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Career in Banking- Scope, Growth, and Job opportunities

Among all the banking systems around the world, India has one of the most disciplined banking structures. It’s also one of the fastest-growing industry sectors, thereby helping to flourish the Indian economy.

Under this post We have Covered Below Doubts and Questions

  • list of careers in banking
  • how to start a career in banking
  • a career in the banking sector in India
  • a career in the banking sector after graduation
  • the best degree for a banking career
  • how to grow a career in the banking sector
  • is banking a good career in India?
  • how to start a career in banking
  • a career in the banking sector after graduation

There have been rapid developments in the Indian banking sector over the last few years, which also have paved the way for better career opportunities for freshers.

Every year, the Indian Nationalized Banks hold multiple competitive exams to hire employees and thereby ensure that the bank branches are well-staffed. It is also to ensure that the customers are served adequately and there’s no problem with the Indian banking system – both online as well as offline.

Moreover, the public sector banks in India pay a good amount of money – in terms of salary and other employee benefits.

Therefore, any fresher who wants to start his or her career in banking will be poised with a good set of opportunities, ready to be taken up. With that being said, in this article, we’re going to discuss whether banking a good career in India and whether upcoming students should consider it as a viable alternative to career fields such as medical or engineering. So, without further ado, let’s get started.

Why a career in banking is a good option?

career in banking

One of the major reasons why banking will be a good career option for upcoming students is because of the versatility it carries. What this means is that students from any study stream – be it science, commerce, or arts – can get into the banking job and that too quite easily.

As a result, in case any student is wondering whether a career in the banking sector in India is worthy enough to be explored, then the answer is astounding, ‘YES’.

However, students should keep in mind that to excel in the banking sector, he or she must be good with numbers.

Students should be knowledgeable about subjects like mathematics & logical reasoning – because these are two main subjects (along with the English Language) that students are required to study & give the banking exams upon. Once students gain entry into the banking industry, there’s no turning back – whether it’s for the public sector or private sector ones.

There are multiple job roles that students could go for, such as clerks, POs (Probationary Officers), MOs (Management Trainees), and so on.

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Moreover, with the improvement in technology, the banking sector has opened up sub-sectors among itself with fields such as mutual funds, business credit cards, Debt, securitization, housing loans, consumer loans, FOREX (Foreign Exchange) activities, and the like.

Even though the jobs might look that they are made for students coming from commerce or economic background, but the truth is – students from any stream can easily perform the same.

This makes banking a very wise career option for those people who are very interested in growing fast in their respective careers and want to get exposure to a global market at a very early stage.

At the end of the day, if the student possesses the following qualities, then he or she can become a banker:

  • Interpersonal Skills
  • Good Communication Skills
  • Good analytical skills
  • Can maintain calmness in high-pressure environments

If the student has all of the above qualities, then banking would be the perfect career choice for him or her.

How to start a career in banking?

How to start a career in banking?

In case students are wondering, ‘how to start a career in banking’, then the best way to get into the banking sector would be to join either the private sector or public sector banks.

However, it should be noted that the recruitment process is a whole lot different for public sector banks because these government banks hold separate exams for the recruitment of employees. Some of the most notable exams are:

  • State Bank of India Probationary Officer (SBI PO)
  • State Bank of India Clerical
  • IBPS Common Written Exam for Probationary Officer (IBPS PO)
  • IBPS Common Written Exam for Clerical Recruitment for PSUs
  • IDBI Bank Executive Exam
  • RBI assistant exam
  • RBI exam
  • NABARD AM Exam
  • Common Written Exam for Regional Rural Banks
  • Common Written Exam for Specialist Officer
  • Other bank examinations

To appear for these exams, students should only have a bachelor’s degree in his or her name – with any percentage of marks in his or her selected study stream.

However, there are some specialist exams (such as that of Managers and Assistant Managers, etc.) where students have to fulfill certain criteria in terms of the number of marks that he or she obtained in his or her bachelor’s degree.

For example, some banks hold their PO (Probationary Officer) exams with the criteria that students should have at least 50 percent of graduation marks in any subj ect stream.

Moreover, when it comes to age, students should note that the ideal age for entry should be around 21 – 22 years.

This is because the maximum age to sit for the clerical examinations is 28 years, while that for POs and others are 30 years of age. However, some banks may have specific age requirements that the students should fulfill before applying.

List of careers in banking

List of careers in banking

When it comes to the banking sector, it has a well-defined career path and is generally governed by two main factors – potential & performance. Therefore, the employees who are knowledgeable and working hard can easily move to higher posts in the long-run and that too in a short period.

For instance, in many banks, probationary officers are promoted to serve as bank branch managers or assistant managers. And once such promotion has been gained, the respected student can now look forward to being the chairman or executive director of a bank.

Moreover, many banks also have multiple foreign branches, which means employees also get the opportunity to work abroad. There’s no denying that working as a banker is like maintaining a good lifestyle – only if the candidate puts in the desired hard-work.

With that being said, the following are some of the lists of careers in banking specializations that students can pursue in the world of banking,

  • Equity Debt
  • Environment and Management of Financial Services
  • Effective Banking Communication
  • Micro Economics
  • Quantitative Techniques in Banking
  • Cost Accounting of B&I Services
  • Organizational behavior in the Banking organization
  • Laws relating to Banking & Insurance
  • Taxation of Financial Services
  • HRM in Banking Organizations
  • International Business Management in Banking Organizations
  • Strategic Planning in Banking organizations
  • Corporate Laws governing Capital Markets

Out of the above-mentioned options, ‘taxation of financial services’ is definitely the best degree for a banking career. Apart from the above-mentioned career specializations, students can also opt for other banking career options such as FOREX management, maintaining general insurances, mutual funds, DMAT accounts, and so on. As a result, there are a lot of options to explore in case students wondering ‘how to grow a career in the banking sector‘. There is no shortage of options and students can enjoy freedom as much as they can – making banking the perfect career for opportunists.

A career in banking after 12th

A career in banking after 12th

If any student wants to directly pursue a career in banking after 12th standards, then the simple and best option would be to opt for clerical jobs for the same. Most bank clerical jobs have the educational qualifications set at being just a 12th pass candidate.

That means students who don’t want to waste three more years in clearing their graduation exams can easily get into the bank clerical jobs. The payout for clerical jobs is indeed very good (around 20,000 INR starting in-hand salaries) and would be perfect for any student to earn who has just passed his or her 12th standards.

It should be realized that students from any study stream can appear for the bank clerical exams. There are no such restrictions whatsoever on the type of study stream the student is from.

On the contrary, it’s recommended for any 12th pass student to at least pass his or her graduation exams and then start appearing for the banking exams.

In that way, the student will be eligible to sit for more banking exams, such as POs (Probationary Officers) and other specialist posts.

The main reason is that most of the banking exams in India report qualifications to be at least a graduate pass student.

Therefore, the student will have more options in terms of career paths that he or she can choose from.

How to grow a career in the banking sector?

How to grow a career in the banking sector?

Generally, the typical banking sector consists of the following grade of employees:

  • Clerks
  • Officers
  • Managers
  • Assistant Managers
  • Senior Managers
  • Chief Managers
  • Assistant General Managers
  • Deputy General Managers
  • General Managers

Growing one’s career in the banking sector requires skill, hard work, patience, diligence, and the ability to adapt.

If a student plans to make an entry into the banking sector, then the first thing that he or she should be learning is about the work culture. Most outsiders feel that bankers do the least amount of work, sitting in chairs & tables, inside air-conditioned rooms. But, the truth is something different.

Banking is a sector where employees hardly get holidays or vacations to enjoy. Even during the Coronavirus Pandemic, every bank in India had to work fulltime just to keep the economy afloat. We also have seen the same during the days of ‘Demonetization‘, where bankers had to work overtime to help customers in replacing currency notes.

Therefore, the student must understand that the work culture in the banking sector stresses hard work and dedication. So, if any student has the capabilities to work hard and the inner drive to serve the public, his or her banking career growth will be immense.

Top banking exam in India

Top banking exam in India

When it comes to banking exams, there are more than a dozen ones that happen every year. Every year, new vacancy numbers are released and therefore the recruitment process begins as well.

Every bank follows its own recruitment procedure and out of the all the banking exams, the following are the top ones which are also the popular ones among banking aspirants:

  • State Bank Of India PO and Clerk Exam
  • IBPS PO and Clerk Exam

These two exams have reported the most number of per-year vacancies, which is why the number of students appearing for the same will be higher as well.

This also means the competitiveness will be high and students are supposed to clear three steps – preliminary exams, mains exams, and the personal interview (and group discussion) round.

Therefore, if a student is planning to opt for a career in the banking sector after graduation, then these above-mentioned exams would be the best way to do it.

Payscale in baking career

Payscale in baking career

It should be realized that when a student starts his or her career in banking, he or she is deemed as a fresher, and therefore the pay scale ranges between 8000 INR to 20,000 INR per month.

For example, typical government bank clerical jobs have an in-hand pay of 20,000 INR to 22,000 INR. However, students should note that this is the starting salary and the same will increase over time. For example, the top most salary of a senior clerk in government banks is around 42,000 INR.

Moreover, each type of banking job category has its pay scale. For instance, normal PO or Probationary Officers of SBI (State Bank of India) get a starting in-hand salary (after adding all the allowances) of around 65,000 INR.

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And that pay scale will increase once the employee increases his or her job tenure at the bank. Besides, bank managers and assistant managers get paid more than regular POs.

Therefore, if any students want to earn big, then there’s no shortage of opportunities for him or her.

However, students should always be focused on their work and provide the best service to their abilities – instead of just thinking about how to make more money.

The aim of the student should be to serve the customers and they can easily expect promotions & opportunities to be gifted to them.

Since students will be working in the banking sector till their 60s at least (the retirement age is 62 years for government banks and more for private sector banks), a long-term, healthy mindset should be maintained.