Published On: Sun, Jan 19th, 2020

Career in Microfinance Institutions and its Future in India

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Apart for being a service to the society and dedication to the development issues, microfinance provides high paying jobs. Nobel prize winner Muhammad Yunus of Bangladesh and Vikram Akula of India has provided poor people of the developing countries a source of livelihood and employment through microfinance. A career in microfinance is definitely lucrative with opportunities of self-growth and social development.

How Microfinance Works?

Contrary to traditional finance sector, microfinance provides loans to the poor people in need. The amount can start from USD 1.00 and reach up to USD 1000 or more depending upon the requirement. This small amount is called microcredit. The microcredit is given to low earning people who can use the amount to start a small business. It is difficult for the poor people to get loan from traditional banks. The microfinance institutions identify such people and give them loan along with the necessary training. Many non government organizations participate in microfinance programs with enthusiasm.

Career in Microfinance

Jobs in microfinance are available at three levels for undergraduate, graduate and professionals. The undergraduate individuals are appointed at the entry level. At the middle level or executive level jobs are available for both undergraduate and graduate individuals but graduates are generally preferred. At senior level, managerial posts are filled by working professionals and MBAs.

Job Security in Microfinance and Future Scope

The microfinance sector is in its initial stage and is growing at a rapid pace. Thus, it has immense job and career opportunities. Many new microfinance institutions have come up in the field. Existing organizations which were already working on other development issues have considered and adopted microfinance in their list.

Education for Making Career in Microfinance

Career in Microfinance Institutions and its Future in India

In India, many educational institutes are providing education in microfinance. Some of these institutions are Indian School of Microfinance for Women, Delhi School of Social Work, Institute for Financial Management and Research, Institute of Rural Management Anand, Xavier Institute of Management and Enterprise Development Institute. These institutes provide graduate and undergraduate programs in microfinance.

Are Jobs in Microfinance Satisfactory?

A career in microfinance institutions is not only a career with lucrative incentives and salary but it gives an opportunity to work for a social cause. To improve the living conditions of poor people in developing countries and to provide them with livelihood generation sources, microfinance institutions always look for dynamic and dedicated people who can align themselves with the cause and the necessities of the people.

About the Author

- I am an internet marketing expert with an experience of 8 years.My hobbies are SEO,Content services and reading ebooks.I am founder of SRJ News andTech Preview.

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