How to get a banking job after B.Com?

A Bachelor of Commerce (BCom) lays a great foundation for entering the banking sector. Boasting a curriculum rich in financial education, BCom equips graduates with essential skills. From comprehensive knowledge of accounting and economics to specialized banking courses, BCom instills analytical prowess, problem-solving skills, and an understanding of ethical and legal standards. Internship opportunities and networking opportunities further bridge the gap between academia and real-world banking operations. The versatile skill set acquired during BCom positions graduates as competitive candidates, ready to navigate the dynamic landscape of the banking industry. 

BCom graduates are the preferred choice of banks while hiring. These banks can be either government or private. 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. 

Requirements to get a bank job after BCom 

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).  

Public Sector Banks (PSUs): 

• Bank Clerk (Clerical Cadre): 

• Eligibility: Graduation in any discipline from a recognized university. Age limit typically ranges from 20 to 28 years. 
• Salary: Up to INR 5 LPA 

• Probationary Officer (PO): 

• Eligibility: Graduation in any discipline from a recognized university. Age limit is generally between 20 to 30 years. Banks conduct competitive exams like IBPS PO for selection. 
• Salary: Up to 7.6 LPA 

• Specialist Officer (SO): 

• Eligibility: Graduation in a relevant field (IT, Law, HR, Marketing, etc.). Additional qualifications or certifications in the specific area may be required. Age limits vary. 
• Salary: Up to 19 LPA 

• Bank Manager (Scale I, II, III): 

• Eligibility: Graduation in a relevant field, often with several years of banking experience. Higher scales may require additional qualifications like an MBA. Age limits vary. 
• Salary: Up to INR 15.7 LPA 

• Credit Analyst: 

• Eligibility: Graduation in Commerce, Finance, or related field. Some positions may require an MBA in Finance. Relevant work experience is often preferred. 
• Salary: Up to INR 15.2 LPA 

• Loan Officer: 

• Eligibility: Graduation in any discipline, preferably with knowledge of banking and finance. Relevant work experience or additional certifications may be required. 
• Salary: Up to INR 4 LPA 

Private Sector Banks: 

• Bank Clerk (Clerical Cadre): 

• Eligibility: Graduation in any discipline from a recognized university. Age limits vary. Private banks may have their own selection processes. 
• Salary: Up to INR 5 LPA 

• Probationary Officer (PO): 

• Eligibility: Graduation in any discipline. Age limits typically range from 20 to 30 years. Private banks may conduct their own recruitment processes. 
• Salary: Up to 7.6 LPA 

• Specialist Officer (SO): 

• Eligibility: Graduation in a relevant field, and additional qualifications or certifications as per the job role. Age limits vary. 
• Salary: Up to 19 LPA 

• Branch Manager: 

• Eligibility: Graduation with several years of banking experience. Some positions may require an MBA. Age limits vary. 
• Salary: Up to 16 LPA 

• Relationship Manager: 

• Eligibility: Graduation in any discipline, often with a preference for business or finance-related degrees. Good communication and interpersonal skills are crucial. 
• Salary: Up to 8 LPA 

• Financial Analyst: 

• Eligibility: Graduation in Commerce, Finance, or related field. Additional qualifications like an MBA or CFA may be preferred. Analytical skills are essential. 
• Salary: Up to INR 11.5 LPA 

• Risk Analyst: 

• Eligibility: Graduation in a relevant field, such as Finance or Risk Management. Some positions may require additional certifications. Analytical skills are key. 
• Salary: Up to INR 17.9 LPA 

• Treasury Officer: 

• Eligibility: Graduation with a focus on finance. Some positions may prefer candidates with an MBA in Finance. Knowledge of treasury operations and financial markets is crucial. 
• Salary: Up to INR 17.9 LPA 

Source: AmbitionBox 

Eligibility criteria can vary among private sector banks, and candidates should refer to the specific requirements of the bank they are interested in. Additionally, gaining relevant certifications and work experience can enhance eligibility for certain specialized roles. 

Check out: How to become a risk manager after BCom 

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 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. 

Also read: Best PG courses for BCom graduates 

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. 

Check out: How to earn a BCom degree online 

Steps to prepare for a bank job 

Let’s check how to get a bank job after BCom: 

• Select the right commerce or finance degree 

Select the appropriate degree in finance or commerce. For example, BCom or MCom. 

• 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 BCom 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 BCom 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. 

Pursue any finance or commerce-related degree through Online Manipal  

Manipal University Jaipur (MUJ) and Sikkim Manipal University (SMU) now provide online degrees through their online platform, Online Manipal. With the help of these online courses, you can start learning at your own pace without having to step out of your comfort zone. The online courses provided by MUJ and SMU are comparatively cost-effective and tend to provide world-class education that can be accessed from 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.