Banking is a lucrative career option for students from all streams of education because it presents one with vast career opportunities, high paid salaries, secure and an esteemed career. Students with an interest in accounting, finance, economics and having communication skills, analysis and interpretation skills may find themselves suitable for jobs in the banking sector.
The students opting for Banking courses may work in public sector banks, private sector banks, multinational banks and other financial institutions. They may work in commercial banks, lending institutions, credit card companies, mortgage-related companies, as financial analysts in businesses or independently as stock brokers. Numerous career opportunities are available due to the rapid growth in the banking sector in India.
The nature of jobs in banking would mean working more inside the offices in organizations. Some jobs may involve interactions with the customers while others would involve interaction within employees and businesses.
The people in this job at higher posts may be required to travel more for attending and conducting meetings with other organizations. Government employees may work for maximum 48 hours a week while employees at higher posts may work for longer hours to meet deadlines.
Jobs and career opportunities in Banking Industry
Some of the popular job roles in this field are:
An investment banker helps their clients raise money, trade stocks, assist them in mergers and acquisitions and advise them on making investments. They also analyze and prepare reports for their clients to advise them on the stakes they hold.
An individual with high ambitions who can work 24*7 without complaints would be ideal for this job as this job is high paying and requires huge commitments. These jobs are available in banks and established private companies. The average salary of investment bankers is Rs 6,91,200.
A bank manager is responsible for solving the issues of their customer and clients, ensure that excellent customer service is provided, monitor the sales targets and report to head office.
Being a bank manager requires an individual to have financial, communication as well as human relations skills because building relationships with clients is an important part of the job. The average salary of a bank manager is Rs 6,23,940 per year.
A stockbroker is a professional who manages the financial portfolio of their client which may be an individual or an organization. He/she presents their client’s various possibilities regarding the buying and selling of stocks after gathering information from investment analysts and doing research of their own.
Their average salary in a year is around Rs 3,25,000.
An accountant is responsible for performing the functions such as auditing or analyzing the financial statements of a firm. He prepares and examines financial records and makes sure that the taxes are paid on time.
He may work independently or be employed in an accounting firm or in a large organization under accounting department. The average salary of an accountant is Rs 2,34,080 per year.
These individuals are responsible for managing their client’s personal bank account. They help their clients in the management of funds by balancing the risk and returns. They need to have strong investing skills, knowledge of the banking industry and marketing skills.
They need to have good customer service skills for increasing their customer base. These professionals work in offices but require to build client network through social gatherings. The average salary of a personal banker in a year is Rs 2,99, 577.
Other Job Roles-
- Bank Cashier
- Budget Analysts
- Bank Tellers
Salary in Banking Industry
The salary of an individual who has done a banking course varies on the degree, specialization, college, and company. It also depends on the post at which he/she is working. The average salary for a Branch manager is Rs 7,17,845 while it is Rs 4,86,612 for Assistant branch manager. The salary of an Investment banker varies from 3 lakhs to 40 lakhs while that of a Personal Banker varies from 1.8 lakhs to 4.5 lakhs. Thus the salary varies depending on the job and company.
The demand for students taking this course depends on the degree they take. Specializations in Post Graduate Degree and Under Graduate Degree have more demand than specializations in diploma and post diploma courses. As per the latest reports, RBI is keen on building over 2000 branches in the nation which will have a direct impact on the employment in this sector.
The salary is expected to rise further as private bankers are interested in including employee stock ownership plans and greater profit-sharing schemes as part of their compensation package. For demanded jobs like banking officers, investment bankers, associate, and bank chief and so on, the salary is expected to grow. One should be upgraded with different bank exams and vacancies.
Recruiters in Banking
Among the top recruiters are banks and financial institutions. Some of them are:
- State Bank of India (SBI)
- HDFC Bank
- Axis Bank
- Yes Bank
- ICICI Bank
- Financial Services Management– The individuals specialized in this are responsible for keeping a company financially stable by examining whether companies are financially secure and have a financial freedom in present and future.
- Organizational Behavior in Banking- The individuals who specialize in this have to understand the growth and performance of the organization and analyze the impact of strategies, culture and leadership behaviors on organizational change.
- Finance and Accounts (Taxation) – Specialized professionals in this field supervise the financial habits, spending procedures and accounting activities of a company and are also responsible for financial reporting and internal auditing in an organization.
- Human Resource Management in Banking Sector- Students in banking course who specialize in HRM are involved in manpower planning in the organization. They promote healthy relationships between the staff and management, handle disputes between employees and are responsible to solve problems and issues of the employees.
- Debt Management- An individual specialized in this handles the debt problems between organizations or parties and helps to build new relations as well as maintain the old ones. He is also responsible for executing debt finance transactions with Banks, NBFCs, and Financial Institutions.
- Banking and Insurance- Specialization in this sector leads to the availability of multiple jobs in sales, risk management, underwriting, claims handling, investment management, and pension management.
Degrees offered at diploma, undergraduate courses, and postgraduate level are as follows:
Courses & Subjects
The course content for some course are mentioned below:
|B.Com (Banking & Finance)
|· Environment & Management of Financial Services
· Principle of Management
· Effective Communication I
· Micro Economics
· Quantitative Methods I
· Introduction to Computer Systems
|· Principles & Practices of Banking & Insurance
· Financial Accounting
· Effective Communication II
· Macro Economics
· Quantitative Methods II
· Business Law
|· Law Governing Banking & Insurance
· Financial Management I
· Management Accounting
· Customer Relationship
· Information Technology in Banking & Insurance
· Organizational Behavior
· Taxation of Financial Services
|· Universal Banking
· Financial Management II
· Innovations in Banking & Insurance
· Corporate Law and Laws governing capital markets
· Entrepreneurship Management
· Financial Markets
· Cost Accounting of Banking & Insurance
|· Marketing in Banking & Insurance
· Financial Services Management
· International Banking & Finance
· Financial Reporting & Analysis
· Security Analysis & Portfolio Management
|· Strategic Management
· Central Banking
· International Business
· Human Resource Management in Banking & Insurance
· Business Ethics & Corporate Governance
· Turnaround Management
· Project Presentation – Banking & Insurance II
|B.B.A (Banking & Finance)
||· Advance Technology in Banking
· Business Communication Skills
· Business Ethics
· Business Laws
· Banking Theory & Practice
· Corporate Law
· Counter Operations, Savings Bank, Current Account & Remittances
· Resource Mobilization & Marketing of Banking Services
|· Database Management System
· Financial Management
· Fundamentals of Computers
· Income Tax
· International Banking
· Legal Aspects of Banking
· Managerial Economics
· Marketing Information System
· Merchant Banking & Financial Service
|· Organization & Management
· Organization Theory & Behavior
· Principles & Practices of Banking
· Principles & Practices of Management
· Quantitative Techniques
· Research Methodology
· Statistic for Management
· Strategic Credit Management
· Treasury & Risk Management
|B.Sc. (Banking & Finance)
|· Introduction to Economics
· Principles of Sociology
· Principles of Accounting
· Mathematics I/ Statistics I
|· Principles of Banking & Finance
· Macro economics
· Management Accounting
· Financial Reporting
|· Investment Management
· Financial Intermediation
· Corporate Finance
· Monetary Economics
|M.Com (Banking & Finance)
||· Banking Law & Practice
· Business Policy & Strategic Management
· Commercial Bank Management
· Direct & Indirect Taxes
· Economics of Global Trade & Finance
· Financial Markets in India
· Financial Markets & Institutions
· Financial Management
|· Financial Services
· Foreign Exchange
· Forex Management
· International Financial Management
· International Banking & Finance
· Investment Management
· Management Concepts
· Management Information Systems
· Research Methodology
|· Management of Financial Services
· Managerial Finance
· Marketing of Financial Services
· Modern Banking Theory, Law & Practice
· Principles of Personal Finance
· Project Finance
· Quantitative Techniques of Finance
|M.B.A (Banking & Finance)
|· Principles of Management & Organizational Behavior
· Managerial Economics
· Accounting & Finance for Managers
· Marketing Management
· Human Resource Management
· Quantitative Techniques for Management
· Research Methods for Management
· Corporate Communication
· Operations Management
|· Financial Institution & Services
· Management Control Systems
· Banking & Insurance Marketing
· Management of Banking & Insurance Companies
· Commercial Banking & Role of RBI
· Mutual Fund Management
· Merchant Banking
· Business Environment & Ethics
· Strategic Management
|Diploma (Banking & Finance)
||· Paper I- Indian Financial System
· Paper II- Accounting & Finance for Bankers
· Paper III- Legal & Regulator Aspects of Banking
Top colleges offering Banking courses in India
Below is a list of some of the popular colleges in India offering Banking courses–
Let’s look at some renowned colleges that provide this course in detail:
National Institution of Bank Management (NIBM), Pune
National Institution of Bank Management (NIBM)was established in 1969 with a vision to help India create world-class, competitive banking and financial services capabilities and offer knowledge-based products and services in the field of bank management that are as good as anywhere in the world.
Course: PGDM in Banking and Financial Services
Eligibility: Bachelor’s degree with at least 50% marks or equivalent CGPA. It also uses scores of CAT, ATMA, CMAT for shortlisting students
Placement: Axis Bank, HDFC Bank, Federal Bank, KPMG, SBI and Yes Bank
Average salary: Rs 10 lakhs
Institute of Finance, Banking and Insurance (IFBI), Delhi
Institute of Finance, Banking and Insurance was established in 2006 to meet the manpower requirements of multi skilled and trained professions in the banking sector. IFBI is the largest banking training institute in India and is present in over 50 locations in the country.
Fees: Rs 72,000
Course: Post Graduate Diploma in Banking, Post Graduate Diploma in Retail Banking, Post Graduate Diploma in Banking Operations
Eligibility: Born on or after 1st May,1993, 50% or more in Class Xth , XIIth and Graduation.
No gap allowed in complete academics, Regular Graduation /no correspondence, No Siblings and all other terms & conditions as applicable.
Placement: Kotak Mahindra Bank Ltd., Axis Bank, ICICI Prudential, Yes Bank
Jagran Lakecity University (JLU), Bhopal
Jagran Lakecity University (JLU) was established in 2013 with a vision of becoming a leading teaching and research university. It aims to build a better world through creativity, character building, integrity, innovation, entrepreneurship and enterprise by cooperation and collaboration.
Fees: Rs 55,000
Course: B.Com in Banking and Finance
Eligibility: 10+2 with minimum 50% marks from a recognized board
Placement: Axis Bank, Big FM, ITC Hotels, Taj Group
Bharath University (BU), Chennai
Bharath University was established in 1984 with a vision to constantly strive to provide an excellent academic and research ambience for students and faculties to inherit professional competence along with human dignity and transformation of community to keep pace with the global challenges so as to achieve holistic development.
Fees: Rs 50,000
Course: B.Com (Bank Management)
Placement: HCL, P&G, Amazon, HDFC Bank
Average salary: 3.4 lakhs
S. Jain Subodh P.G. College, Jaipur
- Jain Subodh P.G. College was established in 1954 with a vision of providing value based education, nurturing sustainable educational environment, building intellectual individuals and creative minds and enhancing knowledge through global education.
Course: Diploma in Banking and Financial Management
Eligibility: 10+2 or equivalent
Placement: TCS, Infosys, IBM, ICICI Bank
Average salary: 1.6 lakhs
Requirements for Banking course
The requirements vary according to the degree courses and institutes. In most institutes, the requirements are:
- For Undergraduate courses, candidate must have done 10+2 or Equivalent with a minimum of 50% marks from a recognized board.
- For Post graduate courses, candidate must have done graduation or equivalent.
- For Diploma courses, candidate must have done 10+2 or graduation.
- For Post diploma courses, candidate must be a graduate.
Scope of Banking in India
Banking sector in India plays a major role in the growth of the economy and it is expected that over 8.4 million individuals would be employed in the next few years. There have been lots of improvements in the banking system due to major number of initiatives taken by the government. Thus the Indian Banking sector is poised to robust growth.
The banking sector in India employs a large population. A large gap is expected in the public sector banks in the next 5-6 years when the current employees retire. Experts say that in the coming 5-10 years, the banking sector may create up to 20 lakh new jobs.
Majority of the banking sector jobs can be taken up by candidates from different fields. Also, there are wide number of job opportunities available. Thus the job opportunities, pay scale, growth prospects and job satisfaction are multiple factors which give a positive sign towards choosing banking as a career.