The banking industry has changed in the recent times. Apart from the core banking activities such as giving loans and accepting deposits, it started stretching its services to other sectors that now also includes the agriculture sector. The banking sector in India, which is going to be the fifth largest banking industry in the world, is all set to expand its industry rapidly. The professionals of the banking and finance sector will enjoy the highest degree of respect. Let's explore the education requirements and career opportunities of this lucrative career.
What Is Banking And Finance?
As the banking industry is going to expand its services to all the sectors, the course will equip the aspirants with all the basic knowledge on the financial concepts and theories. Students will learn about the financial markets, financial management, banking operations, corporate valuation, customer relationship management, economics concepts and theories, accounting and credit management.
How To Pursue Banking & Finance Course?
Candidates who have passed class 12 in any stream can take up the undergraduate programme. However, preference will be given to the commerce students. While coming to the postgraduate programme, students must possess a bachelor's degree in finance and banking or any stream from the recognised university/ institute.
MBA In Banking & Finance
Many business schools have come up with the MBA in banking and finance. Aspirants who wish to pursue this two-year master's course should possess the bachelor's degree from any recognised board or university with at least 50% marks in aggregate. Students who wish to pursue the master's course in business schools have to meet all the prerequisites. They should also take the national-level entrance examinations such as Common Admission Test (CAT) and Management Aptitude Test (MAT).
Skills Required To Pursue Banking & Finance Course
- Analytical ability
- Critical logical thinking ability
- Quantitative skills
- Accounting skills
- Knowledge on management principles
- Communication skills
- Interpersonal skills
The sky is the limit for the candidates who possess a professional degree in banking and finance sector. Here are the top five career opportunities in the banking and finance sector.
- Financial Accountant: This position is the most respected and most of the companies recruit the financial accountants to manage their accounts. Their responsibility is to check whether the company's money is correctly managed or not. Apart from money distribution, a financial accountant has to take care of the company's shareholders. As this position is equipped with many responsibilities, companies will provide lucrative pay packages.
- Financial Analyst: The financial analysts have been popularly known as money experts. They take key decisions on investment, stock markets and bonds. They closely observe the stock market and annual reports to provide inputs on investment. Most of the financial analysts are recruited by the financial institutions. They also engage in writing the reports for the financial institutions.
- Business Analyst: A business analyst position is the combination of business strategies and technology. One will be working on analysing the business methods and operations besides evaluating the business models and its association with technology. Many companies recruit the business analysts who possess MBA in banking and finance.
- Loan Officers: Usually, the financial institutions and banks recruit the loan officers. The primary responsibility of the loan officer is to assess an individual's creditworthiness and suggest the most appropriate loan.
- Tellers: They are also called as cashiers and deal with the customers directly. They are recruited in the banks for the front desk and their primary responsibility is to stop fraudulent transactions.
Apart from the above-mentioned jobs, candidates who possess a degree in the banking and finance can work in retail banking, corporate investing, consulting, and as business risk managers. They can also appear for the competitive entrance examinations conducted by the IBPS and SBI for probationary officers, clerks and specialist officers. Though the minimum qualification to take the competitive entrance exam is the basic degree, candidates who possess the banking and finance course will have an edge over others.