With almost 85,000 vacancies in public and private banks, the banking and finance sector offers plenty of job opportunities at each level. If one is a people’s person, techno-savvy and has analytical skills then a career in this field makes for a lucrative option, says Amit Goyal
A career in banking and finance can change the existing economic scenario of a country. Banking and finance is considered one of the emerging fields in the country today. Approximately 85,000 vacancies in public sector banks and innumerable opportunities in private sectors have given an impetus to the students aspiring to make their career in banking and finance. This sector requires and demands very professional quick learner, ability to think and analyse things accurately and should know the nitty-gritty of banking sector. On a per-capita-income basis, India is ranked 142nd by nominal GDP according to the International Monetary Fund.
Scope
India is expected to become third largest banking hub by 2040 in the world. The good news is that 40,000 employees are retired and hence the intake of the same number of students will be done likely. As far as private banks are considered there are 1.5 lakh vacancies. The only need is to grip the opportunity at the right time and at the right place with confidence and quality knowledge. We help our students to possess all key skills to achieve in the concerned field and sustain in that business. This is our focal mission.
Growth
Finance Minister Arun Jaitley in his Budget said India’s economy is expected to grow between 8 and 8.5 per cent in the fiscal year that starts April 1, 2015. “The forecast for India have been upgraded or remained same without downgrades... The world is predicting it is India's time to fly,” Jaitley said. Aiming for a double-digit growth seems feasible very soon. The statistics department has changed the way India calculates its GDP; this means India is now the fastest-growing major economy in the world.
Growth for 2013-14 was revised up from 4.7 per cent to 6.9 per cent using the new methodology that calculates GDP using market prices. For the present fiscal year, GDP growth is likely to be 7.4 per cent, according to advance estimates. The Economic Survey projected India’s economic growth at over 8 per cent for the next fiscal year.
Opportunities
The basic banking job profile like lending, depositing money, making demand draft and handling with various banks and institutions there are other jobs like easy corporate credit, project credit, finance credit and consumer credit. Of late there are 30 public sectors and 50 private sector in which American Express Bank, Max New York life Insurance, ING Vaishya, India Bubs and Birla Sunlight have multiple vacancies at present for financial managers, bank tailors, bill and account collectors.
Eligibility
If you have a bachelors degree from a recognised university, you can apply for correspondence PG diploma courses in banking and finance. However, the admission procedure and mode of selection may differ from one institute to another and thus it is preferable that you contact individual institutes for added eligibility criteria, if any and other admission details. Students appearing for the final year of the graduation examination can also apply (subject to graduation within the time-line specified by SCDl). 50 per cent marks in graduation in any discipline is necessary and students should have knowledge about banks — its pros and cons.
Criteria
This is a field when work has to be done within no time. Hence, one should be a quick learner and ability to catch things. To get into PG diploma in banking and finance one has to undergo through aptitude test and a personal interview. Basically, the check is on English proficiency, numerical ability, reasoning in the written test. It is usually done to check whether the students have the basic knowledge or not. After the interview is cleared they are made known about internship, education loan, and employment guarantee among other things.
Remuneration
There are many MNC’s, private banks, and financial companies who are on a tenterhook for these professionals. We do have subsequent to various reputed banks that absorb our students after the completion of the course. Initially they receive a minimum package of at least Rs20,000-Rs25,000 per month but it keeps on increasing with experience.
WHere to study:
(The writer is director of Institute of Banking & Finance)