How to Make a Successful Career in Banking?

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How to Make a Successful Career in Banking; Bank; Banker

How to start a career in Banking? There are numerous lucrative jobs in Banking which offer high salaries and job security but preparing for a career in Banking generally means getting graduated with a degree in Finance/Economics/Banking/Commerce and cracking Bank Exams. Additionally, the minimum qualification needed for a job in Banking is a bachelor’s degree in Commerce or Management-related specialisation. Further, for banking jobs, you must study Quantitative Aptitude, General Knowledge, Logical Reasoning, English and basic computer skills to ace bank exams! Read this blog to know all about how to start a Career in Banking, top courses, jobs, salary and more!

What is Banking?

The traditional definition of banking refers to the job of managing the financial assets of the individuals who approach a particular bank. Moreover, a banker acts as a protector of their money. Thus, Banks lend money and generate interest that creates profits for the economy.

Types of Banks 

Furthermore, the banking sector is considered one of the safest and most secure domains to work in. Before we understand how you can fulfil your dream of becoming a banker, let us first take a glance at the Types of Banks:

  1. Central Bank
  2. Cooperative Banks
  3. Commercial Banks
  4. Specialized Banks
  5. Small Finance Banks
  6. Payments Banks

Skills Required for a Career in Banking

Skills Required to Make a Career in Banking
Skills Required To Make a Career in Banking Sector

The following skills will help you to build a Career in the Banking sector:

  • Customer dealing 
  • Customer satisfaction 
  • Analytical skills 
  • Good knowledge of numbers and accounts 
  • Mental mathematics
  • Communication skills 
  • Patience 
  • Attention to minute details 
  • Confidence 
  • Critical thinking
  • Technical skills 
  • Stress management 
  • Resilience 
Why Make a Career in Banking?
Why Choose Banking as a Career?

Is Banking a Good Career in India?

Banks are institutions responsible for driving funds into the economy, which further leads to the country’s development. Additionally, Banking has been among the sought-after careers for ages, especially in India and still, the mindset of the population has not changed. No matter the ongoing changes in technology and the revolution in the business industry, the only thing that has remained constant over centuries is having a career in the banking sector. One might not feel motivated to work in a sector if they are unaware of the present and future benefits. That is why we have provided a list of a few benefits that will tell you why you should opt for a career in banking.

  • Attractive salaries in India and Abroad
  • Competitive compensation and pension if you have worked in a government bank. 
  • Numerous work opportunities
  • No limit to promotions
  • A perfect sector for highly ambitious individuals and professionals
  • Community and public service motive
  • One of the important benefits as to why people opt for a career in banking is because of job security. 
  • Everyone having a basic education in the field of commerce is welcomed as freshers in this sector.
  • The banking sectors are the backbone of any economy and hence they are not affected during the recession period.
  • Job satisfaction and overall skill development
  • A highly regarded/reputed job profile in the eyes of the society

How to Start a Career in Banking?

Here is a step-by-step guide to help you establish a rewarding career in Banking:

  1. Choose the Right Degree
  2. Prepare and Appear for Bank Exams
  3. Pursue Masters Courses for Senior Level Positions
  4. Grab Trending Diploma/ Certificate in Finance or Accounting
  5. Build a Network and gain relevant experience

Recruitment for Banking in India

To pursue a career in Banking in India, you will be required to qualify for bank exams or get a degree in investment banking, CPA, FRM, etc. to go for related roles. When it comes to banking jobs, the bank exams are a necessary prerequisite for jobs like clerks, probationary officers or management trainees. Here are the basic qualifications for each of these roles:

  • Clerks: The age limit to appear for clerical bank exams is 18 to 28 years and the candidate must have qualified 12th exams with 60% aggregate.
  • Probationary Officers(PO)/Management Trainees: To take up the role of Bank PO, you must be a graduate with 55% aggregate and the age limit for the same is 21 to 26 years.

Also Read: Bank Exam Preparation Apps

Which Degree is Best for a Career in Banking?

Additionally, for those planning to build a Career in Banking, there are numerous degree programmes available at the undergraduate and postgraduate levels. In India, the basic qualification you need to apply for Banking jobs is a degree in Commerce, Science or Arts and they must get a good score in the requisite Bank exams to be eligible for their chosen posts. Further, if you aim to work in any of the specialised fields of Banking such as Investment Banking, Commercial Banking, etc., it becomes important to gain a degree in the same field. Here are the prominent Banking courses you must consider:

Bachelor Courses (UG)

Here are a few undergraduate Bachelor Courses:

  • Bachelor’s in Banking and Finance
  • BBA in Banking/Accounting
  • Bachelor’s in Finance and Accounting
  • Bachelor’s in Statistics and Business
  • Bachelor’s in Banking And Insurance (BBI)
  • Bachelor’s of Commerce
  • Cost Accounting 

Masters Courses (PG)

Here are a few postgraduate Master’s Courses:

  • MBA in Banking and Finance
  • Master’s in Financial Mathematics
  • Master’s in Monetary and Financial Economics
  • Master’s in Finance/ Accounting
  • Master’s in  Banking And Insurance
  • Master’s of Commerce
  • MSc in Banking and Finance
  • M.Voc in Banking, Stocks and Insurance

Diploma/ Certificate

Here are some Diploma/ Certificate Courses:

  • Diploma in Banking Technology
  • Diploma in Investment Banking
  • Diploma in Banking and Finance
  • Graduate Certificate of Finance and Banking
  • Graduate Certificate in Banking Security
  • Diploma in Banking Services Management
  • Graduate Diploma in Banking
  • Graduate Diploma in Banking and Finance Law
  • Post Degree Diploma in Economics and Global Banking
  • PGDM in Banking Management
  • PGDM in Banking and Financial Services
  • Short-term PGD in Banking
  • Advanced Certificate in Banking laws and Loan management

Also Read: Certificate Courses in Banking

Top Universities To Start Your Career in Banking

A wide range of business schools and universities around the world offer various Banking courses for students to choose from. Take a look at the following list of major universities providing top-notch programs for those wanting to begin their career in Banking and Finance:

Also Read: Professional Courses After Graduation

Top Universities for Banking Courses in India

Here are the Top Universities for Banking Courses in India:

  • Delhi University 
  • Jamia Millia Islamia University 
  • National Institute of Security Markets (NISM)
  • NIIT University 
  • Faculty of Management Studies (FMS)
  • Narsee Monjee Institute of Management Studies (NMIMS)
  • Amity University 
  • University of Petroleum and Energy Studies 
  • K.P.B. Hinduja College of Commerce 
  • IIM Calcutta 
  • Indira Gandhi National Open University 
  • Guru Gobind Singh Indraprastha University
  • Indian School Of Business 
  • Xavier’s Institute of Management 
Credits – Afzal Hussein

List of Careers in Banking

Banking offers many rewarding and lucrative career opportunities, be it the public sector or the private sector. Let’s look at the top 10 most trending jobs and careers in banking:

CareersAverage Salary per annum
Bank Manager7 Lakhs p.a.
Financial Accountant4 Lakhs p.a.
Financial Risk Manager11 Lakhs p.a.
Certified Public Accountant (CPA)7 Lakhs p.a.
Investment Banker10 Lakhs p.a.
Equity Analyst4 Lakhs p.a.

Also Read: List of Banking Courses: After 10th, 12th and Graduation

Apart from these, some of the most popular Careers in Banking are:

  • Asset Manager
  • Financial Risk Manager
  • Business Analyst
  • Internal Auditor
  • Foreign Exchange Trader
  • Credit Analyst
  • Loan Officer
  • Bank Teller
  • Financial Manager
  • Financial Service Representatives
  • Book-Keeper
  • Audit Clerks

Also Read: Bank Interview Questions

Also Read: Books for Bank Exams

Career and Salary

Now that you are familiar with what Banking as a career entails, let’s delve deeper into the key career pathways of this expansive domain.

Job Profile Job Description Average Salary in INR (per annum)
Commercial BankerThey build a rapport with businesses to provide them with business loans. Also, they assess an applicant’s ability to pay back a loan through a process known as underwriting.Rs. 4,00,000- Rs. 5,00,000
Loan officersMortgage Banker or a Mortgage Loan Officer assists applicants in securing mortgages through the bank. They perform certain duties such as obtaining personal information from the applicants, assisting customers, and working with other mortgage professionals to pass the application through the underwriting process.Rs. 4,00,000- Rs. 4,50,000
Small business bankersThey work particularly with local small businesses to provide services such as originating small business loans, establishing business checking accounts, and direct deposit for employees.Rs 2,00,000- Rs. 2,50,000
Branch ManagerA branch manager of a bank is accountable for regulating the ongoing operations of a commercial bank. These include services related to customer service, safety, procedures, policies, sales, and lending. On the other side, the branch manager also keeps an eye on the bank staff. Rs. 9,00,000- Rs. 10,00,000
Mortgage BankerA financial examiner is a type of examiner who is also known as a Compliance Officer. They may be hired directly by financial institutions and their role is to monitor the lending activities to ensure that borrowers are treated fairly.Rs 3,00,000- Rs. 4,00,000
Investment BankerUnlike commercial banking branches, investment bankers generally work in the corporate offices of banks and other types of financial institutions. Depending on their speciality, they can assume various job roles.Rs. 9,50,000- Rs. 10,50,000
Financial ManagerThe role of a bank’s financial manager is to ensure that the organization is financially stable by monitoring finances and creating strategies to protect revenue and limit expenses. Rs 5,00,000- Rs. 6,00,000
Financial ExaminerA financial examiner is a type of examiner who is also known as a Compliance Officer. They may be hired directly by financial institutions and their role is to monitor the lending activities to ensure that borrowers are treated fairly.Rs 4,00,000- Rs. 5,00,000
Financial AnalystThe task of a financial analyst is to look at the performance of various investing tools, including stocks and bonds, to guide investors/banks on where to place/invest their money. Rs 4,00,000- Rs. 5,00,000
BrokerA broker is nothing but an agent or a middleman between any financial company/ banks/ investment firms and customers, who works to find clients and sell them securities and commodities, including stocks, bonds and gold.Rs. 3,00,000- Rs. 4,00,000

Top Companies and Banks

The following is the list of the most preferred and most desirable top banking and finance campus recruiters from across the world. This will help you all know which company to target when you start your career in banking.

  • J.P. Morgan 
  • Goldman Sachs 
  • World Bank 
  • IMF 
  • Morgan Stanley 
  • Barclays Capital
  • American Express 
  • Deutsche Bank 
  • Merrill Lynch
  • SEBI 
  • Development Bank of Singapore 
  • Citibank 
  • Other Private and Government banks of India (like ICICI, Kotak, HDFC, SBI etc.)
  • Credit Suisse
  • Various investment banks in India and abroad 

FAQs

What types of jobs are in banking?

There are different types of Banking Jobs that you can pursue such as Bank Manager, Investment Banker, Equity Analyst, Loan Officer, Bank Teller, Financial Accountant, and Chartered Public Accountant, to name a few.

Is Banking a Good Career?

Yes, Banking is one of the most popular and in-demand careers in the world and even in the digital era, banks have adapted to newer hi-tech ways of customer service with online banking apps, digital transactions and more. It will surely be never out of trend as we will always need banks and financial professionals to manage our financial requirements and savings efficiently.

What is a banker’s salary?

The salary prospects for Banking careers vary as per the role and job. Bank managers generally earn 7 Lakhs per annum on average while the salary of an Investment Banker goes up to 10 Lakhs per annum.

What to study for Banking jobs?

You can either study a degree in finance or banking to pursue a career in this field or opt for a commerce degree and then appear for bank exams in India such as SBI PO, IBPS PO, etc. to land a banking job successfully.

Wait! If you still want to start building a Career in Banking? You can contact Leverage Edu today and kickstart your Career in Banking!

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11 comments
  1. I am impressed by reading this article. Keep writing and sharing educational articles like this which can help us to grow our knowledge.

  2. Please tell me what are the benefits for bank employees. For example, is it possible to buy an apartment in India on more favorable terms than an ordinary citizen? If an employee decided to take out a loan, are the conditions the same as for everyone else?
    And does this profession have a future? Sometimes it seems to me that banking will definitely replace artificial intelligence.

    1. Hi Marina!

      Please get in touch with our experts at 1800572000 and find out what is the scope of banking and which country is perfect for working in the banking sector!
      Hope this helps!

  3. I am so happy I clicked on your site.. detailed information…all points and doubts covered.. Kudos..

  4. Hi, The above points are very useful to me to practice for my Bank exam. Thank you for the useful tips shared here. Keep u the good Work!

  1. I am impressed by reading this article. Keep writing and sharing educational articles like this which can help us to grow our knowledge.