After the economic reforms in 1991 or post LPG era, banking has become one of the most sought after careers in India. Post liberalization, many private banks came into prominence which further made a wide 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 huge growth in the respective fields, the growth of the banking sector is seemed to be manifold.
Banking is an exciting career for graduates. Banking professions and banking careers are flourishing in the country in spite of more than 50% population of the country is unbanked. Billions and billions of dollar investments are being in the country, which further envisaged 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 percent of the population has no bank account. It means in the days to come, robust employment opportunities are expected. Career in banking sector is lucrative both in the public as well as private banks. The sector 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. MBA degree along with graduation in finance subject is the added advantage to get placement at the senior levels in the private sector banks. Growth and promotion is slow in public sector banks but have security of jobs. However, in private sector banks, there is healthy growth and promotion. If you are a graduate of an MBA from reputed institutions, career growth is quite 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 banks. Presently, India has about more than 150 banks, 50, 000 branches and 17, 000 ATMs spread across the country. There are about 7-8 lakh job vacancies are 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 are available as marketing, sales, financial analysts, human resources, client servicing, and insurance.
Bank Jobs Salary
Pay packages in the banking sector at both public and private depending upon the nature of profiles and banks. For clerical jobs, it starts from Rs 20, 000/month. For a higher position, it may be Rs. 30, 000 to Rs 40, 000. If you are an MBA from reputed institutions, your salary may touch from Rs 10 lakh to Rs 20 lakh. Some meritorious and hardworking MBA students of IIMs 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 has to be on a probation period for two years. If you have the hunger for success within, you can go to managerial and senior manager levels. Before coming into 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
A candidate after passing the exam of graduation of any discipline may appear to the entrance exam of banks. However, in the private sector, candidates with a background in finance, commerce, economics are preferred. After successfully passing the entrance exam, one has to appear in an interview. Computer skills are also needed for these exams.
There are some colleges in India which offer bachelor degree in insurance with specialization in equity debt, microeconomics, strategic planning, banking communication, and financial services. Fees for doing a graduation degree depend upon institutions. If you selected government-funded colleges and universities, it may charge you less. But in private, the fees may be a lakh. If somebody wants to enter into the banking sector after completing MBA, may have to pay a fatting amount for the management course depends upon the reputation of the institution. If you are doing MBA from IIMs means be ready for about Rs 20 lakh as fees.
How to Prepare for Bank Exams?
The different banking exams for various posts are objective in nature. The exams were conducted for subjects like Reasoning, English Language, Quantitative Aptitude, General Awareness, and Computer Knowledge. Each paper is having a maximum number of 50 questions and carrying 50 marks. It means the total, mark is 250 against 250 questions. There is a provision of negative marking too. So students should be cautious while solving the question paper. There are separate exams for separate posts-clerks, probationary officers,s and specialized officers. After successfully passing the written exam, the candidates have to face an interview.
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 negative in nature; therefore before attempting a question, you should be 100 percent sure whether you are at the right or wrong decision. There are a total of five disciplines-Reasoning, English Language, Quantitative Aptitude, General Awareness, and Computer Knowledge for generally at all exams. It is not necessary that a candidate is aware of all the domains. So give more time to those tests, which interest you more. However, time should be given to all the concerned subjects.