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How to get a job in the banking sector

October 24, 2019

How to get a job in the banking sector

The banking sector in India is very specific. It is described in – Private Sector and Public Sector. I’m going to talk in this article about how you can get a head start in the private banking industry.

The public sector in the banking industry is majority-owned by the government. Any recruit in a PSB is hired through IBPS which conducts recruitment exams for all public sector banks in India. One must appear for a common exam based on which the candidates are allotted different banks. These exams consist of Quantitative Aptitude, Reasoning Aptitude,  English, General Awareness and Computers. 

The private banks such as ICICI, HDFC, Standard Chartered, Axis have their own recruitment procedure through which they hire assistant managers/Probationary Officers. These banks hire people at various levels including middle and top management through direct recruitments.

Apart from their own recruitment drive Private Banks & NBFCs also have a tie-up with few training institutes in various cities, where a candidate must complete their banking diploma course after which they are inducted in the rolls of such Private banks. 

Here are a few steps listed to help you become a banker – 

Step 1: Obtain a Bachelor’s Degree
There is no obligation in terms of what field you graduate from for pursuing a Banking career. Additionally, if you have just completed your high school and planning for a banking career, you may want to consider enrolling in bachelor’s degree programs in business administration with a concentration in banking and financial management to further your understanding. 

In short, those who graduate with a bachelor’s degree are eligible for commercial and investment banking job opportunities.

Step 2: Participate in an Internship
An internship in the banking & finance field may be part of a degree program or an opportunity that you as a student can pursue during the summer. Participating in an internship provides prospective bankers with experience in the field and an understanding of financial policies and regulations. 

Additionally, an internship will help you familiarize with the responsibilities you’ll have once you begin employment. Internships are also a way for you to begin making connections in the trade and networking for prospective employment opportunities.

Step 3: Complete a Professional Banking Program
The banking industry is quickly being disrupted by new technologies like mobile payments, artificial intelligence and big data. The bankers of tomorrow will need the skills to manage these new innovations along with having knowledge of core banking applications.

As mentioned earlier, private Banks & NBFCs also have tie up with few training institutes in various cities. Enrolling for such a program will also help you cope with the banking products and services, get introduced to business practices, and client relations. In order to secure a job with private banks, you will have to successfully pass and complete the banking program as this will increase your chances of getting hired. 

Success tip:
Pursue certification. According to the top hiring managers, employers, especially for the banking & finance industry, though not a requirement, typically prefers a candidate with a professional certification. 

Step 4: Focus on building your Skill Set
Always learn to – learn, relearn and unlearn! Discover the most desirable skill set for your job and focus on learning it. You can always gain knowledge by reading and keeping yourself updated. But what you should focus on and excelling in is building your skill set. 

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