A Complete Guide for Banking & Finance
the banking and finance is an emerging profession. the industry works on the terminology of the bfsi segment. here the bfsi can be explained as banking, finance, securities and insurance. this particular industry comprises of the commercial banks, various insurance companies, cooperative banks, mutual funds companies, wealth management companies, financial institutions, stock broking and share broking companies. the banking segment includes the core banking, retail banking, private banking, corporate and investment banking, etc. as far as the finance segment is concerned, it majorly deals with stock broking, mutual funds, wealth management, loans etc.
now a days, the students and professionals are more inclined towards the profession of banking and finance. at the same time, the banking and finance industry is also looking for the candidates and professionals who are having a deep knowledge of the industry. the industry needs the professionals who have strong work ethic, excellent verbal and written communication skills, analytical skills, ability to work with others etc.
careers or job opportunities after education in banking & finance:-
(a) careers after pursuing graduation in banking & finance related courses:-
the banking & finance industry is the backbone of a nation’s economy. this industry focuses on the practical knowledge of the economy to the professionals. the students who are graduates in the field of commerce and management can easily start of their career in the same. apart from the same, the various universities and institutions are offering various diploma courses in to the field of banking and finance, with the help of which the student can get the deep knowledge of the industry. with the help of such a certification, the student can start off their careers into the various banks, financial institutions, stock broking companies, loan and wealth management companies etc. the students from the commerce and accounting background can easily begin and boost their careers in the same industry. such certification & degree courses can be described as follows:-
- certificate course in banking and finance
- certificate course in banking
- diploma course in banking & finance
- bachelor of commerce in banking & finance
- bachelor of commerce in banking management
the attractive careers or career path for such students holding such degrees or certifications can be described as follows:-
- customer care executive:- the person handling the profile of the customer care executives assists the customers and helps them into solving the various queries regarding the various banking and financial problems. also they help the customers in assisting for the investment into the various financial products.
the professionals can pursue their careers in banking & finance industry after finishing of graduation and post-graduation both. we will hence see the different sort of careers once a student completes his graduation and post-graduation with the specialization of banking & finance.
- sales executive:- many banks hire mba finance people on the entry level positions in various streams such as retail banking, operations, commercial landing etc. the sales executives are supposed to follow the concept of door to door marketing and sales. they are into the hard core selling of the financial products like current accounts, saving accounts, demat accounts, life insurance, general insurance etc.
- relationship manager:-the person on the designation of the relationship manager helps the company in building the relationship with the existing customers and also he engages himself into bringing new customers for the company. he sets up meeting with the new clients, he researches the latest products and regulations and also he looks for the new opportunities.
- cashier:- the cashier deals with the day to day transactions of the cash happening into the bank and various financial institutions. he handles the customers of the company and also receives the payment by cash, credit card, cheques etc. also he helps in guiding and solving the queries of the customers. he also maintains the daily, weekly and monthly report of the transactions of the customers.
- admin executive: - the admin executive is the person who is responsible to provide the administrative support to the various people of the branch and the customers. he performs the clerical duties mainly. he maintains the documentation process of the company, also plans and schedules the various meetings, schedules the various appointments of the people, greets the clients, prepares the presentation material etc.
- business development executive:-business development executive continuously works to develop the new business for the company. the person works to establish the new and strategic relations and alliances with the various clients. he analyses the market for the new growth and business opportunities in the market and accordingly develops the business.
so, in this manner we can see the different sort of job prospects and careers which are existing and pertaining into the market for the person who has completed the graduation degree or the certification or the diploma course as far as the banking and finance industry is concerned.
- credit manager: - the routine work of the credit manager is to analyse the financial condition of the applicants, checking the credit histories if any and determine what amount of credit is to be given to the applicant. also it involves in studying the present and past cash receivables.
- loan officer:- the loan officers are majorly employed in the banking and financial services industry. they are responsible to screen and approve applications to borrow funds for mortgage, home loan and other types of loans. he evaluates the commercial, consumer, personal , credit and various loan aspects. the loan officer develops the relationship between the business consumer and the bank.
- benefits officer: - this person is responsible to manage the pension fund assets, managing and executing the employee retirement plans, healthcare policies etc.
- stock broker: - they act as agents for people who wish to buy and sell securities. they advise the customers on the financial matters, supplying the latest stocks, generate the stock report etc.
- insurance agent:-they develop the programmes which can fit according to the needs and wants of the customers. they help in claim and settlement of the insurance, collecting the premiums etc.
- risk manager: - they are the people who are continuously working for the organization to identify the risk factors. they give recommendation to eliminate or reduce such risks which can be harmful to the firm by utilizing their skills.
- financial planner:-the planner helps the client into the budgeting, real estate, stock market, taxes, retirement, financial planning, etc.
(b) careers after pursuing post graduation in banking & finance related courses:-
the professionals who have pertained the degrees like mba finance, master of commerce in banking and finance, master of commerce in accounting, chartered accountant, chartered financial planner, company secretory etc. can pursue their careers at the higher level into the various banks, wealth management, financial institutions, insurance companies etc.
- branch manager: - he supervises the various activities such as opening new accounts, solving customer queries, foreign exchange, safe deposit boxes, loan, mortgages and other financial products etc.
- fraud analyst:- the fraud analyst investigates the forgery and theft which are happening into the customers’ accounts and transactions. they perform such duties on behalf of the bank or any financial institutions. their major duty is to track and monitor the day to day customer transaction and prevail the same from forgery.
- tax consultant:- this person is specialized in the field of finance, law and taxation. the tax consultant ensures that the firm should comply its duties abiding by the laws, rules and regulations. apart from the same, he has to ensure that the returns which are made to the tax authorities are correct and appropriate. he advises the various clients and the company regarding the tax and related laws.
- investment banker:- he acts as a middleman between issuers and buyers of newly issued stocks and bonds. he advises the clients about the various financial planning, financial strategies and financial tools. they are the financial professionals that assists the various organizations to raise the finds and stocks.
- finance manager: - a position of the managerial finance can lead a person to the highest level of the designation in the company. the research states that majority of the chief executive officers (ceos) of the various financial companies reach to the top level on the tenure of on and average of 15 years.
- capital budgeting analyst:- they are responsible for the selection and evaluation for the projects which are allocated to the company to raise the funds. in the evaluation process of such projects, the analyst gathers the relevant data and makes cash flow projections and presentation about the proposed projects.
- financial analyst:-this person is responsible for the handling of the variety of finance related tasks such as budget allocation, financial plans, strategies, short term borrowing, analysing the fixed assets and capital structure.
- project finance manager:-his responsibility includes to arrange and meet a firm’s capital structure objectives. he coordinates the activities of consultants, investment bankers and legal counsellors. also he assesses and forecasts the financial market conditions and impact of the same on the future planning.
- security analyst: - they are the financial experts who are involved in the buying and selling of the stocks of the various firms and companies. they are the specialists who act as an adviser or a fund manager for the respective companies.
- wealth manager:- the wealth managers deals with the high networth individuals (hnws), tax professionals, investment management, small business owners etc. they are the specialist of the financial products who are majorly holding the degrees of the chartered accountant, chartered financial planners, chartered financial analysts etc. their duties incorporate the financial planning, investment portfolio management, advising the clients about the risks and returns etc.
- the chief compliance officer:- he is responsible for managing the regulatory compliance issues of the organization. he ensures that the compliance related issues are managed and addresses properly with the appropriate solutions.
so, in this manner we can see the different sort of job prospects and careers which are existing and pertaining into the market for the person who has completed the post graduate degree as far as the banking and finance industry is concerned.
the person who is on the entry level position can start their earning from the annual package varying from 1, 20,000 to 2,00,000. this is specifically for the person who is having a graduation degree or certification or diploma courses in banking and finance. where in the person who is holding the degree of post-graduation which can be mba finance, chartered financial analyst, chartered financial planner etc. can start earning from the annual package varying from 3, 00,000 to 4,00,000. this again varies from the city to city that is it is different from the tier i, tier ii or tier iii cities. also, the same varies from country to country. with the experience and performance the package of the employee keeps on increasing.
once, the candidate spends considerable time into the industry that is 10 years and more the candidate can draw the salary up to 15 lakhs to 25 lakhs per annum, which is again depending upon the various geographical locations in the case of graduate degree holder. for the candidates having the degree of post-graduation, cfa, ca, cfp or more the candidate draw the salary up to 35 lakhs to 50 lakhs per annum.
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