Career as a Banker: Types, Steps, Courses, Related Courses, Benefits, Recruiters, Salary

Career as a Banker: Quick Facts 

Some quick facts on a person’s career as a banker are given in the table below.

Career as a Banker: Who is a Banker? 

A banker is someone who is engaged in the business of collecting/ 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.

Their financial work areas mainly include savings, taxes, funds, loans, investments, and securities. They provide their clients with financial assistance as per their needs and requirements. While some of these bankers work for big corporate companies, many also work for other smaller financial institutions of banking.

Career as a Banker: 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:

• Branch manager: They are the local head of a particular branch of their respective bank. They are responsible for all the operations of that particular branch. They advise customers and clients and plan for greater profits for the branch. There are several officers and clerical staff under him.

• Investment Bankers: They work as advisers for their clients in raising money in capital markets and provide financial advisory services. They assist with mergers and acquisition activity. They are also responsible to provide assistance in case of security issues and perform underwriting.

• Corporate Bankers: They provide deals with high-end business companies. They offer products like loans, credits, treasury services, trade finance, and employer services like payroll.

• Bank Officers: They have multiple areas of work like keeping records of the business, checking tabs of bank operations, and managing personal accounts. They are also responsible to handle public relations and carry out market research for their respective bank.

• Merchant Bankers: They are responsible for performing consultancy on finances, marketing, management, law, and other aspects of banking. They play a vital role in the public issue process.

Career as a Banker: Steps 

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.

• Decision Making

Since baking is a very prospective field and requires qualifications, it is good to start off with planning right from the start. Subjects should be taken carefully from the school level itself, and preparations for competitive exams should be done if one aspires to become a banker in the future. A good bank job seeks a good educational background and merit of the student, which is why this step is a very necessary step in one’s career as a banker.

• Subject Choices

A correct choice of subjects should be made right from school. Although students from all streams can establish careers as bankers, for good positions and optimum benefits, students should select the right combination of subjects in school. Economics, Accountancy, Mathematics, English, Business Studies, Commerce, etc. help with future studies in banking. At the graduation level too, aspiring bankers should wisely select subjects like these that would help them in the future.

• Entrance Exam Preparation

Students should start preparing for exams like CAT from the college itself so that they can easily clear them and get into top Business Schools for higher studies. Other bank-specific job recruitment exams like IBPS PO, SO, SBI PO/ Clerk Prelims and Mains, and others, also require sincere study in fields like General Awareness, Reasoning, Computer, English, and quantitative Aptitude. There are several coaching centers that offer training to graduate and postgraduate students for competitive bank recruitment exams.

• Selecting Correct Colleges

Selecting the right educational institution is a very vital step that would define a student’s educational background and qualification in their professional field as a banker. Business schools and colleges specialized in commerce, banking, and finances are recommended for students to apply.

• After Qualifying Exam

After qualifying for a bank exam, a candidate receives a provisional letter for their allotment to a particular branch of the respective bank they applied for. A training session is conducted which lasts for 20 days to 1 month after which, the qualified candidate can start working as a banker.

Career as a Banker: 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.

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 tests such as CAT, MAT, XAT, SNAP, NMAT etc.

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.

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.

Career as a Banker: Courses

There are a number of courses and certifications that an aspiring banker can pursue. Some of these are listed below:

• 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,

• SBI PO
• RBI PO
• IBPS PO
• RBI Grade 'B' Officer
• NABARD Grade 'A' and 'B' Officer
• IBPS RRB
• SBI SO
• SBI clerk

The dates of some of the most popular banking exams are listed below:

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

How to Clear Entrance Exams?

Every year countless students sit for entrance exams for positions like PO, SO and Clerk are popular. It is easy to clear these exams on the first attempt but one should remember a few steps in mind. Some basic steps that can help candidates get through their bank entrance examination are given below:

• Know the Exam Syllabus and Exam Pattern well. These are mostly available on the official site where the exams are declared.
• Make sure to create a study plan and follow it every day for a compact and better study.

• Use the best books and resources for preparation. Some of the best banking books that students have followed over the years are:

1. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
2. Fragile By Design: The Political Origins of Banking Crises & Scarce Credit by Charles W. Calomiris, Stephen H. Haber
3. The Business of Venture Capital by Mahendra Ramsinghani
4. Exile on Wall Street: One Analyst?s Fight to Save the Big Banks from Themselves by Mike Mayo

• Coaching centers are available that offer training for such exams. It is optional for a student to opt for coaching besides personal studying, but it can be helpful for their preparation.
• It is important to identify the weak areas and work on them. We are our own teachers and self-improvement is the best kind of improvement.
• Developing an examination module is a very beneficial step. This helps in strategizing for the final exam, will help enhance accuracy, and consume less time.
• Students should not leave out any section since all sections are equally important in a bank exam.
• Collect practice papers, mock papers, and question banks of previous years and practice them for a better understanding of the question types and pattern.
• There are several study materials online. Short notes and references can be prepared.

Career as a Banker: Abroad 

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.

Career as a Banker: Pros & Cons 

The positive and negative aspects of becoming a banker are tabulated below for your reference,

Career as a Banker: Benefits 

• Banking as a career is undoubtedly one of the most prestigious and well-paid jobs. Starting average salary is as much as INR 5 lakhs per annum and goes up to INR 10 lakhs per annum with growth and experience.
• One of the biggest pros for a banker is that their life is secured with full-time health and life insurance. Excellent additional benefits are offered to senior and large bank employers.
• Since banking organizations are very large and competitive, the field allows progress and expansion in other roles and better prospects with time and experience.
• A banker can always opt for bigger and better prospects and acquire higher studies for bigger opportunities. Banking adds great weightage to their experience and knowledge.

Career as a Banker: Skills Required

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

Career as a Banker: Top Recruiters 

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.