Career Progression in Banking

Banking is a sought-after career desired by many. Students aspire to join the field of banking and finance for better prospects and growth. A career in banking would mean wide scope and ample opportunities. If you are looking to craft an excellent career in this sector, this blog will shed some light and help you understand the benefits of paving a career in banking and the kind of banking career growth available in this sector.

Click here For Most Affordable Degree Course Details

What Do You Understand by a Career in Banking?

Banking is a service industry and an important industry for a country. Worldwide bankers are highly respected and regarded for their positions in the sector. Any individual holding a position within a bank or a financial institution means that the person is pursuing a career in banking. Some common career options or designations that individuals in the banking sector can pursue include accountants, bank tellers, bank administrators, investment bankers, etc.  Although some banking positions require the aspirants to be highly qualified, other positions can be applied by graduates or individuals without any professional qualifications.

Apply Here For Best Degree Courses

Why Should One Pursue a Career in Banking?

There are several reasons to pursue the banking profession for a fulfilling and rewarding career. Here are some points to consider for a career progression in the banking sector:

· This sector pays well and thus bankers can expect to earn handsome and competitive salaries

· Banking professionals can avail of benefits like medical insurance, disability insurance, sick and paid leaves, and job security

· They can secure their retirement and have ample opportunities to grow in their career

· Banking professionals can pursue careers worldwide

· They get to work in good working conditions and have fixed working hours

· There is scope to grow and get good promotion in this industry

Types of Positions Held by Professionals in the Banking Sector

1. Auditor

The role of a bank auditor is to check a bank’s financial record for validity, accuracy, and completeness. An Auditor is an accounting specialist who evaluates and inspects bank records. This is a professional who conducts yearly auditing in banks and is responsible for developing an effective approach to do so. Once the audit is done, the auditor reports the findings of the audit to the bank authorities. This ensures that the financial statement of the bank is verified.

Salary: Rs 4 lakh - Rs 10 lakh per annum

2. Accountant

A bank accountant holds a very important position of overseeing transactions and maintaining their accuracy. This way, they ensure that bank books are maintained for every debit and credit done through the bank. Accountants also record bank cash to ensure that the bank holds enough cash flow to handle the requirements of customers daily. This professional is responsible for maintaining and posting journal entries to the general ledger. Bank accountants are required to be detail-oriented and have strong problem-solving skills.

Salary: Rs 1 lakh - Rs 6 lakh per annum

3. Commercial Bank Officer

A commercial bank officer is a professional who works with critical commercial loan accounts. They are responsible for making critical decisions and have to ensure the overall profitability and quality of bank loans. They offer comprehensive banking services and develop strong client-business relationships via different tasks. They focus on bank products and their sales and marketing. They work mostly in medium-to-large banks and other organizations.

Salary: Rs 12.6 lakh - Rs 16.1 lakh per annum

4. Credit Analyst

As the name suggests, a bank credit analyst is responsible for assessing the creditworthiness of an individual or company. This is an excellent position for your banking career growth. These professionals collect information from different sources and evaluate the past financial history of borrowers as well as their credit history to determine their ability to repay. These professionals can seek jobs in credit rating agencies, and companies that issue credit cards besides working in investment and commercial banks.

Salary:  Rs. 2.2 lakh - Rs 16 lakh per annum

5. Bank Teller

A Bank teller is a front-line banking professional who verifies customer IDs and interacts with them. They are primarily responsible for processing deposits and withdrawals and aiding in financial transactions. They record every transaction they do electronically and keep a tab on the cash drawer at the start and end of their day at the bank. They receive deposits as cash, cheques, and other forms.  They also exchange money with foreign currency in many banks.

Salary: Rs 1.7 lakh - Rs 4.3 lakh per annum

6. Bank Compliance Officer

This is a professional who is accountable for conducting inspections and audits to make sure that a bank follows internal and external laws that are prescribed. They monitor risk areas in bank operations and ensure that the bank adheres to state and federal laws. Banks are required to comply with statutory provisions, codes of conduct, and regulations. They are also responsible for communicating responses to the concerned stakeholders.

Salary: Rs 2.4 lakh - Rs 22 lakh per annum

7. Financial Clerk

Bank clerks are responsible for updating customer data. They are also responsible for updating the financial records of the bank as per customer requests. Thus, they can update the addresses and details of customers, update their income records, remove customers who no longer have accounts with the bank, and more.

Salary: Rs 0.3 lakh - Rs 5.5 lakh per annum

8. Wealth Manager

A wealth manager is responsible for the business development of the bank as needed and assessing the risk appetite. They are also responsible for achieving their targets through revenue generation and acquiring investment products.

Salary: Rs 3.0 lakh - Rs 12 lakh per annum

9.  Loan Officer

A loan officer must approve loans by forwarding applications to the loan department. They are responsible for completing loan contracts and explaining them to the clients. They submit loan files after preparing them accurately and timely.

Salary: Rs 1.4 lakh - Rs 4.1 lakh per annum

10.  System Analyst

As a bank system analyst, the professionals are responsible for paving roadmaps for banks and overseeing their execution. They drive scalability and identify data processing issues and banking system gaps.

Salary: Rs 5 lakh - Rs 15 lakh per annum

How to Start a Banking Career: Some Tips

If you are willing to take up banking as a career and want to get into a good banking job, below are some steps that will help you choose a banking career:

· Consider the skills you are good at - A banker can work in different areas of specialty. They might require typical skill sets depending on the area they want to work in. Thus, aspirants good at client servicing can consider roles where they need to interact with clients. Individuals willing to avoid too much interaction can prefer to work as system analysts in a bank.

· Decide the specialization that you want to choose – Various areas are there in the banking industry and one can focus on one such specialty area and work on that. This way you can narrow down the career options and pursue your higher education to fulfill the criteria of getting into that particular field or area where you have expertise. Corporate banking, accounting, sales, loans, and financial advisor are some such roles to consider.

· Try to get an internship in a reputed bank – Internships are the best way to get first-hand experience in any field. If you get the opportunity to work as an intern in a reputed bank, you can learn a lot of things to help you in your banking career. It will also allow you enough scope for exposure and opportunities to broaden your network. It will support you immensely in pursuing a banking career as a profession.

To sum up

If you are looking at career growth in the banking sector, you can pursue the desired professional qualification to grab the best opportunities for the best career in banking. Amity Online is the most trusted online educational institution where you can choose the best banking and related courses to pursue online. Getting an online degree is suitable for many students and working professionals who want to enhance their skills and knowledge in the banking sector.  Visit Amity Online today to know more.

Check Out Our Top Online Degree Programs

UG Programs	PG Programs
BBA (Bachelor of Business Administration)	MBA (Master of Business Administration)
BCA (Bachelor of Computer Application)	MCA (Master of Computer Application)
Bcom (Bachelor of Commerce)	MA (Master of Arts Public, Policy and Governance)
BA (Bachelor Of Arts)	Mcom with Financial Management
BAJMC Bachelor Of Arts (Journalism and Mass Communication)	MAJMC Master Of Arts (Journalism and Mass Communication)