Making a career in Banking is the dream for millions, especially for parents who wish to see their children work in a respectable 9-5 job. Banks is broadly divided into Government, Non-Government and Semi-Government banks and banking as a career provides one with a lucrative salary and job security. If you are someone who wants to build a career in banking sector, then you must go through this article as it will provide you with knowledge about different job opportunities in banking sector and related courses so that you can prepare for the desired banking role accordingly.
What is a bank?
A bank is a financial service provider; it provides the space to keep our money safe. Banks provide essential services to consumers and businesses and are crucial for the economy because they lend money, generate profits and regulate the flow of money in the economy.
“An organization which keeps money safely for its customers; You can take money out, save, borrow, or exchange money at a bank”
There are different sets of eligibility criteria to start a job in a bank. If you want to get a job in a public sector bank like State Bank of India or Punjab National bank of India etc., then a bachelor’s degree a basic requisite. Additionally, you must clear entrance examinations conducted by the Institute of Banking Personnel Selection (IBPS). IBPS provides its services to all public sector banks like SBI, RBI, NABARD and IDBI which are regular member of the IBPS society. Exams are held differently in Government & Semi-Government banks. Furthermore, banking exams are generally held for positions like bank clerk, bank PO and management trainee. In order to appear for these exams, you should have following qualifications:
Bank clerk- The age limit to appear in the bank clerk exam is 18 to 28 years and you must have passed 12th class exam with minimum 60%
Bank PO/ Management Trainee- The age limit to sit in the bank PO exams is 21-26 years and you must have a graduation degree with minimum 55%
The eligibility criteria for the private sector bank depends upon the bank you are applying for; the criterion are set by the hiring authority and are easily available on their official website. Private banks like HDFC, Kotak, Axis etc. conduct a written test, an aptitude test, and a personal interview. The private sector banks prefer graduates with BBA, B.com (Hons) for basic roles, and for higher roles, preference is given to MBA (Finance) graduates.
Different job roles within the banking sector
The banking sector, whether it is private or public bank, offers lots of career opportunities. Few of the prominent ones are listed below:
1. Financial Analyst
The job of financial analyst is to monitor market trends and financial performance and assist companies and clients of the banks to make financial decisions. They also research about the microeconomic and macroeconomic market conditions in order to make predictions about business, economic sectors and industries.
2. Bank Clerk
The primary role of a bank clerk is to assist the front facing employees with back-end operations. They verify the KYC information for customers, perform data entry, and maintain a track record of daily cash transactions/cash collection tally.
The primary role of a treasurer is to prepare financial records, plans, and policies. He manages the financial needs of the banks (short-term or long-term), predicts the cash needs of the bank and manages the cash flow appropriately.
4. Wealth Manager
Wealth manager monitors the portfolio of their bank’s client and gives legal advice and financial counselling to them. They also help them in tax planning, retirement planning, and insurance planning. Moreover, they also play a crucial role in the buying and selling of stocks on behalf of their clients.
5. Relationship Manager
The relationship manager assesses client portfolios, assists them in investment and financial planning and helps them achieve financial goals. Furthermore, they make sure that customers face no issues in using their banking services.
We hope this article provided you the right amount of information to start preparing for your banking career.
Graphic Era University (GEU) is a well-known name in the education world that offers online degree programs in selected domains including MBA in Finance. MBA in Finance will sharpen your domain knowledge of financial concepts and pave way for your entry in private banking.
If you are a finance industry working professional who is looking for a career upgrade, then we assure you GEU’s flexible and interactive online MBA program will assist you in upskilling and staying ahead of competitors and will serve as a steppingstone in your career.