CAREER IN BANKING
Banking professionals handle clients money - In simplistic terms, they help individuals & corporates with their investments, loans and all other money related issues.
Broadly speaking, banking can be divided into two main categories:
1. Commercial Banking
That banking which deals with individuals and corporates to meet their everyday banking requirements such as cash deposits / withdrawals, investment advisory, deposits, loans (housing, car etc.), credit cards, remittances (payments, Demand drafts etc.), lockers etc.
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The Job
- Dealing with individual clients banking requirements
- Business Development and marketing for new clients
- Ensuring smooth delivery of all banking products to the client
- Staying updated and aware of changes in banks products & banking regulations
- Resolving customer issues and complaints
- Doing a credit risk analysis of clients if bank is giving loans.
- Dealing with corporate clients banking requirements
- Analysing and continuously monitoring company’s performance (balance sheets, P&L etc)
- Business Development and marketing to existing & new corporates
- Structuring new products and ideas to innovatively meet clients requirements
- Ensuring smooth delivery of all banking products to the client
- Staying updated and aware of changes in banks products & banking regulations
- Resolving customer issues and complaints
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Personality Traits
- Excellent interpersonal skills
- Leadership skills
- Team-Worker
- Ability to work under pressure
- Patient
- Risk taker
- High level of integrity
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Salaries
- Assistant Manager - Starting Position. Approx INR 2 Lacs per annum after a UG degree & INR 4-6 lacs after a PG degree.
- Head – Corporate / Retail Banking – Report to CEO. Approx. INR 50 – 70 lacs per annum.
- Study Routes
Retail / Consumer Banking
Corporate Banking
Ideally the job requires a postgraduate degree or diploma in business administration (MBA) / Economics / commerce or a Chartered Accountancy graduate (PREFERRED OPTION).
Sample PG Degrees / Diploma in Business Administration –
- Indian Institute of Management Studies (IIM), Ahmedabad, Calcutta, Bangalore, Lucknow, Khozikhone,
- FMS, New Delhi
- XLRI, Jamshedpur
- Jamnalal Bajaj (JBIMS), Mumbai
- SP Jain, Mumbai
- Narsee Monjee Institute of Management Studies, Mumbai
- Symbiosis, Pune
- XIM, Bhubhaneshwar
- MDI, Gurgaon
- IMT, Ghaziabad
- IMI, New Delhi
- IIFT, New Delhi
After Graduation – A degree in subjects such as a BBA, economics, or commerce will also give you entry into a bank. However growth prospects are limited and a PG degree is necessary for timely promotions.
Sample BBA Degree Colleges –
- IIPM – present in New Delhi, Chennai, Mumbai, Hyderabad, Calcutta, Bangalore
- Wigan & Leigh – present in New Delhi, Mumbai
- IILM – New Delhi, Gurgaon
- Rai University
- Amity
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Prospects
- Private Sector & Foreign Banks,
- Best Companies include – HDFC Bank, ICICI Bank, Citibank, HSBC, Deutsche Bank, Standard Chartered Bank
2. Investment Banking
Bankers who deal with corporates relating to specialized & structured products such as Capital markets, Foreign Exchange Dealing, Mergers & Acquisitions & large sized offshore / domestically structured loans.
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The Job
- Dealing with corporate clients special need based banking requirements
- Business Development and marketing to existing & new corporates
- Structuring new products and innovative ideas to innovatively meet clients requirements
- Staying extremely updated and aware of changes in the economic environment and governemnt regulations
- Liasioning with government bodies and offshore points to provide innovative solutions
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Personality Traits
- Excellent interpersonal skills
- Innovative
- Sound Financial Skills
- Leadership skills
- Ability to work under pressure
- Risk taker
- High level of integrity
- Salaries
Very large variable pay option (performance based option) in the salary package.
- Assistant Manager - Starting Position. INR 6 - 10 lacs after a PG degree.
- Head – Product Line – Report to Investment Banking Head. Approx. INR 70 – 80 lacs per annum.
- Study Routes
Same as above in Commercial Banking. You cannot join without a PG Degree.
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Prospects
- Private Sector & Foreign Banks, Investment Banks
- Best Companies include – Citibank, HSBC, Standard Chartered Bank, JM Morgan Stanley, Merrill Lynch, Credit Suisse First Boston (CSFB), Leighman Brothers.
About the Author
The above article is written by Shiksha. Shiksha.com. Shiksha.com is an education portal that connects education seeker with education provider.Shiksha.com has wide information over banking courses, students community and courses. Its education forums enable its users to seek opinion of students, alumni and faculty of colleges and schools through College Groups and School Groups.
