Banks are going to recruit more than Rs 7 lakhs of professionals by 2016 and among these, more than Rs 4 lakhs are in entry-level positions for recent graduates. This article takes a closer look at the different career opportunities available in banking.
It cannot be denied that banking has emerged as one of the biggest funders among the different financial services. In addition to creating a large number of jobs, banking jobs are more stable compared to other financial services.
Financial services
Although there are various types of jobs available in financial services, we will consider jobs aimed at graduates who aspire to jobs in this sector.
It should be noted at the outset that students pursuing any degree course can enter this sector for a prosperous career. It is not limited to business or management graduates to join the sector. Here we will discuss more about massive employment opportunities and not about jobs with few vacancies.
Financial services companies fall broadly into three categories:
Banks
insurance companies
Non-bank financial corporations (NBFCs)
NBFCs are mainly engaged in multiple businesses like capital markets, lending, asset management, wealth management, etc.
There are 5 categories of Banks. These are:
Public sector banks: State Bank, United Bank, etc.
Private sector banks: HDFC, ICICI, Axis, Yes bank, Kotak Mahindra, etc.
ยท Foreign banks – Citibank, Standard Chartered, HSBC, Barclays, etc.
Regional Rural Banks – Gramin Banks
Cooperative Banks: Greater Bombay Cooperative Bank, Abhyudaya Cooperative Bank, etc.
Despite the large number of banks, access to banking services remains poorly penetrated. More than twenty-five percent of the population does not have access to the financial services sector. Therefore, these remain largely untapped and provide enough opportunities for years to come. Given the increase in income levels and the use of the latest technology, the banking sector is expected to grow 4-5 times its current size by 2020. The number of people who will work directly in the banking sector is expected to exceed 2 millions.
Currently, about 60% of people are employed in operations, 30% in sales, and 10% in support roles.
How to start a career in banking?
The hiring process at public sector banks begins with a selection process at the entry level. The Banking Personal Selection Institute (IBPS) conducts the Common Written Examination (CWE) for 19 public sector banks. Marks earned at the CWE are used to shortlist candidates for Probationary Officers (POs), Administrative Cadres, and Specialist Officers. The shortlisted candidates are presented for a group discussion and finally a personal interview and the combined scores from both stages are taken for the final selection.
The State Bank conducts separate written tests and interviews to recruit management cadres and PO positions. For the Regional Rural Banks (RRB), the IBPS carries out the contracting through a test. Private sector banks conduct their own recruitment tests and interviews at the entry level. These banks have their own training programs to improve the skills of the employees.
In conclusion, there is a great opportunity available in the banking sector for students graduating from any stream. There are a number of courses available that provide training to help students prepare for the selection process for jobs in this sector.