Banking and Finance

With the emergence of multinational Banks and introduction of the concept of privatization in the banking system, young people are showing a lot of enthusiasm in making a career in the banking sector. After the liberalization of the economy in 1991, there has been a great surge in the banking sector in India.

According to an IBA-FICCI-BCG report , India’s gross domestic product (GDP) growth will make the Indian banking industry the third largest in the world by 2025.

The banking sector offers career opportunities to people from diverse backgrounds. It is not just limited to the tellers or probationary officers. There are professionals from sales, marketing, computer science as well as technology.

The word finance has huge connotation. It’s not just about money. It involves a whole gamut of financial services and operations. It involves strategic planning, budgeting, creating sources of funds, allocations and expenditure, all under one umbrella offering a variety of positions catering to a number of different skills and interests.

 

Avenues for you:

  •        Administrative Work
  •        Management
  •        Securities, commodities or Investment Banking
  •        Sales
  •        Insurance
  •        Public Accounting

Administrative Work:  64 per cent available jobs in the banking sector comprises of administrative support system. It refers to the basic support provided to the management in terms of handling customer complaints, handling cash for deposits or withdrawal, etc, so that the day-to-day operations of the bank are carried out smoothly.    

Qualifications: 10+2, need to qualify bank entrance test

Institutes: There are various private institutes offering short term courses for clearing these entrance exams.

Duration: 3 months

Eligibility: 10+2 in any stream

Aptitude: basic logical reasoning & general knowledge.

Career options:

  •        Tellers
  •        Accounts Clerks
  •        Customer service representatives

Starting remuneration: Rs 10,000 to Rs,20,000 per month.

Challenges: Handling customers directly can be cumbersome sometimes owing to the attitude and behavior of people, especially in financial matters.

But you will love your job because: It provides a great learning opportunity for the new comers. Banks also arrange for internal exams for its employees. These exams if taken seriously can prove to be a ladder to success.

Management: Management refers to the key positions of a bank. Officers at the management level are responsible for supervising the overall functioning of the bank, implementation of the established policies and earning profits for the bank. Officers are senior-most employees in a bank to solve all complaints of customers and ensure customer satisfaction.  

Qualification: MBA

Institute:  

Duration: 2years

Eligibility: Graduates in any discipline

Aptitude:  Good analytical skills and deep interest to understand the banking sector.

Career options:

  • Financial Manager
  • Loan Officer
  • Trust Officer

Starting remuneration: Rs 35,000 – Rs 45,000

Challenges: This is a highly competitive field. You need to keep yourself updated with the recent developments in the banking sector and should have sound communication skills. Technology is changing every day, so a management professional should keep oneself updated with new innovations.

But you will love your job because: There is scope of earning good benefits if you are able to make profits for the bank. There is good financial remuneration along with perks and easy loan facilities.

Investment Banking:  

Investment Banking professionals provide advice and invest in stocks, bonds, mutual funds or other securities. Such professionals arrange trades of securities, commodities or mutual funds through their financial institutions.

Qualifications: Post Graduation in finance/ accounting/ economics or MBA (Finance)

Institutes:

  •        Delhi school of Economics
  •        IMT, Ghaziabad
  •        IIMs
  •        Symbiosis Institute of Management, Pune, etc.

Duration: 2 years

Eligibility: graduation in any stream, clear CAT, MAT entrance exams.

Aptitude: logical reasoning,  good at numbers and an analytical mind.

Duration: 3 years

Eligibility: Graduate in any stream, preferably Commerce.

Aptitude: good with numbers and communication to ensure proactive dialogue with customers.

Career options:  

  •        Securities & Commodities Advisor
  •        Financial Services Manager/Financial Planner
  •        Relationship Officer
  •        Financial Analyst

Starting remuneration: Rs 30,000 + incentives

Challenges:  Convincing a customer to invest money in a certain product calls for a lot of tact, diplomacy and persuasive skills.

But you will love your job because:  Investment professionals are paid high incentives on successful handling of deals.

Sales: In the banking sector, by sales we mean selling of bank products to its retail customers. These products include Credit Cards, Bank Assurance (insurance provided by banks), CASA (Current Account, Savings Account) etc. Their job involves formulating strategies and implementing the same to achieve sales targets

Qualifications: Graduate in any discipline

Institutes: Any college offering Bachelor’s degree

Duration: 3 years

Eligibility: 10+2

Aptitude: excellent communication, sales and negotiation skills.

Career options:

  •        Sales Executive
  •        Sales Manager

Starting remuneration: 10,000 to 15,000

Challenges:  It involves a lot of hard work and innovative methods to pursue the customer

But you will love your job because:  There are very good incentive schemes per sale. Growth prospects and job opportunities are numerous.

Insurance: The insurance sector has seen tremendous growth in the last few years. There are both public-private players in this sector. However, with more international private players joining the band wagon, the industry has witnessed exceptional growth in the recent past.

Insurance basically means “a promise of compensation for certain specific potential future losses in exchange for a periodic payment”. Insurance can cover a variety of areas like life insurance, medical insurance, car, property, any valuable product, etc. So, this industry is vast and provides huge growth opportunities.

Qualifications: need to clear test and get license from Insurance Regulatory and Development Authority.

Institutes:

  •  Actuarial Society of India, Mumbai.
  •  Insurance Institute of India conducts Licentiate, Associateship and Fellowship plus other training programmes for insurance services.

Duration: 1year

Eligibility: 10+2

Aptitude: clarity of thought, quick thinking and excellent convincing skills.

Career options:

  •   Insurance Officer/Manager
  •   Insurance Agent

Starting remuneration: 20,000 to 25,000

Challenges:  You need to have thorough understanding of the insurance policy you are selling, so that you do not mislead the customer.

But you will love your job because:  You get good commissions per policy sold. You can have flexi working hours and can be your own boss if working as an agent.

 

Public Accounting:

The role of public accountants is to help businesses and individuals manage their finances as per generally accepted accounting principles. They record business transactions, help prepare financial statements, audit financial records, prepare income tax returns and provide all other financial consulting services.

Qualifications: Need to be a Certified Financial Accountant

  •  Institutes: Institute of Chartered Accountants of India

Duration: 4years

Eligibility: Graduate in any discipline

Aptitude: must enjoy playing with numbers and calculations, analytical mind.

Career options:

  •        Staff  Accountant
  •        Audit Manager
  •        Tax Manager
  •        Freelance Chartered Accountant

Starting remuneration: 30,000 to 40,000

Challenges:  You need to have clear understanding of the financial and taxation policies of the state so that your advice help the company earn profits.

But you will love your job because:  You enjoy very good incentive schemes. And if your financial planning yields good result, you may become a partner in the firm.

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