There is no question why graduates opt for a career in the banking industry. It is
rewarding which aligns well with multiple available opportunities with the growth
and stability. Banking sector is ever evolving with the technological advancements
and regulatory frameworks and as it increases, the demand for financial candidates
also goes up.
If you want to be a part of the banking industry and have a good career in the same,
then you need to prepare and train yourself with all the required skills, knowledge,
and resources that this industry demands. Here are all the essential tips and
resources mentioned which will help you as a candidate to get a successful banking
career in the future.
What are the Key Areas in the Banking Industry?
There are lots of key positions in main areas which you can focus on. In general, the key
areas are as mentioned below:
- Retail Banking: Retail
Banking
brings a focus on
bank's customers and relatable small businesses.
- Retail Banking:
- Commercial Banking: Commercial
Banking will
involve you providing services to larger businesses in comparison to retail banking.
- Investment Banking: Investment
Banking is a very demanding position
in the overall
banking sector. If you will be a part of it then you will be dealing with the
capital markets, mergers, acquisitions, among other relatable services.
- Risk Management: Just like
Investment Banking, Risk Management is
demanding as
well. Here, you will get a chance to work and identify and mitigate financial risks
as possible as per the regulatory frameworks.
- Compliance: This is quite similar
to Risk Management but quite
different.
Compliance Officer will generally ensure that banks are working as per the
regulations and regulatory frameworks.
What Educational Qualifications Can Help to Get Better and
Successful in a Banking Career?
It starts with choosing the right stream in 10+2 levels.
Opt for the Commerce with Mathematics in 10+2. This will help you to get a better basic
understanding of the financial domain which includes accounting, business studies and
economics. You can opt for other electives if they are relatable to the banking domain.
Do a relevant course in graduation.
After 10+2, when you are clear that you want to get into a banking career then do a
graduation in a relatable course which will help you to retain a better placement as
well. You can do B.Com (Banking & Insurance), BBA (Banking) or B.Com (Hons) from a good
recognized or reputable college or institute. If possible and interested, you can also
think about doing a Master of Business Administration (MBA)
with specialization
in
Banking and Finance.
Certifications Matter
Now in case you don't want to do a regular MBA like mentioned above, you can consider
doing a certification course with graduation. This can be decided as per your interested
niche. For instance, if you want to get into risk management then doing a Financial Risk
Management (FRM) will help you to get a competitive edge over other candidates.
How You can Develop Required Banking Skills?
Along with your graduation and the certifications, you should do certain personal skills
development by yourself. You can take help of social media channels like YouTube as
well.
- It is in general required for many banking
positions that you have a clear understanding of the work of Excel skills and
knowledge of financial software which includes Tally and SAP. These are
prerequisites for getting into a certain organization. You can learn these skills
through YouTube or do a course for the same. But if you can do it early then it
would be best for you to attain these technical skills.
- For a specific niche in the banking industry like
risk management or investment management, you need to have strong analytical and
logical skills. You should take regular part in exercises which will certainly
improve your capacity for problem-solving.
- In banking, effective communication is very
important. This is important particularly for positions involving direct consumer
interaction. So if you want to get into such a niche, then make sure to develop good
communication skills with group discussions, internships, and presentations. You
need to work on both of your written and vocal communication abilities for the same.
Practical Experience will Always Help!
If you can get a chance to do a research project, internship along with qualifications
then it would be the best case. Recruiters, in general, give priority to the candidates
who have certain recognised practical hand-on experience in the industry. Make sure to
do networking in the early stages of your graduation to get a better job in the banking
industry. Be updated with the regulatory frameworks and ongoing talk in the banking and
overall finance industry. Build your resume highlighting all these things very sharply.
It will certainly help you to get better job placement in the industry.
If you are clear from the scratch that you want to have a career in the banking industry
then it is important to work towards the same from the early stages. This starts with
10+2 and goes ever. Do as many certifications as possible to attain specialization, get
practical experience with internships and research projects. Choose a good reputed
organization/ institute/ college for your graduation or the certifications which are
recognized by all over India Banking Institutes.
There are many organizations available with which you can do a certification in banking
and finance such as G.H. Raisoni,
Saikheda. This will eventually help you to
attain a
better successful career in the banking industry in comparison to your peers.