A Study on the Job Prospects of Finance Graduates

and Real Scenario in Perspective of Bangladesh

 Corporate Finance
Term Paper
A Study on the Job Prospects of Finance Graduates
and Real Scenario in Perspective of Bangladesh

Course Information:
Name & Code: Corporate Finance (FIN 4704)
Semester: January – June 2021

Submitted to:
Sadman Kabir
Lecturer
Department of Business Administration - General
Faculty of Business Studies
Submitted by: Group 7 || Batch: 009
Bangladesh University of Professionals
Name Roll
Saif Mahmud Ishtiak B18231077
A.K.M. Armaan Anto B18231078
Touhidul Islam B18231080
Raiyan Shahryar B18231082
Shakil Ahamed Pasha B18231083

Thursday Bangladesh University of Professionals

June 10, 2021 Mirpur Cantonment, Dhaka-1216
Letter of Transmittal

Sadman Kabir
Lecturer
Department of Business Administration - General
Faculty of Business Studies
Bangladesh University of Professionals
Subject: Application for submitting the term paper

Dear Sir,

With due respect we have prepared our paper on the topic “A Study on the Job Prospects of
Finance Graduates and Real Scenario in Perspective of Bangladesh.” under the course
‘Corporate Finance’. This report has been prepared to know about. This report aims to
provide an insight into the real scenario of job prospects of the finance graduates in general
and then in the perspective of Bangladesh.

It has been an immense pleasure to submit you the paper. We hope you find this paper
satisfactory.

Sincerely yours,

Group-7
Saif Mahmud Ishtiak - B18231077
A.K.M. Armaan Anto - B18231078
Touhidul Islam- B18231080
Raiyan Shahryar- B18231082
Shakil Ahamed Pasha- B18231083

Acknowledgement
The term paper was given to us as part of our course ‘Corporate Finance’. We have tried our
best to present all the information as clearly as possible using basic terms. We hope everyone
will be able to comprehend our work in this term paper.
We have completed this study under the guidance and supervision of Lecturer Sadman Kabir.
We will fail in our duty if we do not acknowledge the esteemed scholarly guidance,
assistance, and knowledge that we have gained from him which enabled us to properly
complete our term paper. Mere acknowledgement may not redeem the debt we owe to our
classmates and teachers for their direct and indirect support during the entire course of this
term paper.
And finally, we are forever grateful to Almighty Allah for giving us all the opportunities in
doing each and everything.
 Table of Contents
Serial Chapters/ Title Topics Page
No. No.
- Executive Summary vi
1.1 Origin of the report 1
1.2 Statement of the problem 1
1.3 Significance of the study 1
Chapter-1
1.4 Objective of the study 1
Introduction
1.5 Methodology of the Study 2
1.6 Sources & Collection of Data 2
1.7 Limitations of the Study 2
2.0 Chapter-2 Literature Review 2
3.1 Chapter-3. Global Job Options for Finance graduates 3
Perspective of Job Globally
3.2 Opportunities for Finance Current Challenges for the Finance 6
Graduates Professionals
4.1 Career Options for Finance Graduates in 8
Bangladesh
4.2 Self-employment Tendency among 10
Chapter-4 Job Prospects of
Finance Graduates in Bangladesh
Finance Graduates in
4.3 List of Top Banks and Financial 11
Bangladesh
Institutes of Bangladesh
4.4 Challenging Factors in Job Market of 13
Bangladesh
5.1 Chapter-5 Analysis of the Current Scenario of Bangladeshi Finance 16
Current Scenario of Graduates
5.2 Bangladeshi Finance Shortcomings of Finance Graduates 18
Graduates
6.1 Recommendations 20
Chapter-6 Recommendations
6.2 and Conclusions Conclusion 21
7.1 Chapter-7 Appended Part Reference 22
 Executive Summary
Finance jobs are one of the most after jobs among fresh graduates due to high salaries and
opportunities for progression in general. Finance graduates can select their career path from a
myriad of opportunities like the banker sector, insurance firms, management consultancies,
accountancy firms, investment banks, public accountancy etc.
The main focus of this paper is to determine the job prospects of finance graduates and real
scenario in perspective of Bangladesh. The job market in finance is a very competitive as
many people are competing for the same job. This is especially true in case of Bangladesh as
there is a huge gap between the number of job seekers compared to the number of jobs
available. In fact, this is true for almost every industry in Bangladesh.
The study explores the current job opportunities available for the finance graduates in
general. Then the study moves its attention to a more specific topic where the paper aims to
provide the readers summary about the overall situation regarding the job prospects of
finance graduates in Bangladesh. One of the objectives of this paper is to help the readers
willing to pursue a career in finance by making it easy for them to choose a career path
similar to their mindset and ambition. The paper has been arranged in such a way that it helps the
readers get a good understanding about the job prospects related to finance.

The beginning of the paper provides a global perspective regarding the job opportunities for
finance graduates. Although there are numerous options available for a finance graduate to
pursue a career in, this paper aims to introduce to the readers some of the most prominent job
types available for finance graduates. These includes- Bankers, brokers, financial planners,
financial analysts, accountancy, financial auditors, actuaries, personal financial advisors,
insurance agents, portfolio managers etc. Globally finance professionals are facing a lot of
challenges currently. This paper tries to list together some of the key challenges that financial
professionals have to face currently.

The next part of the paper focuses on the job prospects of finance graduates in Bangladesh. In
the context of Bangladesh, the banking sector is still the most popular choice among finance
graduates as a career option. Again, corporate jobs especially in multinational companies are
well sought after due to the high pay and social status. Jobs in the insurance industry and
Small and Medium enterprises are also gaining popularity among fresh graduates in finance.
In Bangladesh it is seen that a considerable portion of finance graduates choose a self-
employment options than to choose a regular office job. Such entrepreneurs are playing a
vital role in the economy of the country by creating job opportunities for many individuals.
This sector of the paper also addresses the challenging sectors in the job market of
Bangladesh. Even though there is high competition for the job openings in the country, there
still exists a gap in terms of skillsets in the job seekers.

The final part of the paper provides recommendations on to how some the problems
persisting in the professional lives of finance graduates can be solved through building the
skillsets required to survive in such a dynamic market.

vi
 Chapter 1.0 Introduction
Finance is one of the most popular disciplines since it provides students with excellent
graduate career prospects as well as high earning possibilities. A student willing to study
finance has a wide range of careers he/she could pursue after graduation, with finance
graduates sought after for roles in accountancy firms, investment banks, insurance firms,
management consultancies, the public sector etc.
1.1 Origin of the Report:
This report is prepared as an academic requirement for the course “Corporate Finance” under
the supervision our course teacher Lecturer Sadman Kabir.
1.2 Statement of the Problem:
The main issue of this paper is to examine the job prospects of finance graduates and real
scenario in perspective of Bangladesh. There is a plethora of alternatives that expands with
more education and on-the-job experience when it comes to careers in finance.
Getting a job after graduating in finance can be a difficult task as it is a fiercely competitive
field. This is especially true in the perspective of Bangladesh as there is a huge disparity
between the number of new graduates and the amount of jobs available.
1.3 Significance of the Study:
The study focuses on the current job opportunities for finance graduates and describe the
overall situation of the finance graduates in Bangladesh. The study explores the areas and
types of jobs that are available to the finance graduates around the world and mainly in
Bangladesh.
The study is significant in the sense that it helps the readers especially those looking to
pursue a career in finance get an idea about the job opportunities that are ahead of them.
The study points out the challenges that the finance professionals have to face and the
challenges that are prevalent in the job market of Bangladesh.
Knowing about these challenges would be a great help to the aspiring students who are
looking to pursue a career in finance and decide beforehand the career path they are most
comfortable with.
1.4 Objectives of the Study:
In accordance with the above discussion, the following objectives can be set for the paper-
1. Exploring the different types of job openings available to finance graduates.
2. Determine the challenges a finance graduate is likely to face in Bangladesh in context to
the current situation in the job market.
3. Help readers looking to pursue a career in finance choose a career path with which they are
most comfortable with.

1|Page
1.5 Methodology of the Study:

The paper is a qualitative study. The paper tries to describe the job prospects of finance
graduates in the global perspective and the challenges that the finance professionals might
have to face. Then the study focuses on the job opportunities for finance graduates in
Bangladesh and the factors in the Bangladesh job market that affects their jib prospects. This
paper is mainly a type of descriptive study.

1.6 Sources & Collection of Data:

In this paper, the main source of data is secondary data. The data has been mainly collected
from various online articles, publications, journals etc. The paper has been arranged in such a
way that it helps the readers The paper has been arranged in such a way that it helps the
readers get a good understanding about the job prospects related to finance.
1.7 Limitations of the Study:
The paper is prepared within a given time frame. As a result, there is always a matter of time
limitation while preparing the paper. The paper mainly dealt with secondary data and as a
result the opinions of fresh graduates in finance and other finance professionals have not been
included here which could have generated some new insights. However, even though there
are limitations, substantial effort and time are dedicated in preparing the paper.

Chapter 2 Literature Review

Finance is commonly defined as the management of money and investing, borrowing,
lending, budgeting, saving, and forecasting are all examples of financial management. As
long as there are businesses, there will always be a need for finance professionals. The
expertise and guidance of a finance professional plays a vital role in contributing to the
profitability of a company.
Finance majors learn to analyze financial statements and evaluate the financial health of
businesses, and other organizations. They can examine the financial implications of company
and individual activities and appraise the quantitative and qualitative components of business
challenges. Graduates with a finance degree also learn how to work with spreadsheets and
other software that is used to process and show financial data. They learn how to
communicate financial information to clients and coworkers of various financial skill levels. [
CITATION Pro21 \l 1033 ].

There are numerous levels of degrees available in finance, based on your unique interests. A
bachelor's degree in finance will prepare you for entry-level job in the finance area, whilst a
master's or doctoral degree in finance will qualify you for managerial or higher positions in
this industry. Finance careers are attractive because they can lead to a high-paying job
quickly after graduation. Working in finance offers a diverse range of opportunities, with a

2|Page
wide range of specialties to select from. A finance job is available depending on an
individual's level of education and special interests.[CITATION Wha20 \l 1033 ].

Public, corporate, and personal finance are the three primary categories of finance. The
Certified Financial Planner Board of Standards can help people become a Certified Financial
Planner (CFP), while the CFA Institute can help people become a Certified Financial Analyst
(CFA). [ CITATION All20 \l 1033 ].

The finance job market is expected to experience major changes with the introduction of AI,
and this is also true for other industries too. AI has eliminated roles, broken the human
efficiency bottleneck, decreased standardized and repetitive work, transformed the nature of
labor, and increased productivity. It has also resulted in the creation of new jobs. As AI has
progressed, it has been widely employed in the financial industry and has gradually evolved.
It has had a significant impact on banking, insurance, and financial markets. [ CITATION
Dav18 \l 1033 ].

In the case for Bangladesh, a study on 256 final year business students from public
universities revealed that the most popular choice for finance graduates is to select a career in
banking. Students are hesitant to work for small and medium-sized businesses, research
organizations, or non-banking financial institutions. The most important factors influencing
these employment choices are that today's graduates place a higher priority on financial
incentives, social prestige, and recognition. Interest in banking and private service has never
been higher than it is now. With the emergence of private and foreign banks, the desire to
work in banks has only grown for those looking to pursue a career in finance. [ CITATION
Hos12 \l 1033 ].

Chapter-3
Global Perspective of Job Opportunities for Finance Graduates
Finance is one of the most popular and sought-after choices for undergraduate and
postgraduate business study. All around the world, especially in developed countries, the
finance industry is very high paying with salaries ranging from 6 figures to even 7 figures.
Even those starting out in this field can earn decent enough wages than other fields. All of
these makes the finance industry a difficult one to break into. In the United States, entry level
finance compensation averages $88,774 a year. It has been reported that employment related
to finance will grow at least 5% worldwide.
To start working at a reputable bank or financial institution, the first requirement for aspirants
is a finance undergraduate degree. The degree does not necessarily have to come from Ivy
League universities. Firms may claim to hire graduates from all backgrounds, it is ideal that
academic background will demonstrate the ability to understand and work with numbers. So,
the undergraduate degree has to be solely on finance or mixed with accounting, economics,
applied mathematics, information technology, etc.

3|Page
3.1 Job Options for Finance graduates Globally:
3.1.1 Banking:
Banking is generally the first choice for finance graduates all around the world. A career in
commercial banking provides a number of financial services like savings accounts, checking
accounts and multiple loan options. Graduates can start as bank tellers and can climb all the
way to become branch managers on the basis of performance.
Investment banking on the other hand, is one of the most prestigious fields but more intense.
It involves selling and trading corporate securities and providing insight to corporations and
client. An investment banker also trades stocks and bonds on the stock market.
3.1.2 Trader/Stockbroker:
A stock trader works for either himself or for a company by buying and selling stocks, bonds,
and other financial instruments. So, it is best suited for graduates who are individualistic and
prefer working alone. A career trading is very high paced so one has to be very self-
disciplined and dynamic. Those who do not do well may find themselves unemployed very
soon since the environment is cut-throat. But if the performance is good, there is potential of
rewards.
3.1.3 Financial Planner:
Finance majors learn a number of investment techniques through their coursework and this
knowledge helps a financial planner to help clients on managing their finances. The parties
discuss strategies for investing and saving to reach the client’s goal. The financial planners
learn to decipher trends in the securities market during their undergraduate studies and later
apply this in the workplace. A financial planner must crunch the numbers and apply
accounting principles along with finance principles to create plans suitable for clients. There
must be trust between the parties. So, graduates with strong interpersonal and persuasive
skills will most likely succeed more as financial planners. Usually financial planners work
within a local or national firm and should go for obtaining a Certified Financial planner
(CFP) certification.
3.1.4 Financial analyst:
Financial analysts can work for investment companies, insurance companies, consulting firms
or other firms. They research stocks, bonds, companies, industry trends, etc. They collect,
consolidate, and analyze complex financial data to guide investment decisions. They also
prepare reports based on research findings, develop forecast models, assist with mergers,
acquisitions, corporate expansions, and restructuring, recommending investors to reduce costs
and improve financial performance, etc. They can capitalize what they have learned at
university to dissect the financial statements and other data and present the findings to other
members of the team. A graduate with the intention of becoming a financial analyst has to be
computer literate and data-focused with great strategic and statistical skills.

4|Page
3.1.5 Accountancy:
Accountancy is a popular career path for finance graduates with good accounting skills. The
best way to do that is being a Chartered Accountant (CA). A CA is hired by companies to
undertake financial audits, give financial advice, manage financial systems and budgets, deal
with insolvency issues, et cetera. CAs also help with financial issues like taxation, analyzing
profit and loss, budgeting and detecting fraud. They also have to prepare profit and loss
statements and accounting reports. They must always have an eye for detail and have
excellent communication skills to present complicated financial information to colleagues,
top management, and clients. A CA has to be specialized in one area from auditing,
management consultancy, forensic accountancy, corporate finance or taxation. To become a
CA, an individual need to complete a professional qualification which involves passing a
number of exams and participating in 3 years of job training.
3.1.6 Financial auditor:
Companies are now more diligent in their practices now due to recessions, government
impositions, business practices, etc. Hence the role of a financial auditor has become very
important. Auditors assess risks and keep the company from breaching regulations. Auditors
review financial statements and ensure that their records are accurate and in compliance with
government legislation. They also check books, overall business practices and suggest ways
to decrease costs, increase revenue and profits. Besides a finance degree with good
accounting skills, a degree on accounting, economics or internal auditing will do for the job
as well. But graduates with an additional CA degree has more advantage on landing the job.
3.1.7 Personal Financial Advisor:
Personal financial advisors assess monetary needs of individuals and help them decide on
investments, budgeting, and savings. Advisors can also help clients set short and long-term
financial goals, starting from estate planning to retirement planning. There are advisors who
also provide tax services, sell insurance, offer mutual funds, or even serve as liaison between
the client and the asset manager. While this job does not necessarily need a finance degree
but having it gives an added advantage. They also have to pass various licensing exams.
Personal financial advisors must have excellent interpersonal and communication skills as
they have to explain and interpret complex things to non-experts.
3.1.8 Actuary:
Actuaries work in investment banks and insurance companies and apply mathematical
modeling techniques, statistical modelling tools, probability theory to economic markets.
They forecast, assess, manage, and advise on potential financial risks. They capitalize their
coursework on mathematics, statistics, and financial theory from university to assess the risk
of an event occurring. They also help in decreasing the potential cost of the risk. Besides a
strong background on finance, accounting, economics, statistics and mathematics, the
graduate needs to have excellent communicative skills to present complex information to
non-experts. To qualify as an actuary, one needs to be a student member of a professional
actuarial body.

5|Page
3.1.9 Insurance Agent:
Working in the insurance sector allows graduates to explore many different aspects of finance
under one umbrella. Work can be done as an insurance sales representative, a customer
service specialist, calculating risks and probabilities of financial trends to help clients with
their goals, etc.
3.1.10 Public Accountancy:
Public accounting is another option for finance majors with good accounting skills. A public
accountant works with both individual clients and corporations to maintain the financial
transactions, audit records and prepare tax returns. A public accountant can work in small or
large companies depending on clientele.
3.1.11 Hedge Fund Manager:
Unregulated private investment funds are typically described as hedge funds. Working with
the type of investment provides an array of possible jobs ranging from financial traders,
analysts, compliance officers, and portfolio managers.
3.1.12 Venture Capitalist:
Graduates going for a career in venture capital means exploring the potential expansion of
financial opportunities for small firms or startups. A venture capitalist determines if the firm
will make an investment in these types of companies so that their stock will get publicly
traded on the stock market.
3.1.13 Real Estate Agent:
Commercial and residential real estate financial careers work with clients to plan out the best
strategy to fund the purchase of a family home, office location or shopping center. Some
potential job paths for financial real estate include mortgage brokers, mortgage companies
and life insurance professionals.

3.2 Current Challenges for the Finance Professionals:

The corporate world is ever evolving, and the finance and accounting sectors are no
exception. Roles in these sectors are changing continuously and the focus on financial
planning and analysis is more than ever. Expectations from finance graduates and
professionals are increasing over time. They are now expected to be more involved in helping
to run the company, providing strategic direction and assist in high-level decision making.
So, some challenges new graduates or new recruits need to be aware of so that they can
prepare themselves are as follows:
3.2.1 The rise of technology:

6|Page
Technology is on the rise and constantly evolving. Some responsibilities usually done by
accountants such as compiling transactions, producing tax returns and financial statement,
etc. are now being done using Automation and Artificial Intelligence (AI).
These technologies covering up basic tasks gives professionals more time for value-adding
work like financial planning, analysis, and risk management.
But this does not necessarily mean jobs will be lost. This is because while technology may
take over certain functions, human verification is still necessary for the work to be done.
So, finance professionals and graduates need to adapt and be aware of such situations. These
new technologies will continue to be in high demand.
3.2.2 Need for high skills:
Due to this rise in technology, demand for some traditional accounting skills like
bookkeeping, process transactions and maintaining extensive records, analytical skills,
strategic skills, forecasting, etc. will increase. So graduates willing to have an edge in this
competitive job market will need to learn these skills.
Usually finance degrees covers all these areas. If not for some reason, then these need to be
learnt. This also helps in developing the technical and analytical skills to assess large
amounts of financial data and use it for forecasting and decision making.
Professionals should also be able to offer financial advice, help manage client liquidity,
control costs, and make good investment decisions. So, new graduates need to prepare
themselves for such situations.
3.2.3 Cybersecurity concerns:
The rise of technology has increased risks of cybersecurity as well. Accounting information is
one of the most lucrative targets for hackers. Information includes bank account, credit card
information, passwords, etc.
This risk has led to accounting and finance professionals to be more responsible and be
prepared to protect confidential financial data. Graduates and professionals should be able to
use accounting software and update it regularly.
Due to security reasons, some companies give access to people who can do their job duties,
and this includes adapting to secure technologies. Some companies also switched to cloud-
based systems since those are more suitable and safer than traditional software.
3.2.4 Developing soft skills:
As the gap between departments is decreasing day by day in companies, it has become
important for graduates and professionals to develop some basic soft skills. The roles and
responsibilities of the finance department has changed, and it is playing a more integral part
in managing the organization.

7|Page
Therefore, to communicate with the other departments efficiently, professionals need to have
strong interpersonal and communicative skills. These skills have to be hones by graduates
while they are at university.
The tendency to skip soft skills might happen due to the job nature of the finance professional
but in order to become successful business partners, they need to develop as many relevant
soft skills as possible.

Chapter-4 Job Prospects of Finance Graduates in Bangladesh

Business education in Bangladesh has advanced dramatically in recent years. Business
Studies is one of the oldest, richest, and most filial faculties in academia. It includes practical
market-oriented and consequential subjects in its syllabus, on par with that of literature,
history, philosophy, and other religious subjects. Faculty of Business Administration Starts
with basic subjects such as finance, accounting, management, and marketing. At present
times, jobs related to finance are considered to be the most highly paid and attractive jobs
both in Bangladesh and abroad. This is due to the fact that students pursuing higher education
in Bangladesh tend to believe that they will potentially earn more from a finance background.
finance courses in universities are usually more rigorous and demanding than other choices of
business studies subjects like accounting, marketing, or human resource (HR) courses.
Majority of the students now tend to lean towards taking finance as their major in higher
education. The number is rapidly increasing day by day which leads to an increased number
of job candidates in the job market of Bangladesh. Both public and private universities play
an important role in creating a pool of highly educated and trained professionals in the
business studies background.

4.1 Career Options for Finance Graduates in Bangladesh:

Finance and accounting jobs are currently grabbing the consideration as the number of
finance graduates are increasing day by day and most of them are intrigued by the financial
markets, stocks, bonds, and other investment vehicles. The need for accounting and finance
employees also increases as companies and organizations continue to grow and expand due to
the rebounding economy. The job market of Bangladesh provides a variety of opportunities
for the finance graduates. The available career options for finance graduates in Bangladesh
are discussed below:

4.1.1 Banking Sector:

The banking sector is one of the most prosperous sectors in Bangladesh these days.
Bangladesh's banking system is decorated with nationalized commercial banks, private
commercial banks, and foreign banks. This vibrant department is currently attracting the fresh
finance graduates who will influence in their career plans. Students graduating in finance
major tend to prioritize the bank job more than any other career choices. It is the bank jobs
that offers lucrative pay packages and attractive renumeration that has created quite a

8|Page
fascination towards this job among the finance graduates in Bangladesh. There is hardly any
other job sector that provides such attractive renumeration and facilities like bank jobs.

The continuous advancements and growth in the banking sector of Bangladesh has paved the
way for many banking related career opportunities. As a developing country, the banking
sector in Bangladesh is gearing itself and there are much more private banks to come in the
upcoming times. All of these bring in huge career opportunities for the fresh finance
graduates as this sector is mostly dependent by the candidate pool produced through finance
and banking majored students.

4.1.2 Multinational Companies:

In the last few decades, a noticeable number of multinational companies have started
operating in Bangladesh and the number is on constant increase due to the economic
expansion as a developing country in South Asia. Many renowned brands are willing to
expand their operations in this country considering the emerging economic growth potentials.
Currently there are more than 600 listed companies in the stock exchange and out of them 65
companies are reckoned as successful multinational companies. They altogether produce
thousands of job opportunities every year for the finance graduates in the country.

4.1.3 Financial Market Analyst:

A financial analyst's job includes researching stocks, bonds, companies, and industries in
order to aid bankers, investors, and corporate finance officers with mergers and acquisitions,
among other things. They can use the finance major's training as they analyze financial
statements and other financial data. Bangladesh has various form of active financial markets
operating all over the country and this market can be a viable interest of career preference
among the finance graduates.

The forms of markets operating in the country-

 Money Market
 Capital Market
 Taka Treasury Bond market 
 Foreign Exchange Market

4.1.4 Small and Medium enterprises (SMEs):

Small and medium-sized enterprises (SMEs) are treated as engines of global growth and a
driving force for innovation. They play an important role in promoting economic growth and
creating jobs. In Bangladesh, sector is actually changing the face of the economy. SMEs are
playing an important role in the country's accelerated industrialization and employment
generation for the business students all over the country. The total number of SMEs in
Bangladesh is estimated to be 79,00,000 establishments. Although jobs in this sector are not
offering high range of salaries, but still they are considered as important participants in
producing employment opportunities for the business graduates in the job market of
Bangladesh.

9|Page
4.1.5 Insurance industry:

After independence, Bangladesh's insurance sector emerged with two nationalized insurance
companies (one life and one general). And one foreign insurance company. In the mid-1980s,
private sector insurers began to enter the industry and were expanded. Currently, 62
companies operate all over the country. These insurance companies altogether produce
numerous job opportunities every year for the business graduates in Bangladesh. Due to the
low barriers upon the entry in this sector, it can be a good career choice for the people doing
their major in finance. Jobs in this sector can provide a person with unlimited earning
potentials as there is endless potential to earn great rewards in the long run.

There are some other career prospects for the finance graduates in Bangladesh which have
lower candidate pool than the previous ones as they are of less preferences among the
graduates. Such career options are-

 Budget Analyst
 Credit Analyst
 Accountant
 Non-Governmental Organization
 Non-Banking Financial Institution
 Business Teaching

The career options for finance graduates in the country is on rapid increase. Because on one
hand, a rising tendency is seen in the number of people entering the business schools for
pursuing higher education. On the other hand, acquiring sustainable growth development
projects have led to increasing number of business ventures that significantly increases the
employment opportunities for finance graduates in the country.

4.2 Self-employment Tendency among Finance Graduates in Bangladesh:

The young university graduates are considered to be filled with future leading prospects for a
nation. Some valuable employment can be created by entrepreneurs and entrepreneurs do not
have the ability to operate single handedly. The success story of the young entrepreneurs that
evolve through social platforms have successively inspired a huge base of young, energetic
and self-reliant people to start their own entrepreneurial venture. The idea that
entrepreneurship can be considered as a viable career path has been integrated in the minds of
young people, especially the fresh university graduates who are in the stepping position of
choosing a specific career option. The interest in entrepreneurship among the young
graduates have experienced noticeable growth in the last few decades.

Entrepreneurs can be considered as an important asset for a country as the play a vital role in
the economic development of a country by their viable contributions. They can bring up
creative business ideas and can bring potential changes in the market. Setting up of new
entrepreneurial ventures brings up employment opportunities for other people and contributes

10 | P a g e
 Employability Distribution of Business Graduates (2016-
2020)
45.00%

40.00% 38.70%

35.00%

30.00%

25.00% 23.80%

20.00%

15.00%
11.70%
10.00% 7.40% 8.20%

5.00% 2.70% 3.90%

2.00% 0.80% 0.80%
0.00%
ng es t s s s p g rs
ki ni ys E' on on hi O in he
a na
l M ati uti rs NG ch t
an p A S z t eu a O
B om t ni sti en Te
lC ke ga in pr es
s
na ar or l e
M h cia tr s in
tio rc an En Bu
tin
a
s ea fi n
ul Re i ng
M nk
ba
n
No

significantly to solving the unemployment problems of the country. Majority involvement in

the entrepreneurial career by university graduates can be viewed as a positive aspect as it
creates vital development opportunities for the society. Many surveys have showed that,
majority of the students doing their major in business studies subject are prone to getting
involved in entrepreneurial activities in middle of their graduation.

A significant portion of finance graduates tend to choose this self-employment option over
choosing the professional jobs in the market. It is due to the fact that the highly competitive
environment in the job market of Bangladesh negatively impacts the thought of a business
graduate about entering the rigorous competition of the job market. The unemployment rate
has been on a constant rise for the past few years. The fresh graduates have the strong
tendency of making their own earning potentials as soon as they graduate. This leads to s
higher tendency of choosing entrepreneurship as a career option.

11 | P a g e
The graph represents the overall scenario of job opportunities and employability of different
sectors for the finance graduates of Bangladesh for the last 5 years. The banking sector is the
highest here providing around 38% employability of overall job market. Currently a total of
61 banks, comprising of both state owned and private commercial banks, operate all over the
country. This sector plays the most significant role by proving employability to the major
portion of finance graduates in the country. The second one is the multinational companies
with a value of around 24%. The high preferences of establishing career in both of these
sectors are derived by some attractive facilities like lucrative pay packages, growth
opportunities, non-financial benefits and many more.

4.3 List of Top Banks and Financial Institutes of Bangladesh:

As bank and financial institutions are very popular choices among the finance graduates in
Bangladesh for getting a job, some of the most popular banks and financial institutions are
mentioned below in brief-
There are 6 state-owned commercial banks, 3 specialized banks and 43 private commercial
banks in Bangladesh. Bangladesh Bank is central bank of Bangladesh and all commercial
banks are under the umbrella of the central bank. The Bangladesh Bank manages gold
reserve, foreign currency and maintains price stability in the country.
Some top banks where finance graduates in Bangladesh aim to have a career in are:
HSBC Bank:
Found in 1996, it has emerged to be one of the major banks of Bangladesh. It provides a
number of financial products and services like commercial and consumer banking, trade
services, custody, clearing and global liquidity and cash management. The treasury and
capital market business of the HSBC group is one of the biggest in the world.
Sonali Bank:
Found in 1972, Sonali Bank is the largest state-owned commercial bank. It provides various
banking products, including finance and insurance, consumer and corporate banking,
investment banking, and investment management. It also has operations in the United
Kingdom.

12 | P a g e
Islami Bank Bangladesh Limited (IBBL)
Found in 1983, it was the first Islamic Bank in Southeast Asia. This bank has the largest
branch network among the private banks in Bangladesh. It provides a number of commercial
banking services on the basis of the Islamic Shariah Law.
Grameen Bank:
Grameen Bank is a microfinance organization and community development bank that
provides small loans or micro-credit to low-income people in rural areas. This bank is the
brainchild of Nobel Peace Prize Winner Dr. Muhammad Yunus. In 1983, it was authorized as
an independent bank.
Janata Bank:
Found in 1972, Janata Bank is another state-owned commercial bank that provides a range of
financial services. The bank operates through its 915 branches throughout the country, with
headquarters in Dhaka. It also maintains overseas branches in the United Arab Emirates.
Standard Chartered Bank:
Standard Chartered Bank is the oldest and largest international bank in Bangladesh.
Established in 1972, it is also the first foreign bank to extend credit lines to the country. The
bank offers a full range of products and services, including retail banking, treasury, and
foreign currency exchange. Standard Chartered Bank oversees a network of 24 branches and
booths, as well as 94 ATMs. It is the only international bank in Bangladesh to operate in six
cities in the country.
Prime Bank Limited:
Found in 1995, Prime Bank Limited is a fully licensed private commercial bank. It provides a
wide selection of banking products and services, such as commercial, corporate, and personal
banking. It serves various industries, as well as all segments of society, within the framework
of the Banking Company Act.
Besides, banks, there are 33 non-banking Financial Institutions (FIs) in Bangladesh. The first
one was established in 1981. Out of the 33, 2 are fully state-run, 1 is a subsidiary of a state-
owned commercial bank, 15 were initiated by private domestic initiative and 15 were
initiated by joint venture initiative. All these institutions are controlled by the central
Bangladesh Bank. These institutions conduct their operations with diversified financing
modes like lease financing, syndicated financing, bridge financing, securitization instruments,
private placement of equity, etc. FIs can’t issue cheques, pay-orders or demand drafts, receive
demand deposits and be involved in foreign exchange financing.
Some top FIs in Bangladesh are-

 Agrani SME Financing Company Limited

 Fareast Finance & Investment Limited
 Hajj Finance Company Limited

13 | P a g e
  IDLC Finance Limited
 IPDC Finance Limited
 Islamic Finance and Investment Limited
 LankaBangla Finance Limited
 MIDAS Financing Limited. (MFL)
 Prime Finance & Investment Ltd
 Reliance Finance Limited
 The UAE-Bangladesh Investment Co. Ltd
 Union Capital Limited
 United Finance Limited

4.4 Challenging Factors in Job Market of Bangladesh:

Due to rapid advances in automation and globalization, as well as weakening labor markets
resulting from Bangladesh's economic uncertainties, the job market for fresh graduates is
becoming increasingly difficult and challenging. There is also the added complexity of a
movement away from traditional core responsibilities for finance graduates in Bangladesh, as
well as signs of marginalization among some groups within the professions. There are many
challenges faced by the finance graduates in Bangladesh. They struggle a lot in search of a
proper job. There are numerous reasons why graduates suffer in their job search, ranging
from local economic challenges to undervalued majors. There are serious issues and
challenges that the recent graduates confront in Bangladesh, such as:

 High competition:

Because there are so many finance students, the rivalry for jobs on graduation day is fiercer
than ever. Job competition is more intense in some industries than in others. Even with high
grades, it becomes more difficult for individual graduates to distinguish out.

 Little work experience:

Students do not all work their way through college. Those who do frequently work in fields
other than their own. Many job listings, whether they offer an entry-level position or not,
require some amount of experience. Many graduates find it difficult to meet these criteria
after graduation.

 Lack of proper skill:

Unfortunately, graduates from traditional education systems are unable to match the needs of
today's business and development environments. Universities do not provide students with
training that is tailored to the needs of industry. As a result, corporations and factory owners
are forced to hire people from other countries. They claim that in the fast-changing job
market of the fourth industrial revolution, there is a scarcity of technical, professional, and
linguistic abilities that are considered necessary.

14 | P a g e
  Little networking:

Individuals who exchange information and share common interests are more likely to find
job. Individuals without work experience, on the other hand, have limited networking
opportunities. Some universities arrange networking events, but each student must decide
whether or not to attend. Because of these networking issues the graduates struggle much to
find a suitable job in Bangladesh.

 Lack of communication skills:

Lack of communication skills is frequently linked to graduates' struggles to get work. Jobs,
no matter how small, provide excellent communication learning opportunities. Each
communicative endeavor, whether it's talking to a customer or emailing a supervisor, requires
practice to master. Due to less communication skill the graduates do not be able to connect
with the members of the interview board properly and get nervous because of which they do
not get the job.

 Reduced employment prospects due to bribery, corruption, and nepotism:

Many finance graduates believe that corruption is an insurmountable barrier in their pursuit
for employment, particularly in government and bank jobs in Bangladesh. As a result, they
believe they will be unable to get work due to their inability to pay bribes. Many people have
expressed their dissatisfaction with the lack of transparency and the appearance of improper
lobbying in the job recruitment process. Nepotism plays a vital role to challenge the finance
graduates in getting bank jobs or other jobs for which they do not get selected in the
interview board and those who have close relation with the higher authority of the company
get the job.

These are some challenges faced by the finance graduates in getting jobs in Bangladesh.
Because of the above challenges the graduates become frustrated and face other challenges in
their mental, socio-economic, and socio-cultural life which has to be mentioned.

 Challenges in mental life:

When the graduates face difficulties, complexities, problems, and challenges in getting jobs
they become mentally depressed which lead them to face mental instability, frustration, moral
degradation, drug addiction and suicide.

 Challenges in socio-economic life:

The situation of Joblessness creates financial crisis, poverty, marital conflict, and divorce and
devastate their socio-economic life.

 Challenges in socio-cultural life:

The graduates face occupational vulnerability. Because of the crisis they become insolvent
and fall in debt which compel them to do migration and sometimes the insolvency leads them
to crime which degrade their socio-cultural life.

15 | P a g e
 Chapter-5 Analysis of the Current Scenario of Bangladeshi Finance
Graduates
Bangladesh is a fast-growing, economically dynamic South Asian country. We have come a
long way since our independence in 1971 and so has our education. From an unemployment
rate of a staggering 5% around 2009, we have managed to tackle unemployment and poverty
quite well in the last decade and currently our unemployment rate is steady at a rate of almost
4.2%.

Figure: Unemployment Rate over the Years

A major role in decreasing this unemployment rate has been our education sector. The growth
of education in our country has been prominent over the last few years. Bangladesh currently
has 49 public universities and 107 private universities throughout the country.
Currently 3.2 million students are enrolled in tertiary level education compared to only
31,000 in 1972. The total tertiary enrolment over the next decade (2016-2026) may reach 4.6
million according to an estimate made by the University Grants Commission (UGC) of
Bangladesh.

16 | P a g e
BBA is one of the most popular and common degrees in Bangladesh. As such almost all
universities have a business department where they offer BBA courses in some form or the
other.
There are the common specializations such as Finance, Marketing, and HR (Human
Resource) as well as some unconventional ones like Investment Management, International
Business, etc. The prevalence of BBA students is justified in a country such as Bangladesh as
technical and specialized jobs, especially those in the engineering sector are limited.
Moreover, university graduates are not too keen to join the industrial sector either. However,
general management and executive roles are relatively more common in the job sector. This
makes BBA the de-facto choice of major in Bangladesh. And since students of all disciplines
are accepted into the programmes, there is always high demand among students. The
unemployment of graduates in Bangladesh can be explained by the simultaneous operation of
forces acting from both the demand and supply sides and a less than perfect operation of the
labor market for graduates.

5.1 Current Scenario of Bangladeshi Finance Graduates:

Of all the programmes and majors that the BBA degree offers, Finance is deemed to be the
cream of the crop. In previous years, the most respected jobs for the business graduates,
especially desk jobs are working in the Banks, Non-bank financial institutions, MNCs and of
course the local companies. And most of them were just accounting or finance graduates.
They didn’t feel the need to get professional degrees along with the Bachelor and Masters
degrees. Companies were also dependent on the employees with the Bachelor and Masters
degrees for the accounts department.
But now with the revolution of technology, the scenario has shifted. As there is technological
advancement in most of the companies’ accounts departments, software is doing what used to
be done by Finance and Accounting majors in previous decades.
Thus, companies rely less and less on the general skillset of a BBA graduate with a Finance
major.
If we are to categorize the job prospects that finance majors in Bangladesh currently have, it
would look something like this-

17 | P a g e
u sB
ltin
M
r
o
C
p
a
L
c
m
ejb
k
IF
E/
h
S

Figure: Job Prospects of Finance Majors

Now although there is seemingly a wide spectrum of jobs available to Finance graduates in
the current job market, the real scenario is very much different. According to a study carried
out by Chisty & Uddin & Ghosh, different executives of Bangladeshi corporate bodies
operating in Dhaka City have been given questionnaires to determine what they look for in an
ideal business/finance graduate and which skills are important to them to consider
employability. A total of 215 survey has been conducted.
The stratified probability sampling approach has been selected for that study and the
population has been defined as managers (both Male and Female) who are responsible for
acquisition functions for their respective companies/corporate bodies.
From the study results, around Three-fifth respondents had identified that Specific
degrees/certificates are important for employability.
This means that every 2/5 managers did not consider degrees or majors important for
employability.
This is one of the key reasons we see Finance majors involved in work such as marketing or
accounting jobs which do not cater to their specific field.
The study also revealed the following criterion-
• 60% respondents had identified that presentation skills are important for
employability.
• 54% respondents had identified that analytical skills are necessary for employability.

18 | P a g e
• 69% respondents have identified that educational background (obtaining degree in
particular discipline) is necessary for employability.
• 55% respondents have identified that academic results are not that important for
employability.
• 57% respondents have identified that orientation with corporate cultural (experience)
are important for employability.

This gives us a bird’s eye view of what a majority of our employers in the corporate scenario
look for in graduates. Whilst Finance is looked at as a sought-after degree, a large portion of
the corporate leaders and decision makers in today’s organizations that offer employment do
not deem the reputation or rarity of one’s major/degree as important, and a majority of them
do not deem academic results important either. This is why there lies a gap in what employers
want in Finance graduates and what the graduates themselves have to offer.

5.2 Shortcomings of Finance Graduates:

5.2.1 Dilution of backgrounds:
Finance is a specialized segment of BBA. BBA teaches the general principles, theories, and
techniques behind business operations and often times many of the theories and principles are
decades old. As a result, they are becoming increasingly obsolete in today's ever-changing
business environment. This leads to a huge gap between what is learnt in the classroom and
actual industry practices.
Many fresh graduates face this challenge early on in their careers as they fail to relate what
they do with what they have learnt. Moreover, since the course contents are more general in
nature, they fail to take into account industry nuances which also widens the gap between
industry and academia. Most of the time, there is no differentiating factor between what a
normal BBA degree and a BBA degree with a major in Finance has to offer.
Students are mostly taught the same thing, which leads to Finance graduates not having the
specialized skills needed in today’s job markets in Finance. A lot of the employment
opportunities also do not care for majors in a specific background, which is why we see a lot
of Finance majors today work Marketing jobs, as there is a lack of specialization within the
industry itself.
5.2.2 Not Forward Looking:
Building on the last point, most course designs and content are outdated, in some cases
decades old. This makes skills and techniques learnt in class irrelevant to be used in today's
ever-changing business environment.
Moreover, automation and digitization in the workplace is further aggravating the situation.
The current curriculum is not designed to address these changes and little effort seems to

19 | P a g e
have been put to address future issues such as IoT (Internet of Things) and the Fourth
Industrial Revolution.
5.2.3 Lacking technical depth:
Most Finance degrees lack depth in crucial technical areas such as mathematics, research,
statistics, analytics, software usages and critical thinking, some of which are extremely
necessary to do well in a career in Finance.
Moreover, important skills such as coding and analytics are rarely taught in BBA courses. As
a result, students lack depth in these field and can only improve on these in the workplace.
This also limits their chances of enrolling in foreign degrees other than MBA.
5.2.4 Lack of focus on soft skills:
Technical skills and knowledge make up only half of the skill set required by business
graduates. A large portion of it is soft skills and corporate grooming. Soft skills include such
necessary skills required when working in an office environment and include, but not limited
to, teamwork, time management, conflict resolution, people skills, and more.
In some roles soft skills may even be more necessary than technical knowledge and skills.
However, there is little focus on these by business schools and some students may even lack
basic skills such as writing an effective CV.
5.2.5 Nature of Employers:
Most employers in the Financial sectors of our country follow employment methods that are
outdated. A lot of the corporate leaders also belong to an older generation who are not
accustomed to the current skillset required in Finance graduates.
Due to their own lack of understanding of certain skillsets and analytical prowess, they only
look for graduates with a higher CGPA or graduates who have acquired degrees aside from
BBA, such as CA, ACCA, CIMA, CPA, and CFA which will take 3/4 years more to
complete.
In the recent job circulars, it is analyzed that most of the companies are looking for an
Executive with at-least completion of CC or article ship in CA for the accounts department
which a fresh graduate who already spends 4/5 years to complete his bachelor and masters in
Finance doesn’t have.
This leads to a disadvantage for fresh graduates with an aspiration of working in their
respective fields.
5.2.6 Lack of organizations specializing in Finance:
The number of Financial Institutions in Bangladesh are only a handful. Most MNCs and local
companies hire people for their financial divisions from within, regardless of their
compatibility or skillset.
This coupled with an inefficient stock market makes opportunities in finance few and far
between.
20 | P a g e
Finding employment in this oversaturated market with few employment opportunities is
difficult for fresh Finance graduates.

Chapter-6 Recommendations and Conclusion

6.1 Recommendations:
From our research, we have come up with a few recommendations that would solve some of
the problems of our Finance graduates in the current market-
• Concentrate on building soft skills such as Presentation ability, building vocabulary,
learning to use software such as Excel, PowerPoint, Stata etc.
• Acquire degrees outside their BBA degree from university, degrees such as CA,
CIMA, CFA, ACCA go a long way in showing your worth to current employers in the
market.
• Achieve specialization in their respective fields. For example- If someone is interested
in the stock market, he/she should learn how to analyze stocks and work in that respective
path of being a share/investment analyst instead of having to succumb to doing a marketing
job just because of the salary.
• Learn how to build their portfolio via obtaining different skillsets and pursuing
interests.
• Companies need to rethink their employment structures as well as be more
accommodating towards Finance Graduates as these are the people that have the potential to
be key decision makers in the company for years to come.
• The need for updating the curriculum at regular intervals must be acknowledged by
universities. Knowledge in most disciplines is changing at a rapid pace. Unfortunately, in
most cases, the curriculum in courses like Finance, Investment Management, Accounting and
Economics is dated and based on theories or practices which are either no longer valid or
have become obsolete.
The reasons for not updating the curriculum as and when needed are: (a) the need is not felt;
(b) the additional resources needed are not available; and (c) teachers needed for delivery are
not available. Universities should employ teachers from within their own graduates and that
too not just based on their CGPA or result, but also their abilities to teach and communicate
with students.
• Most of our universities are inward-looking, having little or no interaction with the
global community. Every university should have an international office and promote their
activities and academic achievements with international academia. This would increase the
awareness of the students of what is needed in the international job market as well as the
local job market, should they attempt to pursue degrees such as MBA, PhDs outside of the
country.

21 | P a g e
• Companies and employers need to be connected with universities in some form,
whether it be giving internship opportunities for final year students, placements and
interviews for fresh graduates or just keeping contact with university teachers and authority
to know about their curriculum. Due to employers being detached from all sorts of
educational institutions, they do not have a sound understanding of what is being taught and
what students are learning. They should also have a say in what is taught to students as these
students will have to find jobs in their companies one day. If what is taught to a Finance
graduate is completely different from what an employer in the Financial Industry or
organization expects in his company, then the gap between supply and demand will only
increase. Graduates need to be connected to their future employers and market leaders and
the only way to do so is by establishing a network between market leaders, CEOs, CFOs and
universities, teachers, and students.

6.2 Conclusion:
From our research it can be concluded that despite the fast-paced growth of education in our
country has been impressive over the few decades, there is still much work to be done
regarding the transition from higher education to employment. In regard to Finance graduates
in particular, there needs to be more specialization within business organizations in order to
offer BBA graduates positions according to their background and learnings.
We can however keep our hopes high as we are heading in the right direction regarding these
matters as a nation. With the uprise of new Mobile Financial Service companies such as
Bkash, Rocket, Nagad etc. the job market for finance graduates is growing at a healthy pace.
This can only go further with proper development of systems and proper regulations put into
place. Students, Teachers, Universities, Banks and other Financial Organizations and
Corporates need to work together to bridge the gap between graduates and employment by
creating a stable network and enhancing employment opportunities through the creation of
new avenues in Finance.

22 | P a g e
 P.T.O
Chapter-7 Appended Part

7.1 References
All Business Schools. (2020). From Personal to Corporate: Finance Career Paths and Job
Description. Retrieved from All Business Schools:
https://www.allbusinessschools.com/finance/job-description/
He, D. (2018, September 14). 4 ways AI will impact the financial job market. Retrieved from
World Economic Forum: https://www.weforum.org/agenda/2018/09/4-ways-ai-
artificial-intelligence-impact-financial-job-market/
Hossain, M. E., & Siddique, T. (2012). Career Preference of Business Graduate in
Bangladesh: A Case Study of Some Selected Private Universities. Asian Business
Review, 1(1), 108-111.
Profita, M. (2021, March 15). Best Jobs for Graduates With a Finance Degree. Retrieved
from The Balance Careers: https://www.thebalancecareers.com/top-jobs-for-finance-
majors-2064048
University, G. M. (2020). What Careers Can You Pursue with a Finance Degree? Retrieved
from Gwynedd Mercy University: https://www.gmercyu.edu/academics/learn/careers-
in-finance

23 | P a g e