The strong banking sector in India has made India’s economy stronger and has paved the way for the progress of all the major sectors. The government has also recognized its contribution and has given impetus to the banking industry by improvising the banking policies and simplifying banking services. As per the KPMG-CII report, “Indian banking is most likely to become 5th largest by 2020 and 3rd largest by 2025. (Business Standard)
It has been seen that after the pandemic, there has been a surge in demand for jobs in banking, financial services and insurance. If you want to build a career in the banking domain, you must prepare yourself with one of the best certificate courses in banking and insurance that will equip you with the knowledge and skills required to progress in this industry.
Flying Career in Banking
BFSI Sector in India
Opportunities in Banking & Insurance
Preparing for a Lucrative BFSI Career
Certifications to attract a successful career
Key Highlights
As per the Monster India survey, the demand for jobs in BFSI grew 27% in February 2022, which was 26% last year.
In the banking and financial sector, the industry has shown persistent growth since June 2021, with a 7% rise in the intent to hire.
July 2021 witnesses a spike in demand for banking professionals at 22% year-on-year.
BFSI Sector in India
BFSI sector in India includes Banking, Financial Services, and Insurance sector.
In India, there are 18 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks and 94,384 rural cooperative banks.
The BFSI sector in India is expected to become the 5th largest in the world by 2020 and the third largest by the year 2025.
As per the RBI, India’s banking sector has enough capital and is well-regulated with excellent economic conditions.
The number of ATMs in India touched 213,145 out of which 47.5% of ATMs are located in rural and semi-urban areas.
As per the RBI, India’s foreign exchange reserves touched US$ 630.19 billion as of February 18, 2022
By 2025, India’s fintech market will touch Rs. 6.2 trillion (US$ 83.48 billion).
The growth of digitisation in the banking sector is yet another contributing reason for the growth of this sector. In 2020, India surpassed China with 25 billion transactions. It is expected that digital payments will be contributing 71.1% of the total payment volumes by 2025.
Looking at the above statistics, the BFSI sector has opened several new job avenues. Hence, if you are looking forward to a growing career, then it is time to consider being a part of the BFSI sector.
Opportunities in Banking & Insurance
The Government of India has introduced several reforms and policies to streamline the banking sector and make it more efficient. This has triggered the seamless functioning of the banking system and an increase in the demand for banking professionals in countless job roles.
The banking sector offers a large number of job opportunities.
Entry-level banking jobs include bank executive jobs, bank cashier jobs, sales and marketing jobs, accountant jobs, relationship manager jobs, telemarketing jobs, loan advisor jobs, customer handling, loan processor, trainee and interns and others.
With a few years of experience banking professionals can bag jobs like Tele Sales Team Lead, Bank Cashier, Assistant manager, Chief Compliance Officer, Fund manager, senior accountant, Sales officer, Portfolio manager, chief accountant, treasurer, and others,
Financial analyst jobs consist of investment analyst and financial analyst.
Corporate finance jobs include finance manager, accounts manager, and risk manager.
Investment banking jobs include jobs of bankers focusing on mergers and acquisitions, underwriting, private equity, and venture capital.
Insurance domain jobs include insurance sales agent, underwriter, claims examiner, relationship advisor, financial insurance analyst, claims adjuster, insurance actuary and advisor.
Source: Investopedia, thebalancecareers, Naukri.com
You would want to know how much you can earn as a banking professional. Irrespective of the job role, the salary is a significant part of it. If you are starting as a bank executive, you can earn ₹ 0.2 Lakhs to ₹ 3.6 Lakhs.
As a Relationship Manager, you can earn ₹ 2.1 Lakhs to ₹ 7.0 Lakhs with an average of ₹ 3.5 LPA. High-end jobs like that of a Financial Manager can allow one to earn a salary between ₹ 3.5 Lakhs to ₹ 30.0 Lakhs with an average salary of ₹ 13.0 LPA.
Preparing for a Lucrative BFSI Career
Every individual wishes to have a growing career path; and for this, choosing the right steppingstone is important. The banking and financial sector promises good career growth and opportunity. If you want to get into the banking domain, you can take coaching and give banking entrance exams to join public sector banks. To work in private banks, you can choose a certificate course in banking and finance that allows you to learn various skill sets required to become a banking professional.
To become a proficient banking professional, you need to master mathematical skills, have proficiency in sales, stock market awareness and more. The banking industry is highly competitive and requires a lot of patience and perseverance. A certificate course in banking and finance will cover various banking concepts and skills. Some courses also focus on developing additional skill sets like problem-solving, decision-making, leadership, and more.
Certifications to Attract a Successful Career
If you are planning to become a banking professional, you have umpteen options to start your career. And with the right certificate in banking and finance, you will brighten your chances of fetching a good salary and making it big in this domain. Since the banking sector is highly competitive and demand for trained professionals is high, several certificate courses in banking and insurance.
Timespro banking courses, help you become job ready. These courses have been curated in tandem with the industry’s demand and the key developments taking place in this domain. They have roped in the experts from the industry as mentors. The course curriculum of their short-term diploma is comprehensive and covers concepts like
Fundamentals of Banking
Regulatory Environment
Risk & Compliance
Generic Banking Products & Services
Mandate-specific Products & Services
ABSO (Finacle)
Grooming, Etiquette & English Language Skills
TimesPro’s Short-Term Post Graduate Diploma in Banking Management PGDBM – XL will help in giving a flying start to your banking career.
TO KNOW MORE: https://earlycareer.timespro.com/course/certificate-program-in-insurance-sales-service-management/
IMI offers post graduate diploma in management in Kolkata.
The program is approved by the All India Council for Technical Education (AICTE).
The program inculcates a strong sense of business fundamentals along with ethical values.
Admissions open apply now.Address: 2/4 C, Judges Ct Rd, Alipore, Kolkata, West Bengal 700027Phone Number: 03366529600
