Banking, Finance & Insurance

What is Banking, Finance & Insurance?

Banking, Finance & Insurance is a field in which the opportunities of growth are vast and varied. While, on the one hand this field is one of the safest and most stable in terms of employment, on the other hand it is the most dynamic in terms of career opportunities. A candidate planning to make a career in Banking, Finance or Insurance can hope for a very lucrative and rewarding career. From managerial and consulting jobs in Government sector and MNCs, to self-employment as Chartered Accountant, Company Secretary, Finance Consultant, Entrepreneurship, the Banking, Finance & Insurance sectors have employment opportunities for all.

To pursue a career in Banking, Finance & Insurance, Commerce in Class 12 is a must and related courses are offered at all academic levels including undergraduate, postgraduate, PhD, diploma, certificate, etc. In India, the best option to enter the banking sector is by appearing in competitive exams like SBI PO and IBPS PO exams. Read below all about Banking, Finance & Insurance including eligibility, courses, entrance exams, jobs and salary.

Banking, Finance & Insurance Eligibility and Top Entrance Exams

Banking, Finance & Insurance Eligibility for UG courses:

• The candidate must have passed Class 12^th or equivalent in Commerce stream from a recognized education board or university.

Banking, Finance & Insurance Eligibility for PG courses:

• The candidate must be a Commerce Graduate or equivalent from a recognized university.

Also read: Is BCom necessary to make a career in Banking & Finance?

Banking, Finance & Insurance Top Exams

To pursue a career in Banking, Finance & Insurance the candidates must either pursue Commerce at university level or professional courses like ICAI, ICSI and CFA. Given below are the top entrance exams to pursue Banking, Finance & Insurance courses:

The most popular Government recruitment exams in the Banking sector include the following:

Banking, Finance & Insurance courses

Listed below are some of the most popular UG and PG degree courses in Banking Finance & Insurance:

Many diploma, part-time and online certification courses are also available in Banking Finance & Insurance sectors for working professionals who wish to learn more professional skills and latest methods being used in the industry for better career prospects.

Banking, Finance & Insurance: Subjects and Syllabus

The syllabus and subjects of Banking, Finance & Insurance courses vary level-wise. Given below are some of the main topics taught in these courses at Graduation level.

Banking, Finance & Insurance: Jobs, Salary and Recruiters

Banking jobs and salary

Bank Clerks: Bank clerks have the responsibility of completing various tasks related to data entry, book keeping and log-book maintenance. They are hired in different departments of the bank like – accounts, exchange, loan, securities, administration, etc. The average salary of a bank clerk in India is Rs 2.4 lakh per annum and upwards.

Probationary Officer (PO): The job profile of a Probationary Officer includes various tasks including general banking and administrative activities. The average salary of a probationary officer in India is Rs 7 lakh per annum and upwards.

Specialist Officers: An important profile in the banking sector, specialist officers are hired to handle responsibilities in various fields, the most common being Agriculture. The responsibilities include promoting loan and credit facilities in rural areas, helping farmers and land owners in taking loans and repaying them, enabling communication between banks and public and maintaining reports. The average salary of a specialist officer in India is Rs 3 lakh per annum and upwards.

Branch Managers: The role of a branch manager includes overseeing all the tasks and activities of a particular branch like hiring and training of the staff, overseeing daily transactions and financial activities, customer service and maintaining reports. The average salary of a branch manager in India is Rs 7 lakh per annum and upwards.

Finance jobs and salary

Investment Banking: Investment banking profile requires the professional to help the client (company or individual) in raising capital from the market through issuance of securities. The profile also includes participating in mergers and acquisitions on behalf of the client. The average salary of an investment banker in India is Rs 9 lakh per annum and upwards.

Financial Consultant: The job of a financial consultant is to help the client in making correct investment by assessing the present financial status (investments, asset allocation, savings, tax planning, retirement planning and estate planning) evaluating risks and developing financial strategies for future; and monitoring changes in financial status over time. The profile also includes analyzing results and making reports.The average salary of a financial consultant in India is Rs 5 lakh per annum and upwards.

Financial Analyst: Financial Analyst’s job is to provide guidance to clients in making right investment decisions and assess the performance of investments over time. The job profile includes assessing current and historical data, examine the company’s financial statements, assess its strengths and weaknesses for determining future investment.The average salary of a financial analyst in India is Rs 4 lakh per annum and upwards.

Insurance jobs and salary

Insurance Claim Adjuster: The job of an insurance claim adjuster is to assess how much damage is to be paid to the customers who have incurred loss.The average salary of an insurance claim adjuster is Rs 3 lakh per annum and upwards.

Insurance Claims Specialist: The insurance claims specialist’s job is to review insurance claims submitted by the customers and make sure proper procedure is followed to claim damages. The job profile also includes assess unusual claims and whether they can be covered under the scheme. The average salary of an insurance claim specialist in India is Rs 4 lakh per annum and upwards.

Insurance Agent: The insurance agent’s job is to identify, contact and sell insurance policy to customers. The average salary of an insurance agent in India is Rs 2 lakh per annum and upwards. Additionally, the insurance agents get a fixed amount as brokerage on each insurance sold.

*The salary data above has been obtained from Payscale.com

Banking, Finance & Insurance: Top Recruiters

Banking professionals are hired by all Government and private banks like State Bank of India, Union Bank of India, Punjab National Bank, Bank of India, Bank of Baroda, ICICI, HDFC, Axis Bank, IndusInd, Kotak Mahindra, etc.

List of top insurance companies

List of top finance companies