The banking sector in India has always been one of the most preferred avenues for employment. A job in this sector entices individuals with unmatched perks and financial stability. Here is a rundown on the same.
An overview of the Banking sector in India: The current decade is marked by a resurgent economy, led by a growing banking sector. This sector has grown at a compounded rate of 51 percent since the starting of the first decade of 21st century, which exceeds the market index of 21 percent during the same period. The projections put banking sector at around INR 7,500 market capital, sharing 7.7 percent of the GDP. Furthermore, the sector is expected to contribute with over 1.5 million jobs. The good news is that banking growth rate will increase to 13.4 % by 2020 and India will become the third largest banking hub of the globe by 2040.
Ever since liberalization took its place in the Indian economy, the banking sector has also diversified its portfolio. Today the banks are now engaged in different activities with new products and services that include opportunities in consumer finance, credit card, investment banking, private equity, stock broking services and pension fund regulation amongst others. Besides, a lot of Indian banks are looking for exploring opportunities on foreign shores through subsidiaries or by themselves.
Employment trends in the Banking sector: The BFSI sector has a direct impact on the long term growth of the country. By the last count, India had 80 scheduled commercial banks, out of which 28 are public sector banks, 24 are private sector while 28 are foreign banks. Indian banks are increasing penetration level in rural areas and for the same they require more work forces. Newer challenges have spawned newer roles and responsibilities, which in turn account for creation of newer job profiles over a period of time. The newer roles now expect employees to be multi-skilled and multi-taskers.
Step by step guide to a career in Banking: The first step to a successful career in banking is a bachelor’s program. But before you decide to enroll yourself, make sure you posses certain attributes essential to a successful career in Banking. Good communication skills, numerical aptitude, ability to manage money matters, honesty and professional ethics are some of the vital traits that every banker must have. An opportunity in banking is anyone’s up for the taking, which means that a student of any stream, whether it is humanities, commerce or science can make the plunge.
Institute of Finance, Banking and Insurance: There are institutes like IFBI, which are specifically dedicated for training candidates to prepare them for a next gen job in a bank. The Institute of Finance, Banking and Insurance is joint venture of NIIT Ltd and ICICI bank. The institute has particularly been successful owing to the combined expertise of its founders in distribution of non formal education and experience of manpower development along with leadership in the banking sector.
The various programs offered at the institute reflect the current dynamics of the banking sector. These post graduate diploma programs are designed in the context of modern day banking, delivering competency in 4 dimensions that includes technology, application, and domain and customer service. This is the reason that IFBI graduates have been so successful in the industry, with over 21,000 of these graduates employed with various national and multinational banks and finance companies, in different positions. Their success has prompted them to introduce novel concepts like “Appointment letter at the time of Enrollment”. IFBI is ranked the “best training institute” in the banking and financial services domain by The Week Nielson Survey, 2009.
What after education? : Most of the banks take candidates based on an entrance exam followed by a Personal Interview or a round of Group Discussion in between. The aspiring candidates are kept informed about vacancies in these banks through public advertisements and notices in the leading dailies of the country. With institutes like IFBI and similar ones, once the course is complete, the candidate is immediately absorbed in one of the leading private banks, provided you display enough technical aptitude along with work competency. Other areas that require candidates with a background in banking and finance include insurance, mortgages, collection and back office operations. The leading private banks in the business are ICICI, HDFC, Standard Chartered, Axis Bank, Kotak Mahindra, and Barclays. These, along with finance companies like American Express, ICICI Lombard, Wealth Advisers Inc, Bajaj Capital and ING Life are the leading recruiters in this space.
The compensation and job benefits: Pay scales for banking fresher vary from INR 10,000 to 25,000 depending on the type of job and employer. While public sector banks are preferred owing to the job security and value added benefits, it is the private banks that offer higher salaries along with better growth opportunities. Students from top B-schools are directly absorbed in the top executive positions and get a matching compensation that ranges from INR 10 lakh per annum and higher. Since the banking and finance sector is the first one to get affected in the wake of a financial meltdown, there is a continuous need to keep yourself updated with the latest trends in banking so you remain relevant in your job profile.
Ever since liberalization took its place in the Indian economy, the banking sector has also diversified its portfolio. Today the banks are now engaged in different activities with new products and services that include opportunities in consumer finance, credit card, investment banking, private equity, stock broking services and pension fund regulation amongst others. Besides, a lot of Indian banks are looking for exploring opportunities on foreign shores through subsidiaries or by themselves.
Employment trends in the Banking sector: The BFSI sector has a direct impact on the long term growth of the country. By the last count, India had 80 scheduled commercial banks, out of which 28 are public sector banks, 24 are private sector while 28 are foreign banks. Indian banks are increasing penetration level in rural areas and for the same they require more work forces. Newer challenges have spawned newer roles and responsibilities, which in turn account for creation of newer job profiles over a period of time. The newer roles now expect employees to be multi-skilled and multi-taskers.
Step by step guide to a career in Banking: The first step to a successful career in banking is a bachelor’s program. But before you decide to enroll yourself, make sure you posses certain attributes essential to a successful career in Banking. Good communication skills, numerical aptitude, ability to manage money matters, honesty and professional ethics are some of the vital traits that every banker must have. An opportunity in banking is anyone’s up for the taking, which means that a student of any stream, whether it is humanities, commerce or science can make the plunge.
Institute of Finance, Banking and Insurance: There are institutes like IFBI, which are specifically dedicated for training candidates to prepare them for a next gen job in a bank. The Institute of Finance, Banking and Insurance is joint venture of NIIT Ltd and ICICI bank. The institute has particularly been successful owing to the combined expertise of its founders in distribution of non formal education and experience of manpower development along with leadership in the banking sector.
The various programs offered at the institute reflect the current dynamics of the banking sector. These post graduate diploma programs are designed in the context of modern day banking, delivering competency in 4 dimensions that includes technology, application, and domain and customer service. This is the reason that IFBI graduates have been so successful in the industry, with over 21,000 of these graduates employed with various national and multinational banks and finance companies, in different positions. Their success has prompted them to introduce novel concepts like “Appointment letter at the time of Enrollment”. IFBI is ranked the “best training institute” in the banking and financial services domain by The Week Nielson Survey, 2009.
What after education? : Most of the banks take candidates based on an entrance exam followed by a Personal Interview or a round of Group Discussion in between. The aspiring candidates are kept informed about vacancies in these banks through public advertisements and notices in the leading dailies of the country. With institutes like IFBI and similar ones, once the course is complete, the candidate is immediately absorbed in one of the leading private banks, provided you display enough technical aptitude along with work competency. Other areas that require candidates with a background in banking and finance include insurance, mortgages, collection and back office operations. The leading private banks in the business are ICICI, HDFC, Standard Chartered, Axis Bank, Kotak Mahindra, and Barclays. These, along with finance companies like American Express, ICICI Lombard, Wealth Advisers Inc, Bajaj Capital and ING Life are the leading recruiters in this space.
The compensation and job benefits: Pay scales for banking fresher vary from INR 10,000 to 25,000 depending on the type of job and employer. While public sector banks are preferred owing to the job security and value added benefits, it is the private banks that offer higher salaries along with better growth opportunities. Students from top B-schools are directly absorbed in the top executive positions and get a matching compensation that ranges from INR 10 lakh per annum and higher. Since the banking and finance sector is the first one to get affected in the wake of a financial meltdown, there is a continuous need to keep yourself updated with the latest trends in banking so you remain relevant in your job profile.
Author : Saurabh Tyagi
Saurabh Tyagi is an expert writer having interest in diverse topics like education, technology, career and Web 2.0. He is a social media enthusiast and a self-confessed gadget-freak, who loves to follow the latest happenings in the tech world. Click here and find Best Accounting Courses in India.
Want to Stay in Contact !
Get new posts and updates in your inbox. Subscribe through our Feedburner Email subscription.
No comments:
Post a Comment