Most students after graduation in commerce think about a career in banking. And why shouldn’t they? After all, a career in banking not only gets you a good salary, it also comes with job security. Other sectors may rise or fall, but banking is one sector which always keeps on going.
But many students who are interested in banking courses after graduation do not know much about the different careers in the field, all they know about is the IBPS (Institute of Banking Personnel Selection) exam. Now, IBPS is the most important exam for the banking sector, but before preparing to dive in, it’s important to know about the different positions available in banks.
Here are the different careers in banking that you should know about:
A clerk position in a bank is the perfect starting position for someone with an undergraduate degree. As a clerk, you are responsible for taking care of the everyday activities of a bank like tracking records and interacting with customers.
Bank clerks in both public and private sector get more or less the same starting pay. The basic pay is about 12,812 INR, and then the other components like HRA, and DA are added. All in all, a bank clerk can expect to get something around INR 23,000 in hand. The salary structure is revised almost every year, so the final amount is subject to change.
You should be 21-28 years of age with an undergraduate degree. The age limit is relaxed for SC, ST, OBC, veterans, disables, J&K residents, and widows.
A probationary officer in a bank is a pretty envious position mainly because it directly paves the way for you to become a manager at a bank. The responsibility of a PO includes overseeing clerical work, loan processing, and taking care of customer services.
Upon being selected as a probationary officer (PO), you are made to go through an induction training for 10-20 days (duration depends on the bank), and then the PO’s are assigned an assistant manager position on probation.
Normally, the probation period is 2 years but in some banks it is limited to one year.
The basic pay for a probationary officer is INR 23,700, and after combining all the other components, the in-hand pay goes to around INR 38,000.
You should be 20-30 years of age with an undergraduate degree. The age limit is relaxed for SC, ST, OBC, veterans, disables, J&K residents, and widows for PO as well.
With the advancement of technology, banks have also extended their services to their customers, and that is why the banks need to hire specialist officers (SO) to take care of the other responsibilities.
Some of the specialist officer fields available in the bank include:
- Agricultural field officer
- Law officer
- Information Technology officer
- HR Officer
- Marketing Officer
- Chartered Accountant
The pay of a specialist officer depends on their grade scale, it can either be scale-I or II. For scale-I, in-hand salary can be between INR 30,000 – 38,000, and for scale-II it varies between INR 40,000-48,000.
You should be 20-30 years of age with an undergraduate or graduate degree matching with the field you are applying in. So if you are applying for the position of an IT specialist officer, then you would require a degree in computer science, information technology, or electronics.
An investment banker is responsible for raising capital for governments, companies, and other entities. They also help companies with mergers, acquisitions, financial reorganizations.
To become an investment banker, you need an MBA degree from a prominent college, and then get a suitable experience in the same field.
Private Sector Bank Jobs
You don’t have to go through tough bank exams to achieve a great career in banking. There are many private sector banks who value experience more than anything else. While you will still need an MBA degree in Finance to have a strong foothold and knowledge, with the right opportunities, it isn’t as difficult to find your way into the banking sector.
A career in banking sounds like a great and a difficult decision at the same time, mainly because of the high competition. But the truth is, there are so many more careers i