Banking is a prestigious moneymaking and rapidly expanding career at this point in India. There are scores of international banks, which are setting up shop and global back offices in Indian cities. All these translate to more and more banking jobs, at consistently increasing salaries. The entry barriers for a career in banking are not very high, as most banking jobs involve on-the-field learning, unlike technical industries, which require a relevant degree you can even dream of applying. Though there are banking related courses available at several universities, these are definitely not a must to be able to get into banking
The field of banking is more than just about the friendly faces at the local branch you visit for de-positioning your checks. Some of the options within banking are as mentioned below:
Also known as wealth management this field was, till a few years ago very much a part and parcel of retail banking. But in the last few years, with most people’s wealth multiplying owing to the increase in the size of the Indian stock market, this field is now a separate career. Private banking is a separate part of most banks and financial institutions, which cater to individuals, funds or corporate companies that have surpluses for investment in excess of a crore (10 millions) and more. With a large focus on getting investors to invest with a tilt towards the stock markets this field ideally requires smart people with good sales skills equipped with an MBA.
Corporate banking usually has all rounder profiles where you are required to handle relationships and cater to all banking needs of the client, in this case mostly corporate companies. This would mean taking charge of the trade (import and export), related requirement, funding needs etc. Good sales skills along with people management skills are a must in such profiles as you often have to fire fight situations and get work done though the various departments of the bank to satisfy your client. An MBA or a background in chartered accountancy would be a requirement to enter this field.
This is among the more coveted jobs in banking. With roaring salaries and even better bonuses, this profile is usually pen to those from top tier management institutions or to those with a chartered accountancy background and to those who are not averse to long working hours. Working hours are ‘cruel’ to say the least. The primary role of an investment banker is raising funds for corporations and organizations which might be through the route of IPOs or mergers. This would mean valuations , advisory services and raising money whether through debt or equity While the corporate finance role, within investment banking would require the bringing together of buyers and sellers of companies, the trading role would require taking proprietary position in all sorts of Tradable asset classes. With many companies in India on an expansion spree and acquiring some or the other company (whether domestic or overseas), the field of investment banking has really seen a boom.
In all the parts of banking mentioned above, there are subfields of IT, back-office and administration that are ever growing. These are of course support staff and their qualifications are not so much from banking perspective.
Banking has always been a ‘safe’ career unlike the new-age careers that are ‘in and out’ in a decade. It is career which your grandfather your father and you children are likely to depend upon. With increasing sophisticated financial needs in the market, this industry is indeed here to stay.