A career in banking is financially rewarding since it provides competitive pay and the chance to work in the finance sector. This is because the majority of banking positions are highly sought-after due to the skilled nature of the work. Knowing more about the various banking professions will help you make an informed choice if you have an interest in the banking industry. IPB one of the best bankers training institute in India will explains what are best career opportunity in banking occupations are, explains the advantages of working in a bank, and explores 12 jobs, each with an overview of the job’s key responsibilities and typical compensation.
What are banking careers?
Jobs in banking typically include handling money and assisting clients with their finances. Many occupations in banking operate as customer service responsibilities since banking employees frequently contact with customers. Investment banking, bank teller, loan officer, and banking associate are some popular banking occupations. Although banking positions require a high school diploma, the majority of bank employment don’t. Employers prefer employing applicants with exceptional knowledge of finance and arithmetic due to the skilled nature of the position.
Benefits of pursuing banking careers
Here are a few reasons for pursuing a banking career:
- Job security
- Competitive salary
- Opportunities for promotion
- Career development opportunities
- Excellent work-life balance
- Range of job roles to choose from
- Additional perks and benefits like medical insurance, sick leave and maternity leaves
Given below are a few banking careers that one can pursue:
National average salary: ₹13,299 per month
Duties: Work in the wealth management industry, which largely entails managing and expanding financial assets, is done by private bankers. High-net-worth clients receive highly personalized services from these experts (HNWI). They meet with their customers to learn about their financial objectives, then collaborate with financial analysts and other experts to develop investment strategies to achieve those objectives. These experts offer guidance on managing personal finances, investments, and secured and unsecured credit. They are responsible for keeping an eye on the client’s account to make sure the investment is producing the desired results.
National average salary: ₹4,04,907 per year
Primary duties: Financial analysts in banks are responsible for analyzing and compiling economic and fiscal data in order to forecast investment performance. These experts create forecasts, construct portfolios, and identify crucial financial industry trends. They examine several financial parameters to compare results with those of other businesses in the same sector. They also assist clients in making profitable investment decisions, monitor economic trends, review financial data, and provide recommendations for investment portfolios. These experts evaluate the financial situation using their talents to reduce any economic hazards.
National average salary: ₹2,90,323 per year
Primary duties: Customer service and financial experts known as bank tellers help other bank staff members complete various banking activities. These specialists help clients with financial operations like withdrawals, transfers, and deposits. Every shift starts with a cash drawer count by the bank teller. They exchange foreign money in accordance with the going market rate as part of their employment duties. Giving customers information about bank services and goods like loans, account kinds, credit cards, and interest rates may be part of their job description. They can aid customers in placing orders for items like debit, credit, and check cards.
National average salary: ₹45,336 per month
Primary duties: A financial expert who raises funds through stock issuance or borrowing is known as an investment banker. These experts provide financial guidance throughout significant financial transactions, such as acquisitions and mergers. They help their corporate clients issue and sell securities as well as conduct initial public offerings (IPOs). Their duties include giving clients advice on safe and effective investments for their money. They also do financial modelling, assist in company evaluation, and calculate financial metrics to comprehend the functioning of the organisation. They guarantee adherence to the laws and rules established by the federal and state governments.
National average salary: ₹17,472 per month
Primary duties: A bank clerk helps senior staff members carry out their daily tasks. These individuals carry out numerous clerical tasks for the efficient operation of a bank, from data entry to direct customer interaction. The primary duty of a bank clerk is to handle customer transactions. They respond to queries from visitors on credit cards, loans, and bank accounts. Customers are referred to banking staff by bank clerks, who also assist in resolving their inquiries. Upon a supervisor’s request, these experts enter and update financial data in the bank records. When accounts are closed, they update and erase consumer information.
National average salary: ₹3,28,227 per year
Primary duties: A credit analyst’s job is to collect and analyse financial data in order to evaluate a loan applicant’s creditworthiness. A credit analyst gathers financial data about a range of individuals and organisations, including debts, payment histories, savings, and valuable real estate. This entails inputting, locating, and updating financial data for assessment. They assess a client’s ability to repay a loan by looking at their historical and present credit data. They prepare risk assessment reports and come up with risk mitigation plans and activities as part of their job.
National average salary: ₹22,603 per month
Primary duties: A finance specialist called an auditor checks and prepares financial records to make sure they are all accurate. They assess whether a company makes on-time tax payments. They evaluate a business’s financial operations and make sure it is operating effectively. They prepare tax returns and compute taxes payable as part of their employment duties. These experts advise cutting costs and enhancing accounting procedures to enhance and hasten a company’s growth.
National average salary: ₹15,087 per month
Primary duties: Loan officers are bank employees that assist both individuals and corporations in obtaining financing. Based on their evaluation of a customer’s creditworthiness, they assist consumers in obtaining financing for homes, education expenses, and autos. The decision on whether or not to approve a customer’s loan is made after they have carefully examined their financial data, pay stubs, and credit history. A loan officer may promote the loan products that a bank sells by using their knowledge of lending products. A loan officer’s day is spent looking over open loan applications to see if any supporting documents are missing and figuring out how to hasten the loan approval process.
National average salary: ₹5,54,290 per year
Primary duties: Wealth managers are bankers who provide their clients with services such as tax planning, estate planning, and financial and investment counselling. A wealth manager assesses the income, expenses, liabilities, tax coverage, risk tolerance, and other financial information to produce customised financial or investment plans. To help clients reduce risk and achieve their financial objectives, a wealth manager might suggest clients’ methods for insurance coverage, cash management, and investment planning.
National average salary: ₹15,792 per month
Primary duties: A banking associate is a member of the client-facing staff who promotes the financial services that a bank provides. To new or existing clients, they sell banking products. These experts frequently conduct market research and trend analysis, cultivate connections with present and new clients, and provide marketing collateral for the goods they sell. A banking associate advises clients on banking products, services, and investments that can help them earn more money using their knowledge and experience. They have the option of working as relationship or commercial banking associates.