The BFSI sector refers to businesses that offer various financial services, including banking, retail, private banking, business services, and investments.
This industry offers a wide range of services, such as core banking, retail banking, private banking, business banking, savings accounts, credit and debit cards, stock brokering, bill payments, mutual funds, and insurance, among others.
In developing countries like India, the BFSI sector is experiencing significant growth due to the country’s rapid economic development. To excel in this sector and enhance career opportunities, it is advisable to acquire specific skills.
Enrolling in BFSI courses, such as banking and insurance certification programs, can provide you with the necessary skills for jobs in the BFSI sector, such as financial accounting.
BFSI Sector
The BFSI sector in India is projected to reach a value of Rs. 81 trillion. It was the fifth-largest globally in 2020, and it’s expected to become the third-largest by 2025. This means that pursuing a career in the BFSI sector can be highly rewarding.
It’s a good time to explore the various roles and skills needed for a successful career in this sector. To help you with that, we have put together a list of BFSI skills that you can develop by enrolling in certification courses, such as banking and finance certifications.
Career in BFSI Sector
The following career opportunities in the BFSI sector that become available to you upon completing your BFSI certification.
Telecaller
Do you ever receive those calls about loans, credit cards, or new insurance policies from companies? Well, you could do that job too. Banks and insurance companies are always looking for newcomers to work in their call centers and promote their products over the phone.
These phone agents are responsible for selling products or services. They call potential customers and tell them about what’s on offer. If the customer is interested, the conversation continues, otherwise, it ends.
The focus is solely on selling during the call. To capture the customer’s interest, agents must be well-informed about their products and able to answer any questions.
There are certain skills that a phone agent should have to excel in this role, including:
- Good communication
- Knowledge of products or services
- Adaptability
- Persuasiveness
- Patience
- Building rapport with customers
- Effective sales techniques
- Active listening
This is a highly sought-after job for newcomers. You don’t need a professional qualification, just strong communication skills to start. It’s a great way to gain experience and receive good pay, including bonuses for excellent performance.
Insurance companies also use phone agents to sell services and handle customer concerns. It’s considered an easy entry point for newcomers in the BFSI (Banking, Financial Services, and Insurance) industry and a sought-after job in the insurance sector.
The eligibility criteria are simple – you just need to be a graduate with good communication skills, and you’re good to go. In addition to a fixed monthly income, you can also earn commissions on the sales you make. It’s a straightforward and well-paying opportunity, isn’t it?
Also read: Bank Exam Online Coaching
Sales Representatives or Relationship Managers
Entry-level positions in banks and insurance companies, such as sales representatives, relationship managers, or sales managers, are available for new job seekers. These roles focus on selling the company’s products. They may come with monthly sales targets and are open to recent university graduates.
Sales representatives are responsible for showcasing the company’s products or services to potential customers. They need to understand the customers’ needs and preferences, and then recommend the right product or service accordingly.
Jobs in the Banking, Financial Services, and Insurance (BFSI) sector are a great choice for fresh graduates. You don’t need specific qualifications; it’s more about your skills. Freshers in sales roles can gain valuable experience, competitive salaries, and industry exposure.
To succeed in a sales career, you should possess skills like active listening, product knowledge, people management, quick thinking, persuasion, teamwork, communication, writing ability, and empathy.
Bank Probationary Officers (PO)
A Bank Probationary Officer (PO) job is highly coveted in the banking sector. To secure this position in a public-sector bank, you must pass an exam conducted by the Institute of Banking Personnel Selection (IBPS). Private sector banks may have different requirements. As a PO, you’ll receive a fixed monthly income and opportunities for advancement.
A Bank PO is responsible for handling customer transactions, managing banking and financial tasks, issuing cheque books, and overseeing cash management. This career is well-regarded and offers good earning potential, with skills such as customer service, people management, cash handling, communication, and numerical literacy being essential. For instance, an SBI probationary officer can earn an annual salary of ₹8,09,257.
Choosing a career in banking, especially as a Probationary Officer, comes with numerous benefits including stability, flexibility, and attractive pay. It’s a great career option for fresh graduates, though it requires them to pass a competitive exam after completing their formal education.
Tellers/Cashiers
A bank teller, also known as a cashier in some places, is a key person who interacts directly with customers. They play a crucial role in the banking industry because they’re the first face you see when you visit the bank, and they help prevent fraud.
Bank tellers assist customers with various tasks, like transferring funds, giving banking advice, providing money orders, and ensuring accurate account balances. The specific duties of tellers can vary based on the bank’s size and policies.Â
These roles involve a lot of customer interaction, making tellers the primary point of contact for customers. They can also communicate with customers over the phone. On average, a teller earns around Rs 305,000 per year. If you’re looking to have a successful career in this field, there are 10 essential skills you need for any job in the banking sector.
Insurance Agents
Another promising option for a career in the BFSI Sector is to become an insurance agent. You can start this career right after completing your 10+2 education and even run your insurance business. What’s great about being an insurance agent is that it allows you to work a full-time job while selling insurance part-time for extra income.
Insurance agents play a crucial role by carefully listening to their clients, understanding their needs and objectives, and then offering thoughtful advice. They also need to stay in touch with potential customers and manage their time efficiently.
To succeed as an insurance agent, you should possess strong communication skills, in-depth knowledge of insurance services, active listening abilities, good written communication, and a sense of empathy, among other qualities.
BFSI Sector Qualification RequiredÂ
In many job roles in the BFSI Sector, having a college degree is typically required. However, when it comes to jobs like telemarketing or sales, you don’t necessarily need a specific background in business or commerce.
If you’re an arts or science graduate, you can still land these positions. The key is to acquire the necessary sales skills, which you can either learn on the job or through online courses before starting.
It’s advisable for professionals to consider enhancing their skills either before or after securing a job. Having the right skills can greatly improve your chances of accessing better career opportunities.
BFSI Sector Expected Pay
As a newcomer, you may not expect an exceptionally high salary right away. However, it’s essential to have a general idea of the salary range you can aim for. What if you have the opportunity to discuss your compensation package?
Your potential salary largely hinges on the specific role you secure in the BFSI Sector. For instance, if you work as a telecaller, you could earn between Rs. 15,000 to 20,000 per month, excluding any performance-based bonuses. On the other hand, positions like POs (Probationary Officers) and sales representatives often start with a salary of around Rs. 25,000.Â
Tellers and cashiers might receive salaries ranging from Rs. 20,000 to 30,000. In the insurance sector, income is not fixed. As an agent, your earnings are directly tied to the number of policies you sell and the premiums you collect.
Check the table below for more information about expected pay for each post at BFSI Sector:
| Career Opportunities for Graduates in BFSI Sector | |
| Career Opportunity | Expected Pay (Per Month) |
| Telecaller | Rs. 15,000 to 20,000 |
| Sales Representatives or Relationship Managers | Rs. 25,000 |
| Bank Probationary Officers (PO) | Rs. 65,000 |
| Tellers/Cashiers | Rs. 20,000 to 30,000 |
| Insurance Agents | Rs. 25,000 |
BFSI Sector Scope
Everyone aims to advance in their careers through gaining experience, and you should too. Experience is a crucial credential that can help you progress in the BFSI Sector. Many banks and insurance companies prefer promoting employees from within rather than hiring externally, as it saves them time and money.Â
Therefore, even if you’re starting as a beginner, demonstrating your dedication and skills can lead to promotions. With hard work and the right experience, you can climb the ranks and reach high-level positions within the management.
BFSI Sector Build Qualification
While newcomers are certainly encouraged to explore opportunities in the BFSI Sector, taking extra courses can significantly enhance your skills. The job market is highly competitive, and those who are the most prepared tend to succeed.Â
To distinguish yourself from the competition, it’s essential to acquire additional skills. And you can easily achieve this by enrolling in online courses!
Career in BFSI Sector FAQs
What is the BFSI sector?
The BFSI sector stands for Banking, Financial Services, and Insurance. It offers a wide range of financial services, including banking, retail, private banking, business services, investments, and more.
What skills are essential for a successful career in the BFSI sector?
To excel in the BFSI sector, you need skills like staying updated in the industry, critical thinking, tech-savviness, effective communication, interpersonal skills, integrity, resilience, analytical abilities, technical proficiency, and confidentiality.
What are the potential career opportunities in the BFSI sector?
There are several career paths in the BFSI sector, including roles such as Bank PO, Cashier, Sales Representative or Relationship Manager, Telecaller, Insurance Agent, etc. Each of these roles has unique responsibilities and salary prospects.
How can I prepare for a career in the BFSI sector?
To prepare for a career in the BFSI sector, you can enrol in BFSI certification courses, such as banking and finance certifications. These courses provide you with the necessary skills and knowledge to succeed in the field.
What is the average salary in the BFSI sector?
The average salary in the BFSI sector varies based on the specific role and your level of experience. For example, a Sales Associate can earn around Rs 3 lakh per year, while Banking POs may earn an annual salary of more than Rs 3 lakhs.
