Career as a Banker
Career as a banker is one that involves multiple duties and responsibilities. There are many types of bankers and each one is unique in their own specific way. Some of these bankers work for big corporates while others work for relatively smaller financial institutions.
A banker is an individual who advises their clients with regard to financial matters and ways in which they can manage their finance. Their duties are mainly concerned with savings, loans, taxes, investments, and securities are all within the job realm of a banker. The banker will provide financial assistance to the client as per their requirement and needs.
To have a successful career as a banker it is very important to have the following skills:
- Leadership Qualities
- Good Interpersonal Skills
- Analytical Skills
- Numerical Aptitude
Responsibilities of a Banker
A banker has numerous general responsibilities which go along with their daily job duties. From assessing the client’s financial standing to offering bank programs, to reviewing finances of the client to assist in the smooth functioning of the financial institution, these are some of the few responsibilities that a banker has to take care of.
Eligibility to become Banker
Investment Banker Eligibility
- Candidates must have passed class 12th in commerce stream from a recognised board.
- Must have a bachelor’s degree in B.com/ B.A. (Economics) degree from a recognised university.
- Candidates must have an MBA degree in investment banking to become an investment banker.
Banker (RBI) Eligibility
- Must have passed class 12th in science stream from a recognised board or equivalent examination.
- Bachelor’s degree in B.Sc/B.Stats/B.A.(Economics) from a recognised university.
- The third step to becoming a Banker in RBI is to have a master’s degree in M.Sc/Maths/Econometrics
- Candidates must have a valid score in RBI- DESAC and DEAP test.
- To appear in the RBI - DESAC & DEPAC exam, PG degree in Stats/Mathematical Stats/Mathematical Eco/Econometrics with 55% marks Ph.D. have a better chance of recruitment. Age - 21- 30 years experienced candidates may get relaxation of maximum 3 years.
- Also, most of the reputed foreign and private banks recruit bright candidates from the parent organization on the basis of merit or campus selections are made at reputed management institutes. MBA/ Masters in Finance Control/ CA/ Certified Analysts course/ Business Economics/ Public Relations /Law are preferred qualifications for Multinational and Private Banks.
Private Banker Eligibility
- Must have passed class 12th from commerce stream
- Bachelor’s degree in B.com/ Eco (Hons.)/B.Maths/Stats
- A professional MBA degree/CA/MFC/CFA
Types of Job Roles Banker
Their many job roles available for bankers. One can choose as per their acumen and career interest. Some of the popular job roles for bankers are listed below:
Branch Manager: They manage the branch and are responsible for all the operations of that particular branch. They advise customers, manages and motivates the staff and plans towards profit generation. He has many officers, clerical and other staff to whom he delegates the task.
Bank Officers: Bank officers are of many types and they manage multiple job roles. They keep a record of businesses, manage personal accounts and bank operations. They also carry out market research for their respective bank and manage public relations.
Merchant Bankers: Merchant bankers play an important role in the public issue process. They perform a combination of many services like consultancy and banking services. They provide consultancy on finances, marketing, management, and law.
Corporate Bankers: Corporate bankers provide deal with companies and high -end businesses. The products they offer include treasury services, loans and credit, trade finance and employer services like payroll.
Retail Bankers: They are those bankers who work in high-street banks and interact directly with individuals and small businesses. Their job is to give financial advice, authorise loans and set up bonds and manage savings accounts.
Investment Bankers: They act in capital markets as an advisory capacity to corporations and governments. Investment bankers help their clients raise money in the capital markets, provide various financial advisory services, and assist with mergers and acquisition activity. They also provide assistance in security issues and perform underwriting.
Employment Opportunities for Banker
Some of the popular employment opportunities for banker are as follows:
- Public sector banks
- Private sector banks
- Multinational banks
- Financial Institutions (SEBI)
Top Recruiting Companies for Banker
The top recruiting companies for bankers includes many government banks, private banks, and financial institutions. Check out the popular recruiting companies for bankers are as follows:
- Standard Chartered
- DSP Merill Lynch
- GE Caps
- IDBI Capital Markets
- IFCI Financial Services
- JM Financial and Investment
- PNB Capital Services
- SBI Capital
- Reserve Bank of India
- Royal Bank of Scotland
- Deutsche Bank
- American Express
Pay Scale/Salary of Banker
The salary of a banker in India is directly linked to their performance and their rapport with their clients. Bankers working with RBI not only enjoy good salary packages but also have various other job perks. The average salary of a banker in India is between Rs 4, oo,ooo to Rs. 6,oo,ooo at the start of their career. However, with professional growth and adequate experience, the salary of a banker is more than Rs.10,00,000.
Investment bankers, personal bankers and corporate bankers have very high salary packages and their careers are also very rewarding.
Some of the other perks enjoyed by reputed bankers are as follows:
- Life Insurance
- Free Holidays
- Cash Bonus
- Transportation Facility
- Retirement Compensation
Books & Study Material to Become Banker
Bankers are the backbone of the financial industry and it is very important for them to strategize and plan their every move as they deal with finances. We have compiled a list of best banking books which can help both establish and prospect bankers enhance their knowledge about the finance and banking industry
- The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
- Fragile By Design: The Political Origins of Banking Crises & Scarce Credit by Charles W. Calomiris, Stephen H. Haber
- Exile on Wall Street: One Analyst′s Fight to Save the Big Banks from Themselves by Mike Mayo.
- Nightmare on Wall Street: Solomon Brothers and the Corruption of the Marketplace by Martin Mayer
- The Business of Venture Capital by Mahendra Ramsinghani
Pros of becoming a Banker
- One of the biggest advantages of being a banker is that you get full-time health, accident, disability and life insurance.
- Banking organizations are very large, there is always the chance to progress through the organisation into other roles.
- banking salaries are competitive and large bank employers often offer excellent additional benefits such as private healthcare and discounts with large retail chains. Bank employees are also often able to get discounts on mortgages, loans and credit cards from their employer after a set period.
- Banking is one of the most prestigious and desirable careers and is felt to be more secure than other sectors.
Cons of becoming a Banker
- Working with number all day is not everyone’s cup of tea. Creative people find it very boring and monotonous.
- With the long hours comes no small amount of stress. Bankers deal with huge sums of money and are expected to keep on turning a profit.
- Post 2008 backlash against bankers has brought calls for tighter rules and regulation for the bankers.
- Banking has transformed drastically over the past few years, therefore it is not as stable career as it used to be.