Banks are going to hire more than 7 lakhs professionals by 2016 and, among them, more than 4 lakhs of jobs are in the entry-level positions for recent graduates. This article takes a closer look at the different career opportunities available in banking.

It cannot be denied that banking has become one of the largest recruiters among the different financial services. In addition to creating a large number of jobs, banking jobs are more stable compared to other financial services.

Financial services

Although, there are various types of jobs available in financial services, but we will consider jobs intended for graduates, who aspire to jobs in this sector.

It should be noted from the outset that students pursuing any degree can enter this sector for a successful career. It is not limited to business or management graduates entering the industry. Here we will discuss more about massive employment opportunities and not about jobs with few vacancies.

Financial services companies fall broadly into three categories:

Banks

Insurance companies

Non-bank finance companies (NBFC)

NBFCs are mainly found in multiple businesses like capital markets, loans, asset management, wealth management, etc.

There are 5 categories of banks. These are:

Public sector banks: State Bank, United Bank, etc.

Private sector banks: HDFC, ICICI, Axis, Yes bank, Kotak Mahindra, etc.

Foreign banks: Citibank, Standard Chartered, HSBC, Barclays, etc.

Regional rural banks – Gramin banks

Cooperative Banks: Greater Bombay Cooperative Bank, Abhyudaya Cooperative Bank, etc.

Despite the large number of banks, access to banking services remains under-penetrated. More than 25 percent of the population does not have access to the financial services sector. These therefore remain largely untapped and provide enough opportunities for years to come. Given rising income levels and the use of the latest technology, the banking sector is expected to grow 4-5 times its current size by 2020. The number of people who will work directly in the banking sector is expected to exceed 2 millions.

Currently around 60% of people are employed in operations, 30% in sales and 10% in support functions.

How to start a career in banking?

The hiring process in public sector banks begins with an entry-level selection process. The Personal Bank Selection Institute (IBPS) conducts the Common Written Exam (CWE) for 19 public sector banks. CWE scores are used to shortlist candidates for Probationary Officers (POs), administrative cadres, and specialist officers. The shortlisted candidates appear for group discussion and finally personal interview and the combined scores of both stages are taken for the final selection.

State Bank conducts a separate written test and interview to hire administrative executives and PO positions. In the case of regional rural banks (CRRs), the IBPS carries out recruitment through a test. Private sector banks conduct their own tests and interviews for entry-level recruitment. These banks have their internal training programs to improve the skills of the employees.

In conclusion, there is a great opportunity available in the banking sector for students graduating in any modality. There are a good number of courses available that provide guidance to help students prepare for the selection process for jobs in this sector.