For those interested in finance, business, and mathematics, then a career as a banker can be a perfect fit. The career of a banker is one that entails several multiple duties and responsibilities. In addition to the responsibilities, bankers also have a great many benefits and opportunities for advancement in their career opportunities. Bankers can also choose from a variety of job roles and settings;from customer-facing roles to analytical duties and big corporates to smaller financial institutions. In this blog, we will discuss how you can build your career as a Banker from ground up:
Table of Contents
- Who is a Banker?
- Eligibility for Career as a Banker
- Types of Career as a Banker
- Employment Opportunities
- Top Recruiting Companies for a Banker
- Pay Scale in Career as a Banker
- How to Become a Banker
- Courses to build Career as a Banker
- Banking Exams
- Top Colleges to Pursue Career as a Banker
- Top Colleges in the World to Pursue Career as a Banker
- Pros and Cons of Becoming a Banker
Who is a Banker?
A banker’s job typically involves advising the client on different financial matters and ways to manage their finance. Bankers also deal with areas such as savings, loans, taxes, investments, and securities are all within the job realm of a banker. In order to succeed as a banker, it is necessary to have the following skills.
- Interpersonal skills
- Analytical skills
- Numerical aptitude
- Proactive nature
Eligibility for Career as a Banker
- Candidates should have completed their 10+2 (preferably in commerce) from a recognized board or a university.
- Candidates must hold a degree in B.com/ B.A. (Economics) degree from a recognized board or a university.
- In order to become an investment banker candidates must have a degree in investment banking.
In order to secure a job in RBI following is the eligibility criteria for the same:
- Candidates should have completed their 10+2 in science stream from a recognized boad or a university.
- Candidates can hold a degree in B.com/ B.A. (Economics)/ Bsc Statistics degree from a recognized board or a university.
- Candidates can also hold a masters degree in M.Sc/Maths/Econometrics.
- Candidates should have qualified in their RBI- DESAC and DEAP test.
- Candidates must score an average of 55% in their examinations. Phd candidates get a relaxations of 3 years.
- MBA/ Masters in Finance Control/ CA/ Certified Analysts course/ Business Economics/ Public Relations /Law candidates can also secure a job in multinational and private banks.
Types of Career as a Banker
As per an individual’s acumen and interest, there are various job roles for a banker. Some of them include:
- Branch Manager – includes managing a bank and looking after all the operations of that particular branch.
- Bank officers – their job entails a record of businesses, manage personal accounts and bank operations, and carrying out market research for their respective organization.
- Merchant bankers – they provide consultancy on services finances, marketing, management, and law and play an important role in the public issue process.
- Corporate bankers – they provide deals to companies with high end business and their services include loans and credit, trade finance and employer services like payroll.
- Retail bankers – their duty involves financial advice, authorise loans and set up bonds and manage savings accounts.
- Investment bankers – entails helping the clients raise money in the capital markets, provide various financial advisory services.
Bankers have abundant employment opportunities and are employable in any and every sector including:
- Public sector banks
- Private sector banks
- Multinational banks
- Financial Institutions (SEBI)
Top Recruiting Companies for a Banker
Bankers are employable in government banks, private banks and financial institutions. Some of the top recruiters include:
- Standard Chartered
- DSP Merrill Lynch
- GE Caps
- IDBI Capital Markets
- IFCI Financial Services
- JM Financial and Investment
- PNB Capital Services
- SBI Capital
- Reserve Bank of India
- Royal Bank of Scotland
- Deutsche Bank
- American Express
Pay Scale in Career as a Banker
Much of a banker’s salary directly depends on their performance and their rapport with their clients.in various reputed government jobs not only do bankers get a handsome salary but also added perks. At the start of the career the salary of a banker is between Rs 4, oo,ooo to Rs. 6,oo,ooo. With their growth and performance it can reach upto Rs.10,00,000. Few of the perks given to bankers include:
- Life Insurance
- Free Holidays
- Cash Bonus
- Transportation Facility
- Retirement Compensation
How to Become a Banker
To become a banker candidates have to complete their 10+2 in any of the stream. It is usually recommended that the students pursue an undergraduate course in Bcom followed by an Mcom in order to become a banker. Additionally students can pursue BBA followed by an MBA in order to cement a career in banking. A Bcom degree also can also enable you to become a banker albeit with a slower growth.
Courses to build Career as a Banker
Some of the popular courses available that is beneficial if you are planning on making a career in banking include:
- PGDM in Banking Management
- PGDM in Banking & Financial Services
- Short-term Post Graduate Diploma in Retail Banking (PGDRB)
- Short-term Post Graduate Diploma in Banking
- M.Voc in Banking, Stocks and Insurance
- M.Com In Banking and Finance
- MBA in Banking and Finance
There are plenty of government exams held annually. Upon clearing these exams, students can secure prestigious bank jobs with handsome salaries and perks.
- Institute of Banking Personnel Selection Bank PO Exam (IBPS PO)
- Institute of Banking Personnel Selection Clerk Exam (IBPS Clerk)
- State Bank of India PO Exam (SBI PO)
- State Bank of India Clerk Exam (SBI Clerk)
- State Bank of India Specialist Officer Exam (SBI SO)
- Reserve Bank of India Grade B Exam (RBI Grade II)
- Institute of Banking Personnel Selection Regional Rural Bank Officer & Office Assistant Exam (IBPS RRB)
- ICICI PO Exam
- Private Bank PO Exam
- National Bank for Agriculture and Rural Development Exam (NABARD)
- Industrial Development Bank of India Exam
Top Colleges to Pursue Career as a Banker
Here are some of the top colleges in India for banking career:
- Shri Ram college of commerce, Delhi
- HR college of commerce and economics
- Narsee Monji college of commerce and economics
- Shantiniketan group of colleges, Bangalore
- Smt MMK group of college of commerce and economics, Mumbai
- SIES college of Arts, science and commerce, Mumbai
- KJ Somaiya college of Arts and commerce, Mumbai
- Academic Staff college, Trivandrum
Top Colleges in the World to Pursue Career as a Banker
Here are the top universities in the world that can help you pursue career as a Banker:
- London Business School
- MIT Sloan
- IE Business School
- SDA Bocconi
- HEC Paris
- UCLA Anderson
- Oxford Said
- Esade Business School
- Stanford School of Business
Pros and Cons of Becoming a Banker
Now that you know about the details regarding becoming a banker, let’s check the pros and cons of becoming one:
Pros of being a Banker include
- full-time health, accident, disability and life insurance.
- Since banking organizations are very large, there is always the scope for branching out into other roles.
- Additional benefits such as private healthcare and discounts with large retail chains and discounts on mortgages, loans and credit cards from their employer after a set period.
- Job security and prestige that come with being a banker.
Cons of being a Banker include
- Long working hours which creative people may find to be boring and monotonous.
- Stressful job and increasing workload which demand bankers keep on turning a profit.
- RBI Assistant Exam
- IIBF Certification Courses
- How to Make a Successful Career in Banking?
- Why Banking After Engineering?
- List of Banking Courses
- BBI Course
- DBF Exam 2021
- Insurance and Banking Colleges in India
- Bank Exam Preparation Apps
This was all about banking as a career choice. We hope you find this blog insightful. For more interesting content follow us at Leverage Edu. for career guidance, get in touch with our experts. Book today for a free session.