Careers in Banking and Finance; Courses, Colleges, Scope.

Careers in Banking and Finance

After the nationalisation of several banks in the year, 1981 by the Government of India, growth in the banking sector have gone up by leaps and bounds. Several private banks have been nationalised in this move. With this move, the whole banking industry came under the control of the Central Government of India. Reserve Bank of India is the regulatory authority of the Banking Industry in India. Since then the banking and finance industry had catered a lot of Careers in Banking and Finance in India. Banking and finance industry is the backbone of the economy of any country.

Earlier, banking and finance mean deposits, withdrawals, maintaining Accounts and receipts. With globalisation, the banking industry had gone through a drastic transformation. Banking industry became online. ATMs are introduced. With Mobile Banking, several financial transactions are done at the tips of fingers. Financial transactions are done without using the currency. Wide ranges of technology and automation have been introduced in the banking industry. Awareness of stock market transactions has been created in public minds. Insurance and Pension sector has grown accordingly.

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Banking and Finance Courses

The Following are banking and finance courses offered at graduate, postgraduate and diploma level, in India.

Graduate Courses

B.Com

BBA

Post-Graduate Courses

M.Com

MBA

MBA in Banking and Finance

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Professional Courses 

Charted Accountancy

Company Secretary

Cost & Management Accountancy

Diploma / Certificate Courses

Certified Financial Analyst

Certified Financial Planner

Financial Risk management

Charted Investment Analyst

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Career Prospect

With the modernisation of the banking and finance industry, new Careers in Banking and Finance are created. Along with banking industry, several financial sectors like Insurance, stockbroking, funding, investment, wealth management, asset management, Agro-finance, housing finance, mortgage, auditing and several financial consultancy firms have emerged and are catering vast amount of career opportunities.

Roles in the Banking & Finance Industry

Teller

A Teller is the first level employee in a bank, who has direct relations with the customer. When a customer goes to bank the first employee he meets is a teller. A teller rectifies the issues of a customer if it is above his designation, he drives the customer to the concerned officer. A teller is one of the traditional designations in banking jobs.

A teller is also designated as a cashier. A cashier is an employee who receives deposits and disposes of withdrawals of a customer. All of the banks recruit Cashiers/Tellers for their entry-level regular functions.

Accountant

The job of an Accountant is to maintain all the records of the financial activities of a firm. Accounting jobs are numerous. Every organisation, small or big requires an accountant, who looks after and keeps records of financial transactions of an organisation. An Accountant prepares assets and liabilities account and maintains a balance sheet of all the financial records. All the daily, monthly, quarterly, half-yearly and annual account records are maintained by an accountant. Accounting jobs are numerously available for a qualified accountant.

Probationary Officer

Banks recruit Probationary officers for their core banking services. After their probationary period, these employees are assigned to a particular department in their core banking services. In due course of time, probationary officers are promoted as managers of a bank. A Probationary officer’s post is one of the traditional designations in banking jobs.

Chartered Accountant

Chartered Accountants work in a wide range of responsibilities in the business organisations. A Chartered Accountant prepare monthly and annual financial statements, financial management reports, undertakes the auditing of all financial transactions periodically. A Chartered Accountant also looks after Tax issues of an organisation. He advises the management on tax savings and submits reports on tax to be paid legally. A Chartered Accountant investigates flaws and loopholes in the financial accounting system of an organisation and recommends best reconciliations.

♦ How to become a chartered accountant after 12th ♦

Financial Analyst

The role of a financial analyst depends on the nature of the company or an organisation. A Financial Analyst analyses past financial records and prepare financial forecasts of his respective organisation or department. He makes recommendations on investments, records economic and financial trends. He prepares a future action plan for financial transactions of his respective department or organisation

Investment Banker

Every business organisation aims at stepping into new ventures, expanding its portfolio and business operations. Through raising funds for investment and bidding for Mergers and Acquisitions (M&A), an organisation expands its operations. Investment Bankers plays a key role in the business development of an organisation.

Major roles of an Investment Banker:

• Makes presentations on forecasts of the business
• Plays key responsibility in Mergers & Acquisitions
• Assess and suggest new investment opportunities
• Conduct strategic research and prepare valuations
• Analyse future risk and recommend financial advice
• Issuing and selling securities in raising capital

Wealth management / Asset Management

Organisations or individuals who have plenty of cash or assets meet a wealth manager or Asset manager for generating profits through their cash or assets. A wealth manager or Asset manager is responsible for the doubling or tripling, sometimes quadrupling the revenue or assets of clients, individuals or organisations. The job responsibility of a wealth manager is to offer investment advice and maintaining client’s investment portfolios.

Loan Officer

The loan officer looks after the credit section of a financial firm. The job of a loan officer is to assess the financial status and repayment capacity of a loan applicant. A Loan officer verifies the loan applications from individuals or organisations and investigates their financial status and documentation process before approving their proposals. In a financial firm, be it a mortgage firm or a credit agency or any other lending company, a Loan officer plays a key role in designing credit schemes for different sections of the society.

Tax Consultant

A tax consultant is an expert in tax laws. A Tax consultant also called as a tax accountant looks after all the tax-related functions of his client or for the organisation he works for. Responsibilities of a tax consultant are as follows:

• Research on tax laws and corporate laws to be updated
• Collecting all the tax-related data
• Preparing Audit statements
• Prepares documentation process for filing tax returns
• Recommends tax reduction measurements for clients
• Negotiations between government Tax officials and clients

Commodity Broker

A Commodity broker acts as a middle man between producer and buyer on a commission basis. Commodity broking includes derivatives, metals, food products – raw or finished, oil, gas, currencies and several physical commodities. A commodity broker often needs to visit suppliers, clients, for negotiations. Finally, they are also responsible for building relationships with potential clients and developing new business opportunities.

Stock Broker

Stock Broking is a career that requires updated knowledge on stock market trends. A Stockbroker provides recommendations and advice to clients on stock market updates. A stockbroker also manages a client’s portfolio. The following are some job responsibilities of a stockbroker.

• Evaluating Stock Market trends cautiously
• Offering stock market investment advice to clients
• Recommending clients on certain shares to buy or sell them
• Managing client’s investment portfolios

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