Blog_Banner_Asset
    Homebreadcumb forward arrow iconBlogbreadcumb forward arrow iconFinancebreadcumb forward arrow iconHow do I get a job in the Banking Sector in India?

How do I get a job in the Banking Sector in India?

Last updated:
8th Jan, 2021
Views
Read Time
5 Mins
share image icon
In this article
Chevron in toc
View All
How do I get a job in the Banking Sector in India?

According to estimates by the National Skill Development Corporation (NSDC), by 2022, the banking sector will add 1.6 million skilled workforces. That is in addition to the 1.38 million already employed by the banking sector as of March 2018. This is great news for those exploring careers in the banking sector or BANCA (bancassurance or selling insurance through banks). 

The banking sector continues to grow and is providing exciting job opportunities even post COVID. And if you consider the benefits of banking jobs, such as job stability and loans at discounted interest rates, it is undoubtedly an excellent sector to make a career. A common question is how one gets a job in the banking sector. Let us try and answer this question in detail.

Decide Whether Banking is the Right Choice for Your Career

While the banking sector offers many opportunities, the first step is to determine whether banking is the right choice for your career. Some of the basic banking job requirements are excellent numerical skills, a high degree of attention to detail, and good communication skills. Also, one should have a keen interest in finance and banking related subjects. If you enjoy the subjects related to banking, it can be immense fun. If not, banking can be a wearisome career for some.

Understand the Eligibility Criteria

The starting point is to understand the eligibility criteria to get started in banking. In terms of educational qualifications, for public sector banks, graduation is a minimum requirement. Candidates need to have anywhere between 55-60% in their final year (depending on whether they fall under the reserved or unreserved category). Depending on the position applied for, candidates need to be between 18 and 30 years. Private sector banks tend to prefer MBAs with knowledge of finance and banking.

Ads of upGrad blog

Crack Entrance Exams (for Public Sector Banks)

For employment in public sector banks, one needs to appear for a banking exam. These exams are conducted by the Institute of Banking Personnel Selection (IBPS) and State Bank of India. Some of these exams are as follows:

  • SBI PO (Probationary Officer)
  • SBI SO (Specialist Officer)
  • SBI Clerk
  • IBPS PO
  • IBPS SO
  • IBPS Clerk
  • IBPS RRB (Regional Rural Banks)
  • Reserve Bank of India Officer Grade B
  • Reserve Bank of India Officer Grade C

Each of these exams has a different pattern. Typically, these exams involve testing candidates on reasoning ability, quantitative aptitude, English language skills, and general awareness of the economy and banking.

There are lots of books and courses available for preparing for these exams. Depending on your skills, you may need up to 6 months (6 to 8 hours per day) to prepare for IBPS exams. However, the actual preparation time may vary. For example, engineering graduates may require less time to prepare for the mathematics part of the exam.

Must Read: Job-ready Program in Financial Modelling & Analysis

Understand Requirements on Job Portals

Private sector banks list their requirements as well as on job portals. Those aspiring to get jobs in the banking sector should spend a great deal of time on job portals and various banks’ career sections. Requirements vary by the role. For example, in a sales-related role, one would require a basic knowledge of products and excellent convincing skills.

If it is a more technical role, such as an audit specialist, one needs technical knowledge of finance and accounting. One should also be able to make reports and presentations. Private banks also recruit through campus placements.

Network with People from the Industry

Like every other industry, networking is a great way to open new doors. One should leverage their network within family and friends and talk to people working in the industry. Even if they do not have a job, they may share insights about the skills required to enter the industry. One can also meet people from the banking sector in job fairs or through their alumni network.

Make the Right CV

The CV for a job in the banking sector will differ from one for a job in, say, a creative field. The banking industry places a lot of emphasis on professionalism. You should highlight your analytical skills and financial literacy, and acumen wherever possible (through test scores in finance-related subjects or if you have completed any finance-related projects).

It will help if you highlight any extra-curricular activities related to communication (such as writing or speaking) or any projects related to quantitative skills or data analysis. Including a professional picture on your CV can be an added advantage.

Update Your LinkedIn Profile

You should update your LinkedIn profile with the right headline and right content suited for the banking industry. One should also join groups related to BANCA careers to know more about the requirements of this sector. Additionally, follow people from the leading banks’ HR departments to stay updated on any requirements from their side.

Invest in Quality Banking Education

Ads of upGrad blog

One way to enter the banking industry is by investing in a professional banking course. For example, an MBA in banking is a lot different from a general MBA. Banking is a huge industry and has its unique educational requirements. upGrad offers advanced courses in digital finance and banking. 

upGrad’s Job-ready Program in Financial Modelling & Analysis has been designed specifically for the banking sector. upGrad has developed the curriculum of this course in close coordination with members of the banking industry. The course covers all the essential banking and finance-related subjects.

The course also covers the latest developments in banking and finance, including artificial intelligence in banking, digital finance, blockchain and cryptocurrency, and digital fraud. The course also covers case studies, real-world projects, mock interviews, peer-to-peer networking, and much more. The course is highly appreciated by leading players in the BFSI space who partner with education partners such as upGrad to provide jobs.

Profile
Tanushree Jaiswal - Assistant Program Manager at upGrad. In pursuit of program and business growth.
Get Free Consultation

Selectcaret down icon
Select Area of interestcaret down icon
Select Work Experiencecaret down icon
By clicking 'Submit' you Agree to  
UpGrad's Terms & Conditions

Explore Free Courses

Suggested Blogs

Top 8 Career Options in Finance: What To Do After Finance Degree [2024]
85089
Embarking on a finance career promises financial prosperity, rapid growth, and work-life balance. As an experienced professional sharing insight with
Read More

by Kamal Jacob

14 Apr 2024

22 Most Asked Finance Interview Questions & Answers [For Freshers & Experienced]
78792
Summary In this article, you will learn about the 17 Most Asked Finance Interview Questions & Answers. Take a glimpse. Beginner-Level Finance Int
Read More

by Kamal Jacob

18 Feb 2024

27 Fun Finance Project Ideas & Topics [For Freshers & Experienced]
282156
One of the best ways to increase your knowledge on a subject is to put it to a practical test. This is why working on real-world finance topics for pr
Read More

by Dilip Guru

24 Jan 2024

Top 12 Crucial Finance Skills That Employers Value in 2024
78727
Companies in the finance sector are always on the lookout for skilled professionals. In fact, India is facing a shortage of skilled professionals. Rec
Read More

by Kamal Jacob

24 Jan 2024

Finance Manager Salary in India in 2024 [Average to Highest]
900014
Are you interested in pursuing a career in finance management but are unaware of how much it pays and are unsure about work responsibilities? Well the
Read More

by Dilip Guru

MBA Finance Syllabus: Concepts & Advantages of upGrad MBA Finance Program
8762
Most advanced leadership and management positions hire MBA candidates with a specialization in Finance. This is because the MBA finance syllabus cover
Read More

by Kamal Jacob

25 Jun 2023

Top 15 Highest Paying Jobs in Finance in India [A Complete Report]
916830
In any job search, you have to sift through several postings and identify the roles that match your profile and aspirations. When you are interested i
Read More

by Rahul Karthikeyan

31 Mar 2023

Financial Advisor Salary in India in 2024 [Average to Highest ]
899671
Do you have a knack for finance and like to help out others? If so, then becoming a financial advisor might be the perfect choice for you. However, be
Read More

by Dilip Guru

25 Oct 2022

Career Opportunities for Freshers in Banking and Insurance Sector
10594
Last month, in November 2020, an RBI committee recommended the allowance of commercial banking licenses to large and established companies as well as
Read More

by upGrad

25 Sep 2022

Are you being paid well enough?Download Salary Report
icon
footer sticky close icon