Banking sector puts a lot of emphasis on development of skills. This is the reason why it attracts the best talent, says Prof Amit Goyal

The banking and financial services have always been the most preferred employment sector for the best students across the world.  Over 10 international banks like Goldman Sachs, JP Morgan and American Express and 30-plus Indian banks like ICICI, Yes, Axis, IDBI, Kotak, HDFC and Citi are regularly seen scouting for talent at Indian campuses. The tradition of IIMs shows that top students have always had a bias towards working in the banking sector.

A Deloitte survey on Popularity of working in Banking conducted in 2013 found that students seeking banking jobs are motivated by learning and earning prospects of banking sector. Top factors that are attached to banking sector jobs which make it a career of choice are:

Training & Development

We are living in the knowledge society and the real talent of today values continuous learning and development. Inherently, finance and banking are information driven industries. People working here are always learning and dealing with new and innovative practices that make the jobs interesting for them. Also, being a people oriented sector, banks put a lot of emphasis on developing professional skills of its people. This makes it the foremost reason why banking sectors attracts the best talent across the world.

Financial Strength

The huge capital norms and the backup of central banks make banking and financial service companies very strong and stable.

The fact that they are dealing with the public money gives them a lot of Government protection. Strong regulations block the entry of non- serious or weak players in the sectors. These factors put together make banking jobs a lot more secure and stable.

Good Future Reference

A student who once becomes a banker is able to reap benefits for his entire career. A banking job of a few years in the beginning of an individual’s career makes it a good career reference for the future. Experience as a banker helps a candidate both professionally and socially.

Prestige

Bankers or anyone else dealing with money have always commanded a higher social status in all cultures and societies, since time memorial. The prestige that is attached with a banking job both global and rural. The respect and prestige of being a banker is therefore a strong intrinsic reason for a lot of talented candidates to seek a banking career.

What will you Become?

The banking sector is growing and so are the opportunities therein. There is no one size fits all profile in banking. Banks offering different types of services recruit candidates with varying skillsets. The role of a clerk in a fully computerised branch has already become redundant.

Most people are recruited in office profile and are required to have specialised domain knowledge. The curriculum and pedagogy is carefully designed to prepare our students for these profiles. During the course of study, the corporate relations department helps a student in identifying the most suitable profile according to their strengths and aptitude.

Where will you work?

There are many categories of Banking Financial Services and Insurance companies in India where one can work like Wealth Management, Bank & NBFC, Asset Management, Fintech, Brokerage, Insurance, Accounting & Taxation, and Rating Agencies.

Students have many designations like Trade Finance Manager, Trade Desk Manager, NRI Banking Officer, Financial Planning, Service Delivery officer, Relationship Manager, Management Trainee, Business Banker, Credit officer, Forex Officer, Credit Analyst, Risk Analyst and Operations Executive to name a few.

High Future Earnings

The average salary of a fresher in BFSI sector is Rs 2-Rs 2.5 lakh per annum, with three-five years of experience can earn Rs 5-Rs 6 lakh per annum and with 10-plus years experience one can get Rs 10 lakh per annum.

The trends show that after making a ground hold for about two-three years in banking industry people tend to grow faster in this sector.

It is notable that good students are usually forward looking and prefer jobs which give them higher future growth than immediate salary.

The writer is Director, TKWs Institute of Banking and Finance