Banking and Finance Careers: Tip of an iceberg!
Growth is the best word that defines the Indian Banking and Finance sector today. And underestimated is the best word that explains the sector when it comes to career options. However, in the last few years, students in India are waking up to Banking and Finance careers while the sector never looked so promising before. Take a look.
With the estimated GDP growth of 7.6% in the current financial year, the Rs 64 trillion Indian banking industry is all set to create more jobs while it’s been estimated that the finance sector careers will not witness a low despite the fall of the rupee. And if that’s not attractive enough for you, have a glance at the variety of career options the two sectors provide.
FICCI and a few other reputed financial institutions have said that the Indian banking sector is set to become the third largest by the year 2025. The public sector banks alone are giving away more than 7 lakh jobs every year. Moreover, since there is a huge population in the banks waiting for retirement, around 40,000 additional jobs get created automatically annually. Imagine the opportunities you have to get a career that is not only promising but also offers a better lifestyle and perks.
What’s in it for you?
Admit it. Nothing makes you look smarter than a white-collar job in a bank. But that’s just the cosmetic part of it. Banking careers include relationship managers, personal banking and loan officers, wealth advisory, book keeping professionals, auditing clerks, finance service representatives to name a few. Indian banking is now on a competitive mode, so you will land faster growth opportunities in your career. Since India still does not have formal schools and institutions offering specific courses in banking, there is always a dearth for competitive personnel. Even SBI- one of the oldest banks- is now opening opportunities to the younger executives who work with better efficiency.
Banking career has always been respectable but now it has also become challenging. In addition, Indian banks follow employee-benefit norms and have great promotion opportunities. Private banks such as ICICI, HDFC, HSBC, Yes Bank, etc are known to possess great learning and growing environment for young professionals.
Banks in India recruit through common and specific exams, interviews, aptitude test and GDPI. Only last month, the government has relaxed the 60% marks in graduation criterion for the common entrance exam for public sector banks, scrapped the computer literacy requirement and raised the maximum age to 30 from 28.
It is estimated that the Indian retail participation in the world would reach $600 billion in the next 20 years. Experts are seeing this as an opportunity for the Finance and banking sector to capture a share of this. Thus, more people are wanted here too. When it comes to Finance careers, the options are plenty.
What’s it in it for you?
Most people think Finance sector jobs are rather boring. Another popular myth is that most of these careers are meant for people with Math and/or Commerce background.
First of all, understand that Finance sector is a very vast field that includes financial analysis, finance management, chartered accountancy, company secretaryship, management accountancy, equity sales and share trading, share consultancy, insurance and the likes. The public sector alone offers a variety of options in organizations such as FICCI, NABARD, UTI, SEBI and the likes.
And no if you choose the area of your interest, it cannot be boring. The best thing about this sector is the scope of becoming consultants, so in the long run you don’t really work under anyone but create your own niche. Every CA intern starts off with a firm and eventually opens his own. Similarly, an equity sales is an area where you can become your own boss if you excel in it. In addition, a Company Secretary job is one that is both exciting and respectable. Then there is a whole array of insurance sector jobs.
Another good thing about this sector is you can always keep upgrading yourself. So even if you are an MBA in Finance, you can do a certificate programme in Financial Analysis.
There are three big Indian professional bodies that are offering certifications in chartered accountancy (CA), management accountancy (ICWA) and company secretary (CS). Many universities and colleges in India offer MBA in Finance. There are short-term certifications available through correspondence and online.
The key to making it big here would be get out of the stereotype and be willing to explore avenues. Banking and Finance careers are waiting to happen to anyone who is willing.