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Fields of finance

There can be various fields in which the finance function may operate. In each field, finance executive deals with the management of money and claims against money. The distinctions arise due to variety of problems and variety of objects. The various fields of finance can be stated as below:

1.    Business finance: the term business and hence business finance is a very broad term. It covers all the activities carried on with the intention of earning profits. Thus, business finance covers the study of finance function in the area of business which includes both trade as well as industry.

2.    Corporation finance: corporation finance is a part of business finance and deals with the financial practices, policies and problems of corporate enterprises or companies to describe in simple words. The corporation finance studies the financial operations carried on by a corporate enterprise from the stage of its inception to the stage of its growth and expansion.

3.    International finance: international finance is the study of flow of funds between individuals and organisations beyond national boundaries and developing the methods to handle these funds more efficiently. This study may become crucial as it involves exchange of currencies and also as the governments of either of the nations may have close watch and control on these transactions involving foreign currencies.

4.    Public finance: it deals with the financial matters of the Governments. It becomes crucial as the governments deals with huge sums of money which can be raised through the sources like taxes or other methods and are required to be utilized within the statutory and other limitations. Further, the government does not operate with objectives similar to that of the private organisations i.e. earning the profits is not the intention with which the government operate, but they operate with the intention of accomplishing social or economic objectives.

5.    Private finance: it deals with the financial matters of non-government organisations.