About Banking & Insurance

With high-paying jobs, a career in Banking welcomes students from all streams. Find out different Specialisations, Top Universities, Job Profiles & many more.

Who is a Banker?

Banking is considered as the financial spine of any development. One of the most merit-oriented, talent-driven sectors which can literally make or break a person’s or even nation’s future! With the increasing population, growing middle class and steep development graph the most prominent and apt pillar on which it all can safely rely on is Banking and the frontrunners who take the arduous challenge to manage these all are called bankers.

Banking as a career involves safeguarding money, loan qualification to disbursement, providing payment services, facilitating the smooth financial transitioning, offering multiple financial instruments to customers such as insurance and investment products. All of these fall under the key responsibility areas (KRA) of a banker. Most importantly, a banker needs to protect the interest of the customers and provide the best financial assistance to his ability. Of course, there are multiple divisions having specific expertise in their respective key areas, but in a nutshell that’s what a banker does.

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Career Prospects

What Are The Career Prospects Of A Banker?

A banker is a multi-faceted term that can go in multiple ways. From the government sector to the corporate sector, all these behemoths always have high demand for professional bankers. The most demanding skill sets to grow in a career are dynamism and professionalism and this career needs the perfect marriage between the duo. Candidates who are passion driven and extremely talented, this line holds no boundaries for them. Any booming economy flourishes on the game of circulating money efficiently and who can do it better than a Banker!

In developing countries like India or even developed nations like the USA, bankers hold the prominence cause a government can’t or won’t function without a deep-rooted banking foundation. Be it RBI (Reserve Bank of India) or Federal Reserve or top-notch financial institutions, bankers run the show in this high-risk high-rewards game. Getting a banker’s job is extremely lucrative and comes with a very handsome pay reward as well. Candidates with the right mindset and necessary skill set can easily get hired by Invesco, Barclay’s, American Express, HSBC, RBI, SBI and many more.

With the current dynamics, the Banking domain opens gates for multiple roles. With the required skill set a candidate is designated with any of these roles:

Commercial bankers:

Commercial Bankers deal with the multiple businesses or the government or the corporate entities to take care of their financial requirements. From business need understanding, loan management and disbursement to credit analysis – commercial bankers do have extensive expertise in.

Merchant bankers:

Merchant bankers are more on the side of consultancy to go above and beyond their functional duties as bankers. They deal with the behemoths of corporate entities or people with extremely high net worth. They need to assist their clients and retain them in their respective banks and garner profit by providing them the required value proposition.

Investment bankers:

One of the most lucrative and popular roles that an aspiring candidate can dream of! From fundraising to securities trading to underwriting, an investment banker does help individual businesses or even corporations to get what they require. One of the most valued roles in the field of banking and they normally get hired from top ivy league colleges.

Retail or personal bankers:

Last but definitely not the least, the personal bankers are the reliable and most friendly faces when we visit the branches. From managing banking operations to branch management to communicating with customers and meeting their needs – they take it all!

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Jobs & Salary

What Are The Various Job Roles For A Banker?

With the current dynamics, the Banking domain opens gates for multiple roles. With the required skill set a candidate is designated with any of these roles:

Bank Teller: 

Bank tellers are the frontrunners and first customer facing role in any bank. From account servicing to solving issues to answering queries of customers, bank tellers do take a crucial responsibility.

Bank Marketing Executive: 

Bank marketing executive’s job is to understand the intricacies of the banking products and pitch them to the customers in a simple and lucrative manner. From fixed deposit to savings accounts to financial products, they really need to be thorough with marketing.

Internal Auditors: 

Being one of the sensitive and data driven industries, auditing in a regular manner is an integral part of the banking system. Internal auditor does take care of the responsibility of checking regularly whether bankis abiding by the regulatory compliances or not. The role can be segregated in two divisions - Financial auditors and Information Systems Auditors to check financial regulations and data related regulations.

Data Processing Officer: 

In modern systems, any mismatch of data can cause havoc in any bank. To prevent that, DPOs are assigned to security, operation and management of bank information. One of the most important KRA is to balance the general ledger account at the end of every processing cycle without any miss.

Branch Managers: 

WIth numerous employees, banks need to be supervised and managed in a proper systematic manner. Branch managers take care of the entire branch operations and monitor the activities in their routine KRAs. From creating and maintaining work schedules to budget allocation and provisioning, everything is managed by the branch manager.

When we talk about the salary banking professionals receive, they are usually based on experience and knowledge. Here’s a rough breakdown of the salary bankers may receive,

  • Fresher - Rs.4 - Rs.6 Lakh Per Year
  • Intermediate - Rs.6 - Rs.10 Lakh Per Year
  • Experienced - Rs.10 Lakh Per Year

Pros & Cons

  • Extremely high salary with multiple add-on benefits
  • One of the most prestigious career paths
  • Fast career growth
  • Stressful job
  • Highly demanding
  • Quite volatile market so not much of job security

Famous Personalities

J.P. Morgan

Founder of J.P. Morgan & Co.,
the most famous banker in the history of banking. He was known to be the master of money making.

Ajay Banga

CEO of Mastercard,
one of the most prominent Indian personalities who has transformed the way card business used to operate.

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