A few years ago, the banking sector was a thriving industry in India. People from all over the world were coming to India to work in banks. The banking sector grew rapidly, with new branches opening up left and right. The banking sector in India is one of the most stable and profitable financial services industries. The banking sector in India has been growing at a rate of 12% per annum since 1985 for 29 years. The Banking Sector in India is one of the least-regulated sectors.
The Banking sector in India is the second largest employer after the agriculture sector. With an expected growth rate of 10% by 2020, this sector would employ around 8 million people, if not more. The banking industry absorbed over 4 million people between 2001 and 2011 by providing them with employment opportunities which equates to about 2% growth every year for 11 years which is phenomenal considering that we have seen many industries stagnate during this time frame. That is the reason why there is stiff competition for jobs in this sector. Online and offline institutes which have banking courses in India are filled with students studying day and night so that they can enter this field. From a clerk to a bank manager, there is cut-throat competition between people. It is not easy to land a job in the banking industry, but with the right guidance combined with hard work, you can land a job in the banking sector. So, let us have a look at some tips that will help you in preparing for a bank career.
Tips for Preparing for a Banking Career
In India, the banking sector is one of the most lucrative careers. The recruitment process also includes many rounds as they have to be sure that the candidate is fit for the job. Hence, candidates need to be prepared with all kinds of knowledge and skills to crack the exam and get selected.
Below are some tips for preparing for banking exams in India:
- The first thing you need is a course or degree in economics and finance, as this will help you get into the field. If no courses are available from your college or university, then take economic courses from any other institution that provides them. It is essential to get the right education before pursuing any professional degree or certification in finance or banking. Many colleges offer special programs in financial services, but most students choose postgraduate degrees like MBA.
- The next step would be to acquire experience by working for a bank part-time as well as interning at various banks. That can help you gain valuable experience, which will help you when applying for jobs at banks later down the road. Most banks today, private banks, require an applicant to have some previous experience in the field before hiring them as an employee on their team.
- Once these steps have been accomplished, it’s time to start building your resume by looking into different opportunities that might be useful for your career.
- Take classes that focus on banking sector subjects in colleges and universities. Some of these subjects include accounting, economic theory, mathematics and statistics so that you can prepare for exams.
- Prepare well for exams such as IBPS PO or SBI Bank PO by practising with mock test papers available on the internet.
- Prepare well by reading newspapers such as the Times of India or the Economic Times. That will help you understand the current happenings in the Indian economy and provide you with a better idea about which sectors are likely going to witness growth in future, like the travel industry, eCommerce etc.
Conclusion
A banking career is a lucrative career with many job opportunities. From retail banking to investment banking, the industry offers a wide range of jobs. The future of finance and banking is expected to be in digital form, which means new jobs have arisen that offer exciting career prospects for college graduates. It is an opportune time to get into banking. However, you need to have the right skills, dedication and attitude to be successful. This article has provided some tips on preparing for a career in banking, so all you need right now is to start as soon as possible and take up banking courses in India.
