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Career opportunities in BFSI sector- 21-Apr-2016
With current changes in RBI's policies for issuance of new licenses to banks in the private sector & the government's infusion of funds in state run banks, the banking sector has become a promising & lucrative career option for many aspiring graduates. Though the 2012 World Bank working paper, pegs that only one-third of Indias adult population has access to formal banking services. This scenario has changed drastically since the launch of the Pradhan Mantri Jan-Dhan Yojana which has succeeded through 192 million increased deposit accounts.
These government initiatives for financial inclusion through new schemes &the issuance of licenses to new banks in private sector clearly indicate that the banking sector is poised for a revolution in the near future. These vacancies along with the job opportunities in private sector banking & financial institutions, place the demand for the BFSI sector asclose to 5 million!
The other side of the coin though is that the automation of major banking processes & their large scale adoption have caused a paradigm shift in not only the working trends of the BFSI sector but also the skill set required for job seekers. Majority of the key roles in banks now focus on customer relationship development i.e. taking on advisory roles by understanding customer needs & providing financial solutions through portfolio management. To succeed in these roles, knowledge of investment products & financial mathematics is imperative. In addition, soft skill development also provides an edge to interested candidates. This is where the private institutes catering torequired skills & knowledge, come into play.
The Indian education system has traditionally placed more importance on rote learning. However, to become a globally relevant player & to leverage the countrys youth population as an asset, the youth needs to be professionally trained. This will enable growth through stable &market relevant jobs. Today, in the Indian context where the public-private model has worked well in the education sector, these private institutes play an important role by providing courses designed as per industry standards & in line with industry requirements.
Graduation years are considered to be the most apt phase for laying down the foundation of a banking career as banks too prefer fresh graduates with a fresh outlook, positive attitude, professionalism, confidence and good communication skills during recruitments. Private institutes offering courses specifically designed to suit the needs of the corporate sector aid the students to gain practical knowledge through internship programs by tying-up with the organizations &corporate.
Since the faculty in these institutes constitute of subject matter experts & industry veterans, the students get the added advantage to learn from their real life experiences through interactive Q&A sessions and seminars. This equips them better for the roles of their choice & also to make informed decisions in terms of a career choice.
Graduates with certifications in NISM (for the Indian securities market), business analytics, CCMP, MFP etc have a distinct edge in terms of job readiness. With over 5 million graduates entering the job market every year, these relevant skills & certifications act as the key differentiator for the employers to choose the correct candidates.
With limited access to quality education, a majority of youth lack skill based training. To change this scenario for a brighter future, the need of the day is to recognize the importance of private institutes & its widespread adoption by masses. This will effectively tackle the challenge and bridge the demand supply gap & provide well-rounded professionals for the BFSI sector through courses like Banking Management, which is poised to be the sunshine sector of India.
-- Anish Srikrishna, President, Times Centre for Learning.
