How to Make a Successful Career in Banking?

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 graduating 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

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 

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 the 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 of why people opt for a career in banking is because of job security. 
• Everyone having a basic education in the field of commerce is welcome as a fresher in this sector.
• The banking sector is 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 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 Master’s Courses for Senior-Level Positions
4. Grab a 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 IBPS is 20 to 28 years, and the candidate must have qualified 12th exams with a 60% aggregate.
• IBPS Probationary Officers(PO)/Management Trainees: To take up the role of Bank PO, you must be a graduate with a 55% aggregate and the age limit for the same is 20 to 30 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’s Courses (UG)

Here are a few undergraduate Bachelor’s 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 

Master’s 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

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:

• London Business School 
• MIT Sloan School of Management 
• IE Business School
• HEC Paris
• University of California, Los Angeles, Anderson School of Management
• University of Oxford, Said Business School
• Esade Business School 
• Haas School of Business, University of California, Berkeley
• ESSEC Business School
• Judge Business School, University of Cambridge
• Columbia University
• EU Business School
• University of Fraser Valley
• University of Kent
• University of Dundee
• Yorkville University
• Rey Juan Carlos University

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 Securities 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 

Top Banking Exams in India 

To work in the government or public sector banks, clearing competitive exams is essential. Here are the major exams for baking in India: 

Top Banking Exams in India	Conducted By
IBPS PO	Institute of Banking Personnel Selection
IBPS Clerk	IBPS
SBI PO	State Bank of India
SBI Clerk	State Bank of India
RBI Clerk B	Reserve Bank of India
NABARD	NABARD

List of Careers in Banking

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

• Bank Clerk
• Probationary Officer (PO)
• Relationship Manager
• Credit Analyst
• Investment Banker
• Risk Analyst
• Compliance Officer
• Financial Analyst

Popular Careers in Banking

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

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 Banker	They 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 officers	A 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. 4,50,000
Small business bankers	They 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 Manager	A 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 Banker	A 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 Banker	Unlike 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 Manager	The 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 Examiner	A 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 Analyst	The 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
Broker	A 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

Average Salary in Banking

Banking offers competitive salaries that increase with experience, role and institute. Here is an overview of the average salary in banking with different job roles, with their average income per year: 

Positions	Average Salary in INR/ Year
Probationary Officer	500,000- 600,000 INR
Bank Clerk	300,000- 600,000 INR
Branch Manager	800,000- 1,000,000 INR
Investment Banker	1,000,000- 2,000,000 INR
Financial Analyst	600,000- 1,200,000 INR
Financial Risk Manager	500,000- 1,100,000 INR
Certified Public Accountant	600,000- 700,000 INR
Equity Analyst	400,000- 700,000 INR

Also Read: How to Join Indian Army

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 

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