India is one of the fastest growing economies of the world with its banking and finance industry being one of the leading sectors. The banking sector of the country is currently valued at Rs. 81 trillion. There are a total of 27 Public Sector Banks in India (19 Nationalised Banks, 6 State Bank Group, as well as IDBI Bank and Bhartiya Mahila Bank), 27 Private Sector Banks and countless other Foreign and Regional Rural Banks. A bank is generally believed to be an institution which accepts deposits and gives loans.
But a bank has much more to it than just the aforesaid two functions. Banks offer various services and facilities to customers. They safeguard money and valuables, provide loans, credit, and payment services, such as checking accounts, money orders, and cashier‘s cheques and also offer investment and insurance products. Similarly, job opportunities in Banks are not just limited to cashiers or clerks. They include a wide variety of banking jobs from Probationary Officers, Specialist Officers to Assistant General Managers and what not. Some of the most sought after posts and job profiles in banking industry are mentioned below.
The post of a Probationary Officer in banks is one of the most popular profiles in the banking sector. A probationary officer is basically a management trainee, i.e., an officer on probation. The initial position of a PO is that of a Junior Management Grade Scale-1 Officer. According to Government norms, eligibility for promotion to Middle Management Grade Scale-1 requires satisfactory work of at least 4 years as a JMGS-1 officer and that of 5 years as a MMGS-1 to get promoted as MMGS-2. Promotions to Senior Management Grade Scale 1,2,3 and so on are also available after certain years of service. An officer can reach up to the level of Chairman of the Bank. Chanda Kochhar is a shining example of how far POs can go – she started off as a Management Trainee at ICICI and is today the MD & CEO there.
The minimum eligibility criteria to appear for the exams for the post of a Probationary Officer for Public sector banks is graduation in any stream with an aggregate of at least 60%. The minimum age limit is 20 years and the maximum is usually 30 years. Age relaxation is available for SC/ST/OBC as well as for persons with disabilities and former defense personnel. Different private banks have their own criteria which do not differ significantly from those of public sector banks.
Nature of Work:
A bank PO can be assigned various tasks till the completion of his/her probation period as they are trained for all the possible jobs such as marketing, investment, accounting, billing etc. From handling daily customer transactions to being involved in areas like planning, investment management, budgeting etc., the initial years of a Probationary Officer are all about multi-tasking.
Institute of Banking Personnel Selection, popularly known as IBPS, conducts entry level examination for the post of PO, for all 19 public sector banks and various Regional Rural Banks. The examination contains a mix of Reasoning, Quantitative Aptitude, General Awareness and English Language based questions. Other private banks conduct their own examinations or recruit graduates or MBAs as per their requirement. SBI conducts its own examination for recruitment. The Associate Banks of SBI also conduct their own recruitment exam.
The CTC (Cost to Company) of a PO including Basic Pay, DA and all other perks for a public sector bank can come to Rs. 5.45 lacs and can even go upto Rs 8.2 lacs depending on the bank.
Specialist Officers are appointed in various departments of the banks according to their qualification and experience. The initial profile is the same as that in case of a PO, i.e., the junior-most post being a Junior Management Grade Scale-1 and the highest being Senior Management Grade Scale-4. The different specialist officers generally appointed in banks are:
- AGRICULTURE OFFICER
Since agriculture is one of the primary sectors in India, with a majority of population dependent on it for their livelihood, it is obvious that funding the requirements of people associated with agriculture is one of the major responsibilities of banks and other financial institutions in the country. An important job profile in banks today is that of an Agriculture Officer.
The basic eligibility criterion for a Scale 1 Agriculture officer is a 4 year Degree (graduation) in Agriculture/ Horticulture/ Animal Husbandry/ Veterinary Science/ Agri. Engineering/ Pisci-culture/ Agri. Marketing & Cooperation. The minimum age limit is 20 years and maximum is 35 years.
Nature of Work:
The basic work of an Agriculture Officer is to promote loans in rural areas that are related to agriculture. Such officers are expected to develop and maintain good relationship with people associated with agriculture such as farmers, landowners etc. , to educate them about the various credit options accessible and to support them financially by way of appropriate loans available. Not just lending, but timely recovery and ensuring satisfied customers are also major responsibilities of the agriculture officer. Agriculture Officers generally have an advantage over other specialists because they are thrown into the lending aspect of banking early. Mastering credit is considered by many to be the incubation of banking acumen.
Just like the examination for PO, examinations for Specialist officers are also conducted by IBPS, SBI and by private banks which can be appeared for by anyone who meets the eligibility criteria.
If one lands a job as an Agriculture Officer in a Public Sector Bank, an amount of Rs. 25500-45000 can be expected in a month, including Basic, DA, HRA etc.
- IT OFFICER
Almost every workplace in the world is now software driven. It is impossible to do away with technology in any field, and banks are no exception. With services like Online banking and Mobile banking coming into play, the role of IT professionals in banks has become all the more important.
Since the profile of an IT Officer is very technical, a thorough knowledge in the field of IT is very important. The candidates must have either
- A 4 year engineering degree in Computer Science/ Information Technology/ Electronics & Communications/ Computer Applications
- Post Graduate degree in Electronics & Communication/ Computer Science/ Computer Applications/ Information Technology.
In addition to the above stated educational qualifications, the candidates must be above 20 and below 35 years of age.
Nature of Work:
The main task of IT Officers in banks is to take care of the software systems and applications upon which a large number of daily transactions and their record rely.
They are expected to look after the maintenance and performance of both hardware and database management systems. It is to them that everyone turns, in case of any technical glitches.
Apart from IBPS examinations and other private bank examinations, some banks may also recruit candidates for the post of IT Officers from engineering colleges or appoint them through walk-in interviews.
A JMG Scale 1 IT Officer can expect an in-hand salary of 24,000 – 32,000/-. An annual increment of Rs. 700 in the basic pay can be expected.
- LAW OFFICER
Organizations have to face some legal issues every once in a while and such legal matters can be handled only by professionals who have complete knowledge of the Law and are capable of tackling any problem that comes in the organization’s way. Law Officers in banks are appointed to take care of the same.
To be appointed as a Law Officer in Bank, one should have a Bachelor degree in law, i.e., LLB or a Post Graduate degree in law, i.e., LLM and should be enrolled with the Bar Council of India. The candidate should not be less than 20 years old or more than 35 years old.
Nature of Work:
A Law Officer in Bank expected to manage all legal matters including interpretation of legal statutes. The work includes filing for permissions and any other paperwork. Any matter pertaining to appearance in court, filing a suit or taking care of any suit filed against the bank, comes under the work domain of the Law Officer.
IBPS examination for Law officers comprises of various sections, some of which are similar to those of PO examination. A unique section is that pertaining to knowledge in law, i.e., it consists of questions from all the sections of law which can be related to law such as Contract Act, DRT, Foreign Exchange and so on. Exams conducted by private banks also have somewhat similar modules.
A legal officer of JMG Scale 1 can expect an in-hand salary of about Rs. 24000-32000 in public sector and a little higher in case of private banks.
- RAJBHASHA ADHIKARI
Rajbhasha Adhikari has the task of translating official documents written in English into Hindi, which is the Rajbhasha of India.
A minimum second class Post Graduate degree in Hindi with English as subject at degree level OR a Post Graduate degree in Sanskrit with English as a subject is an essential requirement. Similarly, for a job which requires translation from English to any other Indian/ Foreign language, that particular language should be a part of the curriculum at post graduate level.
Nature of Work:
The basic work a Rajbhasha Adhikari is translation of official documents. This translation could be from English to Hindi/ to any other language or the other way round. A number of documents related to accounts or any other important information may not be understood by people who do not know English. So it is necessary that such documents are translated into all local languages possible.
IBPS conducts examinations for the post of Rajbhasha Adhikari which contains questions based on language, general awareness, reasoning etc.
A Rajbhasha Adhikari can expect a basic pay similar to that of other specialist officers that is around Rs. 24000-32000 plus incentives.
- FOREIGN EXCHANGE OFFICER
Foreign exchange markets allow businesses and individuals to convert one currency into another according to currency exchange rate. Foreign exchange consultants assist clients in understanding and capitalizing on foreign currency markets by giving their clients information on exchange rates and insights into global markets. Their job includes:
- Evolving rules and regulations in a user friendly language.
- Helping in facilitating hassle-free cross border transactions.
- Rendering effective and efficient customer service.
Candidates having a degree in Commerce/ Business/ Economics are preferred as a thorough knowledge of Foreign Exchange is very essential to function and provide services efficiently.
- TECHNICAL OFFICER
Technical Officers in banks are recruited to handle and promote loans in their specialized field. Generally graduates from engineering or any other technical background, who can supervise the issues pertaining to their area of expertise, are hired for such posts. Candidates who possess engineering degree in areas like Electronics & Communication/Mechanical/Computer Sciences/ IT/ Production/ Metallurgy/ Civil/ Electrical/ Pharmaceutics etc. hold a good chance of becoming Technical Officers.
Exams are conducted by both IBPS and individual banks. The paper is generally similar to that of other Specialist Officer exams, the only additional section being specific to the area of expertise.
- CHARTERED ACCOUNTANTS
Chartered Accountants are needed in every firm for the important tasks of auditing, taxation, financial reporting, accounting and other accounts and finance related work. Banks also need them for the same. In addition to the above services, chartered accountants are also needed for advice on tax and treasury issues, dealing with internal and external auditors, dealing with financial irregularities. Their job is to maximize profits.
Needless to say, only a Chartered Accountant registered with ICAI is eligible for this job. The banks may hire them through walk-ins or through examinations, whichever is according to the Bank’s Policy.
- HR OFFICER & MARKETING OFFICER
HR and Marketing professionals in banks are appointed to take care of the whole recruitment and promotion process. HR officers deal with the day to day personnel management. Marketing Officers are responsible for creating awareness among customers about all the new policies and opportunities. Promotion of any and every new product or service launched, developing the content on social media, and various other business development activities, are all part of the job of a Marketing Officer. Only candidates who have a degree in the respective fields can apply and can appear in the exams conducted by IBPS and private banks. Such professionals may also be recruited from educational institutions. Age limit and pay scale is the same as that in case of other Specialist Officers.
- CREDIT/LOAN OFFICER
Credit or Loan officers are the people who approve loans for individuals or institutions. Doing a background check, the ability of the borrower to repay and various other information needed for approval of loan are obtained by the Loan Officer.
They also review and update all the credit and loan files from time to time.
Graduates in the field of Commerce, Economics or Finance or specialization in the same are given preference. Exams are conducted by banks from time to time to fill vacancy in these posts.
A post in the clerical staff of banks can be a good opportunity if one is looking for an early start in career. Clerks are the ones who have interaction with customers on a daily basis and hence are expected to possess good communication skills and a healthy attitude.
Major job profiles under the clerical staff include:
- Single Window Operator
- Head Cashier
- Special Assistants
- Telex Operators
The minimum age limit for appearing in these exams is 20 years and maximum is 28 years. Relaxation of upper age limit is available to SC/ST/OBC/PWD/Ex-Servicemen.
Nature of Work:
Accepting deposits and payments, verifying cheques, sanctioning withdrawals, issuing demand drafts and all other such transactions are the responsibility of the clerical staff.
IBPS conducts a Common Written Exam for the clerical cadre of all public sector banks.
An annual pay of an amount between Rs.7000-16000 can be expected depending upon banks and the candidates qualifications. Candidates working in a Metro like Mumbai can expect an in-hand salary of around 17,500 per month.
The organizational hierarchy of RBI is divided into three classes, I, III and IV and further into grades A-F, A being the lowest and F being the highest. Entrance examinations for all classes and groups are conducted by RBI Service Board. General B Grade Officer is the entry level post in RBI.
The candidates applying must be at least 21 years old and not more than 30 years old in case of Grade A/B exams and must have a Bachelors degree with not less than 60% aggregate.
Nature of Work:
The work of a Grade B officer of RBI is very different from that of a Probationary Officer of Public sector banks. The officers in the Central Bank have duties of looking after the daily market operations, framing monetary policies according to the prevalent need and so on.
RBI conducts examination for the post of Grade B Officers every year. This examination is held in three phases. Phase I is an objective type exam which consists of questions from Quantitative ability, Reasoning ability, General English and General Awareness. Those who qualify in Phase I go for Phase II which is a written ability descriptive test in English, Finance & Management, Economic & Social Issues etc. The final phase is a Personal Interview round.
Grade B officers can expect emoluments of 21000-1000-30000-EB-1000-32000-1100-36400 plus components like DA, HRA etc which bring the annual package close to Rs.10 lakh. They also receive several benefits, concessions and reimbursements.
Investment Banking is increasingly becoming a popular career choice among people due to obvious reasons. India is a burgeoning market today and one of the favorites of investors. Be it local companies or Multinational Corporations, investors are ready to spend and make a fortune. And thus, a career in investment banking paves way for a bright future.
No specific criterion is mentioned by banks for this but generally a degree in MBA or specialization in Finance or Chartered Accountancy is expected and given preference to. Since the work involves number crunching and thorough knowledge of all aspects related to Investment, Risk and Financial Management and professional knowledge in the same can help one get into Investment Banking. Needless to say, excellent communication skills are the cherry on the cake.
Nature of Work:
Investment banking is about both creativity and perfection. Creating opportunities according to clients’ needs after conducting a complete research of the market environment, and industry requirements, designing customized solutions for the same, strategic initiatives like M&A, risk management or financial solutions are all part of the job of an investment banker.
Investment Bankers are usually recruited from educational institutions. One may also go for walk-in interviews, if available. After having a good amount of experience in other areas of banking, one can also switch to investment banking.
Investment bankers earn differently depending upon particular banks and the employee’s educational qualification. Some MBA graduates earn Rs 40 lakh annually. Pay scale in investment banking is very relative to one’s performance.
Whatever kind of job one takes up at a bank the chief advantages are job security and pay security. Vertical mobility is easy to achieve if one is diligent. With the improvement of India’s finance sector and the booming of markets, the number of jobs available at India’s numerous banks are only increasing. There is no time like the present to break into the industry.