Banking Industry is one of the most sought after career choice among the students. It's an evergreen industry because it leads towards the entry into a well paid, secure and status career. Although it may appear that these jobs are meant for commerce/economics students only but the fact is that majority of bank officers are from different streams of education. It is also a myth that top positions in Foreign/Multinational Banks are held by MBA's from Premier Management Institutes.
Though the Public sector Banks are now appointing management graduates, CAs and CFAs but bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted by them.
Nationalization of the major commercial banks in India in 1969/1980 brought almost the entire banking system within the public sector. State Bank of India being the top commercial bank of the country..
The emergence of technology-driven new private banks have broadened the scope and range of banking service and entry of Financial Institutions are into the short-term lending business, is resulting in needs for more professionals. Now banks are having new and innovative products such as mutual funds , secularization business credit cards, consumer loans, housing loans, housing loans besides trading in gold and forex activities. Thus they require professionals from all the areas.
Generally banks look for good communication skills, good interpersonal skills, the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialization in some specific areas. For example expertise in project analysis, credit appraisal skills, managing huge loan portfolios general and foreign exchange and money. Good computer knowledge is always preferred.
Foreign Banks are the most sought after due to their salary packages comparable to the best in the country and better job profiles and work cultures. However, in addition to personal performance, the job security in these banks is also dependent on various external factors, like the economy of the parent country, performance of the bank worldwide, change in management etc..
Public sector Banks recruit mainly graduates at the entry level on the basis of All India Level examination. However professionals like engineers, doctors, technologists, lawyers, ex-defense officers etc are recruited on senior positions through All India tests...
Private sector/Foreign Banks prefer to take MBA's, CA's etc at junior positions through Campus recruitment and interviews. However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Thus job-hopping has become an well-accepted norm in the Industry.
Therefore joining a Public sector Bank as Probationary Officer (Direct Officer) on the basis All India exam has become a stepping stone for the career growth in the Banking Industry.. ~~..