Private sector banks and growth are two words synonymous with each other. Be it the balance sheet or employees’ careers; growth is everywhere in a top Private sector bank. That’s why the most valued bank in the country is a private one, despite the Indian banking space being dominated by public sector banks for decades.
Choosing banking as a career is an investment in a promising future. As Indian private banks become the go-to financial service providers for millenials, the demand for good sales executives is going to only increase in the future. So this is the time when the young, tech-savvy and hardworking population of your country can pursue banking as an occupation for a rewarding professional life.
However, in a cut-throat level of competition, it’s not easy to get recruiters’ attention when it comes to getting recruited by top players in private sector banking. For that, you need to prepare well to present the best of yourself during screening. How, you ask? Read along to learn some vital tips.
An Overview of the Indian Private Banking Sector
Many people think Indian private banks are a thing of the recent past. But in reality, private sector banks have been present in India since the early 20th century. However, it was in the early 2000s when private banks made it big.
Currently, the Indian banking industry is a highly competitive one, with more than 20 private banks offering a range of financial services. The shift in momentum from PSU banks to private banks was facilitated by HDFC Bank and ICICI Bank, the top two private banks in India. Closely following them is Kotak Mahindra Bank, which rose to prominence in recent years.
In terms of employment opportunities, private banks, as of 2018, offered employment to 4,20,285 people in India. This is more than double of total headcounts private banks had in 2009. Yet, there is still plenty of room left for an increase in the number of employees.
How to Get Recruited by Private Banks
Similar to PSU banks, private banks also have eligibility requirements and a recruitment procedure for different job profiles. Concerning qualifications, private banks require a bachelor’s degree in any stream as a bare minimum.
The recruitment process varies from bank to bank. Some banks base their hiring decisions on psychological evaluations, IQ testing, and background checks. It depends on the job profile for which you’re being considered.
If you’re looking for a private bank job, you already know the competition is fierce. As we all know, a degree alone won’t get you a job in today’s market. But proficient knowledge, laconic behaviour, and people-handling skills set you apart from the rest of the pack. Enrolling in profile-building courses with a strong emphasis on practical knowledge, such as CFA, CFP and PGCM in Investment Banking will help all these skills develop over time.
With this newly gained knowledge, you should take the steps necessary to improve your chances of landing your dream position in private banking. However, how can you choose which institution is the best place to enrol in this area of expertise? I can relieve your stress in a matter of seconds.
For your career-building courses, IMS Proschool is where you should enrol. Why? Because IMS Proschool not offers a wide range of professional courses but is alos the pioneers in Finance & Accounting Courses. A combination of subject-specific expertise and personality development skills learned through these courses makes them invaluable.
In collaboration with AIMA, CIMA, ACCA, NSDC, and Comtia+, IMS Proschool provides you with the top certifications. Additionally, Proschool certification courses not only add value to your CV but you also get placement assistance once the course is over.
In-demand Job Profiles in the Banking Sector
|Job Profile||Job Description||Salary Expectations|
|Credit Analyst||By analysing the borrower’s profile, they assist banks in determining whether to issue loans.||Starting salary ranges between 5-8 lpa while at the top end it could fetch up to 50 LPA|
|Budget Analyst||They are in charge of tracking the incoming cash flow while analysing the spending as per budget allocations.||Salary ranges between 10-18 LPA for this specialist role|
|Internal Auditor||They examine each and every branch to stop income leakage and check for smooth operation of branches.||Salary ranges between 6-15 LPA depending on expertise on the field|
|Financial Analyst||They assist the banks in making the right investment decisions for better return on investments.||Salary ranges between 12-40 LPA for this highly coveted position|
|Field Officer||They help trustworthy individuals to apply for loans. They review their credit history and pertinent papers before submitting their loan proposals to loan disbursement hubs.||Salary ranges between 6-12 LPA for this front end position|
Advantages of Working in Private Banks in India
Connecting with something or someone who is already flourishing ensures your long-term growth and development. And as it is well known, the private sector’s expansion and growth in the banking sector are at an all-time high. Perks of working in the private sector:-
- Establishing relationships with the most prestigious brands, organizations, and institutions.
- Working in a dynamic environment that promises personal and financial growth.
- Incentives and rewards through sales will increase your bank balance to multiples you didn’t even expect.
- Recognition and respect earned through your work and profitable decisions.
Also, I’ll let you in on a little secret: People are leaving their government jobs in favour of private banks’ packages. Now the established banks handsomely reward its competent workforce. However, your growth, income, and financial security solely depend upon your skills and knowledge.
Which Courses Can Help You Land a Job in Private Banks?
Thanks to the internet revolution, there’s no shortage of online courses that can help you stay ahead of competition during recruitment drives. However, as we are spoiled with choices, choosing the right course can become tricky. Following are three courses that you might explore to boost up your chances of getting recruited in financial institutes.
PGCM in Investment Banking
To succeed in the market, a variety of job profiles in private banks demand a basic understanding of investments and practical skills such as financial modelling. IMS Proshool’s PGCM in Investment Banking course – in association with AIMA, assists you in acquiring these necessary skills along with an AICTE-approved certification.
Advantages of PGCM in obtaining a job position:
- Skills based on real-world knowledge, such as financial modelling and analytics
- An AICTE-approved PG Certificate in Management boosts your odds of getting the job
- You will gain knowledge in active mode through case study based learning
- Return your fee to your parents in the 2nd year through your work experience.
And you don’t even know the best part about the course. You can opt for PGDM (Post graduation Diploma in Management) in the next 5 years of obtaining the PGCM degree. The PGDM degree is equivalent to your MBA, giving you an edge in your career.
Certified Financial Planner(CFP)
Can you imagine banking without finance? Absolutely not, right? Therefore, in order to manage their finances and potential investments, every bank requires a financial planner or analyst. CFP is the best course to gain in-depth and practical knowledge about financial planning and asset management.
Benefits of CFP to acquire your desired job:-
- The most well-known course for giving you the skills you need for wealth management and financial planning.
- Increases your chances of securing a niche job profile in private banks that pays well
- It provides knowledge related to mutual funds, insurance, and taxation, three things that are crucial for a successful career in banking
The CFA (Chartered Financial Analyst) Program
CFA is a certification program that’s widely accepted to be the gold standard of certification programs. It has three different levels consisting of lessons in portfolio management & equity research. If you want to pursue a career in investment banking, CFA is a must-have in your resume.
You should do CFA because:
- It help you gain analytical skills, something highly desired for banking professionals
- It makes you an expert in dissecting financial reports for investment analysis
- You’ll have a sound knowledge in macro-economics and portfolio management
- It improves your expertise in gauging financial informations and numbers
A job in top private sector banks is highly desirable for the youth of India. It offers a luxurious lifestyle and liaison with high society people, a rare combo not found in most job offerings. If you’re hardworking and competent enough then you can reach up to the top leadership group, earning in crores in the process.
However, making the perfect start of a career at the right institution is what matters to climb through the corporate ladders of private sector banks. With courses from Proschool, you can achieve that perfect start early in your career. Proschool courses make you job-ready thanks to hours of live training and 100% placement assistance.
Still have unresolved queries?