The banking and finance sector’s fast-growing and varied nature opens the door to multiple opportunities for aspirants. The sector has emerged as one of the most preferred career options for many reasons.
- The sector is open to all irrespective of educational background.
- You can work with corporates, in financial markets, or with the government.
- Diverse opportunities available in commercial banking, investments, brokerage, consulting, funds management, insurance, and more.
- Secured career path and lucrative pay
- It is a discipline that can take you anywhere in the world.
The banking and finance sector indeed scores a win-win over several other industries today. Some financial experts claim this sector will create around 20 lakh jobs in the next 10 years. By 2025, the Indian BFSI sector will become the world’s third-biggest in volume and employment.
With new licenses and efforts of RBI and Government to expand the sector, the industry will need a fresh wave of fresh and enthusiastic talent to take the mission forward. You can start your career as a banker in various capacities and reach the top of the hierarchy if you are willing to learn and shoulder responsibilities.
1. Corporate Finance Management
Develop high-quality financial models for financial analysis, valuation and predict outcomes, provide investment advice, tactics and recommendations, liaise with accountants, lawyers, financial experts and regulatory bodies, generate finance from shares and loans, negotiate and structure financial details and prepare legal documents and prospectuses.
Roles: Corporate Development and Strategy, Financial Planning & Analysis (FP&A), Treasury, Investor Relations
Salaries: Salaries would depend on several factors like role, years of work experience, type of company, industry, location etc. Usually, a Financial Analyst with 1-4 years of experience can earn total compensation anywhere between INR 3.5 to 4.5 lakhs per annum, whereas a Chief Financial Officer (CFO) with 15-20 years of experience can earn INR 30 lakhs and above per annum.
2. Banking & Financial Services
The tasks and duties differ from role to role. For example, if you are into a retail banking role then interact with retailer customers and provide them advising or recommending with services such as setting up savings accounts, loan authorization, etc. whereas if you are in a commercial banking role, then you have to deal more with small or medium-sized companies than everyday people and promote bank’s services, planning finances, preparing lending agreements, etc.
Roles: Wealth Management, Business Banking, Retail Banking, International Trade Banking, Investment Banking, Financial Analysis, Financial Advisory, Loan Processing, Risk Management, Digital Banking, International Banking and others.
Salaries: Students pursuing this banking course/program can explore opportunities in national and international banks, FinTech companies, investment banking, non-banking financial institutions, insurance companies and more. Salaries would depend on several factors like role, years of work experience, type of company, industry, location, etc. The pay drawn by an entry-level professional starts anywhere from Rs. 3-4 lakhs per annum, while credit analysts take home Rs. 5-6 lakhs at the beginning to Rs. 10- 20 lakhs plus annum in senior-level posts.
3. Business Banking and International Trade Finance
An international trade finance professional’s major responsibilities are securing trade, trade funding, and structuring bespoke trade deals. For business banking, the major responsibilities are preparing lending agreements, promoting the bank’s corporate banking services, meeting corporate clients and discussing their financial requirements and providing appropriate financial advice and training and supervising junior banking staff.
Roles: Due Diligence, Transaction Advisory, Investor Relations, Corporate Development, Research, Sales and Marketing
Salaries: Business banking professionals can get anywhere between INR 4 lakhs to INR 18 lakhs per annum and above depending on the experience level. Trade finance professionals at the associate level can expect to earn anything from USD 75K to USD 140K (plus a variable component) at the international level, and in India, it ranges between INR 4 Lakhs to INR 12 Lakhs with an average annual salary of INR 6.8 Lakhs per annum.
4. Fintech and Digital Banking
Working with technology teams and providing guidance with subject expertise, understanding the client’s challenges from a technical level and providing solutions that deliver value, sales support and IT support and deal with current regulations.
Roles: Product manager, customer service, sales and marketing, taxation, legal, compliance, risk, audit and strategy, deals, investments and due diligence, program management, system and platform integration roles and business analysts.
Salaries: The salary for digital banking professionals may range anywhere between INR 8.9 Lakhs to INR 17 Lakhs, with an average annual salary of INR 12.8 Lakhs per annum.
5. Stock and Financial Markets
The stock market professionals are mainly involved in trading of equity, currency and commodity. Research the financial markets, consult investment analysts, report to clients, monitor your clients’ investments and pitch for new clients.
Roles: Stock Broker, Financial Advisor, Hedge Fund Manager, Mutual Fund Manager, Market Researcher, Risk Analyst, Investment Advisor, Portfolio Management Services (PMS), Research Analyst, Online Stock Trading, Financial Analyst and Equity Analyst.
Salaries: Fresh stock-brokers earn anywhere between INR 2 to 4 lakhs per annum. This annual package increases with the broker’s academic qualifications and skills and can go as high as INR 5 to 7 Lakhs and beyond per year.
6. Audit and Taxation
Examine the financial statements to ensure that they are accurate and comply with the laws and regulations, prepare tax returns and ensure that the taxes are paid on time and in full, organize, maintain and update the financial records from time to time, assess financial operations and offer financial practices recommendations and recommend ways to reduce costs, enhance revenues, and improve the profits.
Roles: Accountancy, auditing, taxation, cost accountancy, management accounting and financial controller.
Salaries: The salary of graduates with CA qualification may vary between INR 7 – 20 lakhs per annum. The average salary for a CPA is INR 8 lakhs per year in India.
7. Investment Banking
Issue debt and sell equity to raise capital, conduct strategic research and due diligence, manage IPOs and private equity placements, find and close potential investors, facilitate mergers and acquisitions, assist with corporate restructuring, analyze risk, offer financial advice, etc.
Roles: Mergers and Acquisitions (M&A), Underwriting, Private Equity, Venture Capital, Equity Research, Asset Management, Fundraising for Startups, Financial Advisory for institutional clients, etc.
Salaries: The average salary for investment bankers is INR 9.6 lakhs per annum in India. A Chartered Financial Analyst (CFA) can expect a salary anywhere between INR 3.5 – 16 lakhs or more per annum, depending on the experience.
8. Financial Risk Management (FRM)
Financial risk managers work in sales and marketing, loan department, trading, financial services, or private banking and mainly identify and analyze threats to the assets, earning capacity, or success of a business. They perform a risk assessment and risk evaluation and review any new major contracts or internal business proposals. Further, they also conduct policy and compliance audits, including liaising with internal and external auditors.
Roles: FRMs can work in various roles like private banking, underwriting, loan origination, credit/market risk, trading, and financial services.
Salaries: A Financial Risk Manager (FRM) salary may range anywhere between INR 10–18 lakhs per year in India.
9. Investment and Portfolio Management
Making sound investment decisions about companies, stocks, and industries for companies or individuals, track the stock’s performance and help clients and stockbrokers to interpret it, evaluate current and historical data, study a company’s financial statements to determine its value, monitor economic and business trends and prepare reports.
Roles: Portfolio Manager, Risk Manager, Chief Executive, Financial Advisor, Consultant, Mutual Funds, Asset Management and Investment Banking Analyst
Salaries: Salary of certified financial planners in India may range between INR 3.9 lakhs to INR 8.5 lakhs and above per annum.
10. International Banking Services
Coordinating credit and financial activities, advise on matters of tariffs markets, federal and foreign regulations, assist clients in understanding and capitalizing on foreign currency markets by giving them information on exchange rates and insights into global markets and make forecasts, provide in-depth analysis of the market and develop and maintain professional relationships with clients. One can also explore opportunities in financial KPOs.
Roles: Global Phone Banking, Forex Management, Data Management, Data Modeling, Data Analytics, Customer Support, Process Associate, NRI Banking, etc.
Salaries: The salaries of International bankers range from 45K USD to 250KUSD per annum. The average KPO salary in India ranges from approximately INR 1.5 lakhs per annum for Analyst to INR 6 lakhs per annum for Operations Manager.
To know more on how you can acquire the skills and knowledge to explore all these roles visit https://tkwsibf.edu.in/global-pg-diploma-in-banking-finance/