Reasons to choose Career in Banking
Here we go! Our top ten reasons that make the Indian Banking Sector our number one career choice.
Banking sector is considered as the backbone of a country’s economy. With Indian economy registering a reasonable 5.5 % growth in last fiscal, the Indian Banking sector is going strong at 8%.
With a total of 88 scheduled Commercial Banks and 53000 plus branches in India, the jobs in the banking sector are to look out for! The employment scenario in this financial sector of Indian economy is a very promising.
The Indian Public Sector Banks employ almost 8 lakh plus personnel at present. A major portion of this working population is set to retire in the next 5 years that will for sure create enormous opportunities for young professionals. This year alone the public sector banks are set to recruit more than 63000 young employees to their existing workforce. No surprises in guessing that public and private commercial banks combined, constitute the largest job providers in the country.
Though it may appear that the banking jobs are usually meant for students who have pursued commerce and economics, the fact remains that the top positions in major commercial banks are held by post graduates from leading management institutes, chartered accountants, chartered financial analysts, engineers etc. This makes the banking sector a same level playing field for all. Also there is a good scope for technical positions like agricultural officers, industry officers, law officers, economic officers etc.
Earlier the recruitments in the public sector banks used to take place through individual recruitment boards, which made the entire process very tedious. In order to simplify the process, now the recruitment in 19 major public sector banks takes place through a common written test that is conducted by Institute of Banking Personnel Selection (IBPS). Not only has it simplified the process but has also made getting into the banking sector a lot easier.
A recent trend in the recruitment process in the public sector banks confirms that they are now a lot open for freshers too. In the last 4 - 5 years, these public sector banks have started campus recruitment drive for recruitment at various positions in their organization.
In terms of the pay package too, banking is a sector to reckon for. The remunerations are not only very lucrative but also are at par with any other employment sector.
Since the banking sector employs personnel from various sectors; the banking institutions provide requisite training to equip the new employees with required skills for a lucrative career in the organization.
A career in the banking sector is rewarding not only in monetary terms, but also in terms of hierarchy progression. Performance and potential are key elements that determine this career progression. Unlike other sectors it takes lesser time in the banking sector to reach higher positions. And there is an element of job security too.
Joining a public sector bank also gives you the opportunity to explore the different parts of India as well as foreign countries.