Introduction of Banking
Banking today is a niche career for enthusiasts in the stream of accounts and commerce. For the freshers, it is the first step towards knowing the global economy, discovering the challenges of the marketplace and identifying themselves with a career that given them with majestic prospects, both within the country and abroad.
With new banks coming up every year owing to privatization of services, the industry indeed given sufficient room for candidate in any stream. If you are a candidate of BCom, you can get job as a sales executive for loans, mortgages and insurance with any of the leading banks. All you want is the good communication skills. Similarly, if you passing an MBA in finance from a good b-school, you can wish to be placed as a relationship manager. The salary packages are accordingly decided.
Various Roles, various Names
It is quite patent for people to combine between a course in finance, accounts and banking as these are highly associated areas. Yet, a course in banking is slightly various from a B.Com or a CA or an ICWA.
Degrees and diplomas in banking courses aim to prepare persons to survive in a banking organization both in terms of technical and non-technical aspects. This is differed from a CA course that is much more complex and very difficult to clear.
Market Watch
During the recession of 2009, the demand for banking professionals critically decreased. Several top finance organizations went lame duck and many others laid off thousands of workers in India.
Yet, in 2010, the situation is become better and the same enthusiasm has been revived. With popular mergers and shouldering such as Royal Bank of Scotland and ABN Amro, people do see hope at the end of the tunnel. The world economy has improved itself to the post-recession challenges quite effectively.
International Focus
The CAT scores and GMAT scores after graduation enable candidate to get into post-graduate programs in banking per se. Yet, even as a banking professional who enters after a BCom with a leading bank, you can look forward to wonderful chance and enhance in your career.
The international market given challenging roles for banking professionals none-the-less.
Positives or negatives
+ves:
• Banking professionals are needed all year long. After privatization, the need for banking professionals has raise manifold.
• Candidates with various specializations like Science, Arts and Commerce can apply for jobs with banks after equipping themselves with diplomas that given them with the fundamental knowledge needed in the banking organizations.
• Salaries of candidates getting placed abroad are high and offer wonderful chance for professional and personal improve.
-ves:
• The layoffs in banking jobs have become regular due to spiral stock markets in recent times.
• Post recession, the enthusiasm of many banking organizations has been dampened.
• A candidate from other stream will need developing much expertise in financial matters.
Step-by-Step
An admission to bachelor’s program in banking needs good mark in Class XII. If you are a candidate from CBSE Board, you would need minimum 80% overall to get admission in a good college.
Besides, the skills expected from candidate to clear the interview contain the best communication skills, sales, aptitude for banking, marketing and money matters. If you are an enthusiast who likes trading in stocks, mutual funds, keeping funds and understands the rights and wrongs of availing individual loans and insurance policies, then it only raises to your career prospects.
It is recommended that you just began to prepared for CAT (Common power Test) right from college forward so that you are ready and fully prepared to clear the entrance tests and get admission into a high b-school heading towards a wonderful career in banking.
Banking programs introduced by varied government and private organizations aim at equipping candidate with ideas, tools and techniques in the banking stream.
For instance, broadly, the bachelor’s degree program in Banking and Insurance given specialization in the following areas:
| Effective Banking Communication | Micro Economics |
| Cost Accounting of B&I Services | Organizational behaviour in Banking organizations |
| Environment and Management of Financial Services | Laws relating to Banking & Insurance |
| International Business Management in Banking Organizations | Quantitative Techniques in Banking |
| Equity Debt | HRM in Banking Organizations |
| Taxation of Financial Services | Corporate Laws governing Capital Markets |
| Strategic Planning in Banking organizations |
Start Early
Banking is a career that given scopes to candidate from all fields, be it humanities, commerce or science. Yet, to make a career in banking, you should be good at analyzing numbers, that is, your mathematics should be strong enough to interpret and analyze numerical data. You should be prepared for the Banking Entrance Exams and for the interviews that pursue these entrance examinations.
Is it the Right Career ?
Banking as a career given the scope to the candidates from all subjects. For instance, if you are a BA candidate with good communication skills, you can surely get placed with a banking BPO as process executive. Firms such as GE Money, Max New York and leading banks like ICICI, HSBC, HDFC, Standard Chartered, American Express, to name a few, select candidates from colleges for their BPOs and KPOs.
Thus, opting banking as a career is a wise choice for those liked in improving fast in their careers and those who wish to get exposure to world markets at an early stage itself.
Pay Packet
The salary package for banking candidate who is a beginner could change anywhere from Rs 8,000 to Rs 20,000 to begin with. Candidate who have post graduated from popular b-schools and banking institutions can hope up to Rs 8 lakhs per annual for the role of relationship managers based on their overall market and the college they are from.
Numerous banking firms recruit Indian candidate from the IIMs, XLRI, FMS and other top colleges every year for salary packages not less than Rs. 10 lakhs per annual.
Yet, please be wary that the financial markets are ever unsteady and will all of a fast cause crashes in career. There is a constant need to keep yourself updated with the latest trends in banking thus you stay relevant in your job profile.
What would it Cost ?
The fees detail for a banking bachelor’s degree change from Rs 10,000 to Rs 100,000 based on the college you select. Private institutions like NIIT (National Institute of Information Technology) given diploma programs that cost between Rs one and two lakhs.
For a post graduate diploma or master’s degree, you have to expected to spend anywhere between Rs 50,000 to Rs 7,00,000 depend on the college you choose.
Numerous colleges like IIPM, Amity, Birla Institute for Insurance given laptops to candidate and pick them on candidate’s trips to foreign firms abroad. This, in addition, is the feature of getting admission in a private institution.
Funding/Scholarship
There are a lot of ways to fund your banking degree. You have to approach banks for educational loans or if you are a working professional with an organization that given study programs to workers, your firm may fund your studies and permit you to repay after a few years.
Job opportunities
Job prospects for candidate and post-graduates in banking are good in India. Once you finish a selective professional course in banking, you will fastly get a position as a banking sales officer with the private banks. Of course, your basic communication skills and technical skills do matter within the method.
Besides, positions in insurance, personal loans, mortgages, collections and back office operations are always empty Banks like ICICI, Kotak Mahindra,HSBC, HDFC, Barclay’s,Standard Chartered, and American Express are some firms that hire banking candidates at all levels based on the colleges they are recruiting from.
Demand and Supply
Demand for banking process executives, collection officers and financial analysts with BPOs is that the highest until date in India. There is still a considerable dearth of graduates, post-graduates who have mastered cost accounting.
Ideas like Hedge Funds dominate the overseas markets. Yet, Indians still survive on 10 hour BPO and KPO jobs and definitely, these are good scopes to begin with.
If you’re a graduate in banking or the other degree with an aptitude for it, simply opt for it.. there’s always demand for banking professionals.
Tips for Getting Hired
- Be thorough with accounting and financial skills achieved in school and college.
- Perform your mathematical aptitude to impress the interviewers.
- Tell to the point and measure everything quantitatively as you perform your subject skills.
- Take your awards and certificates from school and college when you went for the interview.
- Dressed formally and speak boldly as this is a prerequisite for all students went for interviews with banking organizations.
- Assure the interviewers that you are a target-based person who like daily challenges and narrow deadlines.
- Assure the interviewers that you have no argue about the working extra hours every day.
Popular Companies
Depend on the college you are graduating with a banking degree or diploma, you may hope to get placements with different firms.
If you are from a tier-1 college like IIMs, you can hope banks abroad like JP Morgan Chase, Fidelity etc. to hire you for a good salary.
Besides, as evident, popular banks like Barclay’s, Royal Bank of Scotland, American Express, Standard Chartered and other financial institutions need hundreds of banking professionals in each year and are more than ready to hire the same for considerably excellent salaries.
Most of these firms come for campus placements with universities, which makes it quite easy for candidates to approach them and know about the opportunities.
