Banking, Finance & Insurance Career Scope: Jobs, Placements, Salary, Top Recruiters/Companies

A career in banking sector produces a wide range of job opportunities for qualified banking professionals that can provide several services, including risk management, loans and investments, stock analysis, and many more. Presently, bank careers are a popular option among students as the high demand for banking professionals with particular knowledge and skills due to the rapid expansion and evolution of bank products and services.

Banking is one of the important sectors of the Indian economy and thus it has a range of job opportunities for young professionals.

A student who wants to start a career in banking sector must pursue the relevant course or clear the relevant competitive exam. The banking course covers several topics such as asset handling, advances or loans, history of banking, investments and trust activities, and many more. It also includes credit management, investment banking, commercial banking, and trade finance. In the last ten years, life insurance has been rapidly growing in India, with coverage premiums enhanced at a CAGR (Compound Annual Growth Rate) of 7.5 percent. Thus, insurance is fast developing area in this sector and promises a wide range of bank careers in the future.

DFP-Banner

Why Choose a Banking Course?

Presently, the banking and financial sector are growing fast and thus have constant demand of skilled professionals as junior, middle and senior levels. Banks can offer thousands of jobs annually in our country. After clearing the banking exams, one can start working as a Probationary Officer and can move up to the General Manager level with a high salary and additional benefits.

Studying or preparing for banking examinations builds the foundation for a broad range of bank careers such as broking, funds management, superannuation consulting, and banking. One can also work with the government, financial markets, and corporate houses.

There are several reasons to choose banking as a career, some of them are mentioned below –

• Job security          
• Personal investment knowledge      
• Endless career options       
• Good remuneration and other benefits       
• High regard       
• Growth opportunities     
• No recession effect

Top Careers in the Banking Sector

The banking sector is one of the important parts of an economy. It is also one of the most dominant segments of the financial industry. There are several careers to choose from in the banking sector –

1. Financial Accountant – The main responsibilities of a financial accountant include managing tax payments, preparing budgets, and internal audits. At this post, you will work as a consultant for senior managers for revenue analysis and conduct costs. You must have a degree in accounting with relevant work experience for the post of financial accountant. The average salary of a financial accountant is INR 3.3 lakh per annum in India.
2. Equity Analyst – The main work of equity analysts is to produce projections, research reports, and recommendations for organisations and stocks. They also use their professional knowledge to offer investors, investment consultants, brokers, and individuals’ financial guidance. An equity analyst collects and assesses data on bonds and stocks, develops forecasts, and creates economic models that will lead to informed decisions about investment opportunities. The average salary of an equity analyst is INR 5.8 lakh per annum in our country.
3. Bank Manager – A bank manager supervises a specific bank branch, leads their employers and looks after daily operations. The main responsibility of a bank manager is to manage team to enhance sales with outstanding customer service. An important duty of a bank manager is to hire and train new employees, assess the performance of worker rates, consult with clients and connect with the local community to attract a large number of customers to gain more profit. The average salary of a bank manager is INR 8 lakh per annum in India.
4. Financial Risk Manager – The main work of financial risk managers is to examine and identify earning capacity and threats to the assets or success of a business. They work in trading, private banking, marketing, loan organisation, and financial services. A financial risk manager also manages the market, credit, and operational risks. The average salary of a financial risk manager is INR 9.0 lakh per annum in India.
5. Investment Banker – Investment bankers deal with several financial processes of investment ventures that organisations accept. They are investment professionals who combine analytical prowess, financial services industry expertise, and convincing communication skills to support institutional clients in several activities such as acquisitions, capital rising, and mergers. The average salary of an investment banker is ? 9 lakh per annum in India.

Some most popular bank careers are Foreign Exchange, Loan Officer, Assistant Manager, Business Analyst, Audit Clerks, Financial Risk Manager, Internal Auditor, Financial Service Representatives, Foreign Exchange Trader, Book-Keeper, Credit Analyst, Bank Teller, and financial manager.

DFP-Banner

Scope of Banking in India

The banking sector is considered the backbone of the Indian economy, which not only supports the economy and trade of the country but also provides good employment opportunities for students from all streams - Humanities, Science, and Commerce. The salary of a probationary officer (PO) is about INR 5 lakh per annum in the public sector bank, which is quite high compared with other government sectors. The salary of PO in SBI (State bank of India) is slightly higher than other public sector banks. Let’s look at some more bank careers.

National Bank of Agriculture and Rural Development – The main scheme aim of the National Bank of Agriculture and Rural Development (NABARD) is to offer funds for the rural infrastructure of India to allow long-term irrigation practices. Normally, it provides aid and financial services for the improvement and development of rural India. Managing, Planning and Implementing are these funding programs for agricultural and farming activities.

IBPS (Institute of Banking Personnel Selection) – The Institute of Banking Personnel Selection (IBPS) is one of the central recruitment agencies under the Ministry of Finance in the Government of India. The main goal of this recruitment agency is to promote the placement of graduates in several public sector banks except for the State Bank of India in our country. IBPS also provides standardised systems for result and assessment processing services to organisations. This recruitment agency also provides its services to banks in the regional rural banks, private sectors, public sectors, and foreign banks. IBPS also offers other financial institutions, including insurance companies, academic institutions, co-operative banks, and personal- and state-owned companies.

State Bank of India Probationary Officer – The Probationary Officer of State Bank of India supervises customer service, opening bank accounts, processing loans, clerical activities, and many more. The probationary Officer will also study several fields of banking, such as Rural Banking, Retail Banking, and many more. The average salary of a SBI PO is INR 6 lakh per annum.

SBI Clerkship – The main responsibility of SBI Clerks is to open the bank accounts and look after those transactions linked with handling chequebook requests, issuing demand drafts, transferring money using several payment modes, the NEFT/RTGS, and many more. The average salary of a Clerk in SBI is about INR 2.4 lakh per annum.

IBPS Regional Rural Banks (RRB) Officer – The main work of an IBPS RRB PO is to prepare the audit reports, NPA (Non-Performing Assets), loan disbursement & credit portfolio rating, and manages daily operations of the bank. The average salary (per month) of IBPS RRB Officer (Scale 1) and (Scale II) are given below -

IBPS RRB Officer (Scale I)        INR 29,000 – INR 33,000

Officer Scale-II INR 33,000 – INR 39,000

Officer Scale III INR 38,000 – NR 44,000

Average Banking Salary in India in 2022

The average salary of an individual working in a Bank in India is about INR 34,700 monthly. The average salary ranges of a person working in a Bank between INR 10,900 (lowest average) and INR 71,300 (highest standard, the actual maximum salary is higher). The average salary per month includes transport, housing, and many more benefits from the bank. The wages of individuals who work in a bank vary depending on the post.

Banking Job Title	Average Salary (Monthly in INR)
Assistant Bank Branch Manager	41,800
Bank Operations Head	67,900
Credit and Collections Manager	47,000
Direct Bank Sales Representative	24,700
Financial Banking Systems Manager	47,500
Loan Area Manager	42,300
Mortgage Development Manager	44,700

DFP-Banner

Top Recruiters of Banking

The banking sector offers services and is a very important field that offers many jobs worldwide for those youngsters who want to work in the banking sector. If you want to start a banking career, then there are several top recruiters of the bank given below –

• York & Associates
• Anderson Young Associates Inc.
• Kershner & Co
• Marvel Consultants
• e-FinancialCareers
• Russell Stephens LLC
• Babich & Associates
• The EMAC Group
• Kaplan Partners
• Smith & Wilkinson
• Phoenix Group International
• Bradsby Group
• Analytic Recruiting Inc.
• Financial Recruiters LLC

Top Banking Colleges for Placement

The MBA in banking college train and equip students for pursuing business, financial services, and accounting careers. There are several colleges in India for banking courses with good placement records in India. A few of them are listed below –

MBA in Banking Colleges for Placements	Highest CTC in INR
WeSchool Mumbai	19.73 LPA
IFMR GSB Sri City	13.6 LPA
IMI Delhi	23.75 LPA
Alliance University	7.2 LPA
IMT Ghaziabad	14.00 LPA

How to Get a Job After Graduation in a Banking Course?

You can start a career in the banking sector either as a fresh graduate or an experienced professional. The jobs in banking sector are secure with many benefits. There are several benefits of securing a bank job. Given below are some key tips for getting a job after completing graduation in the banking sector –

• Make an impressive resume: You are free to select any format for your resume. Add your internship or job experience after introducing yourself. You can add a resume summary statement at the end. Also, explain why bank careers interest you.
• Study for the job interview: Prepare for the upcoming interview by going through the employer’s website and related news articles. Do some independent research on current affairs and news regarding the company's culture, mission, and values.
• Decide the bank position you want to apply for: Create a goal for the particular job position you want to apply for such as investment banker, financial analyst, financial examiner, credit analyst, auditor, sales agent for securities and commodities, loan officer, or teller and start preparing for the particular job interview.
• Locate bank jobs: You must keep up with the marketplace. For banking students, there are currently about 26,806 bank job openings in India. Learn more about the employer, location, and salary and go ahead to apply for various bank positions.

Top Indian Cities for Lucrative Banking Jobs

Though, it's challenging to make a career in the banking and finance sector mastering the skills of your ideal profession will help you make an ever-growing career path. There are several big Indian cities in which you can start a career in banking –

City Name	Banking Job Salary Package in INR per annum
Mumbai	5 lakh – 12 lakh
Gurgaon	7-8 lakh
New Delhi	6-7 lakh
Bangalore	7-8 lakh
Hyderabad	5-7 lakh
Chennai	4-7 lakh
Kolkata	5-10 lakh
Hyderabad	5-7 lakh
Pune	6-7 lakh
Ahmedabad	7-12 lakh

Life After Banking

The banking sector is one of the public sector jobs and offers job stability and security that lasts till you’re 60 years old. In the banking sector, you get a stable job and can get promotions by appearing for internal exams.

Also Read:

• Career in Banking: Check Eligibility, Salary, Promotion and Preparation
• Career in Banking: Trends & Selection Process for Banking Jobs
• How I made my career in Banking: Pawan Kumar Singhal
• Must Know Banking Courses in India
• How does a BCom course prepare me for a career in banking & finance?
• How to prepare for an interview in the banking sector
• Why choosing to work for banking sector today can be a wise decision?

FAQs on Bank Careers

Q: To what extent is it correct to say that Banking has a lot of career options?

Q:  Why should an individual choose bank careers over other fields?

Q: What are some giant recruiters from the Banking industry?

Q: What are the prerequisites or academic qualifications to pursue a Banking course/career?

Q: What is the level of job satisfaction in bank careers?

Q: What is the duration of a banking course?

Q: What are various job designations in a bank?

Q: What are the main skills that any individual with a banking degree must possess?

Q: What are the popular Banking certifications?

Q:  What are the various fields that banking professionals can gain expertise in?

Q:  What are the subjects that a Bachelor’s degree in Banking covers?

Following are the top exams for Banking, Finance & Insurance. Students interested in pursuing a career on Banking, Finance & Insurance, generally take these important exams.You can also download the exam guide to get more insights.

Following are the most popular Banking, Finance & Insurance Specializations . You can explore the top Colleges offering these Specializations by clicking the links below.

Following are the most popular Banking, Finance & Insurance Colleges in India. Learn more about these Banking, Finance & Insurance colleges (Courses, Reviews, Answers & more) by downloading the Brochure.

Following are the most popular Banking, Finance & Insurance courses, based on alumni reviews. Explore these reviews to choose the best course in Banking, Finance & Insurance.

Following are the most popular Banking, Finance & Insurance UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

Following are the most popular Banking, Finance & Insurance PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.