Careers in Banking

Banking is one of the most important career choices among students because it is well paid, secure and high status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education like Arts, Science and others. The all round demands for professionals has made banks: Public Sector, Foreign and Multinational to recruit more and more MBA graduates, CAs and CFAs to enhance efficiency.

Nevertheless bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted themselves by banks. Emergence of technology-driven new private banks and entry of Financial Institutions into short-term lending business has created the requirement of more professionals. Now banks are in the mutual funds, securitization business, and credit cards, consumer loans, housing loans besides trading in gold and forex activities.

Career Prospects
Public sector Banks recruit mainly graduates for Clerical and Probationary Officer posts on the basis of All India Level examination. However professionals like engineers, doctors, technologists, lawyers, ex-defence officers etc are recruited on senior positions through All India tests. Graduates with commerce/economics are desirable candidates but any one from any stream can enter into this service by qualifying the exams conducted by banks. Private sector/Foreign Banks prefer to take MBAs, CAs, CFAs etc at junior positions through Campus recruitment and interviews.

However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Besides academic background banks generally look for good communication skills, good interpersonal skills, and the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange. Good computer knowledge is also always preferred.

Remuneration
Most Public sector banks clerks can get around Rs 10,000 - 12,000 while officers can begin in the Rs 12000 - 18000 per month scale. Professional like MBAs, CAs and CFAs recruited by public sector banks can have higher salary. But same professionals recruited by private and foreign banks are given pay packages to the extent of about Rs 25000-30000 a month.