Starting a Career in Banking

 

How to start a career in Banking?

 There are numerous good  jobs in Banking which offer high salary and job security but preparing for a career in Banking generally means getting graduated with a degree in Finance/Economics/Banking/Commerce and cracking bank exams.

 The minimum qualification needed for a job in Banking is a bachelor’s degree in Commerce or Management-related specialization. Further for banking jobs, you will have to study quantitative aptitude, general awareness, reasoning, English and basic computer skills to ace bank exams! Read this blog to know all about how to to start a career in banking, top courses, jobs, salary and more!

Table of contents

• Is Banking a Good Career in India?
• How to Start a Career in Banking?
• List of Careers in Banking
• Skills Required for a Career in Banking
• What to Study for Banking Jobs?
• Types of Banks 
• Recruitment for Banking in India
• What to Study for Banking Jobs: Banking Courses
• Bachelor Courses (UG)
• Masters Courses (PG)
• Diploma/ Certificate
• Top Universities To Start Your Career in Banking
• Top Universities for Banking Courses in India
• Career and Salary
• Top Companies and Banks
• FAQs

Banking Courses After Graduation

 

 

 

 

Is Banking a Good Career in India?

Banks are institutions that are responsible for driving funds into the economy which further leads to the development of the country. Banking has been amongst the sought-after careers for ages, especially in India and still the mindset of the population has not changed. No matter the ongoing changes in the technology and the revolution taking place in the business industry, the only thing that has remained constant over centuries is having a career in the banking sector. Obviously one might not feel motivated to work in a sector if they are not aware about the present and future benefits. That is why we have provided a list of few benefits that will tell you why you should opt for a career in banking.

• Handsome salaries in India and abroad
• Competitive compensation and pension if you have worked in a government bank. 
• Numerous work opportunities
• No limit for promotions
• A perfect sector for highly ambitious individuals and professionals
• Community and public service motive
• One of the important benefits as to why people opt for a career in banking is because of job security. 
• Everyone having a basic education in the field of commerce is welcomed as freshers in this sector.
• The banking sectors are the backbone of any economy and hence they are not affected during the recession period in the economy.
• Job satisfaction and overall skill development
• A highly regarded/reputed job profile in the eyes of the society

How to Start a Career in Banking?

Here is a step-by-step guide to help you establish a rewarding career in Banking:

1. Choose The Right Degree in Economics or Finance
2. Prepare and Appear for Bank Exams
3. Pursue Masters Courses for Senior Level Positions
4. Grab Trending Diploma/ Certificate in Finance or Accounting
5. Networking

List of Careers in Banking

Banking offers many rewarding and lucrative career opportunities, be it the public sector or the private sector. Let’s look at the top 10 most trending jobs and careers in banking:

Career in Banking	Salary
Bank Manager	7 Lakhs p.a.
Financial Accountant	4 Lakhs p.a.
Financial Risk Manager	11 Lakhs p.a.
Certified Public Accountant (CPA)	7 Lakhs p.a.
Investment Banker	10 Lakhs p.a.
Equity Analyst	4 Lakhs p.a.

Apart from these, some of the most popular careers in Banking are:

• Asset Manager
• Financial Risk Manager
• Business Analyst
• Internal Auditor
• Foreign Exchange Trader
• Credit Analyst
• Loan Officer
• Bank Teller
• Financial Manager
• Financial Service Representatives
• Book-Keeper
• Audit Clerks

Skills Required To Make a Career in Banking Sector

The following skills will help you to build a career in banking sector:

• Customer dealing 
• Customer satisfaction 
• Analytical skills 
• Good knowledge of numbers and accounts 
• Mental maths 
• Communication skills 
• Patience 
• Attention to minute details 
• Confidence 
• Critical thinking
• Technical skills 
• Stress management 
• Resilience 

Must Read: Bank Exam Preparation Apps

What to Study for Banking Jobs?

To apply for banking jobs, you will need a bachelor’s degree in Commerce/Management or any of its specialisations along with acing bank exams such as SBI PO, IBPS, etc. Here are the topics you need to study for Banking jobs:

• Quantitative Aptitude
• English
• General Awareness
• Reasoning Ability
• Computer Skills

Types of Banks 

The banking sector is considered to be one of the safest and secure domains to work in. Before we understand how one can fulfil their dream of becoming a banker in India, let us first take a glance at the types of banks in India:

1. Central Bank
2. Cooperative Banks
3. Commercial Banks
4. Specialized Banks
5. Small Finance Banks
6. Payments Banks

Our Top Read: How to Prepare for Bank Exams?

Recruitment for Banking in India

To pursue a career in Banking in India, you will be required to qualify bank exams or either get a degree in investment banking, CPA, FRM, etc. to go for related roles. When it comes banking jobs, the bank exams are a necessary prerequisite for jobs like clerks, probationary officers or management trainees. Here are the basic qualifications for each of these roles:

• Clerks: The age limit to appear for clerical bank exams is 18 to 28 years and the candidate must have qualified 12th exams with 60% aggregate.
• Probationary Officers (PO)/Management Trainees: To take up the role of Bank PO, you must be a graduate with 55% aggregate and the age limit for the same is 21 to 26 years.

What to Study for Banking Jobs: Banking Courses

For those planning to build a career in Banking, there are numerous degree programmes available at the undergraduate and postgraduate level. In India, the basic qualification you need to apply for Banking jobs is a degree in Commerce, Science or Arts and they must get a good score in the requisite Bank exams to be eligible for their chosen posts. Further, if you aim to work in any of the specialised fields of Banking such as Investment Banking, Commercial Banking, etc., it becomes important to gain a degree in the same field. Here are the prominent Banking courses you must consider:

Bachelor Courses (UG)

• 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 

Masters Courses (PG)

• 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

Diploma/ Certificate

• Diploma in Banking and Finance
• Graduate Certificate of Finance and Banking
• Graduate Certificate in Banking Security
• Diploma in Banking Services Management
• Graduate Diploma in Banking
• Graduate Diploma in Banking and Finance Law
• Post Degree Diploma in Economics and Global Banking
• PGDM in Banking Management
• PGDM in Banking and Financial Services
• Short term PGD in Banking
• Advanced Certificate in Banking laws and Loan management

Top Universities To Start Your Career in Banking

A wide range of business schools and universities around the world offer various Banking courses for students to choose from. Take a look at the following list of major universities providing top-notch programs for those wanting to begin their career in Banking and Finance:

• London Business School 
• MIT Sloan School of Management 
• IE Business School
• HEC Paris 
• University of California, Los Angeles, Anderson School of Management
• University of Oxford, Said Business School
• Esade Business School 
• Haas School of Business, University of California, Berkeley
• ESSEC Business School
• Judge Business School, University of Cambridge
• Columbia University
• EU Business School
• University of Fraser Valley
• University of Kent
• University of Dundee
• Yorkville University
• Rey Juan Carlos University

Top Universities for Banking Courses in India

• Delhi University 
• Jamia Millia Islamia University 
• National Institute of Security Markets (NISM)
• NIIT University 
• Faculty of Management Studies (FMS)
• Narsee Monjee Institute of Management Studies (NMIMS)
• Amity University 
• University of Petroleum and Energy Studies 
• K.P.B. Hinduja College of Commerce 
• IIM Calcutta 
• Indira Gandhi National Open University 
• Guru Gobind Singh Indraprastha University
• Indian School Of Business 
• Xavier’s Institute of Management 

Career and Salary

Now that you are familiarized with what Banking as a career entails, let’s delve deeper into the key career pathways of this expansive domain.

Job Profile	Job Description	Average Salary in INR (per annum)
Commercial Banker	Commercial bankers focus on offering financial services to small as well as large businesses. They tend to focus on commercial lending, commercial loan workout, and small business growth.	Rs. 4,00,000- Rs. 5,00,000
Loan officers	They build a rapport with businesses to provide them with business loans. Also they assess an applicant’s ability to pay back a loan through a process known as underwriting.	Rs. 4,00,000- Rs. 4,50,000
Small business bankers	They work particularly with local small businesses to provide services such as originating small business loans, establishing business checking accounts, and direct deposit for employees.	Rs 2,00,000- Rs. 2,50,000
Branch Manager	A branch manager of a bank is accountable for regulating the ongoing operations of a commercial bank. These include services related to customer service, safety, procedures, policies, sales, and lending. On the other side, the branch manager also keeps an eye on the bank staff.	Rs. 9,00,000- Rs. 10,00,000
Mortgage Banker	Mortgage Banker or a Mortgage Loan Officer assists applicants secure mortgages through the bank. They perform certain duties such as obtaining personal information from the applicants, assisting customers, and working with other mortgage professionals to pass the application through the underwriting process.	Rs 3,00,000- Rs. 4,00,000
Investment Banker	Unlike commercial banking branches, investment bankers generally work in the corporate offices of the banks and other types of financial institutions. Depending on their specialty, they can assume various job roles.	Rs. 9,50,000- Rs. 10,50,000
Financial Manager	The role of a bank’s financial manager is to ensure that the organization is financially stable by monitoring finances and creating strategies to protect revenue and limit expenses.	Rs 5,00,000- Rs. 6,00,000
Financial Examiner	A financial examiner is a type of an examiner who are also known as compliance officers. They may be hired directly by financial institutions and their role is to monitor the lending activities to ensure that borrowers are treated fairly.	Rs 4,00,000- Rs. 5,00,000
Financial Analyst	The task of a financial analyst is to look at the performance of various investing tools, including stocks and bonds, to guide investors/banks on where to place/invest their money.	Rs 4,00,000- Rs. 5,00,000
Broker	A broker is nothing but an agent or a middleman between any financial company/ banks/ investment firms and customers, who works to find clients and sell them securities and commodities, including stocks, bonds and gold.	Rs. 3,00,000- Rs. 4,00,000

Top Companies and Banks

The following is the list of the most preferred and most desirable top banking and finance campus recruiters from across the world. This will help you all to have an idea of which company to target when you start with your 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
• Various investment banks in India and abroad 
• Some Regional Banks in Andhra Pradesh in Cooperative Sector.

FAQs

What types of jobs are in banking?

There are different types of Banking Jobs that you can pursue such as Bank Manager, Investment Banker, Equity Analyst, Loan Officer, Bank Teller, Financial Accountant, Chartered Public Accountant, to name a few.

Is Banking a Good Career?

Yes, Banking is one of the most popular and on-demand careers in the world and even in the digital era, banks have adapted to newer hi-tech ways of customer servicing with online banking apps, digital transactions and more. It will surely be never out of trend as we will always need banks and financial professionals to manage our financial requirements and savings in an efficient manner.

What is a banker’s salary?

The salary prospects for Banking careers vary as per the role and job. Bank managers generally earn 7 Lakhs per annum on an average while the salary of an Investment Banker goes up to 10 Lakhs per annum.

What to study for Banking jobs?

You can either study a degree in finance or banking to pursue a career in this field or opt for a commerce degree and then appear for bank exams in India such as SBI PO, IBPS PO, etc. to land a banking job successfully.

Wait! If you still want to ask about something about building a career in banking? You can contact Leverage Edu today and kickstart your career in banking!