There are so many jobs available in the realm of finance, banking, and insurance open to pave a way to different fields, which include corporate finance, investment bank, insurance, and etc., wealth management. With development in technological and globalization, these industries expand and shape the education agenda of individuals in preparing for sound careers. The right academic qualification opens door to well-paid careers, personal and professional satisfaction and job progression. Among the many educational options available, two prominent pathways stand out: the Diploma in Finance, Banking & Insurance (Diploma in Finance, Banking & Insurance) and Traditional Degrees such as Bachelors in Finance, Business, or Economics.
It is essential to mention that the Diploma in Finance, Banking & Insurance is offered to provide a student with well-developed practical expertise in a chosen field of the financial services industry, banking service, and insurance management. This program is a shorter term program than the other two and mainly known to provide students career oriented education. For instance, BBA, B.Com or Bachelor of Economics are conventional courses that are business oriented, but covers a wide area of study compared to the majors where one concentrates in a certain area of business only.
also read : Diploma in Finance, Banking and Insurance for Freshers: A Quick Start to Your Career
Each of the two education tracks has its own strengths based on the considerations like career objectives, hours to be spent and cost. Some people may decide that a diploma course is still more suitable because it is faster and more focused, while others will still prefer the generic education that is offered with traditional academic qualifications. In this article we will review both forms of learning in more detail to assist you in making a decision as to which type of learning would best suit your goals and environment.
Overview of the Programs
a. Diploma in Banking & Finance, & Insurance
A Diploma in Finance, Banking & Insurance is a professional and an academic course of study that takes its participant through a concentrated program of study in the areas of financial services, banking sector, and insurance. Usually taking a period of one to two years, it aims at preparing students with financial management, risks, assessment and credit as well as insurance policies management competencies.
This diploma is particularly suitable for people who wish to get a job in financial services organization without spending a many years studying a full formal course. The course is also designed especially for those who wish to improve their existing knowledge or skills in the field of finance.
b. Traditional Degrees
Most conventional business courses such as a Bachelor of Business Administration (BBA), Bachelor of Commerce (BCom), or Bachelor of Economics take 3-4years. These programs offer general education on business, economics, management, and sometimes, advanced knowledge on some areas of interest like corporate finance, marketing or human resource management.
These degrees offer program knowledge to students and are academicians in nature but can be taken into various careers such as finance, banking, insurance, and a number of others. The positions are usually related to the detailed understanding of the business and economics and graduates may proceed further with academic degrees (MBA etc.) with an intention to advance themselves.
Duration and Flexibility
a. Diploma in Banking & Finance, & Insurance
The major strength of the diploma program is the fact that it takes a shorter periods of time to complete. It is possible to achieve vocational education and gain necessary practical knowledge and skills for your chosen field in 1-2 years, which is perfect for those persons, who are willing to work and earn as soon as possible. This is also considered as an advantage if you wanted a fast track entry to your chosen career or if you plan on continuing your education afterward.
Also there is always a plus when it comes to schedules with diplomas, sometimes you get to share classes and can take part time or even online classes if in a job. As such it can be done at any time and is convenient for people who may be involved in other activities such as business or family.
b. Traditional Degrees
On the other hand, the traditional degree will take longer to complete in terms of 3- 4 years on average. If you are not anxious to begin work and you wish to obtain your general education in varied areas of specialization this would be preferable. Traditional degrees also provide for a more rigid program because of the many fields of specialization and elective courses available.
Nevertheless, the length of these programs may not be for everybody, even if you are in a hurry to get out there to find a job.
Career Opportunities
a. Diploma in Banking & Finance, & Insurance
The Diploma in Finance, Banking & Insurance therefore provides practical, internship type skills for entry-level jobs in the finance, banking and insurance industries. Graduates can look forward to careers such as:
- Bank Officer
- Insurance Agent
- Financial Analyst
- Credit Analyst
- Risk Manager
Due to this, the program is more comprehensive and enables students to directly join the job market, and possibly with an added advantage for jobs within these sectors. However, the diploma is necessarily considered the first step; and for the higher level or managerial position, often further education or experience is mandatory.
b. Traditional Degrees
Conventional degree programs especially in finance or economics equip graduates with masses of skills and knowledge more than the understanding of business and economics. Therefore, graduating students have a wider field of career options in many fields. Some roles include:
- Financial Analyst
- Investment Banker
- Management Consultant
- Economist
- Corporate Finance Specialist
Even though conventional degree programs offer broader career opportunities in different fields, there are some very specific occupations which call for additional licenses or master’s degrees.
Prices and Money Matters
a. Diploma in Banking & Finance, & Insurance
Diploma in Finance, Banking & Insurance costs significantly less than standard program that is to be completed at a university. This makes it a very cheap way of studying especially for students who intend to pursue the career in finance without taking very huge student loans. Besides, since diploma programs only span two and a half years, the cost of learning in such a program is relatively low.
b. Traditional Degrees
Mainly, conventional programs cost more because they take longer time to complete and the course offered is broader. It ranges based on the institution and the country, but you will spend amounts of tuition fees, books and, possibly, living costs during the course of three to four years. Meanwhile students undertaking traditional program may have better opportunities to secure loans, grants and scholarships than online students.
Depth vs. Specialization
a. Diploma in Banking & Finance, & Insurance
A diploma is very different from, for instance, a degree program because it is much more narrowly defined, in terms of practical vocational preparation for the financial industry, banking, and insurance respectively. Compared to the traditional degrees it does not offer as much information, however if you need to develop specific skills in a shorter amount of time, then this is ideal. In case your desired industry is banking or insurance, then the diploma will be helpful to gain knowledge and set the right tools for proper work.
b. Traditional Degrees
Conversely, conventional degrees offer a fundamental understanding of business, management and economics with distinctive fields of specialization in finance. It was making, instead, the job seekers to have more career options. While it might be broader in its nature the education can thus provide access to several different industries and higher hierarchical positions including management, consultancy and corporate strategy fields.
Which Is Better for You?
So let’s compare between obtaining a Diploma in Finance, Banking & Insurance and obtaining a Traditional Degree to determine the course of action that you will choose to take that is suitable for you careers wise, wallet wise, and time line.
a. Choose a Diploma if:
- You are in a bid to get a faster way into the finance, banking, or insurers industry.
- You desire an affordable schooling with the equitable return measured in terms of an employers specified set of skills.
- You are willing to start working earlier and if need be go for an education further if necessary.
b. Choose a Traditional Degree if:
- You want an education that prepares you for almost anything in the job market.
- You are willing to take more time for study and the expenses that are directly associated with it.
- It pays for the more senior positions, or the industries where additional qualifications or, in fact, even a broader understanding of business is needed.
Each choice demonstrates promising possibilities in the field of work. Knowing these things will make it a lot easier for you to embrace the best decision for you in the future.