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Banking Career

Banks are institutuions that take care of the money of individuals and corporates. Banks pay interest on the deposited money, provide loans to people for business or personal use. They also offer a wide range of services like exchange of foreign currency, giving advise related to investment and insurance and acting as trustees. Banking is one of the most important career choices among students. Banking is well paid, secure and high status career.

Eligibility for Banking Career

Educational Qualifications:
Loan officer positions generally require a bachelor’s degree in finance, economics, or a related field. Most employers prefer applicants who are familiar with computers and their applications in banking. For commercial or mortgage loan officer jobs, training or experience in sales is highly valued by potential employers. Loan officers without college degrees usually have reached their positions by advancing through the ranks of an organization and acquiring several years of work experience in various other occupations, such as teller or customer service representative.

Personal Qualifications:
Good communication skills, Good interpersonal skills, Ability to deal with customers, Alert nature, leadership qualities, Basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas like project analysis, credit appraisal skills, managing huge loan portfolios and foreign exchange. Good computer knowledge is also always preferred.

Career Prospects in Banking Industry

There are various different levels at which a person can join the bank namely clerk, a Grade I officer, a Grade II officer or as a manager.As a bank manager, a person is responsible for profit, people and resource management and strategic planning to generate more profits. There is a lot of competition due to entry of various foreign banks and financial institutes in the Indian market. Aggressive marketing and innovative policies hold the key to the success of the bank operations. A manager should be able to judge this based on the area where the operations are carried on, and the type of customers that the bank is catering to. Manager should provide constant support and motivation to the staff so that they give the best possible service to their customers. Managers need to interact and communicate with CEOs of corporates who are interested in getting their operations funded and then following up on the big customers who avail loans from the bank. With most banks getting computerized, it has become absolutely necessary for a person to be a computer literate so that he/she is able to use the software packages to perform the daily transactions. A bank clerk is involved in various operations like keeping a record of accounts, loans, mortgages, providing services like payrolls and inventory accounting to the customers. The other positions in a bank are for typist, secretary, receptionist, safe deposit attendants, messengers, file clerks and custodians. In small banks there is a lot of job rotation of an employee, hence the responsibilities are not very clearly demarcated. However, in bigger banks each employee is specialized in his/her role.