“The banking sector in India has been one of the most important sectors for many years. These sectors employ many candidates for different job roles and provide career growth opportunities. Check the article for more details.”
Career in banking: Banking is one of the important parts of the BFSI sector. This sector has shown a rapid increase in the last few years. It helps freshers and candidates with experience find good entry-level jobs. Banking jobs are considered prestigious in our society. There are many benefits to a career in banking, which we will explore in this article.
Is a Career in Banking Worth in 2024?
If you are looking for a good career option in 2024, then banking might be a good choice for you. Many job roles are available in the banking sector in finance and investment banking. Banking jobs pay high salaries with many allowances for many job roles.
Entry-level jobs in banking also provide good career growth and decent pay. This sector has rapidly increased in recent years in terms of various opportunities for freshers and experienced students. Check out the top reasons for choosing a career in banking in 2024.
- Banking offers a good salary in India with many other benefits
- Public sector banks also offer pensions.
- It offers many opportunities and career growth options to freshers or recent graduates.
- Flexible qualifications requirement.
- Basic knowledge in the field of commerce can lead to opportunities in the BFSI sector.
- Skill development opportunities
- Highly sought jobs among society.
Also read: Top 15 Highest Paying Jobs in Finance in India
What is Banking?
Banking entails providing various financial services and products to individuals. Various banking services are giving credit, loans, investment advisory, payment, cards, etc. With the help of banks, we can keep our money safe with constant growth over time.
There are many banking account options available for users, such as savings bank accounts, current bank accounts, and loan accounts. Banks earn profits through interest rates. There are many private and government-owned banks in our country. Some of the popular banks are HDFC, LIC, SBI, Punjab National Bank, JP Morgan, etc.
Skills Required For a Career in Banking
Banks provide good career opportunities to recent graduates as well as experienced candidates.
- Communication skills
- Analytical skills
- Mathematics
- Statistics
- Critical Thinking
- Stress management
- Resilience
- Accounting knowledge
And, there are various other skills depending on the job roles offered to the candidates. Most banking jobs offer good growth opportunities based on good performance.
Growth Rate of BFSI Jobs In Recent Years
You can review the opportunities that the banking industry has offered recently. In the last few years, there has been a noticeable increase of 7.74 percent.
| Career in Banking 2024 | |
| Year | Expected Workforce (in lakhs) |
| 2017 | 55.32 |
| 2018 | 57.73 |
| 2019 | 60.24 |
| 2020 | 62.86 |
| 2021 | 65.6 |
| 2022 | 68.45 |
| 2023 | 71.43 |
Degree for Career in Banking 2024
The banking sector is a part of the BFSI sector, which offers many opportunities with flexible qualifications. Candidates must have some basic qualifications, such as a degree in commerce, science, or art, for most of the job roles. Let us look at some of the preferred degree courses for banking in India.
| Career in Banking | |
| Level | Degree/Certificate |
| Bachelor’s (UG) | Bachelor’s in Banking and Finance |
| BBA in Banking/Accounting | |
| Bachelor’s in Finance and Accounting | |
| Bachelor’s in Statistics and Business | |
| Bachelor’s in Banking And Insurance (BBI) | |
| Bachelor’s of Commerce | |
| Cost Accounting | |
| Masters (PG) | MBA in Banking and Finance |
| Master’s in Financial Mathematics | |
| Master’s in Monetary and Financial Economics | |
| Master’s in Finance/ Accounting | |
| Master’s in Banking And Insurance | |
| Master’s of Commerce | |
| M.Voc in Banking, Stocks and Insurance | |
| Diploma/Certificate | Diploma in Banking and Finance |
| Graduate Certificate of Finance and Banking | |
| Graduate Certificate in Banking Security | |
| Diploma in Banking Services Management | |
| Graduate Diploma in Banking | |
| Graduate Diploma in Banking and Finance Law | |
| Post Degree Diploma in Economics and Global Banking | |
| Postgraduate Certification in Banking, Finance, and Insurance Sector | |
| PGDM in Banking Management | |
| PGDM in Banking and Financial Services | |
| Short term PGD in Banking | |
| Advanced Certificate in Banking laws and Loan management | |
Also check: Top 10 BFSI companies in 2024
Why Choose Career in Banking 2024
Banking is one of the most important sectors in our country. It is a job with many opportunities, stability and security. With the changing market conditions due to many technological advancements, the banking sector has flourished. Now, with the help of these technologies, the banking experience has improved, and many new opportunities have opened for the people.
- Stable and Secure: Banking is one of the most important parts of our country’s economy and will keep on rising. It offers a handsome job salary even for entry-level jobs. Employees working here can pursue a good work-life balance with a secure job life.
- High Demand: Candidates with good skills are always in demand in the banking sector to carry many responsibilities like accounting, finance, marketing, customer service and many other operations. This sector is showing many changes and it can adapt to the new marketing challenges and technologies only with the help of candidates with relative knowledge.
- Good Salary and Benefits: Candidates working in the banking sector receive good salaries for various job profiles. Many positions in the banking sector offer many allowances, such as health insurance, retirement plans, sick leave, etc. Salaries in the banking sector are paid more than any other sector in India.
- Career Growth: There are many opportunities available in the banking sector. Candidates can get skill development training and certification. Also, promotions are done based on performance and tests.
- Work-Life Balance: Candidates working in banks have flexible working hours, and they do not have to mix their personal and work lives. Employees also get vacation, sick leave, travel allowances, etc, which helps them maintain a good work-life balance.
- Variety of Job Roles: There are many job roles in the banking sector for recent graduates and people with experience. Candidates having good skills and educational qualifications can get many opportunities in the banking sector. There are many types of banks: commercial, private, retail and investment.
- Leaves and public holidays: Bank employees get leaves on public holidays. Also, they get many benefits such as medical insurance, sick leave, vacations, transportation costs, pensions, etc.
Also read: BFSI Certification – Can It Give Your Private Banking Career a Jump Start?
Expected Growth in the Banking Sector in Coming Years
In the upcoming years, the banking industry is anticipated to employ 16.69 lakh people overall. Check the table given below.
| Career in Banking 2024 | |||
| Job Role | 2022-23 | 2023-24 | 2024-25 |
| Business Correspondent/Facilitator | 50,000 | 55,000 | 60,000 |
| Debt Recovery Agent | 15,000 | 20,000 | 20,000 |
| Credit Processing Associate | 18,000 | 20,000 | 22,000 |
| Microfinance Executive | 50,000 | 55,000 | 60,000 |
| Insurance Agent | 25,000 | 30,000 | 35,000 |
| Mutual fund Agent | 15,000 | 20,000 | 25,000 |
| Accounts Executive/Assistant | 25,000 | 30,000 | 35,000 |
| Total | 1,98,000 | 2,30,000 | 2,57,000 |
Post Graduate Certification in BFSI PW Skills
PW Skills is going to start a new course in December this year for BFSI (Banking, Financial Services, and insurance sector). The course is completely designed to unlock your potential in the BFSI sector and make you industry-ready.
Join us to crack entry-level jobs in BFSI sectors with decent pay. With this course you will be skilled enough to get good job offers in private banking sectors in India. We will guide you throughout the course with doubt support, placement assistance, interview preparation and many more.
The course will run for three months, including hybrid mode learning, resume building, mock interviews, quizzes, doubt solving, interview preparation, and many more. Check out the link below to learn more.
Candidates can also avail of an exclusive discount on the PW Skills BFSI course. Hurry, use the coupon STUDYBLISS live on the PW Skills website.
| Postgraduate Certification in Banking, Financial Services, and Insurance (BFSI) by PW Skills | |
| Eligibility | Graduate with a minimum of 50% marks |
| Age | Maximum 25 years of age during admission. |
| Course duration | 3 months |
| Average Salary | Up to 3 LPA |
| Roles | Relationship Executive, Sales Officer, Corporate Sales Associate, etc. |
| Hiring organizations | Large and reputed private sector banks, NBFCs, Stock Broking Houses, Asset Management companies, etc. |
Also read: An In-Depth Course For Banking & Financial Services!!
FAQs
Is banking a good career option in 2024?
Banking offers a good salary in India with many other benefits for freshers as well as experienced candidates. It provides many job roles and opportunities to its employees with a number of benefits and allowances.
What are some well-paid job roles in the banking sector?
Some well-paid job roles in the banking sector are budget analyst, investment banking, mutual fund agent, bank manager, insurance agent, etc.
Which job has a high salary in a bank?
The bank manager is having a good salary in banking with an average package of more than 40 LPA.
How do I start a career in banking?
Candidates need to clear banking exams for public sector banks. However, candidates can apply for various bank job positions after completing their undergraduates.
