Are there any enough opportunities in the banking sector?
Definitely! A quick Google search will show you that, there are 27 public sector banks (out of which 6 are nationalized), 6 are State Bank of India & its associates, 21 private sector banks, 41 foreign banks having branches in India, 39 foreign banks having representative offices in India, 45 Regional Rural Banks, 34 state cooperative banks & 52 urban cooperative banks.
How do I make a career in the banking sector?
Most banks hire aspirants based on competitive examinations conducted by them. These exams are based on a MCQ pattern, followed by a group discussion (some banks do conduct GDs) & then a personal interview. A final merit list is put up after the completion of the process & the aspirants are offered jobs based on the merit list.
Most public sector banks have outsourced the selection process to the Institute of Banking Personnel Selection (IBPS), who conducts the exams & the interview on their behalf. Private sector banks have their own examinations & selection process. They also hire individuals who hold a specialized qualification/certification/experience in the banking sector.
How does one prepare for the banking examinations conducted by IBPS?
There are institutions who train aspirants who are keen to make a career in the public sector banks. These institutions train the students on the examination parameters & syllabus laid down by IBPS also grooming students for their personal interviews. A quick Google search would throw the list of institutions in your locality who train aspirants for the banking examinations.
Are these banking examinations difficult?
Yes, these exams are competitive & aspirants across India appear for the same. The final selection ratio is close to 0.1%. So, an aspirant has to work really hard with a strong focus to clear these examinations. Not only should an aspirant focus on passing the objective based examinations, but also, s/he should focus on the soft skills, communication skills – especially English necessary to clear the interview round.
Are there any qualifications/certifications available for those who want to make a career in the Banking sector at the undergraduate level?
Most universities in India offer a Bachelors degree in Banking for those aspirants who are keen to make a career in the banking sector (e.g. The University of Mumbai, offers a Bachelors Degree in Banking & Insurance). However, these degrees do not have any competitive advantage, vis-à-vis a vanilla B.Com, at the time of recruitment, unless you do it from a premier college in India. Banks do not have a prerequisite of a specialized course study at the undergraduate level to hire an individual.
Are there any post graduate certifications available?
Yes, various institutions offer post graduate certifications like PGCB – Post Graduate Certificate in Banking to aspirants who are keen to make a career in the banking sector. The focus is to bridge the gap between what are the requirements of the industry & the curriculum being taught in the class.
What are the parameters that one has to evaluate before enrolling for these programs?
Before enrolling for the program, one has to check the syllabus being taught, the duration for the program, mechanism of training – distance learning, part time, full time, age criteria (if any), past placement records, no of years of operations of the company, get in touch with the alumni, if possible, to evaluate the success of the program.