Job opportunities in multiple industries are becoming available as the Vietnamese economy continues to grow and mature.
Vietnam's integration into the global market creates numerous opportunities for growth, including increased employment. The banking and finance sectors are considered the backbone of economic development.
This explainer will examine the banking and finance sectors, including associated fields of study and evolving career paths.
The banking and finance sectors encompass a variety of fields related to financial and monetary activities conducted through banks. This field of study is highly regarded in Vietnam and serves as the starting point for financial managers, risk managers and investors. With the growth of the economy, the fields of study within banking and finance are currently very diverse, aligning with the demands of the labour market.
In the context of Vietnamese education, the fields of banking and finance are a broad area that includes several more specialised sub-disciplines such as banking, corporate finance, tax finance, insurance finance, financial analysis, international finance, financial investment and financial economics.
At most universities in Vietnam, students in the banking and finance sectors are provided with a foundation in economics, along with specialised subjects related to banking and finance, such as
These subjects equip students with knowledge of the global financial market and trains them in financial analytics and capital investment skills. Some universities also offer courses in financial technology (fintech). Students build knowledge in analytics and practical knowledge of financial and banking operations.
Banking and finance programs also provide the knowledge and skills to analyse and forecast based on data and both macroeconomic and microeconomic contexts, helping businesses and organisations make effective investment decisions. To complete the program, students must undergo training and develop both their knowledge and their ability to independently research, analyse and evaluate issues related to finance and currency.
In addition to specialised skills, soft skills are also crucial for students to have a successful career in the banking and finance field. At RMIT University, with its international academic environment, students will be able to enhance these skills. Communication, teamwork, sales, time management, critical thinking, analytical abilities, and decision-making skills are particularly emphasised. Students as well have the opportunity to develop these skills through RMIT's Work Integrated Learning (WIL) approach.
In the Vietnamese university education system, the banking and finance sectors typically include specialisations.
The banking specialisation provides students with in-depth knowledge of finance and currency, capital management, asset management of banks, and credit management. Additionally, students gain supplementary knowledge relevant to their field, such as state regulations related to banking activities, the process of currency issuance, monetary policy management, and accounting.
To broaden career opportunities for students in the future, the banking specialisation also offers knowledge on credit limit assessment and a thorough understanding of the financial, monetary, and stock markets.
In the public financial management specialisation, students are trained to develop the foundational thinking, knowledge, and skills necessary for the field. Key areas of knowledge include public financial management in Vietnam and international practices. This training equips students with the ability to participate in financial management processes within organisations that manage and utilise the state budget.
Students graduate with the ability to analyse, evaluate and practice budget estimation, implementation, budget settlement, as well as how to effectively and equitably manage the tax contributions of citizens.
As the name of the specialisation suggests, students will learn about corporate financial management, including capital management and utilisation, fundraising operations, and organising financial control systems within a company.
In the investment aspect of corporate finance, students are taught financial appraisal skills for investment projects and the analysis of corporate financial statements.
In the accounting-tax category, the corporate finance specialisation trains students in accounting processes, banking credit operations, securities, and valuation. To ensure students are job-ready, they are also introduced to state regulations on business management and tax law provisions.
Unlike the tax knowledge in corporate finance, the tax finance specialisation provides knowledge on tax theory, tax law, tax policies, tax management processes of tax authorities, tax accounting processes, and regulations on preparing tax declaration documents. Students will also gain additional knowledge about law and international tax-related commitments.
In the international finance specialisation, students will learn about operations and knowledge related to international finance. Topics include international business, international investment, international payments, international trade, international credit, and exchange rates.
Specifically, students are trained in the management of ODA project processes, international investment project management, and debt management.
The international finance specialisation equips students with knowledge of international law, international trade and international economic commitments.
The insurance specialisation of a finance offers knowledge that is more relatable to everyday life compared to other specialisations. This includes social finance knowledge, economics, banking and in-depth knowledge of the insurance field. Students will graduate with skills in negotiation, insurance pricing and setting up and managing insurance contracts with clients.
The financial technology specialisation is gaining more awareness among parents and students. In studying fintech, you will be trained in applying technology to the financial sector, including electronic payments, blockchain and related areas.
If you are interested in the banking and finance sector but unsure whether you are suited to it, here are some common attributes of individuals working in this field
Working in the banking and finance sector involves frequent interaction with numerous numbers and complex calculations. Therefore, excelling in mathematics is a mandatory requirement.
Besides having sharp calculation skills, an excellent recollection, along with effective analytical and decision-making abilities, is crucial for solving issues regarding capital management and investment.
Jobs in banking and finance often involve dealing with data and money. Even a small mistake can lead to serious consequences. Therefore, positions in this field require meticulousness, carefulness, and accuracy.
A common misconception among many parents is that working in finance may make one's personality passive. However, this is not the case. As previously mentioned, jobs in the banking and finance sector require personnel to be dynamic and quick-witted. In their careers, students will need to work with clients, partners, and businesses. Therefore, being dynamic and creative helps students integrate easily, manage situations effectively, and provide convincing solutions for clients.
The nature of financial work involves frequent interactions with clients, including individuals and businesses. Therefore, students need to have good communication skills and the ability to understand customer psychology. Good communication skills will help persuade partners and are a crucial factor for success in the finance sector.
Being proficient in computer skills makes it easier and more accurate to process and analyse data for valuation and decision-making. Familiarity with software related to the banking and finance field is an advantage. Therefore, students should focus on learning these skills during their university studies. Some universities, such as RMIT Vietnam, offer modern computers and specialised software for students to practise finance.
In the context of international integration, language proficiency plays a vital role. A majority of clients investing in Vietnam might come from other countries. Hence, it is crucial for studenst to have strong language skills. Many businesses today use both English and Vietnamese in their documents, reports, and communications. Without a sufficient amount of language skills, students can easily find themselves left out in the era of globalisation.
After graduating in banking and finance, you can work in positions such as
In addition, within the banking and finance sector, you can also apply for positions at organisations such as:
RMIT University aims to equip students with a wide range of specialised skills within the Bachelor of Business. This ensures that RMIT graduates have the competitive edge to secure desirable positions alongside other potential candidates.
Unlike most universities in Vietnam, finance at RMIT is just one of many specialisations that can be completed in the Bachelor of Business. This approach is due to the fact that in the field of economics, almost every specialisation is important and there is always a demand for high-quality personnel.
RMIT builds a solid foundation with practical exposure through key courses such as Financial Markets and Institutions, Corporate Finance and Investment in Securities.
RMIT students also have access to the Financial Trading Lab, to simulate real market conditions with trading and financial analysis software.
The program also offers in-depth courses such as derivatives, risk management and international finance, allowing students to develop comprehensive skills.