Career in Banking

Banks are involved in variety of functions ranging from safeguarding money and valuables to providing loans and investment options. The changing banking scenario marks a shift towards Internet banking, just in time services and increased customer satisfaction. Banking offers a well paid, challenging and satisfying career.

Types of Banks
Banks in India are segregated as public sector banks (accounting for 78% of total banking assets) and private sector and foreign banks.

Eligibility
Banking was perceived as a career option for commerce and economics students. In reality, a majority of bank officers are from different streams of education. A course in finance, accounting, economics, marketing, or related fields serve as a good foundation. Banks often provide opportunities and encourage employees to take classes offered by banking and financial management affiliated organizations or other educational institutions. For example, The Indian Institute of Banking and Finance conducts diploma in banking and finance.

Entrance Exams
Graduates from any subject can get entry in banks through competitive exams. In general, there are two stages of the examination that an aspirant needs to clear:-

Stage I: The Written Test consisting of Objective test and a Descriptive test. The Objective test generally consists of the following papers:

• Test of Reasoning
• Quantitative Aptitude
• General Awareness
• English Language

Stage II: The Interview Round

Some banks just conduct the Interview Round for aspirants with specialization in Management, FOREX, or Finance. The Recruitment to Reserve Bank Officers Grade A/B exam is conducted by Reserve Bank of India Service Board, Mumbai.

The best way to get information on the banking jobs is to refer to the bank’s Website, newspapers including Employment News Bulletin and Times Ascent.

Preparing for Banking Exams
There is intense competition so a high level of preparation is required in order to clear banking exams. You should read financial newspapers and various competition magazines.

To clear basics one should go through standard class 10 books (RD Sharma and RS Agarwal for Math and Reasoning). For the descriptive paper, refer to model papers published in various portals and Competition Magazines. There are a number of books and correspondence courses available for bank preparatory examinations. Above all, it requires regular studies, hard work and practice.