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About Banking & Insurance

Banking is defined as the business of dealing in money while insurance is the protection against possible loss. Actuary sciences, auditing, financial counselling, claims examination and policy processing are some fields that come under this.

Banking is one of the most popular professions of choice amongst students. Though it is a common perception that only commerce students apply for banking jobs, it has been seen that banking officers are from various streams of education including Arts, Science and others. Since the advent of online banking, computer science graduates also can opt for banking jobs.
 
Insurance is a financial contract that binds individuals to responsibilities commonly known as a policy. The person who acquires insurance coverage is called the policy holder or insured and the person who sells the policy is the insurer.
 
There are specialised banking and finance related courses which are offered by various universities across the world. Students who do enrol for banking and insurance courses are trained on basic concepts of banking and insurance including Principles of Management, Micro Economics, Financial Accounting, and Business laws amongst others.

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Top Colleges

Banking and insurance courses are taught in most countries as part of the MBA, BBA or Associate diplomas/degrees. However, you can also find universities and institutes in different countries, who have specialised diploma courses on banking.

India

Duration: 2 to 4 Years

Fee per course/annum: -

SINGAPORE

Duration: 4 Years

Fee per course/annum: SGD $25,000-40,000

USA

Duration: 2 to 4 Years

Fee per course/annum: $ 40,000- $ 90,000

UK

Duration: 2 to 4 Years

Fee per course/annum: £85,000 - £10,000

Banking and insurance in India:

In India, there are no banking courses at the undergraduate level, which specifically offer banking and insurance as core subjects. There are many exams held to employ people at banks. The placement to a bank depends on the score in the PO exam, which is conducted by most of the banks today. Even privately owned international banks conduct their own exams to filter and shortlist prospective employees, based on their scores and their attitude.

Career Prospects

Once you have completed a course in banking and insurance, there will be a multitude of banking jobs at your disposal. There are various nationalised and private banks which offer lucrative career opportunities in the banking sector. Usually these banks hire thousands every year.

Some of the profiles where qualified banking professionals are hired include:

  • Investment Banking Analyst
  • Insurance claims adjuster
  • Credit Analyst
  • Insurance investigator
  • Equity Manager

Internationally, there are many job openings in the banking and insurance sector since the demand for bankers, insurance investigators, investment banking analysts, and credit analysts has increased.  Also, if teaching appeals to you, you can opt to coach students and prepare them for clearing the bank PO exams, and help them understand the nuances of derivatives trading, investment banking, etc.

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Jobs & Salary

A career in banking and insurance would mean opportunities to work in companies like:

State bank of India
HSBC
Bank of America
Bajaj Allianz
Metlife

Apart from these big name players there are other government banks and insurance firms that can offer you good opportunities. Besides a monthly salary, bankers and insurance professionals enjoy many benefits and perks.

Pros & Cons

There are some obvious advantages and disadvantages of having a career in banking and insurance. While many consider banking and insurance jobs to be comfortable, others do not like the frequent relocation which is an integral part of the job.

Pros
  • Job Security( with nationalised banks)
  • Prestige, status and perks
  • Fixed job times with maximum holidays sanctioned
Cons
  • Monotonous and time bound work
  • Stress leading to health hazards
  • Longer hours during times of audit

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