Banking today is a niche profession for commerce and accounts enthusiasts. For beginners, it is the first footstep towards comprehending the global market and discovering challenges to identify a career that provides them with incredible opportunities, both within the country and abroad.
Banking as a career:
One of the most rewarding choices of career amongst the students is the banking sector which offers numerous career opportunities. The majority of people who work in banks are from different academic backgrounds although earlier it was thought that these jobs were meant only for the students who had a commerce or economics background. But this myth has been broken by students from regular colleges also entering this sector. Above average graduates from any stream can get entry in the Nationalized Banks through a national level exam. Though the Public sector Banks are now appointing management graduates as well in huge numbers.
The scope has further widened due to the arrival of technology-savvy new private banks. The sector is witnessing a massive boom due to a broad spectrum of services offered by the banks and the entry of Finance related Institutions into the money lending business. This has resulted into an overpowering need for more qualified professionals in this expanding sector. Now banks have diversified in a number of sectors and are offering banking jobs in mutual funds, securitization of credit cards, consumer loans, housing loans, and foreign exchange activities etc.
Excellent skills in communication, skills in interpersonal behavior, customer dealing ability, an alert nature and industry relevant basic knowledge are the basic prerequisites needed for this sector. However specialization in some definite areas is needed to join global or privately owned banks at higher levels. Banks also needs experience and proficiency in analysis of projects, skills for credit appraisals, loan portfolio management and general and foreign exchange and money .Preference is also given to a decent fundamental knowledge of computers.
Since the privatization of banks in India in the late 1990’s, there has been a huge surge of employment opportunities in this sector. With bank branches springing up even in remotest of places, there has been a huge demand for quality banking professionals. Not only is the pay package attractive, but the work atmosphere and growth opportunities are very good and lucrative. No doubt many are opting for banking as a career. There are some institutes which offer courses in banking, but none better than India’s premier institute for banking studies, Indian Institute of Banking and Finance, Mumbai.
The institute was started in the year 1928 when it was registered as a company under the name of Indian Institute of Banking. It is a conglomeration of almost all major banks and financial institutes in India, with a corporate membership base touching almost 700. It has almost 4, 50,000 workers of banks and financial institutions as members. The Indian Institute of Banking and Finance was formulated with the intention of providing quality and professional education to the developing banking industry in the country and to keep its members abreast with latest happenings. To be a member of the institute, one has to be a present or past employee of a banking organization which is a member of the institute.
IIBF, Mumbai has now become one of the premier institutes in the country offering courses in banking. Since its inception, the institute has been instrumental in awarding various degrees like JAIIB, CAIIB, Diplomas and various certificate programmes in different fields related to banking. The institute is a leader in providing Associate examination courses like the JAIIB and CAIIB which are strictly for the members. The non members of IIFB can study for Diploma or Certificate programmes in Banking and Finance. It’s Diploma in Banking and Finance is a much sought after and respected diploma in the banking fraternity. It has collaborated with IGNOU in offering CAIIB linked MBA in Banking and Finance and with Punjab National Bank for their Advance Diploma in Banking Technology.
Indian Institute of Banking and Finance (IIBF) is a distance mode education institute. All its courses are offered to students through correspondence. The institute provides them with study material, work books, tutorials through accredited institutes, contact classes, virtual classes and through e-learning via its portal. The course is exhaustive and covers almost all the aspects of the field. The courses offered are considered to be the best in the industry in India. Besides, the institute keeps its members abreast with the latest happenings in the financial and banking world by daily e-letters and monthly bulletins.
Besides IIBF, Mumbai, there are other institutes too which offer both regular as well as correspondence courses in Banking in India. Institutes like MITCON Institute of Management, Pune, Vidyabharti institute of Management and Technology (VIBIMAT), Cochin, Shivaji University, Kolhapur and number of others are providing MBA in Banking and Finance and Post Graduate Diplomas in Banking, finance and insurance. The demand for such courses has been increasing by the day which has resulted in almost every state and tier II city now having an institute which offers courses in Banking. Some of these institutes which offer regular courses have entrance tests for admissions while others intake students on the basis of merit in graduation. There is no specific field of graduation required to apply and partake courses in banking and anybody with graduation in any field can opt for them. Employees of banks, looking for promotion and rise in their careers, also take these courses as it gives them a leverage.
Job opportunities for aspirants in banking are brilliant in India. On completing a selective specialized course in banking, you can almost immediately get a job as a banking sales officer with most private banks. But your technical expertise and fundamental communication skills also matter. Leading private banks like ICICI, HDFC, HSBC, Standard Chartered, Kotak Mahindra, Barclay’s and American Express are some of the companies that employ students at all levels depending on the college from which they are hired.