Introduction
The demand for taking up a career in banking, among young aspirants is rising than ever before!
For a developing country like India, banks are considered as the backbone of the country’s economy. The global turmoil in the financial segment that occurred a few years ago had the least effect on our country’s banking sector because of our sound banking and financial system. The banking sector in India is growing at a rapid rate and is among one of the fastest growing industry vertical.The rapid advancements and growth in the banking sector has paved way for many banking career opportunities. The banking sector in India is gearing itself and there are much more private banks to come in the near future. All of these bring in huge career opportunities for those who aspire to become future bankers.
Banking today is a niche career for enthusiasts in the field of commerce and accounts. For the beginners, it is the first step towards understanding the global economy, discovering the challenges of the marketplace and identifying themselves with a career that provides them with tremendous opportunities, both within the country and abroad.
With new banks coming up every year owing to privatization of services, the industry indeed provides sufficient room for graduates in any field. If you are a student of BCom, you can get placed as a sales executive for loans, mortgages and insurance with any of the leading banks. All you need is good communication skills. Similarly, if you hold an MBA in finance from a good b-school, you can expect to be placed as a relationship manager. The salary packages are accordingly decided.
Why Opt for a Banking Career?
Bank jobs are backed up by a huge wealth of diversity and almost every vacancy created in a bank incorporates some sort of banking element such as law, accounting, investment banking, taxes, public relations, customer relationship management etc. Moreover a career in banking is international in nature and a number of international and private banks set up in the country have opened up opportunities for the deserving candidates.
For beginners, the banking sector provides an excellent opportunity to develop an understanding of the global economy. It paves the way for identifying various challenges in the marketplace and provides tremendous opportunities globally.
Types of Banks in India
The banks in India can be categorized as following.
- Commercial Banks: The major role of the commercial banks is to enable businesses and entrepreneurs with the financial services. Commercial banks are further categorized into the following.
- Private Sector Banks
- Public Sector Banks
- Regional Banks
- Co-operative Banks: Co-operative banks mostly benefit the rural people like farmers, small scale industries etc. These are controlled and managed by the co-operative societies. These can be further categorized into
- State co-operative Banks
- Central co-operative Banks
- Primary Agriculture Credit societies
- Investment Banks and specialized banks: These provide financial assistance to its customers and provide necessary support like foreign exchange, sales of equities, foreign trading etc. to its customers.
Most of these banks offer better packages today and give a performance and experience based promotion. In case of public sector banks, professionals like engineers, doctors, MBAs and lawyers are appointed based on the results in All India Recruitment Exam. Probationary officers (Bank PO) are also recruited in public sector banks based on the Common Written Examination (CWE) conducted by the IBPS. It is estimated that public sector banks are to employ more than 7 lakh people in the near future.
Skills required for a Banking career
- Customer Dealing
- People with patience
- People good with numbers and accounting
- Good Analytical Skills
Preparing for a Career in Banking
There are various positions available in banking sector out of which the two major ones are clerks and probationary officers (P.O.)/ management trainees (M.T.)
Recruitment of clerks in banks
Age limit: 18 years to 28 years
Educational qualification: any degree
The qualifying examination is in the form of written examination and it involves multiple choice questions. It consists of a test of reasoning ability and numerical aptitude, test of clerical aptitude, test of English language and test of general awareness The candidates will be selected based on the final merit list and this is jotted down based on the aggregate of marks in written examination and interview.
Recruitment in Officer Cadre
Mostly officer cadre is filled after promotions in clerk positions and at times to meet the rising demands direct recruitment are also done. The minimum age group for entry into officer cadre is 21 years and maximum is 30 years or above as decided by the individual banks. Educational qualification of 55% marks is required in any graduate program from a UGC recognized university. The qualifying test for probationary officers includes data interpretation and logical reasoning, general awareness, English and verbal reasoning.
Other Career Options in Banking Sector
Other opportunities available in banking sector are financial managers, Bill and account collectors, bank tellers, loan officers, financial service representatives, book keeping and audit clerks.
Why You Should Join the Banking Sector in India!
The banking sector has always been an attractive option to aspirants from all backgrounds. It offers a lot in the way of job security and pay. But these are not the only reasons to prefer jobs in banking. Here are ten reasons why you should join the banking sector.
- Scope for Individual Growth:
For talented and dynamic professionals, the competitive environment of the banking sector provides ample scope for individual, vertical growth. It provides employees an ambience that is conducive to scaling new personal heights and improving job profiles.
- Variety:
The banking sector is one of the most diverse sectors to work in. The choice of jobs as well as the variety in types of work that it offers ensures that there is a profile that will definitely suit your interests and aptitude. From Bank Probationary Officer to Financial Analyst, from Account Manager to Specialist IT Officer, there is a wide range of options to choose from.
- Challenges:
The work in the banking sector is multifaceted and you can keep monotony away by challenging yourself at work. This is a highly motivating factor for people who are ambitious and seek to develop their personality. With both physically and mentally stimulating work, you can work at the optimum levels of endeavour.
- Opportunity for Growth of the Economy:
Finance is a major part of the focus of any government’s policies. Banking can be safely called as the backbone of the Indian economy. Working in the banking sector provides an opportunity to each employee to contribute towards the growth of the economy through his work, whether mammoth or miniscule. There is indeed no better way to simultaneously work for yourself and serve the country too!
- Extensive Traveling:
Jobs in the banking sector can involve settling in different parts of the country, and sometimes abroad too. A banking job entails a lot of travelling for various purposes. This includes both domestic and international travel. As such, one is able to work and enjoy leisure at the same time by breaking the monotony of a mundane office.
- Handsome Salaries:
Let’s face it! Money matters! Today’s generation looks at money as a source of happiness. When good money can be made from work that interests and suits you, nothing like it. In this regard, the banking sector proves to be the best bet. A handsome remuneration is what you get for your work in a bank. They also give out bonuses and other incentives over the course of your employment based on your merit and seniority.
- Creativity:
A job in the banking sector is an evolving job. With more and more money being generated every day in newer and newer ways, the roles and responsibilities of banks also change regularly. With the injection of business principles into banking, creativity at work is now valued more than ever. With the advent of mobile and internet banking and with the push for global financial inclusion, there is no ceiling to how creative you are allowed to get.
- Exposure through Communication:
A major part of banking revolves around providing essential services to customers. Communication and interaction with these customers is of utmost importance. This interaction provides the basis for exposure of employees to different types of people with varied needs and lifestyles. This experience greatly enhances one’s skill sets and confidence in the long run.
- Job Security:
A job in a public sector bank is considered a job for life. With opportunities to advance at work and not worry about being fired because of downsizing or a bad economy, it is easy to see why banking is considered so attractive a sector. Add regular perks to the mixture and banking is the sector to strive for.
- Job satisfaction:
Given all the perks and advantages of a lucrative job in the banking sector, attaining satisfaction in this work is inevitable. Since job satisfaction is one of the most important criteria in a selecting a job these days, it is also one of the most convincing reasons why one must opt for work in the banking line.
