Career in Banking: Career path, jobs, relevant skills for Banking Industry

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.

1. 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.

1. 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

1. Investment Banks and specialized banks: It provides its customers with the necessary support such as currency, stock sales, foreign trade, etc.

CAREER PATH IN BANKING

When deciding on pursuing a career in banking, there are 4 paths to choose from:

1. Commercial banker – focuses on providing financial services to small and large businesses.
2. 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.
3. Mortgage banker – also said a mortgage loan officer. It assists applicants in obtaining mortgage loans from the bank.
4. 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.

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 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.

1. IBPS Exam for Probationary Officer
2. IBPS Exam for Clerk
3. Reserve Bank of India
4. State Bank of India
5. Regional Rural Bank Exam
6. IBPS Exam for Specialist Officer

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.

To know more about Diploma Courses, Colleges, Skills Required etc. Read the complete blog here:

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