Subjects you should keep pace with as banking professionals

Embarking on a career in banking is a sensible choice presenting a plethora of opportunities for those seeking intellectual challenges and professional growth. As aspiring banking professionals, it is mandatory to keep pace with an array of pivotal subjects that underpin this dynamic industry. Acquiring an in-depth comprehension of intricate financial principles, encompassing multifaceted concepts of accounting, economics, and risk management, empowers us to navigate the complexities of contemporary financial transactions. 

Embracing the latest technologies and leveraging digital advancements is indispensable as the banking landscape undergoes a radical metamorphosis driven by innovation and fintech disruptions. Moreover, honing interpersonal skills to foster robust client relationships and cultivate seamless communication within professional circles is paramount to driving collaborative success. Concurrently, an astute grasp of regulatory compliance and legal frameworks ensures ethical conduct and fortifies the institution’s reputation. 

Thus, relentless pursuit of knowledge and unwavering adaptability are the hallmarks of thriving banking professionals, paving the way for a compelling and impactful career trajectory in this dynamic domain. Maintaining an in-depth comprehension of a multitude of pertinent subjects as a banking professional is essential for job advancement while offering clients exceptional service. The critical subjects addressed in this article will assist you in keeping the upper hand in the competitive world of banking.

Also read: Why today’s banking professionals must master the applications of AI

Key subjects to learn as a new-age banking professional 

It is indispensable for a contemporary banking expert to acquire insight into the vital subjects that dominate the digital disruption in the BFSI sector. The MBA in Banking and Financial Services (BKFS) program offers thorough insights into BFSI digital transformation trends and an advanced curriculum designed to meet the standards of the present-day banking context. Provided below are the key subjects you should learn as a new-age banking professional:

• AI in banking: 

The topic of artificial intelligence in banking digs deeply into cutting-edge technology, including ML (Machine learning), NLP (Natural language processing), and predictive analytics. Students nurture competencies to leverage AI applications to reinforce risk mitigation strategies, elevate fraud identification techniques, and optimize consumer experiences via this domain. Banking personnel can generate data-driven decisions while enhancing operational efficiency with the help of AI.

• Analytics for banking & finance: 

Individuals pursuing analytics for finance and banking acquire advanced data analysis skills. They can detect intricate trends, derive insightful knowledge, and arrive at fully apprised strategic decisions, thanks to data analysis abilities. A profound grasp of data analytics makes it simpler to gauge risk, deliver tailored customer care, and capitalize on financial data in the organization’s favor. TAPMI’s online MBA in Banking & Financial Services program offers this as a major elective basket that learners can specialize in.

• IT in banking:

Comprehending information technology’s impact on banking in the digital age is essential. IT in banking explores the complicated structure of core banking systems, cybersecurity checks, and technological advancements, including mobile banking and blockchain. Competence in this field guarantees the ability to adapt to technological changes, delivering a secure and user-friendly banking experience for customers.

• International banking & foreign exchange: 

Proficiency in foreign currency and international banking matters as economic systems become more integrated. This subject includes a thorough understanding of cross-border transactions, foreign exchange markets, and global financial transactions. By pursuing international banking, learners acquire the skills necessary for effectively navigating convoluted exchange rates, hedging techniques, and regulatory structures.

• Credit analysis:

The study of credit analysis centers on honing the skill set essential to evaluate a person’s or an organization’s creditworthiness. Analysis of financial statements, credit risk assessment, and loan structuring are all topics that individuals can learn. Credit analysis expertise ensures sensible lending decisions, protecting the bank’s financial health and fostering profitable client relationships.

Also read:  Top emerging technologies in financial services and how to upskill in them

How to start a career in banking? 

You can take the following steps to get started with a career in banking:

Pursue a relevant bachelor’s degree: 

Start by obtaining a bachelor’s degree in a field that pertains to banking, for instance, economics, finance, accounting, or business management. This will furnish you with a solid foundation of skills and expertise in the banking industry.

Get a master’s degree:

A master’s program in finance, business administration, or an associated discipline offers you an edge in the marketplace while opening up greater career possibilities within the banking industry. Consider pursuing a master’s degree if you want to improve your knowledge and raise your prospects of job advancement. Programs like MBA in Banking & Financial services will give you the right knowledge and skills to excel in banking.

Write a bank exam if necessary: 

Some banking positions can need you to clear a bank test depending on the nation or region you want to work in. The purpose of these examinations is to evaluate your expertise and fitness for various roles in the banking sector. Identify the precise needs of the area you want to work in, then plan accordingly.

Additionally, increasing your likelihood of landing a job in the banking sector by taking on internships or entry-level roles can be extremely helpful. Networking and building connections across the banking industry can also be valuable since it can culminate in career opportunities and insightful knowledge regarding this industry. 

Also read: Why BFSI professionals should stay abreast of trends in banking

Top careers in banking 2023 

Here are the top banking job roles in banking for 2023, along with descriptions of each position:

• Investment banker:

An investment banker provides complex financial transaction counsel to businesses, governments, and other organizations. They assist clients in raising capital via a variety of strategies, including IPOs, bond issuances, mergers, and acquisitions. They also perform extensive analysis and due diligence to evaluate potential risks and opportunities for their clientele. The average salary for this role can go up to ₹40 Lakhs.

• Credit risk analyst:

Assessing the financial standing of individuals, organizations, or institutions that are seeking loans or other credit facilities falls within the purview of a credit risk analyst. They evaluate financial data, examine credit histories, and employ statistical models to ascertain the probability of loan payback. They aid in the overall financial health of the bank by reducing credit risks. The average salary for this role can go up to ₹20 Lakhs.

• Bank teller:

Bank’s frontline representative, a bank teller, assists clients with routine banking tasks like cash withdrawals, deposits, and cheque cashing. They also respond to consumer inquiries, give details on bank services and products, and keep precise track of transactions. The average salary for this role can go up to ₹8.7 Lakhs.

• Internal auditor:

Examining a bank’s internal procedures, policies, and controls is an essential obligation for an internal auditor. They undertake unbiased, independent reviews to verify regulatory compliance, spot potential fraud, and gauge the success of risk management practices. Their work contributes to the improvement of the bank’s internal management and risk administration processes. The average salary for this role can go up to ₹12 Lakhs.

• Corporate banking:

Professionals in corporate banking interact with corporate customers to deliver an array of financial services catered to their unique needs. This can entail offering credit facilities, treasury offerings, money-management solutions, and counsel solutions to aid firms to grow financially and profitably. The average salary in corporate banking can go up to ₹37.5 Lakhs.

• Private Banking:

Private banking provides specialized financial services to high-net-worth clients. Private bankers build long-lasting relationships with their customers by learning about their specific financial objectives and offering customized wealth management, estate planning, and investment advice. The average salary in private banking can go up to ₹25 Lakhs.

Pursue an MBA in BKFS through Online Manipal 

Pursuing an online MBA in Banking and Financial Services (BKFS) from T.A. Pai Management institute through Online Manipal is a prudent step toward a highly rewarding banking career for working professionals wanting to advance their careers. The MBA in BKFS program offers a challenging and extensive curriculum that imparts participants with a solid grounding in risk management, financial markets, and strategic decision-making. The platform of Online Manipal promotes flexibility without compromising educational quality by leveraging cutting-edge online learning systems. 

Also read:  Core concepts you will learn in an online MBA in BKFS

This prestigious program equips graduates to thrive in a variety of banking positions, notably corporate banking, wealth management, and investment analysis. Aspiring bankers are better equipped to take advantage of lucrative opportunities and strike an indelible mark in the fast-paced world of finance owing to professional networks and hands-on training received through this program.

Conclusion 

The ability of banking professionals to thrive and grow in this dynamic field hinges on their expertise, adaptability, and commitment to continuing education regarding crucial subjects. Investing in the latest technological skills and expertise will not only promote their careers but also the overall progress and resilience of the banking sector. Pave your way ahead towards a rewarding banking career by enrolling in the online MBA in BKFS program from TAPMI.