The banking sector is one of the most career–oriented sectors. The sector has been witnessing a phenomenal growth since the 2008 recession and offering lucrative job opportunities. The COVID-19 outbreak however has slowed the growth of the BFSI industry. With increasing opportunities for banking professionals, stock traders, insurance agents, investment bankers, private equity professionals, the sector is getting back on track.
What’s promising, however, is the opportunity the BFSI sector has brought and promises to change the way it functions. The present time is apt for the BFSI industry to reinvent itself and add innovative business models that are digitally –driven. By using advanced technologies and digitizing workflows, the industry can build new and more optimized business processes.
BFSI industry is a pivotal sector that can accelerate the growth of the country. According to a National Skill Development Corporation report between 2008 and 2022 is estimated to reach over 4.2 million.
Let’s see various job opportunities, career prospects, and skills required to fulfill the requirements of the job.
Retail bankers assist customers with their financial needs and resolve their queries. Financial needs include opening savings account, getting mortgage, loans, investing in banking products, certificates of deposit (CDs), capital markets, and other commercial banking products. Retail bankers also assist customers with retirement planning. Retail bankers need good communication and interpersonal skills, strong knowledge of financial products, and good mathematical and analytical aptitude.
Investment bankers
Investment banking is one of the most lucrative career opportunities in the BFSI industry. Investment bankers work with high –profile investors, high net worth individuals (HNIs), corporates, and more to help them with investment opportunities. An investment banker needs strong knowledge of financial models, understand financial statements, cash flow, and more. An investment banker is also expected to have good relationship management and communication skills.
Financial Analysts are employed by companies to track financial health of the company. They work with corporate teams to analyze financial metrics, organization growth, operations, and other growth-deciding metrics to make business recommendations. A financial analyst is expected to have strong analytical skills and are supposed to be well-versed in macroeconomic and microeconomic scenarios. The primary responsibility of a financial analyst is to gather financial information and suggest changes to the company to improve financial health of the company.
Stockbrokers work with brokerage firms that assist investors as well as institutional investors to sell and buy stocks and other similar securities. Usually, this is done in exchange for a commission and fixed amount of fee. Stockbrokers are registered specialists.
Insurance agents are salesman who work with insurance firms and individuals to sell insurance policies. Insurance agents receive a fixed salary as well as commission on achieving sales targets. Insurance agents can be associated with firm or work independently on a commission basis.
The starting salary of a finance professional can range between $10,000 to $1,00,000 based on their role. The salary of an investment banker, for instance, goes up to $1,00,000 even in the beginning. In brief, the salary of a finance professional can be as high as desired.
To make a career in finance, comprehensive understanding of finance industry is required. A bachelor’s degree or graduate certificate in finance, economics, statistics, or mathematics is enough to get started. For high-paying finance related roles like investment banking, private equity, however, previous finance –related experience and an MBA finance is mandatory.
BFSI industry offers lucrative job opportunities for job seekers post COVID-19 outbreak. Aspirants require knowledge and skills to craft a career in finance industry.
Planning for the future can be challenging, but with the right strategy, you can steadily… Read More
Work distractions are estimated to cost U.S. businesses around $650 billion annually. Unlike in an… Read More
In the manufacturing and production world, new technologies and strategies emerge every year, shaping how… Read More
From the basic physical protections of the 1960s and 1970s to today’s sophisticated, cloud-based, automated… Read More
Instead of relying on one-size-fits-all solutions, modern businesses demand flexible enterprise ecommerce solutions. These solutions… Read More
As businesses aim to stay competitive in a digital-first world, many find that their legacy… Read More