Be it private or government the banking sector in India makes for a great industry to work with. The following post explores the field of Banking as a career opportunity.
The term banker is a generic one implying all the professionals who manage money as well as different assets. So a career in banking has a variety of scopes and a wide range of paths to choose from. And as the demand for the banking jobs are extremely high among the job aspirants the number of the applicants are always incredibly higher vis-a-vis the number of openings.
Today banking is considered a niche career segment for students with commerce and economics background. It is the initial step for the beginners towards understanding of global economy and challenges of the financial world. It is a career option with beaming opportunities to advance and flourish. In fact a banking professional has never to look back in his career journey.
Banking Sector in India
With inceptions of new Indian banks and foreign banks setting up their establishments in the country the industry has been ever expanding with passage of time. Privatization of a number of government regulated banks has been another important factor behind the booming of the sector. Therefore positions for different academic level and background are being created every year and thus the scope for making career as a banker has also increased. There is also provision even for a normal B.Com student who can choose the positions of sales executive for loans, insurance or mortgage departments in different financial concerns. However in any case, the candidate must possess a decent communication skill to be considered as an eligible applicant. And in case you are an MBA from a renowned B. School you can directly get placed in a higher and more responsible position and of course with a better package.
Courses and Programs
Today there are various banking oriented programs introduced by government as well as private institutes with a view to equip the students with domain knowledge and practical skills required to face the challenges in the banking sector. As the banking sector is a vast field of operation, there is scope for specialization in different channels such as –
- Strategic Planning for Banking Organizations
- Banking Communication
- Equity Debt
- Quantitative Techniques for Banking
- Human Resource Management in Banking Organizations
- Laws for Banking & Insurance
- Micro Economics
- Taxation related to Financial Services
- Organizational Behavior for Banking Organizations
However like all other jobs banking job has also got merits as well as demerits of its own –
- Different posts and positions to select from.
- High Potential for career development.
- Scope for working in a variety of institutions.
- Aspirants from varied backgrounds can enter the industry.
- Highly competitive field on account of immense popularity of its lucrative nature.
- Involves long and extended duty hours
- Six days a week working.
- Often involves extensive travelling.
Career Opportunities in Banking in India
Fortunately banking is a sector that provides opportunities to students of all streams-may it be science, humanities or commerce. However it is true that to prosper in banking career one must be good in numbers and calculations. In other words he or she must be good in Mathematics and at the same time efficient enough to analyze and interpret numerical data. But there are exceptions to this as well. For instance a student from arts background with excellent communication skill can get placed as a process executive in the banking BPO department. Many leading banking and financial organizations such as Standard Chartered, ICICI, HDFC, American Express, GE Money, and HSBC etc. recruit students from arts background for their KPOs and BPOs.
Career opportunities for students with post graduate as well as graduate degree in banking are in fact excellent. Initially as a fresher graduate one would be offered the position of sales officer and for the post graduates will have the privilege of starting from a higher level of operation. However one must keep in mind that in either case effective communication is a prerequisite condition. It is important to note that while there is abundance of candidates for posts like sales executive, collection officer, process executive, insurance advisor etc. there is shortage of suitable applicants for the higher positions requiring post graduates or cost accountants as these courses are considerably difficult to get through.
The Road Ahead
Although the banking sector is quite steady as well as lucrative as of now but one must keep in mind that financial market is a very fluctuating one. And those attached with this sector are required to keep themselves constantly updated with the ongoing trends in the market in order to stay relevant not only in the banking but also in the financial sector as a whole.