Update on 01 Mar, 23
Banks are considered one of the most significant economic wings of the world. The banking sector of India acts as the most integral part of its economic growth and is deemed to be more essential because of the increasing population rate. A bank renders valuable financial services to any country. To attain development in the country, we need to have a good developed financial system. Therefore, a bank has become the spine of the country and plays a crucial role in socio-economic matters.
In this modern era, the demand for bankers has increased tremendously over the past few years. People are growing and becoming more financially educated. Being the most important factor in a country’s economy, it opens a wide spectrum of career opportunities to candidates as well. Banking has turned into India's one of the most coveted job sectors as it offers lucrative careers, especially to those who are looking for jobs in the government sector. Become a Banker requires proper guidance from Trained Professionals.
Bankers generally raise funds to tender loans and investments. They impose interest and fees on the services they provide and seek profit from the investments. Various Institutions like small firms, large corporations, and government authorities gain regulatory advice, and cash management solutions over investments and loans. People need primary banking services such as checking or savings accounts, and rarely larger services.
Before understanding the procedure to Become Banker, one should know the different types of Bankers. Different types of Bankers control diverse portfolios. These bankers may be personal, commercial, and investment bankers. Every Banker comprises a different range of jobs and profiles, but their aim to assist clients with their financial needs and make them financially literate is the same.
Personal Bankers: A personal Banker is also known as a Retail Banker. Those bankers who work in retail banking provide information about the fundamental procedures of the bank such as transactions, loan services details, or banking services branches.
Personal bankers generally help bank clients by assisting them in the opening of accounts (current or savings). Convincing consumers to acquire loans and invest in Certificates of Deposit (CDs), money markets, and other commercial banking products.
To help the uneducated people to understand various loan procedures like education loans, home loans, agriculture loans, etc, and their benefits. The personal banker has to deal with smaller-scale clients and help them in understanding the world of banking in a better way.
Commercial Bankers: Commercial banker renders services to institutional clients in the community with their financing requirements. Commercial bankers provide financial outcomes and assistance to organizations, institutions, and governments. Such businesses are often small firms, construction projects, and real estate development. These Bankers provide guidance to commercial and private customers regarding the kinds of financial perplexities and promote financial services. Commercial banking mostly deals with deposits and loans from corporations or large companies.
Investment Bankers: Investment bankers are actually the capital raisers for the organizations. Such banks offer expertise and advisory services for pay. An investment banker is a person who mostly works as a part of a financial company and is essentially concerned with raising funds for corporations, governments, or other entities. Investment bankers are typically corporate financial advisors who advise groups to manage the method of advancing investment for their activities. Investment bankers are middlemen between organizations and people since they don’t draft the check themselves, they only lean on their chain of investors with whom fostered relationships for funding.
Merchant Bankers: Those banks that themselves provide the capital (not as loans) as per the private company’s need are called Merchant Banks. It can be an investment by the bank in the organization or project itself. Like private equity, most investments are done in the private sector and are often real estate transactions. The merchant banking unit of a firm means long-term principal financing. In simple words, the firm employs its own money and selects accredited clients. Merchant bankers also give traditional advisory services and funds raising without an investment. They often provide loans alternately during the stages of the corporation or project’s life which is called mezzanine financing.
Banking Exams in India: In India, the Institute of Banking Personnel Selection conducts various examinations for bank jobs twice a year. To clear these Bank Examinations, one needs to be proficient in Reasoning, Aptitude, General knowledge, General English, and Arithmetic topics. Communication and interaction with customers are a must in this field which gives you exposure and enhances your confidence level to a maximum extent.
In India, this exam is conducted by the National Bank of Agriculture and Rural Development. Banks, being government institution concentrates on rural development and the officers will be given the responsibility to charge day-to-day basis of banking in rural areas. The exam is generally held in the month of May in an online mode in two phases,i.e. Phase 1 and Phase 2 and after the exam, an interview session is also held. Grade ‘A’ position here is for the post of manager whereas the grade ‘B’ officer is for the post of assistant manager.
The Reserve Bank of India is a central banking institution that has the decision-making authority about different schemes and policies of the money market in India. RBI Grade B Officer is an entry-level managerial job for aspiring candidates at the Reserve Bank of India. The exam is usually held in the month of September and is objectively based on theory followed by a personal interview round. This examination is also conducted in Phase 1 and Phase 2. Qualifying an RBI Grade Officer is indeed a prestigious job one can attain.
IBPS PO: The Institute of Banking Personnel Selection (IBPS) is a board that is concerned with public sector banks. IBPS conducts this IBPS PO exam every year for the post of bank probationary officer. The role of a probationary officer is to manage the overall day-to-day work and check ways to increase the profit of the bank. The promotions and incentives that will be given to probationary officers are based on individuals' performance as well as the performance of the bank. The exam is usually held in the month of October to offer jobs to aspiring candidates. The examination will be based on an objective-based preliminary examination as well as mains and a personal interview round.
Find Information and Tips About to Become Bankers Including Education Requirements, Job Description, Salary, and Career Criteria for becoming a Banker:
To Become Banker, Candidates Demands The Basic Educational Qualification as a High School Diploma.
Attributes and Traits Required for a Banker:
To Become a Banker is not everyone’s cup of tea. It takes years of education, knowledge of finance, hard work, and determination. Banking professionals generally supervise the client's money. Bankers often get engaged in conventional banking such as accepting deposits, making loans, and clearing transactions. So, to fulfill the dream to Become Banker, one should go through the following steps:
Step 1: Get a 10th Class Diploma
The first step toward becoming a Banker is to get a diploma in High School. While studying in the 10th class, it's necessary to choose courses in math and business to prepare for a career in banking. Candidates should start familiarizing themselves with computer software programs like databases and spreadsheets. Aspirants with high school diploma certification can work as personal bankers easily.
Step 2: Earn a Bachelor's Degree
After a 10th high-standard diploma, students are required to have a bachelor’s degree Course in Banking and finance programs. These courses aim at teaching students about accounting, regulatory compliance, and business practices associated with banking. Students can also enroll admissions in bachelor's degree programs in business administration with a motive to learn banking and Financial Management to advance their understanding. These programs provide courses in marketing, accounting, finance, management, and strategic planning.
The Bachelor’s Degree Courses in Banking and Insurance Offers Specialization in the Following Domains:
Step 3: Participate in an Internship
A banking internship is an essential part of a degree course as it provides experience to working prospective bankers in the field with an understanding of banking policies and norms. An internship help candidates to get familiarized themselves with the responsibilities and work they'll have to do after being employed. Internships today play a major role in seeking prospective employment opportunities.
Step 4: Complete an Investment Banking Course
For better jobs in the Banking sector, candidates should attend investment banking training programs offered by banks to prepare individuals for learning new strategies required in making investments and working with clients. Those candidates who joined the program are introduced to business practices, banking services, and client relations. Banks provide individuals with case studies, presentations, and modeling sessions.
Step 5: Get Licensed
It is now mandatory for bankers to get registered with the Financial Industry Regulatory Authority (FINRA). This is a precise method that entails opening a special bank account for which examination, application, and registration fees are paid. To acquire the license, the applicant's fingerprints and membership interview are also required. Finally, the set of exams must be completed successfully to secure the license.
Step 6: Pursue a Master of Business Administration (MBA)
According to the Bank Lending Survey (BLS), an MBA degree prepares prospective workers to work in higher-level banking professions. This program teaches candidates about advanced banking and financial theories as well as the economy and financial management. Some of the programs also provide student-experience chances that instruct students about how to follow the market, learn about trends, and take investment decisions.
To Become Banker is competing and those who possess apt skills and abilities can taste the cup of success in this field only. The two major essential quality needed for this career is Professionalism and dynamism, and this field includes both these qualities. Candidates with these high-grade capabilities and skills can attain a dignified and higher designation. In India, banking jobs are always in demand for a very simple reason,i.e. people adore money. With the booming economy of the world, people should understand how to spend their money and when.
Banks are essentially the economic foundations of modern society and there are innumerable employment opportunities for candidates in the banking sector. This sector can provide job chances in both public and private organizations. Getting a job in the bank is regarded as a very respected and secure job over others. A career in Banking is global in nature and the numerous international private banks settling in the country have unlocked wide doors of opportunities for deserving candidates. Aspirants with excellent communication skills can easily get placement in banks such as ICICI, HSBC, Kotak Mahindra, HDFC, Standard Chartered, Barclay’s, American Express, etc.
Job Profiles to Become a Banker
The salary packages for bankers increase with the increasing economy of the country. The pay scales for fresher banking scholars can expect a salary package from Rs 20,000 to 30,000 on monthly basis. Students who have done post-graduation from top b-schools and banking institutions can get salaries up to Rs 8 lakhs per annum for the job of relationship managers depending on their overall records and the college they are from.
Various banking companies recruit banking students from the IIMs, XLRI, FMS, and other popular colleges every year with salary packages of Rs. 10 lakhs per annum or above.
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