As Banking sector opens up with aim of rural expansions and financial inclusion as their policy mandate, financial sector jobs are gaining popularity even as banking institutions come up with large vacancies in an effort to enhance productivity of their existing operations and scale up in future.
For example, the largest public sector bank State Bank of India (SBI) has announced 7,000 vacancies for the position of Probationary Officers (SBI PO 2014) and Clerical cadre (SBI Clerk 2014) this year.
What is the career scope of Banking jobs? How should candidates evaluate their suitability for a job in Banking jobs? What is the level of competition? How should one prepare self for the challenges in the sector?
Careers360 brings you an in-depth insight into the scope of Banking sector jobs, broadness of opportunities in the sector, one’s suitability for such jobs and the level of competition in this interview with Anil Nagar, director of Career Power Institute in Delhi. An Electronics Engineer from IIT BHU, Nagar has over 10 years of hand-on experience in education industry and training banking job aspirants.
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Mr. Anil Nagar
“A career in banking is challenging as well as rewarding. When a candidate joins a PSU Bank, he/she undergoes an extensive training, which includes modules on Forex, Equity, Investment, Credit, Operations etc. This learning opens many doors of opportunities in future and gives a candidate multiple avenues for growth.”
Careers360: What is the scope of seeking a career in Banking sector in the current job scenario? How is the sector as compared to other sectors in terms of job opportunity?
Mr. Anil Nagar: Banking is one of the most lucrative career options for people looking for a job in government sector. Under financial inclusion policy, it is endeavor of the Government of India to take banking to remotest places in India, hence, banks are opening new branches in all parts of the country covering cities, towns and villages. This has created huge requirement for manpower in this sector. A job in a government bank is considered to be a socially respectable and secure job. So, looking at the opportunity and the quality of the job, lacks of people are looking forward to get a job in the banking sector.
Careers360: How should candidates evaluate their suitability for a job in Banking sector?
Mr. Anil Nagar: There is no specific educational requirement from Bank's side. A graduation degree in any discipline is sufficient to participate in the recruitment process. The selection process includes written aptitude test (Quantitative Aptitude, Reasoning Ability, English, General Awareness and basic computer Knowledge) and interview. But, ultimately, the job as a banker demands good comfort on numbers and a right attitude towards customer service (as a banker is all the time working on numbers like - deposits, loans, credit, investment etc and he/she has to deal with lot of people/customers on daily basis). So, if a candidate is good on these two aspects, banking career should be the right choice.
Careers360: What is the level of competition in the sector for different levels of available job opportunities?
Mr. Anil Nagar: Well, competition is really tough nowadays. There are two main reasons for this. First is the shortage of jobs in general in India, and secondly, Government jobs are much in demand due to uncertainty and work presser in Private sector jobs. Last year nearly 40 lack candidates applied for approx 80,000 jobs in government banks.
Careers360: How should a candidate mentally prepare himself/herself for a career in banking sector?
Mr. Anil Nagar: A career in banking is challenging as well as rewarding. When a candidate joins a PSU Bank, he/she undergoes an extensive training, which includes modules on Forex, Equity, Investment, Credit, Operations etc. This learning opens many doors of opportunities in future and gives a candidate multiple avenues for growth. So, if you want to be in a respectable job, where you have immense growth opportunities (across various banking functions), banking sector is for you. Specially, when many private sector banks are already growing fast and two new banking licenses have been issued by RBI recently, the sector is bound is create unparallel opportunities in future.
Careers360: What are the challenges that a student might face while entering this competitive space of Banking job seekers?
Mr. Anil Nagar: The most important part of seeking a job in government banks is the right approach. Once a candidate has made up his/her mind to enter in this sector, the candidate should make a proper strategy to crack the recruitment process of the banks. The written exam for the banks consists of sections on Quantitative Aptitude, Reasoning Ability, General Awareness, English & Basic Computers and candidate has to qualify in each of the sections individually (other then qualifying in the overall score). So, if you are weak in any of the above sections, you should immediately start working on the same.
Careers360: What is your suggestions and advice to those candidates who are looking to prepare for banking jobs and build a career in banking sector?
Mr. Anil Nagar: Well, we need to understand that banking sector in a really good career option and that is why the competition for a bank job is also tough. But, if you work hard and with the right approach and strategy, you can easily crack the exam. Best part is – there are multiple exams for bank jobs in year (four exams conducted by IBPS, two by SBI, two by RBI and so on). So, if you prepare with full determination, you can definitely get a job in banking sector. All the best!
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