Banking Career Guide

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.

Conclusion

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.

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