All you need to explore a career in banking

The banking and finance industry plays an integral role in the global economic scenario. In addition to fostering economic growth, the industry lends stability to the career trajectory of individuals working therein. Moreover, there is always a wide array of career prospects open for banking graduates and professionals. This blog details all you need to know about career growth in banking before venturing into the space.

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Overview of the Banking Industry

Let us begin with a general overview of the banking sector in India. Listed below are the different types of banks that exist in the country and their corresponding roles in the economy:

• Commercial banks: These banks accept deposits from individuals, governments, and business organizations by way of check and savings accounts, and fixed deposits. Some of the other services they provide include insurance, wealth management, and investment advice.

• Investment banks: They assist governments and organizations raise capital by issuing securities like stocks and bonds and via underwriting. They also offer advisory services for corporate transactions, mergers, and acquisitions.

• Retail banks: They offer more personalized services like credit cards, personal loans, mortgages, and savings and checking accounts to individual customers. Their role is to encourage savings tendency among customers for future investments. 

• Central banks: They are responsible for overseeing the banking system to ensure that it is sound and stable, and serves as a last resort for customers during financial contingencies. They are also responsible for controlling inflation. 

Career Opportunities in Banking

The banking sector in India offers ample scope for professional growth and an ideal work-life balance to graduates and professionals in the industry alike. Noted below are some of the top career opportunities in banking that you can explore when venturing into the domain:

Retail Banking:

As stated earlier, retail banking offers financial services to individual customers. Some of the common services provided include personal loans, savings and checking accounts, credit cards, and mortgages. The popular job roles in this sector are defined in the table below:

Expected job role	Key responsibilities	Avg annual salary (approx)
Bank Teller	Customer service, processing transactions, opening bank accounts, cash maintenance	INR 6,54,946 per annum
Personal Banker	Facilitate planning for retirement, offer loan service, handle administrative tasks, open bank account, resolve customer complaints	INR 5,83,000 per annum
Customer Service Representative	Handle financial transactions for customers, complete money transfers, and cash cheques, open and close bank accounts	INR 4,50,000 per annum

Corporate Banking:

Corporate banking refers to providing financial services to business corporations, such as managing cash, and offering loans, and treasury services. It offers corporate clients customized solutions for working capital management and mergers and acquisitions. Some of the top careers in corporate banking are: 

Expected job role	Key responsibilities	Avg annual salary (approx)
Loan Officer	Identify opportunities for lending, complete credit documentation, and offer advice to loan applicants	INR 10,51,593 per annum
Credit Analyst	Evaluates the creditworthiness of individuals and companies for loan approval or rejection	INR 900,000 per annum
Relationship Manager	Work with individual/corporate customers offering services like loans, investments, deposits, and insurance	INR 6,37,00 0 per annum

Investment Banking:

Investment bankers offer services like advice, underwriting, and M&A assistance to governments and large corporations. Some of the top career roles in this domain are:

Expected job role	Key responsibilities	Avg annual salary (approx)
Trader	Buy and sell financial instruments such as bonds, foreign exchange, stocks, and commodities for an investment bank	INR 9 lakh – INR 25 lakh per annum
Investment Banker	Help clients raise money and grow their business network, offering advice, facilitating negotiations, and financial transactions	INR 8 lakh – INR 23 lakh per annum
Financial Analyst	Offer advice to companies on all financial matters, analyze financial data, and help make crucial investment decisions	INR 2.1 lakh – INR 12.4 lakh per annum

Risk Management and Compliance:

This refers to identifying, evaluating, and mitigating financial risks, as well as ensuring compliance with regulatory standards. Some of the top roles in this field can be described as:

Expected job role	Key responsibilities	Avg annual salary (approx)
Operational Risk Manager	Assess, report, measure, and control operational risks for a company	INR 21,96,750 per annum
Risk Analyst	Help banks mitigate risks involved in business decision-making	INR 9,02,892 per annum
Compliance Officer	Monitor reviews, train employees on regulatory standards, and research regulatory issues	INR 715,000 per annum

Wealth Management and Private Banking:

This area of banking offers personalized financial services to individuals with high net worth. A few examples of the services provided include estate planning, investment management, and tax advisory. Some of the popular career roles in this domain include:

Expected job role	Key responsibilities	Avg annual salary (approx)
Portfolio Manager	Managing client investments and helping them attain their financial goals	INR 18,80,000 per annum
Private Banker	Manage money and responsible for overseeing financial activities for clients with high net worth	INR 14.8 lakh per annum
Financial Advisor	Understand the financial objectives of a client and offer assistance in formulating strategies to achieve those goals	INR 4.7 lakh per annum

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Educational Pathways and Qualifications

If you are keen on pursuing a career in the banking domain, the first step is to earn the required learning skills. Given below are the desired educational qualifications for banking roles in India. You may earn a relevant degree in the following subjects:

• Finance 
• Economics
• Business Administration
• Accounting 

Besides these, gaining some valuable certifications relevant to the domain can also be helpful. A few examples include:

• Chartered Financial Analyst (CFA)
• Certified Public Accountant (CPA)
• Financial Risk Manager (FRM)

Skills Required for a Successful Banking Career

In addition to educational qualifications and add-on certifications, there are some essential skills required for a banking career that can help progress towards a successful career path:

• Analytical and Quantitative Skills: Strong analytical and quantitative skills are required for roles involving financial analysis and risk assessment. Critical thinking can help interpret financial data, make informed decisions, and assess risks.
• Communication and Interpersonal Skills: There is a need for excellent communication and interpersonal skills for client-facing roles and teamwork within the bank. Effective communication helps convey information on policies, financial products, and investment strategies to colleagues and clients crisply and concisely.
• Attention to Detail: Focus on accuracy and attention to detail in managing financial transactions and compliance tasks is a must in the banking sector. There needs to be precision in analyzing and interpreting complex financial data, handling transactions, and ensuring compliance with regulations.
• Technological Proficiency: Tech skills are highly required in banking, particularly familiarity with financial software, data analysis tools, and cybersecurity measures.

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Career Advancement in Banking

The career trajectory in the banking sector can gradually advance and enable you to climb the corporate ladder with the relevant qualifications, certifications, skills, and experience in the industry. Outlined below is the general career path in the industry:

• Entry-Level Positions: Some of the entry-level roles that provide foundational experience and skills to professionals in the industry include Bank Teller, Customer Service Representative, and Personal Banker. Working in these roles enables professionals to gain skills in customer interaction, exposure to industry knowledge, and diversify their skills.

• Professional Development: There is ample scope for professional growth through training programs, mentorship, and continuing education. These efforts help equip employees with the desired knowledge and skills required to excel in their current roles as well as prepare them for leadership roles in the future.

• Career Progression: Some of the potential career paths and advancement opportunities in the banking sector include moving from an analyst to a senior manager or executive role. This requires a combination of leadership skills, technical expertise, career planning, and continued learning.

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Challenges and Rewards of a Banking Career

Like any other profession, the banking industry is not devoid of its unique challenges. Likewise, efficient performance is rewarded proportionately as well. A quick look at both below:

• Work Environment and Hours: The work environment in banking is generally competitive and fast-paced, requiring bankers to remain quick and responsive at all times. Addressing client queries and grievances may also require working for long hours under high-pressure situations.
• Job Stability and Benefits: A banking job is generally considered more stable, with resilience against fluctuating economic situations. In addition, competitive salaries and other monetary and non-monetary benefits associated with banking careers make them a lucrative choice for students and professionals alike.
• Impact on Society: Banking professionals have a significant and crucial role to play in the economy and society at large, enabling business growth and financial inclusion. They offer financial advisory services and facilitate easy access to banking services for all. 

Take your career forward with Online Manipal

If you are ready to be a part of this lucrative and rewarding career option, take the first step with an online MCom degree from Manipal University Jaipur. The university offers a two-year Master’s program on the Online Manipal platform. Offered in 100% online mode, the MCom course is designed to enable convenience and self-paced learning for students and working professionals alike. Some of the core skills that students are equipped with include corporate tax laws, cost analysis, international business, e-commerce, and more.

Read more about Another Successful Convocation of Online Graduates of Manipal University Jaipur!

Conclusion

Banking is a lucrative career option, offering stability in jobs and the resilience to weather fluctuating economic conditions. Not to forget, the industry offers diverse career opportunities, all of which are rewarding, both professionally and personally. The scope of banking is diverse and immense. 

The necessary qualifications to take the first step in the sector is an MCom degree, a postgraduate program offered to help students learn the desired skills required for a successful career in banking. If you too are willing to explore this dynamic and rewarding field, consider your personal interests and career goals and sign up for an online MCom with Manipal University Jaipur.  

The online MCom program is designed for students with a keen interest in finance and accounting. Graduating with the degree makes them eligible for top roles in leading banks and other financial institutions in the country.