Best Quality Of Education Through Online
RankersHub is India's fastest growing online education provider which Powered by IBT Hyderabad. We offer Courses for Bank Exam like SBI PO, SBI Assistant, IBPS PO, IBPS Clerk/Assistant, SSC Exam (SSC CGL, SSC CHSL, SSC CPO), Insurance (LIC, NIACL), Railways RRB-NTPC / Group-D, TSPSC /APPSC Groups (2,3,4), Defence exams (CDS, AFCAT, INET). We offer both Online & Classroom (at IBT Hyderabad) with best and based on latest pattern including Online Mock Test.
Grow your knowledge and your opportunities with thought leadership, training and tools.
Career in Banking
The demand for taking up a career in banking, among young aspirants is rising than ever before!
For a developing country like India, banks are considered as the backbone of the country’s economy. The global turmoil in the financial segment that occurred a few years ago had the least effect on our country’s banking sector because of our sound banking and financial system. The banking sector in India is growing at a rapid rate and is among one of the fastest growing industry vertical.The rapid advancements and growth in the banking sector has paved way for many banking career opportunities. The banking sector in India is gearing itself and there are much more private banks to come in the near future. All of these bring in huge career opportunities for those who aspire to become future bankers.
Why opt for a Banking Career?
Bank jobs are backed up by a huge wealth of diversity and almost every vacancy created in a bank incorporates some sort of banking element such as law, accounting, investment banking, taxes, public relations, customer relationship management etc. Moreover, a career in banking is international in nature and a number of international and private banks set up in the country have opened up opportunities for the deserving candidates.
For beginners, the banking sector provides an excellent opportunity to develop an understanding of the global economy. It paves the way for identifying various challenges in the marketplace and provides tremendous opportunities globally.
Types of Banks in India
The banks in India can be categorized as following.
- Commercial Banks: The major role of the commercial banks is to enable businesses and entrepreneurs with the financial services. Commercial banks are further categorized into the following.
- Private Sector Banks
- Public Sector Banks
- Regional Banks
- Co-operative Banks: Co-operative banks mostly benefit the rural people like farmers, small scale industries etc. These are controlled and managed by the co-operative societies. These can be further categorized into
- State co-operative Banks
- Central co-operative Banks
- Primary Agriculture Credit societies
- Investment Banks and specialized banks: These provide financial assistance to its customers and provide necessary support like foreign exchange, sales of equities, foreign trading etc. to its customers.
Most of these banks offer better packages today and give a performance and experience based promotion. In case of public sector banks, professionals like engineers, doctors, MBAs and lawyers are appointed based on the results in All India Recruitment Exam. Probationary officers (Bank PO) are also recruited in public sector banks based on the Common Written Examination (CWE) conducted by the IBPS. It is estimated that public sector banks are to employ more than 7 lakh people in the near future.
Skills required for a Banking career
- Customer Dealing
- People with patience
- People good with numbers and accounting
- Good Analytical Skills
Preparing for a Career in Banking
There are various positions available in banking sector out of which the two major ones are clerks and probationary officers (P.O.)/ management trainees (M.T.)
qualifying examination is in the form of written examination and it involves multiple choice questions. It consists of a test of reasoning ability and numerical aptitude, test of clerical aptitude, test of English language and test of general awareness The candidates will be selected based on the final merit list and this is jotted down based on the aggregate of marks in written examination and interview.
Recruitment in Officer Cadre
Mostly officer cadre is filled after promotions in clerk positions and at times to meet the rising demands direct recruitment are also done. The minimum age group for entry into officer cadre is 21 years and maximum is 30 years or above as decided by the individual banks. Educational qualification is required in any graduate program from a UGC recognized university. The qualifying test for probationary officers includes data interpretation and logical reasoning, general awareness, English and verbal reasoning.
Other Career Options in Banking Sector
Other opportunities available in banking sector are financial managers, Bill and account collectors, bank tellers, loan officers, financial service representatives, book keeping and audit clerks.
Government Jobs as a Career
Government sector jobs are available to all in numerous forms, positions in hierarchy. One can either work for the Central Government or the State Governments. One can then select which part of the government mechanism one would like to be a part of: public sector banks, government schools, administrative offices, etc.
Applying for Government Job:
When you think of applying for a government job, you need to think of a couple of things:
- The area of work that you would like to go in
- The level at which you would like to apply
The leading examinations for entry into government jobs are the UPSC Civil Services exams like IAS, IPS, IFS, IES, etc. Along similar lines, we have entrance exams for State level administrative services, such as HCS and PCS. The exam that comes next in the hierarchy is the SSC exam, again conducted by UPSC. Then we have the various entrance exams for jobs such as those in the banking departments, state level departments such electricity, public works, etc.
Majority of the entrance exams focus on testing a number of skills of the candidate and these include basic quantitative skills, general knowledge, verbal ability and reasoning skills. Specific exams such as those of banks probe specific industry knowledge in the exam. The second part of the selection process is the interview stage and in this, the mental aptitude, intellectual qualities, social knowledge and current affairs knowledge of the candidate are tested. Getting selected for any government job is tough as the competition is immense for every post and one needs to make sure that one is fully prepared for mounting the challenges posed.
Benefits of Government Job:
There are numerous benefits of working in government departments. Some of these are:
- One of the main reasons for wanting to work for the government is job stability. Government jobs are known to provide job security and stability while allowing one to work for a greater cause that is more or less directly related to the country one is residing in.
- With the advent of 6th pay commission, the salary which a government employee gets is at par with the corporate sector.
- In government sector jobs, there are standard working hours. And if at all situation demands a government employee to do overtime, then he / she is entitled to attractive overtime benefits.
- Government job offers financial services as well. This includes mortgages at low rate of interest to the employee from his respective department.
- For government jobs, many benefits such as retirement benefits, pension plans and funds exist and moreover benefits such as loans, childcare, etc. are also available.
- Working style of a government employee is relaxed and congenial. Work stress is very less.
Drawback of Government Jobs:
Aside from the above mentioned benefits there are a few drawbacks of government jobs as well.
- Career growth opportunities can be few and far between, as promotions and appraisals are standardized and often based on seniority.
- Selection procedure for a government job is very tough and involves many rounds.
- A common complaint about government jobs is that the routine and mundane nature of the job often leads to complacency.
- Another aspect of working in the public sector is that one has to respond to the pulls and pressures put and one cannot be oblivious to laws of the land.
Various Government Examinations:
The Indian Government conducts various exams to select candidates for different departments. These examinations are generally conducted under Union Public Service Commission (UPSC) and Staff Selection Commission (SSC). The Union Public Service Commission (UPSC) is India’s central agency authorized to conduct various examination like Civil Services Examination, IES & NDA. The Staff Selection Commission (SSC) mainly recruits to Group B (non-gazette both technical & non-technical) and Group C (non-technical) posts in Departments of Government of India. These examinations require graduation as their eligibility criteria but few exams like NDA can be given by students who have successfully cleared 10+2.
- National Defense Academy & Naval Academy Examination (NDA) is conducted by UPSC for admission to the Army, Navy and Air Force wing of the NDA. The candidates Joining Indian Naval Academy undergo 4 years B.Tech course and are given an opportunity to join Executive and Technical Branches of the Navy. The eligibility condition for Army Wing, Air Force & Naval Wings for NDA and for 10+2 (Executive Branch) Course at Naval Academy of NDA is that the candidate should have successfully cleared 10+2 examination or equivalent. The exam is conducted in 2 stages. Stage 1 is written exam (objective) and Stage 2 is of SSB Interview. The written exam is of 900 marks which comprises of Mathematics (300 Marks) and General Ability Test (600 Marks). Stage 2 is the Service Selection Board (SSB) Interview , Physical test and finally a conference.
- Besides NDA, UPSC conducts various other Grade A examinations for Civil Services, Indian Forest Service and Engineering Services. These examinations are for graduate candidates. Exam is conducted in two stages. Stage 1 is called as Preliminary and Stage 2 is called as Mains. Preliminary examination is same for all 3 exams. It includes General Ability Test. This test comprises of General English and General Knowledge carrying equal weightage. Mains exam is different for each examination.
- In case of Civil Services, Mains exam consists of 9 papers. Paper 1 is based on one of the Indian Languages out of 18 languages included in VIIIth Schedule of the constitution. Paper 2 is on English Language which is of qualifying nature and Paper 3 is Essay writing. Paper 4 & 5 are on General studies. And remaining 4 papers are based on two optional subjects.
- Similarly, the Mains exam of Indian Forest Service consists of 6 papers. Paper 1 &2 are based on General English and General Knowledge respectively. And remaining 4 papers are based on two optional subjects from a list of subjects. Two papers are from each subject.
- Engineering Services Examination is for engineering students only. This exam consists of 5 papers. Paper 1 is objective paper based on General English and General Knowledge. Paper 2 &3 are also objective type papers based on respective core engineering subjects. And remaining two papers are conventional (subjective) type papers based on engineering subjects
- Besides UPSC, SSC (Staff Selection Commission) also conducts examination for Group B & Group C posts for the Government of India. These examinations include Combined Graduate Level Examination, Tax Assistant Examination, Statistical Investigators Examination, Junior Engineers Examination, Deputy Field Officer (Cab Sect.) Examination, Data entry Operator Examination, Sub Inspector in CPOs Examination, and Section Officer Examination. The 1st round is the aptitude exam, which has questions on general English, reasoning, mathematics and general knowledge.
The candidates who qualify the written exam are then required to appear in Personality Test and Personal Interview, which carries 200 marks. Officially labeled as the “Personality Test”, the objective of the interview is to assess the suitability of the candidate for a career in public service. The interviewer judges the mental aptitude, intellectual qualities, social knowledge and current affairs knowledge of the candidate. Along with the above, the character of the individual is also assessed. The marks of the interview round are added to the marks obtained by the candidate in the written round.