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Career Opportunities for Freshers in Banking and Insurance Sector

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25th Sep, 2022
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Career Opportunities for Freshers in Banking and Insurance Sector

Last month, in November 2020, an RBI committee recommended the allowance of commercial banking licenses to large and established companies as well as Non-Banking Financial Companies (NBFCs). Well, the proposal is still being brainstormed, but it is good news for you. Wondering why? The creation of more job opportunities, obviously!

Jobs in the banking and insurance sector have always been in demand among freshers. Moreover, these segments also rank top when it comes to generating employment opportunities. In the financial year 2017, banks recorded the highest number of employment, generating about 21% of the whole employment opportunities in the economy. If the latest recommendations come to pass, imagine the employment opportunities that you would get! Read more about the urgent need for talent in BFSI.

BFSI sector is booming and the demand for the professionals are exceeding with time. The market is expected to grow and reach  US$ 89.1 Billion by 2027 (Source).

As a fresher, straight out of college, you look for opportunities to jump-start your career. If you are from a commerce background, banking and insurance are the hottest sectors for job opportunities. And as the numbers mentioned above say, this sector also promises the easiest employment opportunities for freshers, making it a hotbed for job applications. If you are looking for banking jobs or insurance sector jobs as a fresher, have a look at the following available opportunities –

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Top Career Options For Freshers in BFSI

1. Telecaller

Remember the calls you get about loans, credit cards and even new insurance policies offered by companies? Well, it can become your job too. Banks and insurance companies are constantly on the look-out for freshers to work in their call-centres and sell their products through telesales.

The telecallers are required to sell the products or services. They directly call the potential customers and inform them about the products or services. Depending on the customer’s interest, the call goes forward or ends there.

They are required to sell on the call only. In order to grab the attention of the customers, they ar erequierd to be fully aware of their product. In case the customer has any query, the telecallers should be able to address that.

There are various skill sets which a telecaller must possess in order to make the most out of the opportunity. Some of those skills are mentioned below-

  1. Communication
  2. Knowledge of products or services
  3. Adaptability
  4. Persuasiveness
  5. Patience
  6. Rapport building
  7. Selling techniques
  8. Active listening

It is one of the most sought- after job role for the freshers. They do not need any professional qualification rather good communication skills to begin their career. It is a good way to earn experience and good compensation along with bonuses that comes with good performance. 

Insurance companies also use telecaller agents to sell the services, along with that the agents are also required to address the grievances and provide suggestions. It is considered as one of the easy BFSI jobs to begin the career in the industry. Along with that, sought- after jobs in insurance sector for a fresher.

The eligibility criteria are simple – you just have to be a graduate with good communication skills, and you are set to go. Besides a fixed monthly income, you can also earn commissions on the sales you generate. Simple and well-paying, isn’t it?

2. Bank Probationary Officers (PO)

The bank PO job is highly sought after because it allows you a chance to grow your career in banking. For this job, however, you need to pass an exam conducted by the Institute of Banking Personnel Selection (IBPS) if you want placement in a public-sector bank. For private sector banks, the exam is not a criterion, but you might need other qualifications. As a PO, you get a fixed monthly income and a chance at promotion.

A bank probationary officer is given the responsibility of performing transactions of the customers. They are responsible for performing tasks related to banking, finance, etc. They are also given the responsibility to issue checkbooks, cash management, etc. 

Career in banking as a probationary officer is considered a good career. There are various skills that are required from the PO professionals such as customer service, people management, cash handling, verification, communication, numerical literacy, etc. It is considered as a high paying job. The SBI probationary officer procures the salary of  ₹ 8,09,257 (Source).

There are various advantages for pursuing banking career such as stability, flexibility, good pay, etc. It is a good career option to go after for a fresher, they are required to sit in the competitive exam after finishing their formal education. 

3. Sales Representatives or Relationship Managers

The job of sales representatives, relationship managers or sales managers is also available for first time job seekers in banks and insurance companies. Needless to say, this is a sales-oriented position wherein you need to sell the products of the bank or insurance company. There might be a monthly target, and this position is open for graduates fresh out of universities.

A sales representative is required to represent the products or services to the company to the potential customers. They are required to probe and profile the customers, understand their concerns and priorities and accordingly suggest the right product or services to them. 

 BFSI jobs for freshers are a good option to begin the career. It does not require specific education rather skill sets. Moreover, the sales representatives who are freshers can garner experience, high compensation and good industry exposure. 

Some of the skills required from a sales professional are active listening, good knowledge of product or services, people management, quick thinking, persuasive skills, collaboration, communication, written skills, empathy, etc.

Related read: Future of BFSI Industry

4. Tellers and/or Cashiers

Banks need tellers, individuals who sit at the ‘‘deposit’’ and ‘‘withdrawal’’ windows at the branch. Freshers can apply to these positions and get placements.

Along with the tasks, the cashier or tellers are also responsible for providing a positive experience to the customers and resolve their queries they may be having.

Some of the skills required from a cashier includes positive energy, numerical literacy, problem-solving, communication skills, people management, etc.

5. Insurance Agents

Another lucrative avenue is becoming an insurance agent. You can become an agent straight after 10+2 and start your own business of selling insurance. The beauty of an insurance agency is that it allows you to work full-time in another job and sell insurance policies on a part-time basis for additional income.

The insurance agents are responsible to actively listen to the customers and understand their needs and goals and then intelligently give the appropriate suggestions. They are also required to have strong follow ups with their leads and have strong time management. 

The insurance agents are required to have strong communication skills, knowledge of the services, active listening skills, written communication, empathy, etc.

Also Check, Job-ready Program in Financial Modelling & Analysis from upGrad.

The Qualification Required

Under most of the jobs, you need a graduate degree. Moreover, for the telecaller or sales position, you don’t even need specialisation in commerce. The job is yours even if you are an arts or science graduate. All you need to do is learn sales skills which can be done through a hands-on experience on the job or through online courses before getting the job.

The professionals are suggested to invest their time in upskilling themselves before or after getting a job. As the relevant  skill sets is a good way to open doors for better opportunities.

The Expected Pay

As a fresher, you might not have sky-high expectations when it comes to the salary package. However, knowing the pay package ball-park is important. What if you get a chance of negotiating your CTC?

The pay package actually depends on the position you get placed in. Telecallers can earn around Rs. 15,000 to 20,000 per month (excluding incentives) while POs and sales reps can have a salary starting from Rs. 25,000. Tellers and cashiers might earn somewhere between Rs. 20,000 to 30,000 while in an insurance agency, there is no fixed payment. As an agent, your income depends on the number of policies that you sell and the premium that you collect.

The Growth Curve

Everybody wants to grow their careers with experience, why shouldn’t you? Experience is an important qualification, and as you gain experience, you can grow your insurance and banking career too. Banks and insurance companies look at internal promotions to fill their vacancies.

It saves them the cost and time of hiring someone from the outside. So, even when you are a fresher, if you work passionately and prove your mettle, promotion would just be an appraisal away. You can become a manager and reach the top management levels with your performance and experience.

Adding to Your Qualifications

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Though freshers are welcomed in insurance and banking sector jobs, additional courses help in honing your skills. The job world is competitive, and the fittest ones survive. To stand out of the crowd, you need an extra feather in your cap. And how do you get that extra feather? Through online courses, simple!

upGrad’s Job-ready Program in Financial Modelling & Analysis provides extensive training on different aspects of banking and digital finance. The course offers a blend of fundamental subjects related to finance, accounting, and economics and new-age subjects such as managing fintech ecosystems, data protection, financial criminology, etc. The focus on constantly updating the curriculum to match the demands of the industry has made upGrad a preferred choice of BFSI to find new talent.

 

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Frequently Asked Questions (FAQs)

1Do bank jobs pay well?

The bank jobs do pay well. The pay backet depends upon the designation, type of bank, experience, etc. Rest assured that it provides a stable and a good work- life balance.

2Which is the best finance career?

Some of the lucrative options in the field of finance are mentioned below- 1) Investment banking 2) Financial advisor 3) Insurance advisor 4) Finance analyst 5) Commercial banking 6) Risk management

3How do I start a career in banking?

In order to start a career in banking, one has to get done with the basic education that is graduation. There are various job roles that does not require any exam, so one can procure those jobs. Otherwise the students can prepare for bank exams and clear them.

4What is the highest position in banking?

The highest position in banking is of leadership commonly known as Managing Director, Chief Executive Officer, Chief Financial Officer or Chief Risk Officer of the bank.

5Is banking a stable career?

Yes banking is a stable career. It provides for better compensation and bonuses. Along with that, it also allows for better work stability, has fixed working hours and provides for a good work-life balance. More importantly, it boosts promotions as well.

6Do bank tellers need a degree?

A bank teller not necessarily require a degree to procure a job. Some basic skill sets are sufficient enough to land a job.

7How can I grow my job in banking sector?

To grow more in the banking industry one need to acquire more skill sets that are required in the next step they aim for. And most importantly, they are also required to pursue higher education such as masters if they have not done any.

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