The National Skill Development Corporation (NSDC) predicts that 1.6 million skilled workers would be added to the banking industry by 2022. This is in addition to the 1.38 million people that were already working in banking as of March 2018. For individuals considering careers in the financial industry or with BANCA (bancassurance or selling insurance through banks), this is fantastic news.
Even after COVID, the banking industry is still expanding and offering interesting work possibilities. And if you take into account the advantages of working in banking, such as job security and loans with low-interest rates, it is unquestionably a great field to pursue a career in. How to get a career in the banking industry is an often-asked issue. Let's attempt a thorough response to this question.
India's recruitment for the banking industry
You must pass bank examinations or obtain a degree in investment banking training, CPA, FRM, etc. from an investment banking institute to apply for related roles to pursue a career in banking in India. The bank exams are a requirement for positions like clerks, probationary officers, and management trainees when it comes to banking careers. The fundamental requirements for each of these positions are as follows:
Clerks: The age range for candidates to sit for clerical bank exams is 18 to 28 years, and they must have completed their 12th-grade exams with a 60% overall passing grade.
Officers on Probation (PO) and Management Trainees: You must have a graduate degree with a 55% overall average and be between the ages of 21 and 26 to apply for the position of Bank PO.
What is the ideal degree for banking?
Numerous undergraduate and graduate degree programs are available for people looking to pursue a career in banking. A degree in commerce, science, or the arts is the minimum need for banking careers in India, and candidates must perform well in the necessary bank tests to be considered for the positions they are interested in. Additionally, obtaining a degree in the same field is crucial if you want to work in any of the banking specialties, such as Investment Banking institutes, Commercial Banking, etc. Through well-known banking and finance courses.
How to Get a Job in Banking
You must pass the IBPS examination to work for a government bank. SBI holds exams for each position inside its bank. The Preliminary, Main, and Interview test stages are three. Interviews and preliminary tests are conducted by private banks. You are appointed for a job in a public or private bank after clearing all exam stages.
Recognize the specifications on job portals
On job platforms and in the private sector banks, the requirements are listed. People who want careers in the banking industry should spend a lot of time on job portals and the career pages of various institutions. The needs differ depending on the role. For instance, someone working in a sales-related position would need a basic understanding of the items and excellent persuasion abilities.
One needs technical knowledge of finance and accounting if the position is highly specialized, like an audit specialist. Additionally, making reports and presentations should be a skill. Campus placements are a method of recruitment used by private banks.
Create the Right CV.
A CV for a position in the banking industry will be different from one for a position, say, in the creative industry. The banking sector emphasizes professionalism heavily. Wherever possible, you should emphasize your analytical prowess, financial awareness, and insight.
Connect with Others in the Industry
Like in any other field, networking is a great method to find new opportunities. One should make use of their network of relatives and friends and speak with those who are employed in the sector. Even if they are unemployed, they may be able to offer advice on the qualifications needed to work in the field. Those from the banking industry can also be encountered at job fairs or through their alumni network.
Invest in quality banking education.
Investing in a specialized banking course is one strategy to break into the banking sector. For instance, a banking MBA differs greatly from a standard MBA. The enormous field of banking requires particular educational needs. Advanced online banking and finance course are available through PSIB Institute.
The MBA in Digital Finance and Financial from PSIB Institute was created especially for the banking industry. The course's curriculum was created by PSIB Institute in close collaboration with people in the banking sector. The course covers all of the crucial topics connected to banking and finance.