Careers In Banking & Finance
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Careers In Banking & Finance

The history of modern banking and finance in India dates back to the last decade of 18th century. Since then the banking industry has grown significantly in India. The apex body in the banking sector is RBI (reserve bank of India) which controls the whole banking sector. The whole banking industry in India is divided into scheduled banks (nationalised and co-operative banks) and private sector banks. Both the nationalised and private sector banks have a chain of branches across different states and cities throughout the country. The economic liberalization in the country has also resulted into huge career opportunities in the sector by opening up the sector to private & foreign banks.

The Indian banking system consists of 26 public sector banks, 25 private sector banks, 43 foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks, in addition to cooperative credit institutions. Added to this is the economic liberalization, the sector is large enough to offer huge career opportunities to the youth of India across different job functions. Apart from banks there are large no. of finance and investment companies in the system. Nationalised banks have their own recruitment criteria including entrance exams conducted at the national level. Private sector banks do have their own recruitment procedure and process.

The Indian banking & finance system is on the brink of major transformation. New liberal banking policies are being implemented to give a boost to the banking sector in India. Liberal policies, positive business sentiment, improved consumer confidence, increased FDI… all these and many more factors have set the path for the growth of banking sector in India. The banking sector is a specialized filed that requires a specific skill set and qualification. At entry level qualification like bachelor of commerce with banking as specialization would suffice however for those looking for better career prospects may opt to pursue – MBA (finance), Chartered Accountancy, Cost Accountancy, Company Secretary and so on.

A fresh graduate may be inducted into the system as an intern or a trainee. Obtaining practical work experience for 1 – 2 years has to be the sole objective of candidates. Fresh banking professionals may start with a package of over 15k. An MBA finance from a reputed institution may draw a hefty pay package during his or her first offer itself. So as far as salary packages are concerned to a great extent it may depend on the core qualification acquired by the candidates, the institution they have graduated from and the size of the organization they are getting offer from.

A career in banking and finance could be very rewarding with lifetime career opportunities; however, the career in banking and finance needs to be planned well with a long term approach in mind. The job opportunities exist across different departments such as administration, banking, accounting, loans, credit cards, operations, customer service, sales & marketing and so on. There are huge career options within banking and finance industry, however, candidates need to do some preparation, self evaluation and must take timely action.


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