What do you understand by KPO?
KPO, which I believe every one of you is aware of is Knowledge Process Outsourcing, which in general terms means outsourcing some knowledge based work of the organization to be done by any third party in consideration for some pay.
This knowledge-based work is mostly technical in nature which requires specialized skills and the person or team should be analytical in their approach.
In general, India is considered to be the major hub for KPOs along with China, Ireland, Israel, and Russia. It is also said that approximately 70% of the KPOs work is outsourced to Indian companies. The apparent reason being
It is also said that nearly 70% of the KPOs work is outsourced to Indian companies. The apparent reason being the availability of technical skill set of engineers, doctors, graphics and website designers, Chartered Accountants, Architects, Economist, etc. at a very low cost.
Why to Outsource to KPO?
Organizations tend to use the KPO services when they find it beneficial to them regarding finance, time, and manpower.
Instead of creating a division for doing the particular work they prefer to outsource the same since it is more beneficial to them.
Whenever the cost of creating a division for any specific skilled work is more, then the organization prefer to outsource the same, since they get the same work done more efficiently, with more skill sets and with better quality at a lesser cost.
For Example, Company wants to have an Excise and Service Tax Division to handle its Excise and Service tax dealings, returns, official legal works and other legal compliances about the same:
Cost to the Company
- Company needs to hire at least 3 to 4 qualified technical staff out of which one has to be the division manager
- Provide a space for the team to handle the work
- Increase in work load of HR (Human Resource)
- Increase in MIS reporting of the division
Outsource to KPO
A monthly or annual payment needs to be made and rest all the work of filing, maintaining and managing the legal requirements are taken care by the KPO. The work is also conducted offshore at the place of the KPO; only the company is required to send adequate data for the KPO to do their work.
Financial KPOs are a good place for MBAs, CAs, and CFAs
If you have a degree in MBA, CA or CFA then Financial KPO is always beneficial for you.
Whether you work for a financial KPO or you, get work outsourced from them, in both the scenarios you will be in demand.
The very reason being the degree of MBA, CA and CFA are all linked to finance, and the technical skills which are gathered from these studies are helpful in the work of financial KPO.
Let us specify each of the professional degrees about financial KPO’s.
From MBA’s point of view:
The degree of MBA (Master of Business Administration) gives you an insight of all the aspects of business administration whether it is with Human Resource, or with Product development or with Management or in Finance.
You will be having knowledge of all fields and as such you can be involved in financial KPO’s.
Maximum people hired in KPO do have the degree of MBA.
As such you can expect to work in financial KPO if you have an MBA degree, and you will earn more if the specialization is in finance.
From CA’s point of view:
The degree of CA (Chartered Accountancy) is valuable from both the angles, i.e., getting outsourced work from KPO and also getting a job in KPO.
If you are in practice and have specialization in any specific field, then expect to get some work outsourced from KPO, and if you are a fresher, you can join them and earn handsome money.
And of course, you can always change your decision and switch to practice after working with KPO and having earned sufficient experience for yourself. So it’s always a good place for your development.
From CFA’s point of view:
CFA means Chartered Financial Analyst, who are specialized in the analysis of financial securities and derivatives. Also, they are expert in arranging data and creating MIS reports with the said data. This type of specialized skill is mostly absorbed in financial KPOs.
If you compare all the three degrees, you will understand that these people are mostly involved in all the workings of financial KPO whether it is on their payroll or as their partner.
CA, CFA, and MBA are degrees which provide the skill set for the working that financial KPOs are involved with, and so it is always a good place for such degree holders.
Benefits associated with outsourcing of work with KPO
As mentioned if there are risks, there are also benefits of assigning work to KPO and the organization generally compares the risk and benefits associated with the outsourcing of any particular function if it finds that the benefits are more than the risk, the work is outsourced and vice-versa. We are listing herewith few of the benefits of outsourcing the work to KPO.
- Cost effective – Mostly the work associated with KPO are done at a much lower price in comparison to the cost which the organization would have incurred if it was supposed to do that same work within the organization.
- Work conducted by KPO are mostly technical and as such there are a lot of professionals attached to the work. We get the work done by a person having specialized skill in that area thereby increasing the effectiveness and quality of the work.
- Organisation also gets the benefit of time zone, since sometimes KPO work in different time zone as such the organization can utilize the advantage of 24 hrs working.
In my last post, I wrote some basics about KPO career in India.
In this post, I plan to cover top 30 financial KPOs in India
There is no dearth of opportunities for the right person having good skills in KPOs. I have included the skill set required to get into financial KPOs in India, in my last post.
Please note that this list is based on my research and updated today(February 8, 2016).
Note: Some of the companies are into pure research.
Here’s the list, city wise:
Financial KPOs in Mumbai
1. Sutherland Global Services (Formerly Adventity)
Financial KPOs in Pune
1. SG Analytics
9. BNY Mellon
10. Credit Suisse
Financial KPOs in Bangalore
5. Infosys BPO
Financial KPOs in Delhi, Noida, Gurgaon
10. Cians Analytics
Financial KPOs in Chennai
Financial KPOs in Hyderabad
1. DE Shaw
Whatever be the risk or benefit with sharing work with KPO organization have their set and pattern of decision making and in current scenario most of the overseas jobs are outsourced to KPO’s working in India, China, Israel or Russia since the cost of getting the work done through KPO is beneficial to the organization
Did I Forget Anything?
There you have it, 30+ financial KPOs in India.
I spent at least 10 hours on this post, scouring the web for every KPO I could find.
Even so, I’m sure there are a few that I missed.
Or maybe there’s one on the list that you disagree with.
Either way, leave a comment below!