Career in Banking Sector

Yashwant Kale Career Guidance, IBPS 1 Comment

Career in Banking Sector

The Career in Banking Sector is very prospective and is considered as the most sought career choice among the candidates within the age group of 18 years to 28 years. The entry into the sector is a guarantee to the well paid, secure and status career. Although it appears that these jobs are meant for commerce or the economics students, but in true sense the majority of bank officers are from different streams of education. By each passing day, new banks coming up owing to the privatization of services, the industry indeed provides numerous opportunities for the graduates of any field to enter into the banking sector either in the Private Sector or in Government Sectors. Consider a student of B Com stream; he/she can easily get placed as a sales executive for loans, mortgages and insurance with any of the leading banks. All the candidate needs is a good communication skill. Likewise, if a candidate holds an MBA in finance from a good Business School, the candidate can expect to be placed as a relationship manager. The salary packages are accordingly decided.

Requirements of the Banking Professionals

Banking professionals are required all throughout the year. The entry of the private sector Banks have increased the requirement for banking professionals in a tremendous way. Such is the requirements that, Students with different specializations such as Science, Arts and Commerce can even apply for jobs with banks after equipping themselves with diplomas or any certificate courses that provide them with the basic knowledge required in the banking Sectors. The candidates having the Bank Jobs at outside of the country are also in huge number and their Salaries are huge and provide excellent scope for professional and personal growth.

Various Jobs in the Banking Sector

Presently, India has different types of banks such as Central, Nationalized, Grameen, Private and Foreign banks. In the present scenario, India has about more than 150 banks with more than 50, 000 branches and more than 17, 000 ATMS all across the country. There are about 7-8 lakh job vacancies are available in the banking sector in the next five years. Job opportunities in the banking sector are increasing with each day. Job opportunities in the form of marketing, sales, financial analysts, human resources, client servicing and insurance are at the moment available within the country.

The following jobs are available in the banking sector for any graduates ranging from B.com, MBA to B.Tech and many more.

These are as follows:

1. Branch manager
2. Business analyst
3. Counselors
4. Probationary officer (PO)
5. Sales officer
6. Relationship manager
7. Clerical jobs

The jobs in the particular niche depend on the qualification of a candidate. If the candidates have the basic qualification of graduation degree, then they easily apply for jobs like Clerk and Bank PO. Those who have an MBA in Finance or Banking have better scope in the Banking Sector. Job opportunities for graduates and post-graduates in banking Sector are excellent in India. On completing a selective professional course in banking, the candidates can be immediately offered a position as a banking sales officer in any private banks. However, one must remember that technical skills and basic communication skills matter in the whole process. Even the positions like insurance Agents and other positions in personal loans, mortgages, collections and back office operations are always vacant and have the capacity to offer all bright careers to average students. Several Banks like ICICI, HSBC, HDFC, Kotak Mahindra, Standard Chartered, Barclay’s and American Express are some of the Banks which hire banking students at all levels depending on the on Campus Colleges.

Pay Scales in the Banking Sector

The Pay scales for banking professionals in the case of freshers vary anywhere from Rs 8,000 to Rs 20,000 at the starting level. The Students from top B-schools and Banking institutions can expect up to Rs 8 lakhs per annum for the role of relationship managers, depending on factors like Colleges and the time. Several banking companies and Banks recruit Indian students from the IIMs, XLRI, FMS and other popular colleges every year for pay packages starting from minimum Rs. 10 lakhs per annum. However, one must remember that the pay structure varies from on a yearly basis and there may be some fluctuations in the market, which may affect the Pay Structure. One must remember that Pay packages in the banking sector at both the levels; Public and Private depend on the nature of Job Profiles and banks in which the candidate is working. In case of clerical jobs, it varies from Rs. 15000 to Rs 20000 a month. While, for the higher position, it may vary from Rs. 30000 to Rs 40000. If a candidate is an MBA from any reputed institution, the salary may touch from Rs 10 lakh to Rs 20 lakh per annum. Some even, meritorious and hard-working MBA students of IIMs can touch the figure of crore per year as salary.

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