Career & Job Opportunities in Banking Sector by Dushyant Shrivastava
In India, Banking is considered one of the most reputed jobs, one can apply for and make a career. So let me talk about Career Opportunities in Banking Sector in today’s scenario.
In my opinion, the banking vertical in India is growing at a rapid rate and is in fact among one of the fastest in India. Banking has traditionally been one of the best options for Commerce graduates. Of late, many engineering and medical students are also showing tremendous interest in the stream. With online banking, computer science graduates can opt for banking jobs, too. Why? Of course, the reason is lack of opportunities in their respective sector, easier home postings, lucrative salary package, huge number of vacancies, lack of competition, etc.
I’ll take time to discuss my experience in Banking Sector, too. Coming from a technical background, I’ve done BE in Electronics and Telecom. I have worked in reputed companies like Amazon and Google. But later turned to Banking Vertical despite being a complete novice in this sector. Banking presented me with a chance to work in my home state, and at a good package.
Career in Banking Sector
Let me take you back a bit. In India, banking recruitment was at a peak in the early 80’s but went through a stagnation period till early 2000’s. That’s when the recruitment again took off. IBPS paved a way for common entrance examination to all govt owned banks (except SBI), and presented a huge opportunities to aspiring candidates. However, I do think that the candidates, who made a career in banking sector early, were lucky. The entrance examinations are becoming tougher and tougher by the year. Each examination is lot difficult to crack than the previous one.
If you are looking to crack the IBPS or other banking entrance examinations, I suggest you better start working hard ASAP. The more you wait, the more tough it’ll become for you to make Banking your career path. Career opportunities in Banking is good provided you make some strategies to crack the bank examinations. Off late, I’m observing that banking entrance examinations are becoming more of a time management, than a test of knowledge. So, prepare well. And if you ask me, time it well too.
[color-box]PS: I advice you try for govt banks than private banks for obvious reasons. But, there are direct recruitment in private banks, and that makes it a viable option for those who missed the IBPS marginally. Even Regional Rural Banks (RRBs), and Co Operative Banks are not bad options. Do lookout for upcoming bank recruitment notifications, and prepare accordingly. And, as the wages are revised as per the Bipartite Settlement, that gives govt owned banks an edge over other private sector banks. Also, the targets can be easily reached in a public sector bank for old and loyal customer base. Private banks, and newer banks in particular, set nearly impossible targets and stress is quite avoidable there. But, I do feel private sector provide good facilities to its employees at higher scale (Scale 4 and above!)[/color-box]
Public Sector Banks in India
- Allahabad Bank
- Andhra Bank
- Bank of Maharashtra
- Bank of Baroda
- Bank of India
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- IDBI Bank
- Oriental Bank of Commerce
- Punjab National Bank
- Punjab and Sindh Bank
- State Bank of India
- State Bank of Hyderabad
- State Bank of Patiala
- State Bank of Mysore
- State Bank of Bikaner and Jaipur
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- United Bank of India
- Union Bank of India
- Vijaya Bank
Some Great Private Banks to make a Career
- HDFC Bank
- YES Bank
- ICICI Bank
- Kotak Bank
- Federal Bank
- RBL Bank
- South Indian Bank
Some Great Foreign Banks to make a Career
- Bank of America
- Standard Chartered Bank
Eligibility for career in Banking sector
a) Recruitment in clerical Cadre. The minimum age group for entry into clerical cadre is 18 years. Maximum age is 28 years or above as decided by the individual banks. Educational qualification of 60% marks in 12th.
b) Recruitment in Officer Cadre. The minimum age group for entry into officer cadre is 21 years. Maximum age is 30 years or above as decided by the individual banks. Educational qualification of 55% marks is required in any graduate program from a UGC recognized university. Career in banking sector after graduation is actually a viable option for candidates of any stream.
You may opt either for Bank PO or clerk as a career in banking after graduation. However, you may only opt for clerical career in banking after 12th. After 12th, candidates from any stream, science, commerce, biology, arts, etc may apply for banking. Commerce graduates/students, obviously have an upper hand when it comes to banking jargon and understanding. But, the qualifying test includes arithmetic, logical reasoning, general awareness (with special reference to banking), and English. This provides an equal platform for IBPS and SBI Bank Exams battle to graduates/12th passout from any stream. Moreover, the exams for maths, reasoning, and English are usually middle school level.
[color-box]So, more or less, after passing 12th, or graduation, you may opt for a career in banking sector irrespective of your stream.[/color-box]
Career Promotion Ladder for Officers in Banking Sector
- Officer : Scale I
- Manager : Scale II
- Senior Manager : Scale III
- Chief Manager : Scale IV
- Assistant General Manager : Scale V
- Deputy General Manager : Scale VI
- General Manager : Scale VII
Recruitment in higher scales
While IBPS has opened gates to the Officer Scale-I cadre and clerical cadre, career in banking sector is not limited to just junior management levels. Vacancies in middle level and senior level management are posted from time to time. The eligibility, however, depends from bank to bank, and includes minimum experience, age bar, and qualifications among other things. Some vacancies require professional qualification like CA, MBA, etc. So, holding a professional degree will get you places in making a career in banking sector.
Perks of making a career in Banking Sector
- Comparatively secure Job
- Provision of Home Posting (Home State)
- Industry Standard salary
- Special Concessional Staff Rate for Loans
- NPS Provision for new employees, and Pension for Older Ones
- Annual Medical Compensation
- Staff Quarters/Additional Lease Compensation
- Holiday Homes and Annual Leave Fare Concession
- Reservation of School Seats
- Annual Incentives
- Copious Leaves
Alternative to IBPS via Manipal Course
If you are unable to clear IBPS or related banking examination, you may look into professional Manipal Courses. [color-box]Many Banks including Bank of Baroda, IDBI, Andhra Bank, Syndicate Bank, etc recruit for THEIR Manipal Program.[/color-box] This Manipal Program is actually Post Graduate Diploma in Banking and Finance course at Manipal School of Banking from Manipal University. Manipal School of Banking, located at Bangalore, was established in 2011 to train aspiring candidates. You may find details of coveted Bank of Baroda Manipal program here.
Alternative to IBPS via IFBI Career Programs
While I’d never have thought about making a career through IFBI programs, the fact of the matter is, it also provides for a way to enter the banking sector. On a flipside, you’ll have to spend a few dimes to enroll for the course. IFBI offers a good course cum placement service. Few of my colleagues back from college did the NIIT course, and are actually well placed in ICICI Bank. Those who don’t know about this course, I’d like to tell you that it’s a joint venture of NIIT and ICICI Bank. IFBI stand for Institute of Finance, Banking, & Insurance. With courses spanning Post Graduate Diploma in Banking Operations, Advanced Program in Trade Finance & Foreign Exchange, Branch Management Proficiency Program, Credit Management & SME Banking, etc, it’s one of the most complete course you can opt for.
A Fair Warning Before making a career in Banking sector
A word of caution before entering the coveted banking sector! After my three years of experience in Punjab National Bank (clerical), Regional Rural Bank (Loan Officer), and IDBI (Asst. Manager), I can say for sure that Banking Job in not for you if you just want a comfortable Job. Banking is one of the most stressed out jobs out there. Nearly impossible targets, constant vigilance while operations, stretched out office hours, accountability, peer/political pressure, etc. If you want to choose Banking Career, do come in with the right mindset for the job. Recently, with social benefit schemes and other activities (demonetization, etc), banking has become one of the most hectic jobs.[/color-box]
However, the perks of a Banking Job far outweighs the cons. If you are really keen about cracking IBPS and other related examinations, better start your preparation now. Banking opportunities will shorten year by year, and the sooner you crack the exam, the better.
If you have any queries, questions, or just want to share your experience, we are all ears! Just let us know in the comments sections. Or, if you have made a career in banking sector already, feel free to share your advice.
Have a great day ahead. Good Day from Team Bankers Ambition.