Analysts, architects and management professionals with relevant skills and expertise in the latest technology can earn up to ₹35 lakh a year, observes Ved Prakash Jha, vice president, product, Imarticus Learning.
There was a time when individuals had limited opportunities when it came to employment.
Traditional jobs like engineering and medicine were considered the 'safe choices'.
If one was more adventurous, one could perhaps think of a career in law, but that was the end of it.
Fortunately, there has been a drastic change since then.
Opportunities have opened up, and the prospect of employment is not solely determined by educational background.
This, coupled with the surge in certification courses online, has widened the opportunities for available work.
The pandemic seemed to be an essential trigger in spurring this change, especially in the Indian market.
Most companies are now moving towards digitisation, and new opportunities have sprung up in the IT sector.
These jobs do not necessarily require a degree in engineering or specialisation in coding.
Instead, applicants can enter the field after completing certification courses and acquiring the desired expertise.
1. IoT Architect
With the increased emphasis on digitisation, the IT industry is all set to witness a future boom, especially regarding employment generation.
IoT architects are a kind of software architect specialised in IoT companies who hire IoT architects to develop and implement robust IoT solutions.
Their task includes building a secure IoT system network and ensuring its smooth functioning.
They must have a solid technical base and be familiar with networking concepts.
Although it does not require any specific qualification, the applicant should have a certification in the domain of interest (related to IT) or experience working in the field.
The salary offered to a skilled employee is approximately ₹19 lakhs per annum.
2. Software architect
A software architect helps companies design software programs, provides technical leadership and is responsible for prioritising, designing, and releasing platform features.
The participant needs technical knowledge, certification, and people management skills.
A qualifying degree in computer science or engineering may be helpful in landing first jobs in the field.
Familiarity with computer programs is a bonus and may improve the chances of employment. Besides, certification in any of the programs may be availed online.
A skilled architect is offered an annual remuneration of approximately ₹22 lakhs per annum.
3. Business intelligence Analyst
Companies are increasingly relying on Big Data to take vital business decisions.
Business analysts are crucial in helping companies comprehend data, formulate strategies and bridge the gap between the business and technical teams.
They can help companies identify deficits in functioning, detect and map out trends, predict problems, formulate solutions, and identify and meet consumer needs.
Analysts needs to know the industry trends and technical specifications.
A degree or certification in computer science, data analytics, statistics, or business systems is helpful to begin with.
For young professionals average starting salary is approx ₹7 lakhs per annum, but with the required skills and experience, professionals can earn up to ₹20 lakhs per annum.
4. Quantitative Analyst
Since the recession hit in 2008, companies have been trying to develop a financial infrastructure that helps minimise risks and provide avenues of growth.
As a result, the demand for quantitative analysts is on the rise. They are usually employed by investment banks, private equity funds, and hedge funds.
The responsibilities of a quantitative analyst include recognising investment opportunities, identifying trends, and managing risks. They are also responsible for designing models based on financial data that help companies decide on investments and pricing. They alert organisations of the areas that need improvement and avenues of growth and development.
As quantitative analysts deal primarily with numbers, they need a background in mathematics or statistics and data analyses, along with an understanding of finances and financial management.
Given the challenging nature of their jobs, quantitative analysts are usually very well paid, mainly if employed by hedge funds.
They are also widely employed in companies outside India, especially in Hong Kong and New York.
5. Product Manager
A product manager is the person who identifies the customers' need and the larger business objectives that a product or feature will fulfill, articulates what success looks like for a product, and rallies a team to turn that vision into a reality.
The basic requirement to become a product manager in India is: Relevant bachelor's or master's degree in Business administration, management, computer science, engineering, marketing, economics, or a related field with 2 to 5 years of field experience in product development, testing, or product designing.
Specific responsibilities may vary depending on the size of the organisation.
In larger organisations, for instance, product managers are embedded within teams of specialists.
Researchers, analysts, and marketers help gather input, while developers and designers manage the day-to-day execution, draw up designs, test prototypes, and find bugs.
Product managers have more help, but they also spend more time aligning these stakeholders behind a specific vision.
The salary of a skilled product manager in India ranges between ₹6 lakh to ₹35 lakh per annum with an average annual salary of ₹17 lakh.