Things to Know While Preparing for a Bank Job
As we know that A bank job provides some of the most sought-after career options, highly rewarding in terms of pay, security and status.At the same time, if you are a banking aspirant, you should know exactly why you are choosing banking as your career path.
Therefore, here’s all you need to know about the banking sector and opportunities in Banks in 2018.
Opportunities from a Bank Job
With many job vacancies expected in the coming 5-10 years, banking sector has emerged as one of the top job creators. The emergence of technology-driven private banks and short-term lending business carried out by financial institutions has created greater demands for professionals.
Future & Scope in Bank Jobs
Global banking practices are growing at a fast pace. Foreign banks are making their presence felt strongly in the country as these banks are large in size as well as technologically more advanced. They provide employment opportunities in large numbers and also prove beneficial to Indian traders in terms of better services and options.
Divisions in Banking Sector
The prominent sectors in banking sector are the public sector, the private sector and the foreign sector banks. Public sector banks are the stepping stones into the banking industry. The private sector is more technologically advanced and offers better pay. Foreign banks are the most sought-after because of their attractive salary packages, job profiles and opportunities.
Common Entrance Test to Get a Bank Job
It’s much easier for you to get a reputable bank job now because the entire banking sector recruitment process has been centralized by the Institute of Banking Personnel Selection (IBPS). A common entrance test is conducted across the country to select suitable candidates for various banks in India after qualifying, you will get a chance to go through various recruitment programmes in different nationalized as well as scheduled banks.
Ever Expanding Sector
The range of banking services has expanded greatly due to the emergence of technology-driven private banks and which in turn has created greater demand for professionals. Further this expansion of banking into rural areas would create the potential to boost growth and profitability.
What more to Expect from Banking Sector?
Large number of vacancies are being created due to retirement, expansion of business, etc. in the public sector. The recent wage revision, elementary job security, housing and medical facilities make public sector banking an attractive option.
With new banks expected to open up, employment would be created not just through direct hiring but also through various support areas such as introduction of e-cheque and truncated cheque instruments.
These jobs generally focus on revenue creation and can be broadly classified into the following:
- Clerks – Bank Employees with direct contact with customers as they accept deposits, handle customer service issues etc.
- Probationary Officer – A Probationary Officer (PO) is the initial level in the banking sector. They are assigned wide variety of work and are under continuous regulation of their senior officer. PO are subject to transfer within the initial two years and also have to undergo training. After the probation period, the officers become Assistant Managers.
- Assistant Manager – The Assistant Manager oversees the working of a small branch of the bank or the entire bank. The task involves regular engagement in meetings, assisting and motivating the team of bankers under him. He or she will also have to look at accounts of business and individual customers
- Loan/Credit Officers – They are responsible for business loans or creation of transactional accounts such as savings or checking accounts.
- Insurance Bankers – The insurance agents handle the task of selling annuities, life insurance, health insurance policies, etc. These agents are to accomplish a given goal and generally work on site.
- Auditors – The task of checking clerical errors or detecting fraud is carried by in-house auditors. The job of an auditor is highly required in the banking sector.
- Investment Bankers – Rated among the best top 10 jobs for 2017, the job of an investment banker is in huge demand as an analyst, associate etc with a handsome amount of pay.
- Specialist Officer – performs specific tasks in specialized departments such as Marketing, Public Relations, Human Resources etc. These officers are assigned tasks according to their educational qualification.