Careers in banking: Protecting wealthEditorial Team78|0Last Updated:10:46 am, April 18, 2012
Banking is about protecting wealth. Graduates can opt to work in government, private/foreign banks after their Bachelors.
Both types of banks have different requirements when it comes to hiring freshers in terms of qualifications and job profiles offered.
Students should note that there is a lot of competition when it comes to banking. It is an industry that requires graduates who are mentally alert. Remember, it is all about handling money and one cannot afford to make a mistake.
Public sector vs private & foreign banks
Although some banks do not state a particular qualification, graduates in commerce, maths or economics have an advantage. It is to be noted that students of science and arts have successful careers in this field.
Public sector and private banks have separate guidelines when it comes to qualifications, work culture and recruitment.
Public sector bank - Students from any stream may apply after their 10+2
Private/foreign bank - Preference is for b-school graduates, CAs and CFAs
Public sector bank – Graduates are recruited in large numbers for clerical and probationary officer posts on the basis of a national level exam. Notices are printed in leading newspapers.
Private/foreign bank — Recruitment is done through placements in selected campuses or public notices.
Public sector bank –Promotions are not regular
Private/foreign bank – Promotions are based on performance
Should a student choose a private or public bank?
Public sector banks provide a stable career. Working hours may be more structured but the pay scale will be fixed for different scales.
Employees in a private bank are judged on how they perform. There have been incidences where a junior member has been made a senior’s boss because they have performed exceptionally well. The better one’s performance, the higher the chances of getting a good appraisal and better salary.
Starting salaries are higher as postgraduates are preferred and often, candidates are expected to have specialist knowledge in an area such as credit rates, project management and so on.
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