It’s the perfect time to start a career in banking in India. A number of lucrative job offers with a competitive salary and job security line up as soon as you enter the market. A banking career promises a handsome salary in India, along with numerous work opportunities, uncharted promotions, and a chance to build a great life for you and your family. A banking career is perfect for highly ambitious professionals who can handle the pressure of a high-paced job.
The banking sector is the backbone of a functional economy, and hence, the job market remains unaffected through all tribulations. Being a reputed job profile in the eyes of society, it is the perfect job for you.
A Career in Banking in India
Banking in India is a highly rewarding career with ample opportunities and immense growth at every step of the way. To begin, you need to either qualify in public/private bank exams, or you need a competitive bank degree in Credit Processing & Appraisals, Investment Banking, Financial Risk Management, or other related roles.
When it comes to banking jobs in India, the positions for clerks, management trainees, and probationary officers require these qualifications:
- Clerks:18 to 28 years of age with 60% aggregate in 12th exams.
- Management Trainees/Probationary Officers: 21 to 26 years of age with 55% aggregate in 12th exams.
5 Reasons Why You Should Choose A Career in Banking
1. Fixed working hours: Bigger the paycheck, the more the commitment is the usual saying, right? Well, with a career in banking, you don’t need to break your back for 12 hours just to get a higher salary. The banking sector has very limited working hours and ample holidays which allow you to build a life outside of work.
2. Great salary: If the paycheck is the biggest factor that plays when you are looking for a job, then a career in banking will surely suit you the best. Banking graduates from the University of Chattisgarh have taken up jobs with a fixed paycheck, and have access to other perks such as minimum rate of interest on loans, pension, retirement fund, medical benefits, etc.
3. Job Stability: When it comes to security, there’s nothing like a job in the banking sector. Both private and public banks have incredible safety which can last for decades. And the only way is to go up through seniority and promotions.
4. Challenging Work Environment: The banking sector is constantly revamping itself and the employees must adapt to the changes to serve the economic climate of different periods. The younger generations are aiming toward building a more inclusive and technologically-supported banking sector that serves the most amount of people efficiently. Venture funds, loans, and mortgages are all important aspects of the sector, which can be used to build a more just world for all. These changes altogether are making the banking sector a challenging job for all.
5. Open to all: Engineering, law, marketing, finance, literature, and so – everyone can make a switch towards a banking career. There is no formal and subject-specific requirement, which makes the field open for all.
Top 10 Career Options in the Banking Sector
1. Commercial Banker
A commercial banker is focused on offering financial services to businesses in the form of lending, loan workout, etc. Commercial bankers focus on offering financial services to small as well as large businesses.
The average starting salary of a commercial banker in India is Rs. 4,00,000 – Rs. 5,00,000 per annum.
2. Loan officers
Loan officers assess the applications for loans and determine the candidates which are best suited for one. Assessing the payback capacity for personal and business loans is risky, and the job is not easy. This is done through a process called underwriting, which is the expertise of loan officers.
The average starting salary of a loan officer in India is Rs. 4,00,000 – Rs. 4,50,000.
3. Small business bankers
Small business bankers work with small businesses to provide services to small and particularly new businesses that are just sprouting from the ground. They work with impressionable business owners who establish directing checking accounts, facilitate loan documentation, and direct deposit for the employees.
The average starting salary of a small business banker in India is Rs 2,00,000 – Rs. 2,50,000 per annum.
4. Branch Manager
A branch manager works with the leadership of the bank and is responsible for the workings of a particular branch. A branch manager regulates the ongoing operations of the branch and provides customer service, procedures, safety, policies, lending, and sales to the customers.
The average starting salary of a branch manager in India is Rs. 9,00,000 – Rs. 10,00,000 per annum.
5. Mortgage Banker
A Mortgage Banker assists in securing mortgages for customers through the bank. Their duties include obtaining personal information of the customers, working on their mortgage plans, underwriting their loans, and delivering the contract.
The average starting salary of a mortgage banker in India is Rs 3,00,000- Rs. 4,00,000 per annum.
7. Investment Banker
Investment bankers work in the corporate offices of the banks and navigate the investment and interest process of the bank. An investment banker is a challenging yet rewarding career and is the top choice for graduates of Kalinga university. They work both with the other banks and with the customers and play a huge role in maximising the revenue collection of the bank.
The average starting salary of an investment banker in India is Rs. 9,50,000- Rs. 10,50,000 per annum.
7. Financial Manager
A financial manager ensures the financial stability and security of the bank by monitoring finances and developing strategies that maximise the revenue of the bank. A financial manager works with the inside operations of the banks and does not focus on the external clientele or customers.
The average starting salary of a financial manager in India is Rs 5,00,000- Rs. 6,00,000 per annum.
8. Financial Examiner
A financial examiner, as the title entails, examines the customers and acts as a compliance officer for the customers. Financial examiners are outsourced and are required to ensure that the borrowers are being treated fairly and that there is no irregularity in their paperwork/proceedings.
The average starting salary of a financial examiner in India is Rs 4,00,000- Rs. 5,00,000 per annum.
9. Financial Analyst
A financial analyst is a leading banking career. Financial analysts look at the performance of investment tools, including bonds and stocks, and guide banks/investors on ways in which they can invest their money.
The average starting salary of a financial analyst in India is Rs 4,00,000- Rs. 5,00,000 per annum.
Brokers are the middlemen or agents who negotiate deals between customers and investment firms and figure out the best marketing tactics for clients, including securities, stocks, bonds, commodities, and gold.
The average starting salary of a broker in India is Rs. 3,00,000- Rs. 4,00,000 per annum.
A career in banking is open to everyone, regardless of gender, race, age, or past education. Once you have qualified for the job, each bank trains you in its own ways to make you a better employee. People interested in working and learning in banking can pursue this career and be excellent in it. Good Luck!