Money has become probably the single most important aspect in the human struggle for existence in today’s materialistic world. Not surprisingly careers related to money management are not only highly sought after, but also extremely rewarding. Thus, it is not surprising to witness the popularity of banking
While it may seem that banking as a career is open only to students of commerce or economics nothing can be farther from the truth. The banking industry has been recruiting people from all fields of education. The last few years have been the recruitment of B. Tech and MBA students as an increasingly favored trend. In fact, if a survey was to be carried out, it would be observed that professionally qualified people from other streams are employed in larger numbers in banks than commerce students.
A banking career is no longer merely about cash transactions. Banks today, offer a wide range of products and services. Banks today play the role of financial institutions that provide retail services to customers. There is no more any such thing as core banking. Banks have evolved into a kind of retail where all services need to be offered under one roof. A mélange of choices is thus available to anyone who wants to take up a career in banking. Some options include the areas of general and branch banking, specialized financial services like treasury credit, merchant banking, retail and institutional marketing and information technology.
Banks are also increasingly looking to expand their operations into audit, corporate affairs, corporate secretariat, consumer banking, human resources, finance, compliance and assurance, procurement and vendor management (PVM) corporate real estate services (CRES) risk management, group technology and operations (GTO) and wholesale banking. Undeniably creating a huge demand for skilled man power in these areas there is a general marketing thrust being given to merchant banking. Look out for openings in the areas of accounts, services, administration and operations.
Banks have also got increasingly active in the areas of mutual funds, securitization, credit cards, consumer loans and trading in gold and forex. The need for professionals cross the banking sector – whether public sector, foreign or multinational banks, has seen large scale recruitment of MBA graduates, CAs and CFAs to enhance efficiency. The emergence of technology driven new private banks has also created a demand for more professionals.
While most banks don’t necessarily need a prospective employee to have prerequisite knowledge of banking those with some knowledge of or inclination towards finance are given preference. There are many jobs in Banks that require only basic minimum educational qualifications like graduation. However, some senior level positions demand specializations in areas like project analysis credit appraisal skills, managing huge loan portfolios and foreign exchange Good computer skills are almost always preferred. Public sector banks mainly recruit graduates for crucial posts on the basis of an all India level examination. A separate test at the all India level is conducted for recruitment of the cadre of officers in which candidates are chosen from amongst engineers, lawyers, doctors, etc. Private sector and foreign banks prefer professionals like MBAs, CAs, CFAs for junior positions who they recruit through campus recruitment drives and interviews. At the senior positions, however experienced bankers are preferred.
A lot of institutes now offer certificate courses in banking and related subjects. Some of these courses help one gain an edge in the industry. The Indian Institute of Banking and Finance offers various options like e-learning, coaching classes, professional development programs and certification in professional competency standards.