Jobs for Mutual Fund Distributors [caption id="attachment_61484" align="alignnone" width="770"] Jobs for Mutual Fund Distributors[/caption]
What kinds of jobs are offered after qualifying the NISM Mutual Fund Distributors (MFD) Level 1 and Level 2 Certification?
According to SEBI regulations, the sole necessary test for professionals executing the sales function related to mutual funds is the NISM Series VA: Mutual Fund Distributors Certification Examination. However, in the lack of any other assessment that covers Indian Mutual Funds in such minute depth, the industry has mostly accepted the NISM benchmark. Today, all companies in this area require the NISM Series VA MFD Certification for all mutual fund job profiles (and not just professionals involved in sales). To answer the question, the NISM Series VA MFD Certification (referred to as Level 1 in the question) gives chances at every level and professional role in the mutual fund sector.
The NISM Series VC: Mutual Fund Distributors (Level 2) Certification is a high-level examination that covers a variety of real-life scenarios and cases to help you deal with investor difficulties. It also delves deeper into fund valuation, taxation, laws, and financial planning. Here are a few examples of job profiles that are also mentioned in the NISM Mutual Fund Distributors Workbook: * Mutual Fund Sales positions in banks such as SBI, ICICI, HDFC, and Axis Bank, among others.
* Mutual Fund Sales profiles in National Distribution Companies and Brokerage Firms such as Angel Broking, Sharekhan, and others.
* Roles in Asset Management Firms (AMCs) * The Chief Investment Officer (CIO) is in charge of the fund's entire investments.
* The CIO is assist by fund managers. Every scheme must have a fund manager, according to SEBI regulations, albeit the same fund manager may manage multiple schemes.
* Securities Analysts provide research input to fund managers. These analysts are from the Fundamental and Technical Analysis streams. * Some of mutual funds also have an economist to analyse the economy.
* Securities dealers assist in the execution of transactions in the market. Dealers in the secondary market conduct the sale and acquisition of mutual fund schemes' investments.
* Chief Marketing Officer (CMO) is responsible for mobilizing money under the various programmes.
* The Direct Sales Team primarily targets major investors. * Channel Managers oversee distributors.
* The CMO is assisted by the Advertising & Sales Promotion Team.
* The Chief Operations Officer (COO) is in charge of the AMC's day-to-day administration and operations. The COO typically reports directly to the CEO and is regarded as second in command.
* The Compliance Officer is responsible for ensuring that all legal requirements are met.
* Roles in Custodian:The custodian is responsible for the fund's assets. As part of this role, The custodian must accept and distribute securities for the purchase and sale of the fund's various schemes. All mutual funds must hire a custodian because they aren't allowed to keep the securities in their own hands.
* Registrars and Transfer Agents: Registrars and Transfer Agents (RTA) keep track of investor information. Their locations in various centres act as Investor Service Centers (ISCs), which play an important role in handling investor documentation. The RTA's functions include processing the investor's purchase and redemption transactions and dealing with the financial transactions of receiving funds for purchases and making payments for redemptions, updating the scheme's unit capital to reflect these transactions, updating the information in the investor's individual records, known as folios, keeping the investor updated on the status of their investment account and information related to the I Currently, Karvy and CAMS are the dominant RTAs, handling 90% of the industry's backend. You can also locate a variety of career roles here.
* Auditors: If you have a CA or CS background, you may be able to get work auditing mutual fund businesses and their schemes. Account audits are the responsibility of auditors. The mutual fund schemes' accounts must be kept separate from the AMC's accounts.
* Fund Accountants: The fund accountant is in charge of computing the NAV by gathering information about each scheme's assets and liabilities. The AMC can undertake this activity in-house or outsource it to a service provider.
* KYC Registration Agencies (KRAs): To eliminate the need for multiple KYC requirements with various intermediaries, SEBI has required a unified KYC for the securities market via KYC Registration Agencies (KRAs) registered with SEBI. Any new investor, joint holders, power of attorney holders, donors, and guardians (in the case of children) must comply with the KYC requirements. There are a few roles connected to KYC and verification.
* IT and software companies: The sector is developing toward automation and relies heavily on software interfaces to handle such a large number of investors. If you are a software engineer, you may be able to find work in a variety of software organisations that produce software for some or all of these entities.
* BPOs and Call Centers: Many BPOs and Call Centers manage the AMCs' back-office functions. In these call centres, you can discover jobs servicing investors and distributors over the phone.
* NISM: Finally, if you have a strong understanding of mutual funds and want to work in academia, you might be able to find a job at NISM. For the aforementioned exam, please subscribe to our NISM Mutual Fund Distributors Mock Test Series.