Banks are financial entities that inject funds into the economy. Read more to know how to make a career in banking. A banker’s job entails a wide range of tasks and obligations. Bankers come in a variety of shapes and sizes, and each one is distinct in its way. Some of these bankers work for large corporations, and others work for smaller banking firms.
A banker is a professional who advises clients on financial issues and how to better handle their finances. Savings, deposits, fees, shares, and stocks are all part of a banker’s responsibilities. The banker will provide the customer with financial aid based on their requirements and desires.
A banker has several general roles in addition to their day-to-day work. Assessing a client’s financial situation, providing bank services, and evaluating the client’s accounts to help in the smooth operation of the financial institution is only a couple of the duties that a banker must handle.
Banking Career in India
Banks are financial entities that are in charge of injecting funds into the economy, which in turn contributes to the country’s growth. Banking has long been one of the most sought-after professions, especially in India, and the population’s mentality has not changed. The only trend that has been unchanged over decades, regardless of continuing technological advances and market industry revolutions, is getting a job in the banking sector. Obviously, if one is unaware of the current and potential advantages, one will not be inspired to work in a particular field.
Eligibility To Become A Banker
1. Investment Banker Eligibility
- Candidates must have passed class 12th from a recognized board with a commerce diploma.
- B.com/B.A. (Economics) degree from a recognized university is required.
- To work as an investment banker, candidates must hold a master’s degree in finance.
2. RBI Banker Eligibility
- Class 12th in science from a recognized board or similar assessment is required.
- A bachelor’s degree in B.Sc./B.Stats/B.A.(Economics) from a reputable university is required.
- A master’s degree in M.Sc/Maths/Econometrics is the third requirement for being an RBI banker.
- Candidates must have passed the RBI-DESAC and DEAP tests with a valid score.
- PG degree in Stats/Mathematical Stats/Mathematical Eco/Econometrics with 55 percent marks Ph.D. have a higher chance of being recruited for the RBI – DESAC & DEPAC test. Experienced members between the ages of 21 and 30 could be granted a three-year age relaxation.
- In addition, most reputable international and private banks hire bright applicants from their parent organizations either on merit or by campus choices at reputable management institutes. Multinational and private banks favor MBAs, Masters in Finance Control, CAs, Certified Analysts courses, Business Economics, Public Relations, and Law.
3. Private Banker Eligibility
- You must have completed the 12th grade in the commerce stream.
- Bachelor’s degree in B.com/ Eco (Hons.)/B.Maths/Stats/B.Maths/Stats/B.Maths/Stats/B.Maths/Stat
- A professional MBA/CA/MFC/CFA degree
Job Roles – Banking
There are many career opportunities for bankers. One should make a decision based on their knowledge and job interests. The following are some of the more popular banking jobs:
Branch Manager
They are in charge of the division and are responsible for all of its activities. They provide customer service, oversee and inspire employees, and devise profit-generating strategies. He has a large number of agents, clerical workers, and other employees to whom he delegated the job.
Bank Officers
Bank officers come in a variety of shapes and sizes, and they handle a variety of responsibilities. They keep track of companies, personal records, and financial transactions. They also do market research and plan corporate affairs with their respective banks.
Investment Banker
They serve as advisors to companies and governments in the financial markets. Investment bankers support their customers in raising funds across the capital markets, providing numerous financial consulting services, and assisting in mergers and acquisitions. They also help with compliance matters and offer underwriting services.
Retail Bankers
They are bankers who work in high-street banks who deal with individuals and small enterprises on a daily basis. Their responsibilities include providing financial advice, authorizing loans, establishing bonds, and managing bank accounts.
Corporate Bankers
Bankers who work with corporations and high-end firms are known as corporate bankers. Treasury programs, grants and insurance, trade financing, and employer services like payroll are among the services they provide.
Banking Jobs – What to Study
There are various undergraduate and postgraduate degree programs available for those interested in pursuing a career in banking. In India, a bachelor’s degree in commerce, science, or arts is required to apply for banking jobs, and they must also pass the required bank exams to be considered for their desired positions. Furthermore, if you want to work in one of the specialized fields of banking, such as Investment Banking or Commercial Banking, a degree in that area is needed.
Undergraduate Banking Courses
- 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)
- Bachelor’s of Commerce
- Cost Accounting
Post- Graduate
- MBA in Banking and Finance
- Master’s in Financial Mathematics
- Master’s in Monetary and Financial Economics
- Master’s in Finance/ Accounting
- Master’s in Banking And Insurance
- Master’s of Commerce
- M.Voc in Banking, Stocks, and Insurance
Banker – Pay Scale
A banker’s salary in India is determined by their success and rapport with their customers. Bankers who work for the RBI not only get a decent paycheck, but they also get a lot of other benefits. At the start of their career, a banker’s average salary in India ranges from Rs 4,00,000 to Rs 6,00,000. However, with sufficient experience and professional development, a banker’s salary will exceed Rs.10,000,000.
Investment bankers, personal bankers, and business bankers all earn a lot of money and have very lucrative careers. Some of the other perks enjoyed by reputed bankers are life insurance, free holidays, cash bonus, accommodation, transportation facilities, and retirement compensation.
Benefits of Making a Career in Banking
1. Salary and Perks
There are over 27 nationalized banks in India, which include both public sector banks and government banks, if you’re looking for a banking career. These nationalized banks are well-known for providing excellent benefits to all of their workers. Banks are still placed first in terms of travel allowances, dearness allowances, holidays, and other benefits. Furthermore, banking workers earn far higher wages than professionals in other related sectors. Bonuses, rewards, appraisals, and increments, among other things, are meticulously prepared in the banking industry.
2. Job Stability
Work security and job stability are also present in the banking industry. Work in banking is a public-sector job that lasts 60 years. Many who want to choose banking as a profession is on the right track. The work is stable, and employees will advance internally by internal tests and seniority.
3. Global Network
Another compelling explanation for today’s youth to pursue a career in banking is the opportunity for global visibility. If you delve further into the field of finance, you’ll see that many banking experts work for customers who are located all over the world. A banking specialist will be required to fly abroad on a regular basis for professional reasons. It not only gives visibility but also destroys the monotony of daily life.
4. Strong and Dynamic Training
A banking profession necessitates extensive preparation. Bankers in India and around the world have a skill set that isn’t for everybody. Individuals who are smart, well-educated, and team members are recruited by banks. Individuals hired to serve in the accounting department, cashier’s unit, record management department, and other departments receive technical training to help them be more resourceful and efficient.
5. Growth Rate
In comparison to other professions, a career in banking offers regular opportunities for advancement and development. Individuals of either ethnicity, age, colour, or physical ability are hired and trained by banks. Within a few years, a junior officer will rise to the rank of manager or higher by diligent hard work. Since banking jobs are stable, this is likely.
6. Recession Proof Profession
A career in banking is recession-proof as opposed to other professions. As previously stated, banks are the backbone of a country’s economy and play a critical role in its growth. Banking activities are the only source of income for a developed country like ours. This is one of the jobs that has been unaffected by the global economic downturn. Also during the global crisis, banks served as a critical backbone in sustaining their respective countries’ economies. Similarly, due to the soundness of the Indian banking system, the Indian economy was not severely impacted.
7. Fixed Job Timings
Working hours in the banking sector are set. It does not induce the same amount of anxiety and depression as other private work. Due to the obvious set work schedule, there is ample free time to spend with family and friends.
Conclusion
These days, banking is a thriving business. There are several bank vacancies in both the public and private sectors. IBPS and SBI are two organizations that hold bank exams at different levels, such as PO, Clerk, and SO.
It is not difficult to carve a career in banking. The aspirant must harness what irritates him or her in order to carve a path in this lucrative industry. Many people have gained a simple understanding of how to develop themselves by pursuing a career in banking after reading this write-up. Furthermore, there are several practice papers available on the internet that will help candidates pass banking exams. Aside from these, video guides on how to ace a banking interview are available.