Wednesday, December 18, 2013

Building a Career in the Banking Industry

By guest writer Devika Arora
Banking is regarded as a niche career for enthusiasts hailing from the field of commerce, mainly finance and accounts. For beginners, banking and finance courses are part of the initial step towards understanding the economy, ascertaining the marketplace challenges and identifying the right career path that would ultimately offer lucrative employment opportunities in the field of banking. With new financial institutions being set up every year and privatization of services, there is a dire need for graduates in this field. The following article discusses about how to enter the field of banking and finance.  

Different Courses, Different Roles

Bank executives at meeting
Many a times, people tend to mix up between accounts, banking and finance courses as all these areas are closely related. However, a banking course is slightly different from a B.Com, which is a commerce program or a CA, which is an accounts course.

If you already hold a B.Com degree, you may seek employment as a sales executive for mortgages, loans and insurance with a leading bank. Similarly, if you are an MBA in finance from a top-ranking business school, you can become a relationship manager.

But a diploma or a degree course in banking will equip you to work in a banking organization and understand both technical and non-technical aspects. This is totally different from other programs like CA or B.Com. However, there are certain programs like B.Sc in Banking and Finance that offer education in both banking and finance.

The Initial Step Towards Banking

To seek admission to a Bachelor’s degree course in banking, aspirants who have passed their XII from the CBSE board of education will need 80% and above to get entry to a top college. Once you clear the eligibility criteria, you are expected to appear for the interview where you will be tested on your aptitude for banking, communication skills, along with money, marketing and sales matters.
If you are passionate about stock trading, hedge funds, mutual funds and understand the concepts of insurance policies and personal loans, you will benefit from additional career prospects.

You must begin preparing for CAT (Common Aptitude Test) in advance so that you are fully prepared for the entrance tests to get into a high ranking institute offering a banking program.
The following is a list of colleges offering banking courses –
  • Russell Square International College in Mumbai
  • City School of Social & Managerial Sciences in Chennai
  • Institute of Management and Creative Studies-Centum U (IMACS-Centum U) in Hyderabad, Delhi, Mohali, Pune and Mumbai
The above colleges offer B.Sc in Banking and Finance, which is a three-year program awarding an undergraduate degree to students. The Tamil Nadu-based Nallamuthu Gounder Mahalingam College also offers B.Com in Banking and Insurance.
There are also many banking programs taught by various private and government organizations to equip students with the right knowledge, tools and techniques for the banking industry.

The Specializations

An undergraduate degree course in Banking and Insurance will ideally offer specialization in –
Ø  Environment & Management of Financial Services
Ø  Effective Banking Communication
Ø  Micro Economics
Ø  Quantitative Techniques of Banking
Ø  Taxation in Financial Services
Ø  Organizational behavior of Banking organizations
Ø  Laws associated with Banking & Insurance
Ø  Equity Debt
Ø  B&I Services Cost Accounting
Ø  Corporate Laws governing Capital Markets
Ø  HRM in Banking Organizations
Ø  International Business Management in Banking Organizations
Ø  Strategic Planning in Banking organizations

Job Prospects

There are many promising employment opportunities for graduates as well as post-graduates in the banking sector of India. Once you are over with a professional course in banking, you can join a private bank as a banking sales officer. Also, you can explore jobs in insurance, mortgages, personal loans, back office operations and collections.

Author bio: Devika Arora is a professional writer who amasses significant facts about career building and education. The above article discusses about banking and finance programs that are essential to become a successful banking professional.

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