The Institute is a member of the following International organizations:.
IIFT also offers its students the opportunity to visit various national and international ports. Students can choose their port of choice and are accompanied by faculty members during the visit. The institute also has a monthlong social awareness program, in which several NGOs are invited to the campus to pitch their projects to the students.
Among the key roles of IMF is co-ordination and supervision of the activities of various domain-specific clubs and cells. The clubs impart domain and industry-specific knowledge via Knowledge Transfer Sessions throughout the year. Also the practical learning experience is enhanced through the regularly scheduled competitions-case studies, Group discussions, quizzes, etc.
Live projects from various corporates in all domains are also brought by clubs, which ensures significant industry exposure. The institute has the following clubs on campus:. The objectives of the club include providing a platform for all the Finance enthusiasts to be a part of the club initiatives and promoting finance as a career option in the student community.
Apart from conducting various intra-college competitions in the field of investment banking and equity research, Capital also hosts The National Finance Summit under the aegis of Tradewinds annually. Brandwagon is the marketing club  at IIFT. It aims to impart holistic and field-based knowledge through the various activities that it conducts year round. Socrates, the consulting and strategy club  of IIFT is a platform where students who are passionate about career options for finance manager in foreign trade in india a career in consulting come together and learn the different facets of the world of consulting.
It conducts the National IT conclave, an annual event intended to provide an opportunity for B-school students to interact closely with industry leaders and career options for finance manager in foreign trade in india on topics of relevance. Systemix also publishes Techtonix, the magazine on IT. The club aims to bring together people who wish to make a career in Trade and provides a platform to them to interact and learn dimensions of international trade beyond the regular classroom learning, helping in broadening their horizons.
Apart from clubs, 7 cells  are also present to facilitate co-curricular and extra-curricular learning. Students having interests as diverse as stock trading, quizzing, social work, entrepreneurship, etc. These cells aim to complement the activities of the clubs in career options for finance manager in foreign trade in india domain and sector exposure, while maintaining a practical and humanistic touch to B-school learning.
The cells present on campus are:. The institute has a Corporate Relations and Placement Committee  which is a twelve-member body of elected representatives. It consists of seven people from the Delhi campus and five from the Kolkata campus.
Some key highlights of the placement season of are:. Annual events catering to a holistic development of a B-school graduate are a part and parcel of life at IIFT.
The following events are conducted in full vigor by the students:. The event comprises 4 summits: Quo Vadis, the annual management and cultural festival  of IIFT conducts 10 managerial events and over 30 cultural events at a national level.
It sees widespread participation across domains of management study from over 60 B-schools throughout the country and is the biggest student event on the IIFT campus. It is the annual flagship event of IIFT Kolkata and has been conceived as an exemplar for throwing a global dimension that transcends the boundaries of academics taken in isolation.
Vivaan provides a two-day window of myriad opportunities to the students to showcase their talent in pan-India competitions and to gain valuable insights through interactions with industry leaders. Inthe summit witnessed participation from more than 20 premier b-schools across India.
Vivaan's major attractions are: TEDx is a program of local, self-organized events that bring people together to share a TED-like experience.
After rounds of competitive bidding, the top four bidders get the teams. Each team then appoints a couple of brand managers and then the war of player bidding begins. This IPL style bidding, with an auctioneer at the helm of it, goes on for close to 7—8 hours with players going career options for finance manager in foreign trade in india the hammer. Each team then gets a purse of points to buy players and build a squad of 30 for each of the sports which includes cricket, futsal, table tennis, badminton, sports quiz, chess, NFS, Counter-Strike etc.
It is widely participated in and upholds the fun quotient at IIFT. In all, campus life at IIFT is a truly enriching experience. The research carried out by the institute is widely disseminated in the form of study reports, monographs and occasional papers. The major beneficiaries of these research findings are academicians, policy makers, trade and industry, multilateral organizations, researchers and NGOs.
The journal focuses on key relevant areas such as international trade, finance, career options for finance manager in foreign trade in india, IT, WTO, Trade blocs and marketing. Each issue of the journal is thematic.
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