by Today banking is amongst the top paying fields in the area of commerce and accounts. With a net worth over INR 64 trillion, the banking industry is growing at a steady rate of 8%. This exponential growth of the banking sector will not only ensure a stronger economy but will continue to open lucrative career avenues for job seekers.
Opportunities in banking sector in India are enormous. It is estimated that in the coming few years over 5 lakh fresh jobs will be up for grabs. Also with the new banking license regime coming into play, the job scenario is expected to become more lucrative in the times to come.
It is not only the private sector that will have vacancies on offer, but the public sector banks will also not be far behind. With an expected deficit of 50% employees in the coming years due to retirement, the public sector banking scenario will also witness huge recruitment drives.
Job Prospects
An aspirant who wishes to make a career in the banking industry has quite a lot of options to choose from. It is not only the conventional fields like marketing, sales, financial analysts, human resource, client servicing, insurance etc in banking sector that are in vogue, but upcoming areas such as investment banking, internet banking etc. are also to look out for.
Educational Requirements
An aspirant can get into the banking industry after completing his/her graduation. Profile and pay package of the job depends on the aspirant’s educational qualification and experience. Higher one’s qualifications and more the experience, the better will be the salary. The starting salary could range between Rs. 10,000 – 15,000.
Banking Scene
FICCI and a few other reputed financial institutions have said that the Indian banking sector is set to become the third largest by the year 2025. The public sector banks alone are giving away more than 7 lakh jobs every year. Moreover, since there is a huge population in the banks waiting for retirement, around 40,000 additional jobs get created automatically annually. Imagine the opportunities you have to get a career that is not only promising but also offers a better lifestyle and perks.
Admit it. Nothing makes you look smarter than a white-collar job in a bank. But that’s just the cosmetic part of it. Banking careers include relationship managers, personal banking and loan officers, wealth advisory, book keeping professionals, auditing clerks, finance service representatives to name a few. Indian banking is now on a competitive mode, so you will land faster growth opportunities in your career. Since India still does not have formal schools and institutions offering specific courses in banking, there is always a dearth for competitive personnel. Even SBI- one of the oldest banks- is now opening opportunities to the younger executives who work with better efficiency.
Banking career has always been respectable but now it has also become challenging. In addition, Indian banks follow employee-benefit norms and have great promotion opportunities. Private banks such as ICICI, HDFC, HSBC, Yes Bank, etc. are known to possess great learning and growing environment for young professionals.
Banks in India recruit through common and specific exams, interviews, aptitude test and GDPI. Only last month, the government has relaxed the 60% marks in graduation criterion for the common entrance exam for public sector banks, scrapped the computer literacy requirement and raised the maximum age to 30 from 28.
Most people think Finance sector jobs are rather boring. Another popular myth is that most of these careers are meant for people with Math and/or Commerce background.
First of all, understand that Finance sector is a very vast field that includes financial analysis, finance management, chartered accountancy, company secretaryship, management accountancy, equity sales and share trading, share consultancy, insurance and the likes. The public sector alone offers a variety of options in organizations such as FICCI, NABARD, UTI, SEBI and the likes.
And no if you choose the area of your interest, it cannot be boring. The best thing about this sector is the scope of becoming consultants, so in the long run you don’t really work under anyone but create your own niche. Every CA intern starts off with a firm and eventually opens his own. Similarly, an equity sales is an area where you can become your own boss if you excel in it. In addition, a Company Secretary job is one that is both exciting and respectable. Then there is a whole array of insurance sector jobs.
Another good thing about this sector is you can always keep upgrading yourself. So even if you are an MBA in Finance, you can do a certificate programme in Financial Analysis.
There are three big Indian professional bodies that are offering certifications in chartered accountancy (CA), management accountancy (ICWA) and company secretary (CS). Many universities and colleges in India offer MBA in Finance. There are short-term certifications available through correspondence and online.
