CAREER IN BANKING
The greatest humorist and the father of American literature, Samuel Langhorne Clemens once said, “A banker is a fellow who lends you his umbrella when the sun is shining but wants it back the minute it begins to rain”. There is a huge increase in demand for a career in the banking industry. For a country like India, the banks stabilize the economy, and almost all the jobs offered in a bank consist of elements such as accounting, taxes, customer relationship management, investment, etc. This is the reason why this sector is the best opportunity for a beginner to have a clear vision of the world economy. We require bank accounts not only to hold our money but also for investments, carrying out transactions, getting returns, etc. as well. It is needless to mention that RBI, SBI, BOB, BOI are the top public sector banks, and HDFC, ICICI, Axis Bank, etc are top private sector banks, as being an Indian citizen you’d be fully aware of this.
Though you’d be having a little idea about banks, when you plan to build up a Career in Banking, it is must that you are well aware of the types of Banks in India.
- Commercial Banks: It provides financial services to businesses and entrepreneurs and can be classified as
- Private Sector Banks
- Public Sector Banks
- Regional Banks
There are a total of 20 nationalized & 21 private sector banks in India.
- Co-operative Banks: It mainly benefits rural populations such as farmers, small industries, etc. and is controlled and managed by cooperative societies. These can be classified into
- State Co-operative Banks
- Central Co-operative Banks
- Primary Agriculture Credit societies
- Investment Banks and specialized banks: It provides its customers with the necessary support such as currency, stock sales, foreign trade, etc.
Career in Banking
When deciding on pursuing a career in banking, there are 4 paths to choose from:
- Commercial banker – focuses on providing financial services to small and large businesses.
- Branch Manager – regulates the daily operations of a commercial bank which includes services such as security, procedures, policies, sales, customer service, and loans. The success and failure of a branch depend entirely on the branch manager.
- Mortgage banker – also said a mortgage loan officer. It assists applicants in obtaining mortgage loans from the bank.
- Investment Banker – Functions as an intermediary between companies wishing to raise funds by issuing securities or bonds and individual or institutional investors who can provide money in exchange for securities.
This is just an overview of the various positions in a bank in a hierarchical order(top to bottom):
Top Management
- President
- Chief Executive Officer
- Chief Financial Officer
- General Manager
- Deputy General Manager
Senior Management
- Assistant General Manager
- Chief Manager
Middle Management
- Senior Manager
- Manager
Junior Management
- Probationary Officer
- Clerk
A person who joins as a Probationary Officer can internally be promoted to the position of a General Manager in around 14 years of service & can further proceed towards becoming the CEO of a bank.
HOW TO START WITH A CAREER IN BANKING?
Passing out of school is a crucial moment in the life of any student. They tend to look for future opportunities and the bank is certainly one of the preferred choices among them because of the increase in job opportunities, job security, and good salary, but for a Career in Banking, you need to obtain at least a bachelor’s degree. It’s often a misunderstanding that studying commerce and accounts will give you a brilliant career in the banking industry. Having commerce as a subject in class 12 definitely helps applicants learn about accounts and banking related terms like loans, interest, repo rates, etc., but if you pass Class 12 with any stream, you can still build a good career in banking.
Applicants interested in the banking industry can also apply for assistant and data entry positions at various banks after successfully passing their grade 12 exam. This will give them a glimpse of the work they will do in the future.
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Bachelor’s degree
We provide a list of courses that will guide you to a career in the banking industry:
Degree Courses
- BBA in Banking & Finance
- BCom (Hons.) in Banking and Insurance
- BSc in Banking and Finance
- BCom in Banking & Insurance Management
- BCom in Finance and Risk Management
Diploma Courses
- Advanced Diploma Course in Banking Services
- Diploma in Banking and Finance
- Diploma in Banking and Insurance
- Diploma in Banking and Insurance Management
- Diploma in Banking Laws
- Diploma in Home Loan Advising
- Diploma in Banking Services & Management
Certificate Courses
- Certificate Course in Banking Management
- Certificate Course in Patent Searching & Drafting
Analyze the available opportunities and make a decision based on your interest and abilities and the future demand for the opportunity. An internship after graduation from a banking institution like NIBM (www.nibmindia.org) will help you choose to become an investment banker. After graduation, there are several exams for finding employment in the banking industry. Here is the list.
- IBPS Exam for Probationary Officer (www.ibps.in )
- IBPS Exam for Clerk (www.ibps.in )
- Reserve Bank of India (www.rbi.org.in)
- State Bank of India (www.sbi.co.in)
- Regional Rural Bank Exam (www.ibps.in )
- IBPS Exam for Specialist Officer (www.ibps.in )
The exams mentioned above are particularly intended to enter a public bank. There are also several private banks that offer jobs, but it is a fact that public bank jobs offer better benefits and higher wages with job security & peace of mind.
Master’s Degree
Here is a list of courses that will guide you to a career in the banking industry.
- MBA in Banking & Taxation
- MBA in Banking & Finance
- MSc in Banking and Finance
- Master in Banking/Finance/Insurance
The MBA still has a great chance when it comes to a career in the banking industry, as it provides access to a higher level and offers better options at the time of promotion. Some companies hire MBA students as management trainees who spend 1 to 2 years in different geographic regions and offer you a fantastic opportunity to build your network in multiple divisions.
Diploma Courses
- PG Diploma in Bank Management
- PG Diploma in Banking and Financial Management
- PG Diploma in Development and Investment Banking
- Certificate Courses
- Post Graduate Certificate in Investment Banking
Career in Banking: FURTHER STUDIES
There are enough jobs for a candidate who has completed his Master, but learning never stops and will always give you something much better in return. After the master’s, you can pursue a doctorate in banking and finance.
COLLEGES
Some of the good colleges and universities that offer the majority of the courses and degrees discussed above are:
- Indian Institute of Management (IIM), Indore (iimidr.ac.in)
- NMIMS University, Mumbai (nmims.edu)
- Guru Gobind Singh Indraprastha University, Delhi (ipu.ac.in)
- University of Delhi (du.ac.in)
- Amity University (amity.edu)
- Christ University, Bangalore (christuniversity.in)
Career in Banking: SKILLS REQUIRED
There are some basic skills required to build a career in the banking industry and gain a superior advantage in the organization if you have a good score.
- Customer relationship
- Patience
- Good with numbers and accounting
- Good analytical skills
- Commercial awareness
- Determination
- Work ethic
- Trust
- Stress management
WHY BUILD A CAREER IN BANKING AND IS IT A GOOD IDEA?
With such a rapid increase in services, the roles played by banks have intensified. As a result, the demand for qualified professionals is increasing day by day, especially in a country more prone to public sector jobs than the private sector. Banking is an industry that encourages all of your talents and interests. It is open to everyone, regardless of race, sex, national origin, age, or physical ability. Banks are showing interest in hiring and training people willing to accept responsibilities. A career in the banking industry offers integrity and stability. Most banks encourage employees to continue their education through training programs and courses. But with so many advantages of having a career in banking, there is also a level of stress that revolves around an employee which affects not only the organization but also the person psychologically as regards his professional life and personal.
FUTURE GROWTH IN THE BANKING SECTOR
The nature of the Indian economy in recent years has been very risky and this is the main reason why people are inclined to bank jobs for job security. There are many opportunities to thrive in the banking industry. A bank, whether private or public, seeks 2 basic qualities in a candidate – Performance and potential. If someone dedicates himself to work and performs his duties well on time, he could soon climb the ranks thanks to internal promotions. Many private banks also offer the possibility of traveling to their branches abroad.
We hope this is going to be helpful if you are planning to pursue a career in banking. For more guidance, feel free to connect with us and provide your feedback as well, so that we can also improve in the future.
