Career in Banking Sector
Career in Banking Sector

Career in Banking Sector: A Step-by-Step Guide in 2023

Career in Banking Sector: There are so many jobs available in the banking sector which offer high salary and job security. However, to enter the banking sector, you must have hold a graduate degree in Finance / Economics / Banking/Commerce and have to crack the bank exams.

The minimum qualification required to get a bank job is a bachelor’s degree in commerce or management. In this article, we will discuss different types of bank jobs, exams keys and its patterns.

What is Banking?

Banking refers to the act of managing the financial assets of people approaching certain banks. Basically, a bank acts like a protector for their money.

Types of Banks 

Banking sector is considered one of the most trusted and secure firm to work in. Before we understand how to make career in banking sector, let us first have a look at the types of banks in India:

  1. Central Bank
  2. Cooperative Banks
  3. Commercial Banks
  4. Specialized Banks
  5. Small Finance Banks
  6. Payments Banks

Eligibility For Government Banking Jobs

In India, banking jobs are mainly conducted for two posts, Clerk and Probationary Officer. Both the positions are different in terms of the selection and remuneration.

These positions come with different eligibility criteria. The clerk position requires a minimum qualification of 10+2, and age limit of  20 – 28 years, which is valid in most banks.

On the other hand, when it comes to the probationary officer, candidates should have hold a graduation degree and should be at least 21 years of age with a good knowledge of computer.

Which Degree is Best For Banking?

There are various degree programs at the undergraduate and postgraduate levels for those who want to pursue a career in banking sector. You must have a degree in commerce, science or arts to apply for bank jobs in India. Here are the some prominent courses you must consider for banking.

01.Bachelor Courses (UG)

  • Bachelor’s in Banking and Finance
  • BBA in Banking/Accounting
  • Bachelor’s in Statistics and Business
  • Bachelor’s in Banking And Insurance (BBI)
  • Bachelor’s of Commerce
  • Cost Accounting
  • Bachelor’s in Finance and Accounting

02. Masters Courses (PG)

  • MBA in Banking and Finance
  • Master’s in Financial Mathematics
  • Master’s in Finance/ Accounting
  • Master’s in  Banking And Insurance
  • Master’s of Commerce
  • M.Voc in Banking, Stocks and Insurance
  • Master’s in Monetary and Financial Economics

03. Diploma/ Certificate Courses

  • Diploma in Banking and Finance
  • Graduate Certificate of Finance and Banking
  • Graduate Certificate in Banking Security
  • Diploma in Banking Services Management
  • Graduate Diploma in Banking
  • PGDM in Banking Management
  • PGDM in Banking and Financial Services
  • Short term PGD in Banking
  • Graduate Diploma in Banking and Finance Law
  • Post Degree Diploma in Economics & Global Banking

List of Careers in Banking

Indian banking sector offers many lucrative job opportunities in both public and private sectors. Let’s take a look at the top most trending career options in banking.

Careers Average Salary Per Annum
Bank Manager 7 Lakhs p.a.
Financial Accountant 4 Lakhs p.a.
Financial Risk Manager 11 Lakhs p.a.
Certified Public Accountant (CPA) 7 Lakhs p.a.
Investment Banker 10 Lakhs p.a.
Equity Analyst 4 Lakhs p.a.

Related:- How to Write a Cheque in India?

Career in Banking Sector: How to Start?

Here is a step-by-step guide you can follow to get a career opportunity in the Indian banking sector:

  • Step: 1 You have to choose the right degree. However, most of the banking sector requires a bachelor’s degree in finance, economics, accounting, business administration, or a related field.
  • Step: 2 Acquire skills and gain some knowledge that are essential for the banking sectors like analytical and problem-solving abilities, customer service skills, etc.
  • Step: 3 Seek internship in banking or financial institutions, prepare and appear for the banking exams like IBPS PO, RBI Grade B, etc.
  • Step: 4 Build network, and attend industry events, career fairs, and connect through LinkedIn or other social media platforms. By doing this you can learn about job openings and gain insights into the industry.
  • Step: 5 Choose a specializations. such as retail banking, corporate banking, investment banking, private banking, and apply for positions.
  • Step: 6 Finally, appear for the interview. Once you crack the interview, continue to invest in your professional development.

Career and Salary

Here are the job profiles and salaries for the available positions:

Job Profile  Average Salary in INR (Per Annum)
Commercial Banker Rs. 4,00,000- Rs. 5,00,000
Loan officers Rs. 4,00,000- Rs. 4,50,000
Small business bankers Rs 2,00,000- Rs. 2,50,000
Branch Manager Rs. 9,00,000- Rs. 10,00,000
Mortgage Banker Rs 3,00,000- Rs. 4,00,000
Investment Banker Rs. 9,50,000- Rs. 10,50,000
Financial Manager Rs 5,00,000- Rs. 6,00,000
Financial Examiner Rs 4,00,000- Rs. 5,00,000
Financial Analyst Rs 4,00,000- Rs. 5,00,000
Broker Rs. 3,00,000- Rs. 4,00,000

Top 05 Banking Exams

The banking exams are conducted by various banking organizations and government bodies to recruit candidates for different positions in the bank. Here are some exams:

01. IBPS PO:- It stands for “The Institute of Banking Personnel Selection” (IBPS) that conducts the PO Exam for the recruitment of Probationary Officer.

02. IBPS Clerk:- This exam is conducted for the clerical positions in banks by the Institute of Banking Personnel Selection.

03. SBI PO & SBI Clerks:- The State Bank of India conducts the PO & Clerk Exam for the recruitment of Probationary Officer and clerical staff in their branches.

04. RBI Grade B:- The Reserve Bank of India (RBI) conducts the Grade B Officer exam for the recruitment of various officers posts in various departments of the RBI.

05. NABARD Grade A and Grade B: The National Bank for Agriculture and Rural Development (NABARD) conducts Grade A and Grade B Officer exams for the recruitment of officers in rural and agricultural development sectors.

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