Banking

Introduction

 

 Banking today is a niche career for enthusiasts in the field of commerce and accounts. For the beginners, it is the first step towards understanding the global economy, discovering the challenges of the marketplace and identifying themselves with a career that provides them with tremendous opportunities, both within the country and abroad.With new banks coming up every year owing to privatization of services, the industry indeed provides sufficient room for graduates in any field. If you are a student of BCom, you can get placed as a sales executive for loans, mortgages and insurance with any of the leading banks. All you need is good communication skills. Similarly, if you hold an MBA in finance from a good b-school, you can expect to be placed as a relationship manager. The salary packages are accordingly decided.

Step-by-Step

An admission to bachelor’s program in banking requires good percentage in Class XII. If you are a student from CBSE Board, you would require at least 80% overall to get admitted to a good college.

Besides, the skills expected from students to clear the interview include good communication skills, aptitude for banking, sales, marketing and money matters. If you are an enthusiast who loves trading in stocks, mutual funds, hedge funds and understands the pros and cons of availing personal loans and insurance policies, then it only adds to your career prospects.

It is recommended that you start preparing for CAT (Common Aptitude Test) right from college onwards so that you are ready and fully prepared to clear the entrance tests and get into a top b-school heading towards an excellent career in banking.

Banking programs introduced by various government and private organizations aim at equipping students with concepts, tools and techniques in the banking sector.

For instance, broadly, the bachelor’s degree program in Banking and Insurance offers specialization in the following areas:

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

Is it the Right Career for Me?

 Banking as a career provides opportunities to students from all subjects. For instance, if you are a BA student with excellent communication skills, you can actually get placed with a banking BPO as process executive. Companies such as GE Money, Max New York and leading banks such as ICICI, HSBC, HDFC, Standard Chartered, American Express, to name a few, select students from colleges for their BPOs and KPOs.Thus, choosing banking as a career is a wise option for those interested in growing fast in their careers and those who wish to get exposure to world markets at an early stage itself.

Job Prospects

 Job opportunities for graduates and post-graduates in banking are excellent in India. Once you complete a selective professional course in banking, you will immediately be offered a position as a banking sales officer with the private banks. Of course, your technical skills and basic communication skills do matter in the process.Besides, positions in insurance, personal loans, mortgages, collections and back office operations are always vacant and offer all bright to average students to avail the opportunities presented.Banks such as ICICI, HSBC, Kotak Mahindra, HDFC, Standard Chartered, Barclay’s, and American Express are some of the companies that hire banking students at all levels depending on the colleges they are recruiting from.

Positives/Negatives

+ves:
•    Banking professionals are required all year long. After privatization, the requirement for banking professionals has increased manifold.
•    Students with different specializations such as Science, Arts and Commerce can apply for jobs with banks after equipping themselves with diplomas that provide them with the basic knowledge required in the banking organizations.
•    Salaries of students getting placed abroad are huge and provide excellent scope for professional and personal growth.

-ves:
•    The layoffs in banking jobs have become frequent due to fluctuating stock markets in recent times.
•    Post recession, the enthusiasm of several banking organizations has been dampened.
•    A student from other fields will require developing enormous expertise in financial matters.

 

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