As we all know, banking and insurance are one of the most stable career areas with lucrative job opportunities and remunerations.
Banking is all about the process of money transactions and its various extended services. Insurance is also a very familiar term in today’s scenario and it helps with financial security and promotes sustainable economic development. For those who are looking for a stable and well-paying job with lots of opportunities and benefits, banking and insurance are the way to go!
Future Scope for a Career in Banking and Insurance
- In India, banks are in need of more employees since the government decided to extend the services of banks to rural areas by establishing new branches.
- Graduates can work in public sector banks as probationary officers by qualifying for the IBPS exam. It is one of the posts which have the highest chances for promotions.
- The Government of India promotes technological advancements like AI and Machine learning in the public and private banking sector. It is anticipated that the incorporation of such technologies will create more job opportunities in the future.
- Investment banking opportunities such as stock exchange and cryptocurrency are creating job opportunities on a large scale for skilled banking graduates.
- Recent developments in blockchain such as the bitcoin volatility reaching a 14-month high are bound to create huge investments in the banking sector.
- Insurance is the backbone of the global economy and employment of insurance brokers and sales agents are expected to grow 9% by the year 2024
- The actuary is one of the best careers to pursue in this field. An actuary is a business professional who analyzes the financial consequences of risk. They can work in insurance and reinsurance companies.
- Graduates with good marketing skills can work in the banking and insurance sector as relationship managers or sales representatives.
- Banks and insurance companies largely entertain the practice of mutual fund investments and it will create more managerial positions in banks.
Skills Required to Study Banking and Insurance
- Numerical skills
- Organizational skills
- Time management skills
- Leadership skills
- Team management skills
- Communication skills
- Problem-solving skills
- Customer service skills
- Emotional intelligence
Careers in Banking and Insurance
- Probationary Clerks
- Probationary officers
- Specialist officers
- Investment Banking Analyst
- Insurance claims adjuster
- Credit Analyst
- Insurance investigator
- Equity Manager
- Asset Manager
- Investment Analyst
- Loan Officer
- Loan Counsellor
- Loss Control Specialist
- Market Analyst
- Sales Representative
Eligibility to Pursue a Degree in Banking and Insurance
Students who passed 10+2 from recognized institutions under any stream can apply for a bachelor’s degree in Banking and Insurance.
- CUET (Christ University Entrance Test) – conducted by Christ University for admission to courses such as BTech, BBA, BBA (Hons), BBA (Finance and International Business), and BBA (Finance and Accountancy).
- DU JAT (Delhi University Joint Admission Test) – national level exam conducted by the Delhi University for admission into specific Undergraduate Courses
- AMU Entrance Exam – exam conducted by the Aligarh Muslim University for admission into specific Undergraduate Courses.
- JMI Entrance Exam – national level exam conducted by the Jamia Millia Islamia University for admission into specific Undergraduate Courses.
- NABARD Grade A&B Banking Exam
- SBI Probationary Officer Banking Exam
- SBI Clerkship Banking Exam
- RBI Grade B Officer Banking Exam
- IBPS Probationary Officer Banking Exam
- IBPS Clerkship Banking Exam
- IBPS Regional Rural Banks Officer Scale Banking Exam
- IBPS RRB Office Assistant Banking Exam
- NABARD Development Assistant Banking Exam
- RBI Office Assistant Banking Exam
Top Colleges/Universities in India and Abroad to Study Banking and Insurance
- PSG College of Arts and Science, India
- St. Xavier’s College, India
- St. Thomas College, India
- Jai Hind College, India
- Sri Krishna Arts and Science College, India
Famous People Connected With Banking and Insurance
She is the first woman chairperson of the State Bank of India. Bhattacharya developed basic ideas for several SBI schemes.
With 30 years of financial experience, Sikha Sharma is the CEO and MD of Axis Bank, India’s largest private bank.
Top Institutions that Employ People in this Field
- Insurance Industry
- Aviation Industry
- Automobile Industry
- Business Schools
- Credit Companies
- Charity Associations
- Educational Institutes
- Economic Consulting Jobs
- Health Departments
- Mortgage Companies
- Property Developers
- Research Agencies
- Savings and Loan Associations