Career & Career Options in Banking

Banks are generally regarded as the backbone of the economy of a country. This is truer in the case of developing nations like India. Recently, many countries were affected by the global turmoil and India was one among the least affected nations because of the soundness of her banking and financial sector. As this sector is booming, it offers a wide range of employment opportunities to young talents.

Why banking is a good career option?

In India, many youngsters have the dream of finding a job in the banking sector and different reasons are stated by them for the same like those mentioned below:

  • Better job security in the competitive job market
  • Diverse entry level opportunities
  • A wide range of chances to experience growth in the career by taking up examinations then and there
  • Great working conditions
  • Good financial rewards
  • Pride of being employed in a great sector

All the above-mentioned things are highly important for a successful career and so many youngsters show interest towards a career in this sector. Now, let us get into the details about career opportunities available in this ever-developing sector:

career in banking

Career in Banking

Experts are of the opinion that this is the most lucrative career options for those looking for a job opportunity in the government sector in India.

Even, there are many private banks operating these days to help candidates looking for a career in this field. Under the policy of Financial Inclusion, it is the endeavour of the Indian government to take banking to remote places of the nation.

This is why many public sector banks are opening new branches in different remote villages and towns. This in turn makes the manpower requirement a constant thing in this field.

Public sector banks

In general, public sector banks in India recruit candidates in huge numbers for two main positions namely:

  • Bank Probationary Officers (PO)
  • Bank Clerks

Specialist officer positions

In addition to the above-mentioned two main positions for which recruitment examinations are conducted, Specialist officers are also recruited for departments like systems, marketing, human resources, legal and credit.

Generally, specific professional qualifications like chartered accountancy, Master of Computer Applications, Master of Business Administration, law, engineering and agriculture degree are needed for specialist officer position, which will differ as per the appropriate specialist officer opening announced by banks.

Common Recruitment Examination

Earlier, the public sector banks in India conducted their own examinations for recruiting candidates for different positions.

But, nowadays, if candidates successfully complete the Institute of Banking Personnel Selection (IBPS) Common Written Examination (CWE) for different positions like PO, Clerk and Specialist Officer Positions, they need not have to take up the examinations conducted by the banks themselves for recruitment.

Probationary Officer Position

Bank PO Exam is highly popular in India and announcements are made by many nationalized banks in India then and there for this position.

This is generally an entry level position and candidates recruited for this position will begin their career in the Junior Management Grade Scale and they can slowly raise in the career ladder and can reach top management positions like General Manager, Executive Director and even Chairman position as well.

Eligibility: Candidates can take up the IBPS PO Examination, only if they fulfil the following eligibility requirements:

  • Candidates must be within the age group of 20-28 years. The upper age limit is relaxed for candidates falling under OBC, SC/ST and disabled candidates as 31, 33 and 40 respectively. The upper age limit is relaxed by 5 years for Ex-servicemen; people affected in the 1984 riots and for those domiciled in the Kashmir division of the state of J&K, between the years 1980 and 1989.
  • Candidates can be degree holders in any discipline. General category candidates must have 60% of marks, while the percentile requirement for reserved category candidates in degree level education is 55%.
  • It is also important that the applicants must be Indian nationals. Even, subjects of Bhutan, Nepal, Tibetan refugee and people of Indian origin migrated from countries like Pakistan, Sri Lanka, Burma, Pakistan, Kenya, Uganda, etc.…. are eligible to apply for PO position.

Pay Scale: As of 2014, the gross pay of a newly appointed PO, who is selected through IBPS score will be approximately Rs. 30,000 and the CTC totals will be around Rs. 50,000 for a metro posting.

Growth prospects: As soon a candidate is appointed for PO position, he/she will be sent for training, which will last for 2 years.

But, if the candidate is found unfit for managerial positions, his tenure can be terminated within these two years.

On successful completion of the training period, the candidate will be posted to Assistant Manager Position. During the service tenure, the candidates will be posted to different divisions of the bank.

Bank Clerical Position

Candidates beginning their career in the banking industry as clerk-cum-cashier have the opportunity to start the career as early as 18 years after passing the higher secondary examination.

But, this is not possible now and now the minimum education requirement is a degree with certificate of computer literacy.

Complete job security can be enjoyed by candidates appointed for this position and they are also given opportunity to get to higher positions by taking up departmental examinations.

Eligibility: Candidates can take up the IBPS Clerk Examination, only if they fulfil the following eligibility requirements:

  • The age requirement is similar to the PO position and the same exemptions as mentioned above are applicable.
  • Candidates can be degree holders in any discipline without any percentile requirement. However, it is important that candidates must submit the certificate of their computer literacy and those with diploma qualification in computers can also apply. It is not essential that candidates with computer education at school level need not have to submit the computer literacy certification separately.
  • The nationality requirement specified for bank PO position is applicable to clerical position as well.
  • In addition to the above-mentioned requirements, proficiency in the local language of the Union Territory/State can be an added advantage.

Pay Scale: Generally, candidates recruited for clerical position through IBPS, will get somewhere between Rs. 14500 and 15500 per month. Of course, the salary will rise as they advance in their career.

Growth prospects: Banks provide their employees in clerical cadre employees to quickly advance in their career. They can take up departmental examinations for promotions just within 3-4 years of their joining in this position.

Specialist Officer Position

As mentioned earlier, banks recruit specialist officers as well and there is IBPS CWE examination for specialist officer positions as well. Here, the positions are divided under two scales namely; Scale I and Scale II:

Eligibility requirements: As far as the age requirement is concerned, the Scale I applicants must be between the age group 20-30 years, while in the case of Scale II the age group should be between 20-35 years.

  • Educational qualification:
    • IT Officer: Candidates must have 4-year Engineering degree in any branch or Post Graduate Degree in any engineering discipline or candidates with DOEACC B level certification can also apply. For Scale – II IT officer position, candidates must have 2 years experience in IT field.
    • Agricultural Field Officer: Four-year degree in Agriculture/horticulture, agricultural engineering and related discipline
    • Rajbhasha Adhikari: PG Degree in Hindi, with English as a subject at the degree level or PG Degree in Sanskrit with English and Hindi as subjects at the degree level
    • Law Officer: A BL Degree and enrolment as a lawyer with Bar Council. For Scale-II Law officer position, candidates must have three years experience of practice at judicial or Bar services. Even, candidates with two years experience as a Law Officer in the Legal Department of Scheduled Commercial Banks are eligible to apply for Scale-II law officer position.
    • HR/Personnel Officer: Any graduation with full-time PG Degree/Diploma in Personnel management, Labor law, Social Work or industrial relations.
    • Marketing Officer: Any graduation with full-time MBA in marketing specialization or full time 2-year PGDBM/PGDBA with marketing specialization.
    • Chartered Accountant: Candidates must have completed their final level of Chartered Accountant Examination.
    • Manager Credit/Finance Executive: Graduation in any discipline and CWA/CFA or full time MBA/Full time PGDPM with specialization in Finance discipline. Candidates must also have two years of experience in the field of credit appraisal in Scheduled Commercial Banks.

Pay Scale: Generally, pay scale for Scale I officers will be around Rs. 24000-Rs. 30000 per month, while it will be between Rs.34000 and 40,000 per month for Scale II officers. Scale II officers will get allowances like City Compensatory Allowance, House Rent Allowance and Dearness Allowance as well.

It is important that candidates applying for Specialist officer positions, except for IT Officer position, to submit a proof of their computer literacy. This means that they will have to apply with a copy of their diploma or certificate course.

Conclusion: Banking is a lucrative sector with better job prospects and chances to grow up in the position and pay scale cadre. Generally, candidates can find details about the announcement of IBPS examination, last date of application, etc.….. from reliable sources online.

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