Decoding the rise of job opportunities in the BFSI sector

The current BFSI industry

The BFSI industry is a highly regulated sector that has been undergoing a major transformation in recent years due to technological advancements, regulatory changes and the overall changing dynamic of the financial services landscape. The increasing adoption of digital technologies has led to the emergence of fintech companies that are leveraging cutting-edge technologies such as Artificial Intelligence, Blockchain, Machine Learning, and the Internet of Things to offer innovative financial solutions to consumers. The Indian BFSI industry has experienced steady growth of 27% in February 2022 and continues to grow, opening up various opportunities for professionals in the banking and financial services sector. 

The modern trends in the BFSI sector have disrupted conventional business models demanding professionals to adapt and upskill themselves accordingly. Finance-related job openings have gone up by 8%, and some of the top skills in demand in the market are – wealth management, cybersecurity, credit operations, financial auditing, investment banking, and analytics. The BFSI sector is an important part of the global economy, providing essential services such as payment processing, lending, insurance, and investment management. Thus, companies have to acclimate to new technologies, changing customer demands, and regulatory changes in the BFSI sector to remain competitive and relevant.

You can also read: How MBA-BKFS helps you transition into leadership positions in the BFSI sector.

Why is there a rise in BFSI jobs? 

Some of the reasons behind the rise of jobs in the BFSI sector are discussed below:

• Emerging technologies 

The rising adoption of AI and ML technologies along with blockchain has led to increased automation when it comes to completing transactions and handling high data volumes in the industry. The new opportunities presented by evolving technology have allowed BFSI businesses to offer cutting-edge goods and services, digital wallets, robo-advisory, and peer-to-peer lending. With the advent of robotic process automation (RPA), virtual assistants, and chatbots, it has been noted that firms are experiencing increasing efficiency in their day-to-day tasks. 

Thus, it has led to a rise in the need for experts who can set up and manage these technologies while offering customers efficient round-the-clock service. Thanks to Big Data and Machine Learning, BFSI organizations are now able to analyze massive volumes of data to make more informed decisions and cater to the needs of the customers appropriately. To reap the utmost benefit from these technologies, the BFSI sector requires skilled professionals with expertise and experience in using these technologies effectively. 

• Need for skilled professionals 

The BFSI industry is highly regulated; thus, it needs experts who can assure compliance while comprehending the regulatory landscape. The BFSI industry has a significant demand for skilled personnel, including compliance officers, risk managers, and internal auditors. Additionally, BFSI businesses need experts that can oversee digital platforms, create innovative products and solutions, and improve relations with clients. Mobile technology analysts and cybersecurity experts are among the top professionals hired by the BFSI segment. Threat remediation, proactive incident response and monitoring, data migrations, backup, and protection are among the biggest priorities for organizations. 

With increasing business innovation comes advanced supply chains and higher demand for use cases of smart technologies. Professionals are needed to oversee these processes and optimize resource management of assets as well. Also, there is a need for experts who can manage financial transactions, offer financial advice, and manage risks, including wealth managers, insurance agents, financial analysts, and investment bankers. So, the BFSI industry provides a variety of work possibilities for qualified employees with various backgrounds and specialties.

• Demand for finance-related jobs 

There is a high demand for finance professionals in the BFSI sector as companies are expanding into new markets and seeking growth opportunities for their businesses. A deeper comprehension of the significance of financial planning and management is what is driving the need for positions in the finance industry. There is a huge demand for knowledgeable professionals in the field to help companies assess future investment opportunities. The finance field is highly dynamic in nature, presenting exciting opportunities, challenges, and a fast-paced environment. 

Professionals wanting to advance their careers in the field require strong problem-solving skills, and they can expect a career progression once they get started. Professionals in the finance field can also pursue various advanced roles and take up additional responsibilities to increase their pay. Financial planners, advisors, and analysts now have more employment options, thanks to the growing acceptance of digital technology and the increased understanding of the value of financial planning and management.

In-demand skills required for the BFSI industry

The willingness to learn, evolve with changing trends, and be open to new opportunities are essential for professionals in the BFSI industry. Discussed below are some of the most in-demand skills needed for BFSI sector jobs. These skills would help BFSI professionals to succeed in their job roles and advance their careers.

• Financial Risk Management

Financial risk management involves a mix of problem-solving, creativity, credit analysis, decision-making, leadership, and the ability to forge strong business relationships. Professionals in the BFSI sector must possess this skill to be successful in the domain and advance to higher positions.

• Wealth Management

Wealth management involves having consultations with clients, discussing their desired objectives and milestones, and taking the steps needed to achieve them. It also involves carefully assessing the portfolios and assets, thereby making realistic recommendations based on market scenarios for investment, savings, and diversification.

• Credit Operations

Credit operations give guidance on matters related to sales cycles, order management, customer financial services, general management, processes, and procedures. It also ensures compliance with the latest rules and regulations, including with audit partners.

• Investment Banking

Investment banking requires strong foundational knowledge of mathematics, finances, and economics. A good investment banker is able to connect with people, understand their pain points, and find innovative solutions that address their challenges. Invest bankers deal with mergers and acquisitions, forecasts, joint partnerships and LLPs, and much more.

• Cybersecurity

Cybersecurity experts work within organizations to secure network parameters and prevent possible data breaches. They safeguard sensitive information, perform security audits and penetration testing, set up firewalls, and improve the overall security posture of firms. They are also responsible for designing cybersecurity policies and for coordinating with CISOs who are next to the CEO.

• Analytical Skills

Being able to parse data from multiple sources and make sense of intangible information, think outside the box, and brainstorm rational solutions to tough problems all fall under analytical skill sets. An analytical thinker can problem-solve and implement effective strategies that benefit the organization. 

Pursue an online MBA in BKFS from TAPMI 

The BFSI landscape is continuously changing, driven by technological advancements and growing customer demands. The sector’s transformation is creating new opportunities for professionals to upskill themselves in new-age technologies. Employers demand skilled and qualified professionals with niche skills that are needed to succeed in today’s advanced BFSI sector, which extends beyond what traditional program curriculums offer. The online MBA-BFKS program from TAPMI is the ideal option for professionals to develop an advanced and up-to-date knowledge of the BFSI sector and presents them with the scope for career advancement.

Professionals who pursue the MBA in BFKS course are in high demand due to the following reasons:

• Graduates of the program gain advanced knowledge and varied real-world experiences in the BFSI sector with industry-focused projects, case studies and integrations.

• Learners develop command over emerging areas in the BFSI sector, such as cryptocurrency, blockchain, banking technologies, credit analytics, treasury management, fund investments, etc.

• The career-oriented electives of the program, such as banking, analytics for banking & finance, capital markets and advanced corporate finance, provide learners with experiential learning outcomes.

• Exclusive industry mentorship prepares candidates to be leaders in the BFSI sector and stand out in the ever-evolving BFSI business environment.

To know more, read: Why are MBA-BKFS graduates sought after?

Conclusion

The BFSI sector is a significant contributor to the global economy, and the rise of employment opportunities due to the major transformation in the sector is opening up various career paths for professionals. Professionals can take advantage of the growth in the sector by upskilling themselves with updated knowledge of the sector and niche technologies. The MBA in BKFS program is highly recognized with top accreditations and helps learners to build managerial careers in the BFSI sector. Professionals should enroll in the online MBA in BKFS program from TAPMI to advance their careers to leadership positions in the BFSI sector.