By 2040, the Indian banking and finance sector is expected to be the third largest in the world. This means that in the coming years, the growth prospects in this field are aplenty with 1.5 lakh jobs in private and 40,000 new vacancies in Government banks. So, if you have a flair for numbers, a career in this area may prove to be lucrative, says Amit Goyal
A career in banking and finance is liable to change the existing economic scenario. It is considered one of the emerging fields. There are over 85,000 vacancies in public sector banks and myriad opportunities in private sectors have given an impetus to the students aspiring to make their career in banking and finance. Banking 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 ranked 141st by nominal GDP and 130th by GDP (PPP) in 2012, according to the International Monetary Fund. India is the 19th-largest exporter and the 10th-largest India is the 19th-largest exporter and the 10th-largest importer in the world. According to Moody’s, the Economic Growth Rate of India would be 5.5 per cent in 2014-15. The Indian Government aims to cut the fiscal deficit to $70 billion or 3.7 per cent of GDP by 2013–14. The banking sector is going to play a crucial role in Indian economy. So this is the right choice if someone wants to make their career in this field sector.
Scope
Banking and finance in India is expected to become third largest hub by 2040 in the world. The good news for freshers is that, 40,000 employees are retiring 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.
Growth
Today, there are 1,10,000 branches, and every year 7,000 to 8,000 branches have been added in the last nine years and this year 10,000 branches will be opened. Besides bank branches that had been opened, banking service also had expanded at a fast pace. ATM facility, which was available in a few localities, is now available throughout the country. Very few thousand students got education loans ten years ago. lakhs of students were availing the education loan. Crores of self-help groups were availing loans.
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 credit, corporate credit, project credit, finance credit and consumer credit. Of late there are 30 public sectors and 50 private sector banks have multiple vacancies currently for financial managers, bank tailors, bill and account collectors.
Eligibility
If one has a bachelors degree from a recognised university, one 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 exam can also apply (subject to graduation within the time-line specified by SCDl). At least 50 per cent marks in graduation in any discipline is necessary and students should have basic knowledge about banking sector-its pros and cons.
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 one has to undergo through aptitude test and a personal interview. The students are tested on English, numerical ability, reasoning in the writing. 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, etc.
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 who absorbs 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
Institute of Banking and Finance, New Delhi. Website: www.instituteofbanking.org
IGNOU, Maidan Garhi, New Delhi. Website: www.ignou.ac.nic
AMU, Aligarh, UP. Website: www.amu.ac.nic
IP University, New Delhi. Website: www.ipu.ac.in
Professionals who are skilled not only in foundation and analytical skills in banking and finance but also in managerial expertise are in high demand. Thus a number of courses have come up to produce these kinds of industry-oriented executives. One can opt for courses in various core areas and at degree as well as diploma level. If one wants to pursue a career in this sector, one can enroll in a number of postgraduate courses as well. After completing correspondence PG diploma courses in banking and finance, one will gather analytical skills, knowledge of the sector and be exposed to various aspects of banking.
(The writer is director, TKWS Institute of Banking & Finance)