Starting a career in banking and finance can be a good choice as it offers a wide range of lucrative job opportunities with high salaries and job security. However, one must follow a few essential steps to embark on this path. The initial step is to obtain a bachelor’s degree in Finance, Economics, or Commerce. These degrees equip you with the knowledge and skills required for banking and finance jobs. Apart from obtaining a degree, cracking bank exams is crucial. These exams typically evaluate candidates on their quantitative aptitude, general awareness, reasoning, English language skills, and basic computer skills. Preparing extensively for these exams is advisable to increase your chances of success.
Several top courses can help you enhance your skills and improve your chances of getting a job in the banking and finance sector.
What is Banking?
Banking has traditionally been defined as managing the financial assets of individuals who deposit their money in a particular bank. In essence, bankers act as custodians of their clients’ money, protecting it from theft and loss. Banks are critical in promoting economic growth and development by providing financial assistance to those neediest. One of the banks’ primary functions is lending money to individuals and businesses. This lending activity generates interest, which, in turn, creates profits for the economy.
Top Careers in Banking and Finance
Bank Manager
Bank managers play a crucial role in overseeing the day-to-day operations of a bank branch, ensuring smooth and efficient functioning, and providing high-quality customer service. The bank manager position is typically attained through relevant work experience and internal promotion within the same bank. However, with new career opportunities in the banking industry, individuals can become bank managers by clearing a qualifying exam.
They are liable for managing a team of employees, training and mentoring new hires and implementing policies and procedures to ensure regulatory compliance. Bank managers can earn a lucrative salary, with an average salary of around 7 Lakhs per annum and various incentives and benefits.
Probationary Officer
The probationary officer manages a bank’s financial operations, including creating budgets, approving loans, and developing financial strategies. They are typically recruited through competitive exams and hold a significant position of authority within the bank.
While probationary officers may have less scope for growth than other positions in the banking industry, they can still enjoy a fulfilling and rewarding career. They often have opportunities for career advancement, including promotions to higher-level positions within the bank. Regarding compensation, probationary officers can expect to earn a competitive salary, with an average salary range of 6-7 Lakhs per annum, along with various incentives and benefits.
Financial Accountant
A financial accountant mainly works in managing the financial operations of a bank, including auditing and reporting the bank’s functions, preparing budgets and plans, and ensuring regulatory compliance. Financial accountants are in high demand in banks and most institutions, regardless of their sector, as every institution requires a team to manage finances.
In addition to auditing and reporting financial data, financial accountants provide financial analysis and advice to help the bank make informed business decisions. They are responsible for ensuring that financial records are accurate and up-to-date and that the bank’s economic activities comply with all applicable laws and regulations. Financial accountants can expect a competitive salary, estimated at around 4 Lakhs annually.
Financial Risk Manager
The success of any organisation relies on financial risk management, as it is accountable for safeguarding the company’s financial well-being and sustainability. A financial risk manager is a highly skilled professional specialising in identifying and mitigating potential financial risks for a company. They analyse market forces and anticipate potential risks, providing guidance and recommendations to the company to help them avoid financial losses. They use their expertise to develop strategies to manage the market, credit, liquidity, and operational risks. A financial risk manager typically earns an annual salary of approximately 12 Lakhs.
Investment Banker
Investment bankers are critical in facilitating financial growth for their clients and organisations. An investment banker is responsible for advising clients on how to invest their money in trustworthy and profitable opportunities. Investment bankers must possess strong analytical skills, practical communication skills, and extensive industry knowledge to provide sound advice. With an estimated salary range of 9-11 lakhs per annum, investment bankers are well-compensated for their expertise and the value they bring to their clients.
Financial Examiner
A financial examiner, a compliance officer, ensures that an organisation adheres to all financial regulations and requirements. Both government agencies and private institutions hire financial examiners to ensure compliance. The duties of a financial examiner include conducting risk assessments, monitoring monetary and credit transactions, and responding to emergencies. They can earn a salary of 5 lakhs per annum.
Hence, it is evident that the banking and finance sector offers many opportunities, particularly in today’s globalised and corporate world. To excel in this sector, one must possess a unique set of valuable and essential life skills to navigate the competitive financial landscape. Joining banking and finance courses allows learners to achieve their perfect dream careers. Finprov is an ed-tech institute offering all graduates and professionals various courses, including banking and finance. Our comprehensive bank coaching modules are designed to cover multiple topics such as quantitative aptitude, reasoning, English language, general awareness, and banking-related subjects such as banking laws, finance, and economics.
If you wish to achieve your career goal, Finprov is a perfect choice. We provide practical training and placement assistance, allowing learners to get the ideal job in the industry. Our course offerings include CBAT, PGBAT, Income Tax, Practical Accounting Training, PGDIFA, DIA, GST, SAP FICO, Tally Prime, MS Excel, and more.
