After the economic reforms in 1991 or the LPG era, banking has become one of the most sought-after careers in India. After liberalisation, many private banks became prominent, further making a vast horizon of employment generation in the banking sector. The banking sector has undergone many changes. As the retail, housing, hospitality, and education sectors are experiencing massive growth in their respective fields, the development of the banking sector is manifold.
Banking is an exciting career for graduates. Banking professions and trades are flourishing in the country despite more than 50% of the country’s population being unbanked. Billions and billions of dollars in investments are being made in the country, which further envisages the potential of the banking sector.
Career in Bank Sectors
The worth of the banking industry in India is about Rs 64 trillion. Still, about 41 per cent of the population has no bank account. It means in the days to come, robust employment opportunities are expected. A career in the banking sector is lucrative in public and private banks. The industry has been fascinating for the youngsters for a long time. The students from the fields of commerce, economics, and finance can notch fatty packages from top banks. The MBA degree and graduation in finance are the added advantages to getting placement at the senior levels in the private sector banks. Growth and promotion are slow in public sector banks but have security of jobs. However, in private-sector banks, there is healthy growth and advancement. If you are a graduate of an MBA from a reputed institution, career growth is relatively smooth in the private sector banks.
Jobs in Bank Sectors
Employment opportunities in bank sectors are encouraging. Today, India has different types of banks, such as Central, Nationalised, Grameen, Private and Foreign. Today, India has more than 150 banks, 50,000 branches and 17, 000 ATMs spread across the country. About 7-8 lakh job vacancies will be available in the banking sector in the next five years. Job opportunities in the banking sector are increasing day by day. Economic reforms of 1991 led to a wide range of job opportunities along with fat pay packages. Job opportunities include marketing, sales, financial analysis, human resources, client servicing, and insurance.
Bank Jobs Salary
Pay packages in the banking sector are public and private, depending on the nature of profiles and banks. For clerical jobs, it starts from Rs 20,000/month. It may be Rs. 30 000 for a higher position to Rs. 40 000. If you are an MBA from a reputed institution, your salary may range from Rs 10 lakh to Rs 20 lakh. Some meritorious and hardworking MBA students can touch the figure of crore/year as salary.
PO Bank Jobs
A graduate can appear in the Probationary Officer exam. After clearing the probationary officer exam, one has to appear in the interview round. After successfully passing the interview, the candidate must be on a two-year probation period. If you hunger for success within, you can go to managerial and senior manager levels. Before entering the higher-level position, the POs are assigned the role of Bank tellers, Bill and account collectors, Loan officers, Financial customer service representatives, and Credit analysts.
Eligibility for Bank Exams
After passing the graduation exam of any discipline, a candidate may appear for the entrance exam of banks. However, candidates with a finance, commerce, and economics background are preferred in the private sector. One must appear in an interview after successfully passing the entrance exam. Computer skills are also needed for these exams.
Some colleges in India offer bachelor’s degrees in insurance with a specialisation in equity debt, microeconomics, strategic planning, banking communication, and financial services. Fees for doing a graduation degree depend upon the institution. If you select government-funded colleges and universities, they may charge you less. But in private, the costs may be a lakh. If somebody wants to enter the banking sector after completing an MBA, they may have to pay a fitting amount for the management course, depending on the institution’s reputation. If you are doing an MBA from IIMs, be ready for about Rs 20 lakh as fees.
How to Prepare for Bank Exams?
The different banking exams for various posts are objective. The exams were conducted for subjects like Reasoning, English Language, Quantitative Aptitude, General Awareness, and Computer Knowledge. Each paper has a maximum number of 50 questions and 50 marks. It means the total mark is 250 against 250 questions. There is a provision for negative marking, too. So, students should be cautious while solving the question paper. There are separate exams for separate post-clerks, probationary officers, and specialised officers. The candidates must face an interview after successfully passing the written exam.
How to Crack Bank Exams?
How to succeed in a bank exam is one of the vital questions before the candidates. Since the test is harmful, you should be 100 per cent sure whether you are making the right or wrong decision before attempting a question. There are five disciplines: reasoning, English Language, Quantitative Aptitude, General Awareness, and Computer Knowledge for all exams. A candidate can be aware of only some of the domains. So give more time to those tests which interest you more. However, time should be given to all the concerned subjects.