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Commerce

How to get a banking job after B.Com?

Online Manipal Editorial Team | October 20, 2022

Commerce is one of the most popular education streams in India, and many students pursue a B.Com degree after their 10+2. It is one of the most sought options by students to build careers. B.Com graduation programs help students to build a strong knowledge base in subjects like banking, finance, etc. The first preference of B.Com graduates is the banking sector.

B.Com graduates are the preferred choice of banks while hiring. These banks can be either government or private. To get yourself placed in a government bank, you must clear the qualifying examination, whereas private banks hire students through campus placements. However, in both private and public sectors, there are numerous opportunities available for students that ensure constant growth of the students. Let’s check how to get a job in a bank after graduation.

To know more, check out B.Com course details: All you need to know.

What are the requirements to get a Bank job after B.Com?

There are different sets of criteria for the public and private sectors –

To get a job in PSB (Public Sector Bank), i.e., a government bank, you must clear the qualifying examination conducted by the Institute of Banking Personnel Services (IBPS). The institute conducts two entrance examinations: the IBPS Clerk and the IBPS Bank PO.

Requirements for IBPS Clerk: –

  1. Bachelor’s Degree
  2. Diploma or Degree in Computers or Computers/IT as subjects in 12th or during graduation.
  3. The minimum age is 20 years, while the maximum age for applying is 28 years.

Requirements for IBPS Bank PO: –

  1. Any graduation degree is accepted regardless of the percentage obtained.
  2. The minimum age is 20 years, whereas the maximum age for applying is 30 years.

For both exams, there are 3 years of maximum age relaxation for the OBC category, 5 years of relaxation for the SC/ST category, and 10 years of relaxation for the PWD category.

The criteria for private sector banks vary from bank to bank, and the criteria are decided by the hiring authority and published on their official website. It may include qualifying for a written test or some other degrees like CA or CS. So, make sure you check their websites from time to time and read the notification properly.

What are the various bank roles that you can take up after B.Com?

As said earlier, the banking sector, be it private or public, has immense career opportunities for aspirants. They allow the aspirants to choose from various job roles and settle on the one which suits them the best.

Financial Analyst – The role of a Financial Analyst is to provide financial or investment-related advice to the bank customers and conduct industry-related research and analysis. They are also responsible for analyzing and predicting the future performance of the bank.

Average salary ₹ 4.0 LPA

Investment Banker – An investment banker helps the bank gain capital financing for expanding and improving the banking infrastructure. They also offer financial services to bank clients. They can also be responsible for managing the bank’s initial public offering (IPO).

Average salary ₹ 4.8 LPA

Bank Clerk – A bank clerk is responsible for managing a bank’s basic functionalities like cash withdrawal and deposit, ensuring compliance with KYC, and addressing common customer queries. In short, the bank clerk is an important role that adds up to the convenience of the customers.

Average salary₹ 3.0 LPA

Bank Teller – Bank tellers, are also known as cashiers or customer representatives. Their role closely resembles that of a bank clerk. They are considered to be in frontline banking as they have to deal with the customers regularly.

Average salary ₹ 2.6 LPA

Loan Officer – A loan officer helps small-sized businesses or common people to get loans for reasons like purchasing a home or a car, industrial equipment, machinery, etc., for personal or business growth. They help the customers to better understand the terms and conditions of the loans and educate or assist the customers or businesses regarding the loan process.

Average salary – ₹ 4.5 LPA

Treasurer – A treasurer is responsible for the preparation of financial records, plans, policies, etc. The treasurer is responsible for managing the financial needs of the bank, be they short-term or long-term. Treasurers forecast the cash needs of the bank and manage the cash flow accordingly.

Average salary ₹ 18.0 LPA

Bank Auditor – A bank auditor is responsible for various things like evaluating the legitimacy and accuracy of the bank’s financial records, recommending and implementing process improvements in the internal audit process, conducting audit procedures to understand the exact financial condition of the bank, etc.

Average salary ₹ 4.5 LPA

Credit Analyst – The responsibilities of credit analysts include evaluating the credit score of a customer through their savings amount, loans taken by them, etc., along with the credit risks involved in the same. On the basis of the decision of the credit analyst, the bank decides whether to provide credit to a customer or not.

Average salary ₹ 5.3 LPA

Relationship Manager – The Relationship Manager is responsible for managing and updating the client portfolios and financial goals of the clients in the bank. Along with the client portfolios, RM also decides the structure for the loans, their terms, guidelines, etc., which ensure the proper functioning of the bank. They help the customers to easily connect with the bank services.

Average salary ₹ 3.5 LPA

Wealth Manager – The Wealth Manager in the bank provides financial advice about the different products and services like tax planning, estate planning, investment planning, etc., that the bank provides. They are also responsible for buying and selling stocks or shares on behalf of the client. 

Average salary₹ 6.5 LPA

You can also check out the Advantages of a B.Com degree.

Government banks or Private banks: Which is a better career choice?

As mentioned earlier, there are two paths that you can choose to land in the banking sector. But which is better for you? The answer certainly depends on your current circumstances, while both private and government bank jobs have their pros and cons.

Key differences in Private and Public sector banks

Both banks contribute greatly to the development of the country’s economy in their ways. Aspirants who are willing to build a career in the banking sector should align themselves with the requirements and goals of each sector and choose the sector which suits them the best.

1. In public or government banks, the control lies within the hands of the government of the state or the nation. The government has a major stake in the banks, and thus the functioning of the bank is decided according to the law.

In a private bank, the control is entirely in the hands of private entities or simply an individual. Some private banks can also be run by a trust or an organization. Private sector banks do not fall under certain laws laid down by the parliament or the courts.

2. To get a job in government banks, you have to clear the qualifying examination conducted by the IBPS, whereas getting into private sector banks is comparatively easier; you might get selected based on your interview performance.

3. Career growth in the public sector is comparatively slow compared to the private sector. As in the government banks, you are appointed through the qualifying examination; the growth remains stagnant for quite a few years. Generally, the promotion depends on the number of years you have provided your service to the bank and not on talent or hard work. In the private sector, growth is purely based on hard work and talent. The main reason behind promotion in the private sector depends on merit and not age.

4. As mentioned above, government banks decide your paycheck on your seniority and not your talent, so the pay can sometimes be less compared to a similar post in a private bank. In private sector banks, as you can get a promotion very quickly based on merit, you can have a good pay package, and your salary may hike pretty easily.

5. Government banks always provide higher job security compared to the private sector. In the private sector, the competition is always on, and there are very high chances that you may lose your job if you don’t keep up with the competition.

6. Also, being a government employee, you can avail many benefits in loan rates, high-interest rates on deposits, pension schemes, and much more. While being a private sector employee, you can’t have such benefits.

Advantages of choosing a career in the banking industry

The banking sector has undergone several major changes in the past few years, which has opened vast opportunities for aspirants. Here are a few reasons why you should choose the banking sector to build a strong and reliable career.

  • Good pay packages

Compared to other industries, the banking sector pays higher, be it private or government banks. Other entry-level jobs don’t provide good pay, especially to the freshers. So if you have completed your B.Com and are thinking about pursuing a career in the finance industry, the banking sector is certainly the best option.

  • Job security

Besides a respectable salary, you also benefit from higher job security, especially in the public sector. Even if you are an average employee, you don’t have to worry much about losing your job.

  • Scope for growth

The banking industry provides many opportunities to grow and strengthen your career. Even if you get an entry-level job in the banking industry, after a few years of hard work, you can reach your desired post. Along with job promotion, banking jobs also indulge life values that will help you even if you plan to leave the job and start your own business.

  • No recessional impact

No matter what the conditions are in the country, people continue to interact with banks to secure their money. So as long as people are earning money, banks are going to be there, and nothing can impact the working of banks. Due to extreme stability in the banking sector, recession only has a minor impact.

  • Aspirants from any discipline can get into it

The banking industry not only demands people from the commerce field but also welcomes individuals of other disciplines. The banking industry has a place for all aspirants who desire to build a career in the banking industry.

  • Safe and comfortable work environment

As mentioned above, the banking industry in India is one of the most stable industries in India. It helps the banking sector to provide a great work experience to the employees, which further leads to the feeling of job satisfaction among the employees.

  • Great work-life balance 

Compared to other industries like IT, the banking sector provides an excellent work-life balance. You don’t have to worry about your work when you are at home. The banking industry provides a stress-free and hassle-free life to employees.

Steps to prepare for a bank job

Let’s check how to get a bank job after B.Com – 

  • Select the right commerce or finance degree

Select the appropriate degree in finance or commerce. For example, B.Com or M.Com.

  • Prepare for the bank exams

Once you have completed the degree program, you can start preparing for the bank exam according to the syllabus.

  • For positions at the senior level, get a master’s degree

If you are aiming for a senior post, it is recommended that you have a master’s degree in finance or commerce.

  • Obtain certification in accounting or finance

If you are not willing to invest the required time in the master’s degree program, you can get yourself an online certification in accounting or finance to grab various bank jobs. They will certainly help you improve your job portfolio.

  • Networking

Build and maintain strong connections with other professionals in the sector to have a fair idea about the domain.

Some top government and private banks that recruit B.Com graduates

  • State Bank of India
  • HDFC Bank
  • Bank of Baroda
  • Canara Bank
  • Axis Bank
  • Kotak Mahindra Bank
  • ICICI Bank
  • IDBI Bank 
  • YES Bank 
  • Bank of India

Secure a high-level banking job with an online master’s degree

Most of the banks do recruit B.Com graduates as employees. But when it comes to directly landing on higher posts, a master’s degree is a must. Having a master’s degree gives you an upper hand over your competitors, and it can increase your growth rate and help you obtain higher pay packages.

Manipal University Jaipur now provides online degrees through their online platform, Online Manipal. With the help of online courses by MUJ, you can start learning at your own pace without having to step out of your comfort zone. The online courses provided by MUJ are comparatively cost-effective and tend to provide world-class education on a computer or mobile screen. Along with B.Com and M.Com courses, you can also pursue MBA in finance or MBA in BFSI courses to land your dream job in the banking sector.

To know more, you can check out Guide to MBA in finance course.

Conclusion

As the economy of India continues to grow at an exceptional rate, the banking industry will play an important role in the country’s development. It is safe to say that opportunities in the banking sector will grow, looking at the current scenarios. With the help of the online degree programs provided by Manipal University Jaipur, you can stand out from the crowd and build a strong and bright future.

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