Career in banking sector is a wide choice among many students. It is a door to a well paid, secure and good career. At times students feel that these opportunities are meant for commerce / accounts students but the fact is that majority of bank officers are from various branches of education. Also, it is a fact that many senior level positions in Foreign / Multinational Banks are held by Non MBA's / Management Graduates. Although many public sector banks are now recruitment management graduates, Chartered Accountants and CFAs but bright graduates from any stream may get an entry in the Public Sector Banks through an All India Examination conducted by them.
With the emergence of technology, new private banks have expanded the scope of banking services and entry of Financial Institutions into the short-term lending business, is resulting in needs for more professionals. Banks are in the mutual funds, business credit cards, consumer loans, housing loans, housing loans coupled trading in gold and forex activities.
Generally banks hire candidates with good communication skills, good interpersonal skills, the ability to deal with customers, an alert nature, and basic knowledge of the industry. However foreign banks or private sector banks at higher levels look for people with specialization in some specific area of work. Example: expertise in project analysis, credit assessment skills, managing huge loan ports general / foreign exchange and money management. Good knowledge of computers is essential.
There are many front office personnel in banks, and then there are supervisors who handle most back office operations like completion of transactions, general ledger work, overall supervision. Banks are now offering good salary packages. Most Public sector officers can begin in the Rs 6000-8000 per month scale. Business Management Graduates / MBA are hired by private and foreign banks with good pay packages to the extent of around Rs 25000 – 30000 a month.
There are following type of Commercial Banks:
1. Public sector Banks
2. Private sector Banks
3. Foreign / Multinational Banks