Career Opportunities in Banking

Nidhi Mishra updated on : 01 Mar 2017
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While the banking sector offers all levels of job positions for aspirants, the internal growth in banks is also good. A well-defined path of career progression and good compensation offer satisfaction and pride to bank employees.

Career Opportunities in Banking

Many young aspirants in India remain interested in several career opportunities in banking. In fact, the demand for banking and finance sector jobs has been constantly on a rise. India is a developing economy largely governed by the working of banking institutions in the country. As this sector has been rapidly developing, the opportunities for banking aspirants are also widening. While there are several public sector banks in India, the number of private banks is also adding many career opportunities for youngsters to be future bankers.

Why Banking Makes a Great Career?

Banking is probably one of the most appealing job sectors for young graduates and postgraduates as well as experienced candidates. While there is a widespread choice through multiple types of career opportunities in banking, the preference is backed up by several reasons. Here, we list some of these factors that drive students to dream of a banking career:

What Makes Banking a Great Career Option?

S. No.

Factor

Description

1.

Recognition

As banking is the backbone of Indian economy, bankers maintain a high status in the society. They are well recognised and hold a status career in India.

2.

Job Security

Banking jobs are perceived to be secure, as employees hardly face job losses, at least in public sector banks. Even in private banks, job security is an appealing factor for aspirants.

3.

Career Diversity

Openings in banks are diverse, ranging from those in accounting, taxation, and investment banking to PR and customer relations management. Thus, aspirants get a good position in their areas of interest and specialisation.

4.

Global Environment

With foreign or multinational banks set up in the country, employees can have an exposure to the global economy and international environment. Thus, they gain the satisfaction of working in challenging marketplaces.

5.

Good Pay Packages

Salaries in many banks are more appealing in comparison to the salaries in other jobs. While beginners in public sector banks can get a scale of Rs 6k – 8k, MBAs and other specialists in private or multinational banks can get whopping packages of Rs 25k – 30k.

6.

Promotional Opportunities

With a stable career, banks also offer experience-based, timely promotions.

Major Skills Required to Enter Banking Institutions:

If you are interested in exploring career opportunities in banking, then it is not mandatory to be a commerce, finance, or economics student. Still, you can have even better prospects in the banking domain if you have done an MBA, CA, or CFA course. You will find many bank employees and officers who hold degrees in domains other than commerce. Most of the banking institutions welcome employees from all educational backgrounds if they have the necessary skills required to perform a job well.

Explore: Colleges which offer Banking/Finance Course in India

Whether you are a commerce graduate or a management graduate, you can take the examination conducted by public sector banks and get entry as probationary officers. With emerging banking technologies and newer businesses taken up by foreign banks in India, you can explore a broader range of career opportunities in banking. Ranging from loaning and wealth planning to mutual funds and forex activities, you can enter any arena based on your qualification or skills. However, simply your academic qualification cannot ensure you an entry in a banking institution. You also need to possess good interpersonal and communication skills, as you will have to deal with all types of Indian and foreign clients.

In addition, it is critical to have the basic working knowledge of the industry. You will require doing a specialisation in specific areas if you want to apply for a higher-level job in a bank. For example, you may specialise in large portfolio management, credit appraisal, forex management, or even project analysis and management to apply for a higher than the entry-level position in certain banking departments. Apart from this, aspirants can increase the career opportunities in banking for them if they also have good knowledge of computers. Banks have wide career options that go from front office management to back office operations and supervision. Thus, service-oriented aspirants can rejoice.

Banking Institutions in India:

Before you start exploring career opportunities in banking, you must know about the types of banks operating in the country. Here are all the major banking institutions that can absorb you at various positions:

  • Commercial Banks: The category includes all public sector, the private sector, and regional banks that have been delivering financial services to support businesses and entrepreneurs. These banks have also been catering to retail customers with several financial and investment needs.
  • Cooperative Banks: Cooperative societies in India manage these types of banks that support small-scale industries and rural people. The category includes state cooperative and central cooperative banks as well as primary agriculture credit societies.
  • Investment and Specialised Banks: These banks offer financial support to clients in specialised fields, including foreign trade and investment, forex, equity sales, etc.

How to Prepare for a Banking Career?

Banks offer job positions at different levels for which you require different kinds of preparation. We tell you about all the major career opportunities in banking so you can be ready for the right position in a procedural manner. Here are the eligibility criteria and recruitment process for such positions:

  • Clerical Positions: For the recruitment of clerks, there is a national-level or state-level exam held by most banks. The age limit for appearing candidates is 18 to 28 years. One should have 60% marks in aggregate in 12th standard to appear for banking exams. However, the score criterion may differ among banks. When applying for a particular state, the bank may also require the candidate to be proficient in the language of that state.

             The qualifying exam includes multiple-choice questions in numerical aptitude, reasoning, clerical aptitude, English language, and general awareness. Based on the qualifying marks in each section and the candidate’s comparative performance, banks call them for interviews. The candidates are selected based on the final merit list that goes per the average of marks obtained in the written exam and interview.

  • Officer Cadre: While officer-level positions are filled through promotions, banks also do direct recruitments. The age limit for officer positions is usually 21 to 26 years, varying by individual banks. You should be a graduate from a UGC-recognised university, with a minimum of 55% marks. Then, you can appear for the Bank PO exam, which includes a qualifying test of logical reasoning, data interpretation, general awareness, and English and verbal reasoning. Some banks also have a subjective essay test. Successful candidates appear for a comprehensive interview. The overall performance decides the final recruitment of bank officers.
  • Other Positions: You can have several other career opportunities in banking, which include the positions of bank tellers, managers, loan officers, bookkeeping clerks, auditors, investment representatives, and financial service representatives, to name a few. In addition, fresh graduates and MBAs may expect a few public sector banks to hold campus recruitments. 

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