Entry Level Careers in Banking and Finance & How to Get Them!
Banking is undoubtedly one of the most sought after industries thanks to a galore of multi-disciplinary-verticals and lucrative professional roles. Collectively referred to as the Banking, Financial, Services and Insurance sector (BFSI), the field offers as much career-advancing initiatives as it demands sustainable, hard-working inputs. Given the long-standing legacy of public and private institutions working in this sector, job seekers have a variety of opportunities to explore through banking and finance courses after graduation. This post will provide an overview of such mainstream job profiles within the Banking sector that fresh graduates are most interested in. So let’s get to it.
It is easy to draw the line between the public and private sectors in banking keeping in mind the Indian economic ecosystem of BFSI. A career in the banking sector, especially in one of the government banks would be a dream come true for not just those in Tier-2 or Tier-3 cities of India, but also the people residing in urban development centers such as Delhi, Mumbai, Chennai and Bengaluru to name some.
Why Build a Career in Banking Sector?
Major reasons for such an undying fascination with such jobs can be pointed to the following:
Demand – Although India is better than many first-world countries in terms of growth rate, yet 58.7% of its population remains unbanked. The scope of growth and employment generation to be expected in the immediate future from this fact alone is enormous. As public and private banks connect with the rural masses by opening up newer bank branches, the demand for both traditional and new banking roles is sure to go up.
Innovation – The operational efficiency of the banks is expected to surge as well. This shift is partly credited to the now imperative push of digitization. Customers have taken a liking to the idea of mobile and internet banking with increased installations of ATMs within and outside their city quarters. Such 24/7 live facilities put convenience at the center of the user experience and introduce a new level of customer service in banking driving the job requirement even further up.
Supervision – The government of India pays close attention to the fiscal policies introducing strong regulatory measures for the sector annually through its fiscal budget. Coupled with the above factors, the same assure job security to people that are always welcomed.
You now have an understanding of the enthusiasm that surrounds job vacancies in this sector, let’s further explore the entry points into the same beginning with the public sector banks. Before we deep dive into the nature of these institutions, it is equally important to understand the nature of the jobs and are they good enough for building careers in finance!
Candidates must have a graduate degree with a minimum passing marks of 60% for the General category. Students from Other Backward Classes (OBC), Persons with Disabilities (Pwd) and Scheduled Castes/ Scheduled Tribes (SC/ST) are eligible to appear for exams with a minimum of 55% passing marks in graduation. Graduates are welcomed to apply to the following vacancies via annual exams:
Clerical: These are entry-level positions with designations such as clerks, typists, data entry/telephonic operators, clerk-cum-cashiers, and agricultural clerks. There
Probationary officers: Candidates who successfully pass the exam are under probation for a pre-determined timeline in order to identify their key strengths and suited departments on the job. Once the probation period ends, they are hired and posted in the roles that are subsequently finalized.
Bank Careers in the Public Sector
The Indian banking system is one of the most comprehensive in the world. Therefore it comes as no surprise that there are four institutions conducting annual examination for hiring at scale. These tests are recognized by the government and are as follows:
- Reserve Bank of India (RBI)
- State Bank of India (SBI)
- Institute of Banking Personnel Selection (IBPS)
- National Bank for Agricultural and Rural Development (NABARD)
Let us briefly understand the roles these institutions are hiring for.
Reserve Bank of India (RBI)
They conduct examinations for the Assistant Post and Grade B officers. As of this date, there are 630 vacancies for the RBI Grade B post, the examinations for which will be conducted in 2020. In addition to it, there are 926 vacant positions for the Assistant profile.
State Bank of India (SBI)
SBI hires for both its parent banking division as well as the five associate banks that include State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad. Candidates are profiled to fill the positions of clerk and PO.
Institute of Banking Personnel Selection (IBPS)
It is essentially a recruitment firm that was founded to offer qualified people jobs in public sector banks. As a result of its standing legacy, a number of banks consider it’s scored to hire for various positions. The banks accepting IBPS scores include the Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Union Bank of India and Corporation Bank to name some. The range of roles they hire for include clerk, PO, Group-A (Scale I, II, III). This common entrance test is also considered by Regional Rural Banks to hire Group-B assistants as well as specialist officers in government banks.
National Bank for Agricultural and Rural Development (NABARD)
Based out of Maharashtra, NABARD aims to improve the rural well-being of people by improving banking infrastructure and expanding banking functions. It recruits Grade A and Grade B officers for Assistant Manager and Managerial levels.
Bank Careers in the Private Sector
Unlike nationalized banks, private or foreign banks don’t rely on common entrance examinations for hiring candidates. Many of them have their own bank courses for mass hiring and promoting bank careers. They tie up with corporate partners to the first train and then hire skilled workers through standard certification programs. Such as the NIIT – ICICI Post Graduate Diploma in Sales & Relationship Banking which is the perfect bank course for a job.
The programme has upskilled and placed thousands of candidates in the private banking sector. Candidates have to enrol for a 3-month programme at the end of which there is an examination. Once the student passes the examination they get a chance to work with the ICICI Bank in the profile of a Value Banker.
Few private banks take into account your IBPS score or CWE (Common Written Examination) score. After clearing the tests mentioned above, candidates can upload their results on the careers portal websites of private banks and apply for openings.