Monday, December 17, 2018

10 Reasons to choose bank careers & opportunities in bank sector.

Bank Careers

Reasons to choose Career in Banking

Here we go! Our top ten reasons that make the Indian Banking Sector our number one career choice.


Reason 1 (Bank careers)

The banking sector is considered as the backbone of a country’s economy. With the Indian economy registering a reasonable 7.2% growth in Financial Year 2017, the Indian Banking sector is going strong at 7.1% and is likely to reach 7.5% in Financial Year 2018.

Reason 2 (Bank careers)

There are total 27 Public Sector Banks in India including SBI (plus its 5 associates) and 19 nationalized banks in India, the jobs in the banking sector are! The employment scenario in this financial sector of Indian economy is very promising.

Reason 3 (Bank careers)

The Indian Public Sector Banks employ almost 8 lakh plus personnel at present. A major portion of this working population is set to retire in the next 5 years that will for sure create enormous opportunities for young professionals. This year alone the public sector banks are set to recruit more than 63000 young employees to their existing workforce. No surprises in guessing that public and private commercial banks combined, constitute the largest job providers in the country.

Reason 4 (Bank careers)

Though it may appear that the banking jobs are usually meant for students who have pursued commerce and economics, the fact remains that the top positions in major commercial banks are held by postgraduates from leading management institutes, chartered accountants, chartered financial analysts, engineers etc. This makes the banking sector at the same level playing field for all. Also, there is a good scope for technical positions like agricultural officers, industry officers, law officers, economic officers etc.

Reason 5 (Bank careers)

Earlier the recruitments in the public sector banks used to take place through individual recruitment boards, which made the entire process very tedious. In order to simplify the process, now the recruitment in 20 major public sector banks takes place through a common written test that is conducted by Institute of Banking Personnel Selection (IBPS). Not only has it simplified the process but has also made getting into the banking sector a lot easier.

Reason 6 (Bank careers)

A recent trend in the recruitment process in the public sector banks confirms that they are now a lot open for freshers too. In the last 4 - 5 years, these public sector banks have started a campus recruitment drive for recruitment at various positions in their organization.

Reason 7 (Bank careers)

In terms of the pay package too, banking is a sector to reckon for. The remunerations are not only very lucrative but also are on par with any other employment sector.

Reason 8 (Bank careers)

Since the banking sector employs personnel from various sectors; the banking institutions provide requisite training to equip new employees with required skills for a lucrative career in the organization.

Reason 9 (Bank careers)

A career in the banking sector is rewarding not only in monetary terms but also in terms of hierarchy progression. Performance and potential are key elements that determine this career progression. Unlike other sectors, it takes lesser time in the banking sector to reach higher positions. And there is an element of job security too.

Reason 10 (Bank careers)

Joining a public sector bank also gives you the opportunity to explore the different parts of India as well as foreign countries.

Opportunities in the Banking sector

Today banking is amongst the top paying fields in the area of commerce and accounts. With 7.1% GDP of the banking industry in the financial year 2017, the banking sector ensures a stronger economy and opens lucrative career avenues for job seekers.

Opportunities in the banking sector are enormous. It is estimated that in the coming few years over 5 lakh fresh jobs will be up for grabs. Also with the new banking license regime coming into play, the job scenario is expected to become more lucrative in the times to come.

It is not only the private sector that will have vacancies on offer, but the public sector banks will also not be far behind. With an expected deficit of 50% of employees in the coming years due to retirement, the public sector banking scenario will also witness huge recruitment drives.  

Job prospects (Bank careers)

An aspirant who wishes to make a career in the banking industry has quite a lot of options to choose from. Apart from the conventional fields like marketing, sales, financial analysts, human resource, client servicing, insurance etc in the banking sector, there exist some other upcoming areas also such as investment banking, internet banking etc which people are searching these days.

Educational requirements (Bank careers)

An aspirant can get into the banking industry after completing his/her graduation. Profile and pay package of the job depends on the aspirant’s educational qualification and experience. The salary is sure to witness rise with higher qualification and more experience. The starting salary could range between Rs. 23,700 to Rs. 42,020.

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