Career Opportunities In Banking Sector - Growth & Scope [2023]
Career in the Banking sector is among the most demanding job opportunities since it provides many benefits like great financial status, job security, incentives, and post-retirement benefits.
To start a career in Banking, one must have a solid knowledge of finance and banking. But if you are a fresher from a non-commerce background and looking to start a career in banking and finance. Then you can gain the required knowledge and qualifications from various sources across the web or by taking courses specifically for banking and finance.
Why Opt for a Banking Career?
Banking is one of the fastest-growing industries in India and is responsible for driving funds into the economy, which further leads to the country's development.
Types of Banking Jobs (With Salary Expectations)
There are so many opportunities in Banking offering great salaries with other perks and benefits. Here are some of the most popular Banking jobs anyone can go for.
Commercial banker
The focus of commercial bankers is to offer financial services to both small and large-scale businesses. They are usually focused on business growth, commercial lending, and commercial loan workouts.
Estimated Salary: Rs. 4,00,000 - Rs. 5,00,000 per annum
Loan Officers
They establish a relationship with businesses to offer them business loans. Loan Officers also assess the applicant's ability and financial status to repay a loan.
Estimated Salary: Rs. 4,00,000 - Rs. 4,50,000 per annum
Investment Banker
An investment banker works with clients to guide them in choosing the best places to invest for good returns. Investment bankers must have strong analytical and excellent communication skills to guide clients. They play a key role in ensuring the financial growth of both their clients and the organizations they serve. Know about the
pros and cons of investment banker here.
Estimated Salary: Rs. 9,50,000 - Rs. 10,50,000 per annum
Financial Accountants
Financial accountants are responsible for ensuring that a bank is financially sound by managing finances and developing strategies to limit expenses and protect revenue.
Financial accountants audit and report bank functions, as well as preparing budgets for banks. They are not only required by banks but can also be found in other institutions.
Estimated Salary: Rs 5,00,000 - Rs. 6,00,000 per annum
Branch Manager
This level of authority is achieved by gaining enough experience in banking or working in the same bank. Although this post is mainly achieved through internal promotions, by the way, there are many other options available. After passing an exam, you can become a
bank manager.
Estimated Salary: Rs. 9,00,000 - Rs. 10,00,000 per annum
Probationary officer
Probationary officers approve bank loans and create budgets. They create financial plans and strategies for the bank's operation. These officers are chosen through competitive exams. They are in an important position of authority. However, the scope for growth is likely less in this profile.
Estimated Salary: Rs. 6,00,000 - Rs. 7,00,000 per annum
Financial Analyst
Financial analysts are responsible for analyzing the performance of different investment operations, such as stocks and bonds, to help banks/investors decide where to invest their money.
An organization hires a financial examiner (also known as a compliance officer) to make sure that it meets all financial requirements.
Both governmental and private institutions can hire financial analysts. Their core duties include risk assessment, monitoring credit, and monetary transactions, as well as emergency response.
Estimated Salary: Rs 4,00,000 - Rs. 5,00,000 per annum
Broker
A broker is an agent that acts as a middleman between individuals and financial institutions, as well as between governmental and non-governmental organizations.
The broker's duties include finding potential customers and selling or buying securities, commodities, and stocks, as well as various types of bonds for both government and non-governmental organizations.
Estimated Salary: Rs. 3,00,000 - Rs. 4,00,000 per annum
Skills Required To Become a Banker
In order to get a job as a banker, one must have these skills. It can be learned or practiced by anyone over time to become extraordinary in these skills.
If you think you have these traits belong to you, then banking is for you.
Customer Dealing: It is one of the most important skills one must have to become a banker. Because it can be overwhelming at times to deal with clients, it's necessary to have excellent communication skills and patience to deal with customers.
Communication skills: It is essential to have communication skills if you want to do great in the banking sector.
Analytical Skills: One must have analytical skills to get insights about how things are going. Like data analysis and the ability to forecast, plan, prioritize, rank, and recognize financial problems.
Good with Numbers and Accounting: You need to be good at doing mental maths. It is a skill that allows anyone to do maths in their head without using a pencil or paper.
Recruitment For banking In India
To start your career in the banking sector in India, you need to qualify for exams like IBPS (Institute of Banking Personnel Selection) etc. Either get a degree in investment banking, CPA, FRM, etc., as per your goals and interests.
Here is the list of courses anyone can go for in India to start their career in banking and finance.
- Bachelor’s in Banking and Finance
- BBA in Banking/Accounting
- Bachelor’s in Finance and Accounting
- Bachelor’s in Statistics and Business
- Bachelor’s in Banking And Insurance (BBI)
Customer Relationship (CRM) is the key to Good Banking
CRM (Customer Relationship Management) is a tool that is used by approximately every customer-centric industry.
Well, in banking, it helps to deliver more personalized customer experiences due to its amazing features of storing and managing the details of the customers.
Some of the salient features of CRM involve:
- Management of Customer data like basic contact information, interaction, etc.
- Scheduling a meeting with the customers or sending them personalized emails.
- Updating customer profiles in case some new information is needed to be added.
- It can help to create reports on marketing campaign performance, customer behavior, and much more.
- CRM helps visualize and manage leads for better interaction with the customer.
Top Companies and Banks
These are the companies and banks that are leaders in the industry. This list will give you an idea of which company you need to target when you are looking for a career in banking.
- J.P. Morgan
- Goldman Sachs
- World Bank
- IMF
- Morgan Stanley
- Barclays Capital
- American Express
- Deutsche Bank
- Merrill Lynch
- SEBI
- Development Bank of Singapore
- Citibank
- Other Private and Government banks of India (like ICICI, Kotak, HDFC, SBI, etc.)
- Credit Suisse
Conclusion
Therefore, it can be concluded that career opportunities are limitless in the banking and finance sector. There is a lot of scope in the banking sector, especially in today's globalized world.
Like any other profession, the banking sector also needs a lot of skill sets that don't come in handy easily. But with the proper dedication towards the right direction makes the difference and helps one to become extraordinary in the field over time.
Also Read:
Top Banking Career Options To Pursue In 2023
FAQ
Is Banking a Good Career in India?
Yes, it is one of the most demanding careers in the world. It will surely never be out of the trend, especially in this digital era where banks are adopting hi-tech ways of customer service with net banking, mobile banking applications, and more.
What are the job opportunities in Banking?
There are plenty of job opportunities in Banking, such as Bank Manager, Probationary officer, Investment Banker, Loan Officer, Bank Teller, Financial Accountant, Chartered Public Accountant, and more.
Which job role is best in a Banking career?
The job role usually depends on skills and interests. However, the best and high-paying job roles in banking belong to loan officers and major corporate executives, such as the CFO (Chief Financial Officer) and CRO (Chief Risk Officer).
What is a banker’s salary?
Bankers' salary usually depends on the roles and profiles they are working on. However, in India, the salary of a banker ranges between Rs 1.5 Lakhs to Rs 7.0 Lakhs, with an average salary of Rs 3.0 Lakhs per annum.
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