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Updated in [June 30th, 2023]

This course, Behavioral and Personal Finance, provides an introduction to the behavioral aspects of financial decision making and personal finance planning. Students will be exposed to the theoretical, mathematical, and empirical underpinnings of anomalies and biases that investors face in financial markets. The course will also focus on the behavioral approach of investment and personal financial planning. Through this course, students will explore some of the most common biases and mistakes that individuals make while dealing with money. Discussions on related theories, mathematical illustrations, and experimental exercises will help participants become familiar with terminology, techniques and approaches used in the behavioralized financial services industry. These techniques can also be relevant to traditional financial advisory services, the products and services in the fintech domain, and public policy.

This course is intended for BTech/BE students with a basic knowledge of Economics and Statistics, as well as students of MBA/MCom/MA (Eco)/BBA/BMSP. Companies from the BFSI (Banking, Financial services & Insurance) sector, such as Edelweiss Fin. Services Ltd., Barclays India, Yes Bank, CFA Institute, Capital First Ltd., Nomura, and other financial advisory firms, including investment banking companies such as JPMC, DB, etc., provide support for this course.

[Applications]
Upon completion of this course, students should be able to apply the concepts of behavioral finance and personal finance planning to their own financial decisions. They should be able to identify and avoid common biases and mistakes when making financial decisions. Additionally, they should be able to apply the techniques and approaches used in the behavioralized financial services industry to traditional financial advisory services, the products and services in the fintech domain, and public policy. Furthermore, students should be able to use the knowledge gained from this course to make informed decisions in their personal and professional lives.

[Career Paths]
[Job Position Path]Financial Advisor
[Description]A Financial Advisor is a professional who provides financial advice and guidance to clients based on their individual needs. Financial Advisors help their clients make informed decisions about their investments, retirement planning, estate planning, and other financial matters. They provide advice on a variety of topics, such as budgeting, saving, investing, and insurance. Financial Advisors also help their clients develop and implement long-term financial plans. They may also provide advice on taxes, estate planning, and other financial matters.

[Development Trend]The demand for Financial Advisors is expected to grow significantly in the coming years. This is due to the increasing complexity of financial markets, the need for more sophisticated financial advice, and the aging population. As the population ages, more people will need help with retirement planning and other financial matters. Additionally, the increasing complexity of financial markets will require more sophisticated advice from Financial Advisors. As a result, Financial Advisors will need to stay up to date on the latest trends and developments in the financial markets. Furthermore, the increasing use of technology in the financial services industry will create new opportunities for Financial Advisors to provide more efficient and effective advice to their clients.

[Education Paths]
[Educational Path]
The recommended educational path for learners of this course is to pursue a degree in Behavioral Finance and Personal Finance. This degree program typically includes courses in economics, finance, accounting, mathematics, and statistics. It also covers topics such as behavioral finance, financial decision making, personal finance planning, and investment strategies. Students will learn about the theoretical, mathematical, and empirical underpinnings of anomalies and biases that investors face in financial markets. They will also gain an understanding of the behavioral approach of investment and personal financial planning.

The development trend of this degree program is to focus on the application of behavioral finance and personal finance in the real world. This includes the use of technology to improve financial decision making, the development of financial products and services, and the use of public policy to promote financial literacy. Additionally, the degree program will focus on the ethical implications of financial decision making and the importance of financial literacy.