A banker’s main job is to help and advise their clients with various financial issues, assist them invest in funds that suit their demands and authorize loans. The basic eligibility criteria required to become a banker varies across their position and job requirement. The general eligibility criteria that is applicable across all positions is that, candidates must clear their class 12th board exams from a recognized board, in any stream, preferably Commerce, along with a Bachelor’s degree in any Commerce related subjects.
In order to make a career as a Banker, aspiring candidates can pursue various Diploma, Undergraduate or Postgraduate Banking Courses or Management Courses from any of the Top Management Colleges across the country. Bankers are recommended to start preparing for Common Aptitude Test (CAT), which gives students access to good B-schools for higher studies like MBA and establishing a career in banking. There are also several other government and private banking entrance exams conducted by different banks all over India for recruitment. Check: MBA Banking and Finance
Apart from the above mentioned courses, a banker should at least have a minimum educational qualification of bachelor’s degree in Business, Finance, Economics, or any other relevant Commerce subjects. Students are offered internships in various banks for a specific time period. Internships help aspiring bankers to gain experience and knowledge in the field which proves beneficial for the future. Read More: MBA Finance
A banker’s salary varies across positions and relevant years of experience gained. The average starting salary of a Banker in India is between INR 4 LPA – INR 6 LPA, which can go up to INR 10 LPA with growth and experience. In general, the average salary of a Banker depends on the Banker’s Job that they are associated with. A cashier is responsible for collecting and dispersing cash, on the other hand an Investment Banker guides and advices customers to invest their cash in various policies and mutual funds that would benefit them in the years to come. Read More: Salary of a Banker
3.2 Merchant Bankers
3.3 Branch Managers
5.1 Career as a Banker After Class 12th
6.1 Related Courses
7.1 UK
7.2 US & Canada
7.3 South Africa
- Pros and Cons of Becoming a Banker
- Skills Required to Become a Banker
- Top Recruiters for Bankers
- Salary of a Banker
11.1 Salary Structure Comparison between ICICI Bank & HDFC Bank
Career as a Banker: Quick Facts
| Industry | Banking and Finance |
| Eligibility |
Candidates mustcomplete10+2 from a recognized board with a minimum aggregate of 50% or above in any discipline but preference will be given to those belonging to commerce stream. They must then pursue graduation and preferably postgraduation in Commerce related subejcts. |
| Top Recruiters | Standard Chartered Bank, State Bank of India, Reserve Bank of India, HDFC Bank, HSBC Bank, IDFC Bank, Indusind Bank, Bank of Baroda |
| Related Industries | Public Sector Banks, Private Banks, Financial Institutions, Multinational Banks, Rural Banks |
| Required Skills | Problem Solving Skills, Mathematical Knowledge, Time Management, Leadership, Multi Tasking skills, Analyze Data, Client Service, |
| Average Starting Salary | INR 3.75 LPA |
| Highest Salary | INR 23 LPA |
Eligibility to Become a Banker
A banker is someone who is engaged in the business of collecting and receiving someone else’s money in the form of deposit which is later to be returned on demand, discounting the other person’s notes and issuing his/her own for circulation. Though the eligibility criteria vary from one bank to another, some of the basic eligibility criteria that must be followed in order to become a Banker are listed below for your reference.
Investment Banker Eligibility
- Candidates must clear class 12 board exams from a recognised board with a minimum aggregate marks of 55% or other equivalent score
- Must have completed their graduation in B.Com or B.A. Economics from a recognised University / College with minimum 50% aggregate marks or equivalent CGPA
- Having an MBA degree in Finance or Banking, would be an added points for those who are aspiring to become a Banker
- The minimum age criteria for candidates aspiring to make their career as a banker should be more than 17 years
Reserve Bank of India – Banker Eligibility
- Candidates must clear their class 12 board exam from a recognised board with a minimum score of 60% aggregate marks or equivalent CGPA
- They must have a relevant bachelors degree in Statistics, Economics or Mathematics from a recognised University / College
- Candidates must have a Masters degree in Statistics or Economics with a minimum score of 65% aggregate marks or equivalent CGPA
- The next step is to clear and have a valid score in the RBI – DESAC & DEPAC test. The eligibility to appear for DESAC or DEPAC test includes, having a masters degree in Statistics or Economics from a recognised college with a minimum score of 65%. Candidates pursuing PhD or with PhD qualifications are preferred.
- The minimum age limit for appearing in these exams is from 21 – 30 years
Read More: What does a Banker do
Types of Bankers
There are several job roles for a banker. One can choose their job role according to their skills and area of interest. Some of the most popular job roles for a banker are given below. Read More: Types of Bankers
Investment Bankers
| Definition | Investment Bankers are expert professionals who combine their knowledge of finance and analytical skills to help the organization in raising capital by making investments in areas beneficial for the company such as mergers and acquisitions etc. For being an Investment Banker, candidates are required to possess some strong analytical skills, research and analysis, presentation skills etc |
| Average Annual Salary | INR 8.80 LPA |
Merchant Bankers
| Definition | Merchant Banker is a professional who provides assistance in subscription of securities. They play a very important role in in determining the private placement of securities, managing public issue of securities, stock broking, international financial advisory services etc., |
| Average Annual Salary | INR 12 LPA |
Branch Managers
| Definition | A Branch Manager is an employee whose work includes overseeing the operations of Banks or Financial Institution. They are also responsible for managing resources and staff, developing sales goal and achieving it, customer services etc |
| Average Annual Salary | INR 6.50 LPA |
Probationary Officers
| Definition | Probationary Officers are responsible for performing various banking activities including finance, billing, accounting, investment, marketing etc. They are also responsible for handling customer transactions and handling customer queries. |
| Average Annual Salary | INR 6.00 LPA |
Steps to Become a Banker
A good career in banking requires certain decisions that a student should wisely make. Some vital steps that an aspiring banker should follow are given below.
- Complete Senior Secondary: To get into the banking industry, it is mandatory for candidates to complete 10+2 from a recognized board in any stream but in certain cases candidates from Commerce background who studies Mathematics, Statistics and Accountancy are given a preference over the rest. These subjects can help one learn the practical understanding of the job of a banker
- Earn Bachelor's Degree: Candidates are required to pursue bachelor’s degree in Business Management, Finance, Economics, Financial Management etc. These courses will provide candidates with the basic ideaof risk management, corporate financing, accounting, compliance, financial regulations etc.
- Appear for Competitive Exams: Many of the government banks require the candidate to appear and clear the competitive exam such as IBPS PO, IBPS SO, Grade B Officer by RBI, etc. Private banks also hire on the basis of exams and also campus recruitment .
- Pursue Master’s Degree: However, it is not mandatory but it would be preferable for the candidate to pursue a master's program such as MBA which is the most valuable degree when the candidate wants to pursue a career in Banking. This will provide candidates with both practical and theoretical aspects of the job role.
- Complete Internship: Internships play a very important role in any career. It helps candidates understand the job role better. Many of the banks require the candidate to have some working knowledge. Banking internships last from 3 months to two years. Internship help gain useful knowledge and get enough exposure etc.
Career as a Banker in India
The Indian economic sector has made a lot of improvement in recent years and hence, the need for good bankers has increased even more. Banking as a career is a very profitable profession in India and here are few ways in which this career can be easily secure.
- School level preparation: Students should opt for subjects with combinations of Commerce related disciplines like Economics, Business Studies, Mathematics, Accountancy, etc. They should know how to handle databases and spreadsheets. They should consider getting a diploma certificate in high school which can help them in establishing themselves as personal bankers soon.
Career as a Banker After Class 12th
Inorder to become a banker, it is very important to build yourself from the ground level. If someone decides to take up banking as their professional career then the practise for the same should start at a very early age. Students aspiring to become bankers should preferably choose Subjects, related to the field of commerce like Mathematics, Accounting, Finance, Marketing, Economics etc. They should start preparing for various banking entrance tests or should prepare for various MBA Entrance Exams such as CAT, MAT, XAT, SNAP, NMAT etc.
- Graduation: Students should acquire a Bachelor’s degree in subjects like Banking, Finance, Business Studies, Management, Economics, Accounting, and other commerce-related courses for better future opportunities in this field. Students coming from other streams with degrees in Mathematics, Physics, Engineering, Computer Science, Information Technology, Financial engineering, Corporate/ Business Law, and others are also open to apply for this career. Students should prepare for CAT and other entrance exams for banking from the UG level itself to get into top B-schools for higher education.
- PG Preparation: Most good banking jobs also seek PG qualification of candidates. hence it is necessary to get a master’s degree in a relevant field after graduation. The best choice is to get an MBA in Banking and Finance. Other popular PG courses include M. Com in Banking and finance, PGDM in Banking management, PGDM in banking and Financial services, PG Diploma Courses in Banking and Banking Operations, and Advanced Certificate Courses in Commercial Banking or laws and Loan Management.
Banking Courses
There are several courses that can be pursued in order to become a Banker. Apart from several Banking Courses, students aspiring to become career as a banker can also pursue certifications for the same.
Some of the top courses that can be pursued in order to become a Banker are listed below for your reference,
- Courses: Bachelor's Degree and MBA in Commerce, Finance, Accounting, Economics, and other relevant disciplines. Other degrees include Law, Engineering, etc
- Certifications: Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), Financial Risk Manager (FRM), Chartered Alternative Investment Analyst (CAIA), Certified Public Accountant (CPA), Certified Management Accountant, Chartered Mutual Fund Counsellor (CMFC).
Some of the top Banking Entrance Exams are mentioned below,
The dates of some of the most popular banking exams are listed below:
| Exam Name | Registration Date (Tentative) |
|---|---|
| IBPS PO | 1st week of August – 3rd week of August, 2023 |
| SBI SO | June 2023 |
| IBPS RRB | July 2023 |
| SBI Clerk | 3rd week of April – 3rd week of May, 2023 |
| SBI PO | April 2023 |
| IBPS SO 2023 | To be Announced |
| IBPS Clerk | 1st week of September – 3rd week of September, 2023 |
| IDBI Bank Executives | 1st week of August – 4th week of August, 2023 |
| IDBI Bank Assistant Manager | June 3 – 17, 2023 |
| RBI Assistant 2023 | January – February, 2023 |
| RBI Grade B Officer | January 2023 |
Related Courses for Banking
Apart from the popular courses in Banking, Commerce, and Finance, there are also a number of related courses and diploma courses that aspiring bankers can study to sit for exams and to apply for top jobs in banks. Some of these courses are listed below:
| PGDM in Banking and Finance | Actuarial Science |
| NSE PGP in Investment Banking and Capital Markets | BSE in Banking and Finance |
Banking is a very popular job for people even abroad, or for Indians who want to settle abroad. Some details about the steps an aspiring Banker outside India should follow are mentioned below.
United Kingdom (UK)
A number of people become Investment bankers in the UK. An aspiring banker in the UK needs to hold a Bachelor's and associate degrees in either finance, economics, business, or any other discipline in the relevant field. Professional certification is required from a UK-based firm and minimum work experience in a UK-based bank. Besides these, they must have the required qualities and skills of a proficient banker.
USA and Canada
For a banking job in these countries, a minimum of 4 years of bank job experience is required at an Indian Bank. They should have at least 4 certifications. Some top job opportunities are Prime Banks like Barclays, Bank of America, JP Morgan Chase, Standard Chartered, etc. Job agents can be consulted in the USA and Canada and eligible candidates can acquire positions in International banks. Also, fresh students with no experience can crack the GMAT and go for studying MBA programs in top colleges of the US and Canada. College placements in such top institutions offer jobs in MNC banks and other premier banks.
South Africa
An undergraduate degree in Commerce is essential for applying to any good bank in South Africa. There are a number of top universities where students get their degrees and then settle for top banks in SA. Some disciplines beneficial for banking there are Statistics, Economics, Finance, Accounting, Engineering, Law, applied mathematics among others. Top banks include FNB, FirstRand, Standard Bank Group, Barclays Africa Group, and many more.
For any banker aspiring to work abroad, it is important to apply for PR (Permanent Residence) in the desired country. This is an absolutely essential step and needs to be done ahead of applying for the job.
Pros & Cons of Becoming a Banker
The positive and negative aspects of becoming a banker are tabulated below for your reference,
| Pros of becoming a Banker | Cons of becoming a Banker |
|---|---|
| The responsibility of safeguarding the Public wealth | If not working for a stable banking organization, there are chances of losing your job if the bank goes bankrupt |
| Working for banks will entail a banker with facilities like getting loans at cheaper rate compared to other non bankers | Risk of fraud and robberies |
| Propellant of an economy | Risk of public debt |
| Advantages of making career abroad | - |
| Responsibility for the development in rural areas | - |
Skills Required to Become a Banker
There are a set of skills that are sought in a banker or any student aspiring to be a banker. Some of them are tabulated below
| Problem Solving & Analytical Skills | Numerical Skills & aptitude |
| Good Communication Skills | Visionary skills & ability to look into depth |
| Time Management Ability | Leadership Qualities |
| Proactive & Positive attitude | Good interpersonal and team coordination skills |
| Multi tasking skills | Ability to work under pressure |
Top Recruiters for Bankers
Some of the top recruiters in India for a banker are listed below along with the positions they are recruited in:
| State Bank of India- SBI PO, SBI Clerk. | Reserve Bank of India- RBI Grade-B Officer, RBI assistant |
| National Bank for Agriculture and Rural Development- Nabard Development Assistant, Nabard Grade A & B officer | Institute of Banking Personnel Selection- IBPS PO, IBPS RRB Clerk, IBPS RRB PO, IBPS CLERK |
There are also a number of top insurance companies listed below that recruit bakers for good job roles,
| Kotak Mahindra Life Insurance Co. Ltd. | SBI Life Insurance Co. Ltd. |
| HDFC Standard Life Insurance Co. Ltd. | ICICI Prudential Life Insurance Co. Ltd. |
| Max Life Insurance Co. Ltd. | TATA AIA Life Insurance Co. Ltd. |
| PNB MetLife India Insurance Co. Ltd. | Exide Life Insurance Co. Ltd. |
Salary of a Banker
Banking is undoubtedly one of the highest-paid and most prestigious careers. The salary range varies from position to position and also across different banks. There are factors like a banker’s experience, skills, and growth over time that determine their salary.
A banker’s salary ranges from INR 10,900 per month (minimum average salary) to INR 71,300 per month (maximum average salary) in the start of their career. It goes up to INR 10 lakhs per annum with growth and experience.
The national average salary for banking and finance in a year is considered to be INR 3,86,394. An estimate of the yearly average salary for a banker is given in the table below:
| Lowest Annual Salary | Average Annual Salary | Highest Annual Salary |
|---|---|---|
| INR 2 L | INR 3 L – 4 L | INR 21 L – 24 L |
In the following table, the average salaries across some popular posts in a banker’s career are listed:
| Job Position of a Banker | Average Monthly Salary (INR) |
|---|---|
| Locator | 18,974 |
| Business Development Executive | 12,257 |
| Data Entry Clerk | 26,591 |
| Bank Office Executive | 17,179 |
| Computer Operator | 15,352 |
| Receptionist | 12,000 |
| Sales representative | 23,660 |
| Stocker | 23,212 |
| Personal Banking representative | 18,974 |
| Manager | 58,971 |
Salary Structure Comparison between ICICI Bank & HDFC Bank
Below mentioned table will give us a brief idea about the salary structure of two of the top most banking organizations in India, ICICI Bank & HDFC Bank for various designations,
| Designations | ICICI Bank Salary (INR) | HDFC Bank Salary (INR) |
|---|---|---|
| Deputy Manager | 4.67 LPA | 5.73 LPA |
| Relationship Manager | 4.72 LPA | 6.09 LPA |
| Wealth Manager | 7.81 LPA | 4.20 LPA |
| Cashier | 3.46 LPA | 4.52 LPA |
Career as a Banker: FAQs
Ques: Is it compulsory for a student to have an MBA degree to get a career in Banking?
Ques: What are some topics included in Bank PO, SO, and Clerical exams?
Ans: Some general topics included in the syllabus of Bank PO, SO, and Clerical exams are Logical Reasoning, Quantitative Aptitude, Daily Current affairs, Banking Awareness, Verbal Ability, and Static GK among others.
Ques: Is CFA more beneficial than an MBA or M. Com?
Ques: Is SBI PO better than IBPS PO?
Ques: Is banking a good course and career?
Ques: What are some top colleges in India that offer Commerce, Banking and Finance courses?
Ques: What are some subjects offered by the bachelor’s program in Banking and Insurance?
Ques: How much does it cost on average to build a career in banking?
Ques: Is banking a viable career choice to settle abroad?
Ques: What are some perks enjoyed by a banker?
![Asia Pacific Institute of Management - [AIM]](https://images.collegedunia.com/public/college_data/images/appImage/1616406404Cover.jpg?tr=h-150,w-320,c-force)
![Asia Pacific Institute of Management - [AIM]](https://images.collegedunia.com/public/college_data/images/logos/1616406404Logo.png?tr=h-30,w-30,c-force)
![Aligarh Muslim University - [AMU]](https://images.collegedunia.com/public/college_data/images/appImage/1504180374cover.jpg?tr=h-150,w-320,c-force)
![Aligarh Muslim University - [AMU]](https://images.collegedunia.com/public/college_data/images/logos/1504180374logo.jpg?tr=h-30,w-30,c-force)
![Chitkara University - [CU]](https://images.collegedunia.com/public/college_data/images/appImage/1594119075Web2020Head60.jpg?tr=h-150,w-320,c-force)
![Chitkara University - [CU]](https://images.collegedunia.com/public/college_data/images/logos/1594118848chitkarauniversitylogo.png?tr=h-30,w-30,c-force)
![Center for Management Studies, Jain University - [CMSJU]](https://images.collegedunia.com/public/college_data/images/appImage/17431_Untitled.jpg?tr=h-150,w-320,c-force)
![Center for Management Studies, Jain University - [CMSJU]](https://images.collegedunia.com/public/college_data/images/logos/1615891773CMSLogo.jpg?tr=h-30,w-30,c-force)
![Symbiosis School of Banking and Finance - [SSBF]](https://images.collegedunia.com/public/college_data/images/appImage/1538136982image.jpg?tr=h-150,w-320,c-force)
![Symbiosis School of Banking and Finance - [SSBF]](https://images.collegedunia.com/public/college_data/images/logos/153880525720181005.png?tr=h-30,w-30,c-force)
Comments