No, but you will eventually get Jobs that include abilities that can raise Faith and Brave. These effects seem temporary but in effect for every 4 points you raise either stat during the battle, it will be permenantly raised by 1 point after the battle is over.
Brave generally affects physical damage dealt so high Brave means more damage. Faith affects magic attack and defense, so high Faith makes offensive spells hurt more and restorative spell heal for more, but enemy magic affects you more as well.
Avoid raising Faith to 96 more or lowering Brave to 4 or less, since the characters may leave the party (except Ramza). It may seem silly to want a low Bravery, but it improves the odds of getting rare items with Move-Find.
I forgot to mention that one additional advantage of hand-picking your Generics is you get to name them.
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