The banking sector has emerged as the most preferred career option in the past few years in India.Be it Art, Science or Commerce graduates, Engineering graduates or Any Post-Graduates.But Banking as a career has come out to be the clear favorite among MBA students.It has been found in a survey that more than 51% of MBA students opt for banking as a career.There are many obvious reasons for this and we will list them in this article.If you are also a Fresh B-school pass out and are looking for a fulfilling career path then read this article to know why most MBA students prefer banking as a career.
1) Job Security
The most important of the reasons is that banking sector provides job security to its employees.If you secure a job in a bank, it is probably life long and no one can fire you or you cannot lose your job due to downsizing or recession in the future. Maybe there would be a bit more pressure on you in a private sector bank than in a public sector bank, but more or less job security is provided by every job in the banking sector.
2) Attractive salaries & Perks
Let us not forget that in today’s world, Money is as important as the kind of job you do.This is one major area for which banks are renowned for.They take care of their employees and officers.If you get a good well-paying job in a field you have interest in and want to work for, nothing can be better than that.Banks not just pay good salaries to their employees but also good incentives, bonuses which increase as your position rises.Public sector banks even provide leased accommodation and furniture allowances.
3) A range of work profiles
Banking is one of the most assorted sectors to work in due to the variety of work profiles it provides.It provides so many diverse and multiple sectors within itself that everyone can find some or the other work profile that will match his interests and aptitude.From Customer dealing, finance analyst, Credit manager, investment banking, Foreign banking, IT officer, Specialist officer or Account manager, there are a large number of options to choose from.
4) Creativity and Chance to learn
Banking Sector is always moving forward and advancing and growing with time.The roles and responsibilities of banks also keep evolving with more and more money being generated.With banks becoming more business oriented, creativity is always welcomed at the workplace.There is no limit on how creative you are allowed to get with the increasing role of mobile banking and online banking in order to bring about a global financial inclusion.With using your creativity you also get to learn new things every day.Fresh graduates are provided extensive training in various fields to make them competent to work in banks and learn new concepts.With this banks even provide training to their regular employees to enhance their skills.
5) Ample scope for individual growth and better career prospects
The banking sector not just provides job stability but it also gives numerous opportunities to an individual to grow himself apart from the regular promotions and salary hikes that occur with time.You can give the internal exams in public sector banks to switch profiles or get early promotions and hike in salaries.After gaining some experience you can even get a better position within the bank or even apply for foreign postings if you are interested in working overseas.It provides an individual an atmosphere which is helpful in helping him attain new heights and better job profile.Also after doing an MBA, working in a bank can add great value to your resume.If you are working in a private sector bank you can apply for the public sector or even other sectors on the basis of experience you have gained working for the bank.
6) Every day is a new Challenge
The type of work in a bank is quite versatile which keeps monotony away from you because you are constantly challenging yourself in new ways.This is a highly propelling and inspiring feature for aspiring and hard working people who want to develop themselves in every way.There will never be boredom in work and the work will both be physically and mentally satisfying.
7) A chance to work for the Economic growth
Banking is a major part of the policies of the government.It is the financial backbone of the economy.Working as an employee of the bank provides you the opportunity to work towards raising the economic growth of your country as a whole.Every employee is a part of it whether big or small.Remember when the Rs.1000 and Rs.500 notes were banned and it was the bank employees who handled the entire job of serving people at that time.There is no better way to work for yourself and serve the country too, side by side.
8) You get an opportunity to travel
Yes, you heard that’s right folks! today when almost all youngsters have been bitten by the bug of wanderlust, banking is a sector that gives you the opportunity to explore new places and travel due to your work.Most of the bank jobs require you to settle in different states across India and sometimes even abroad.You have to go wherever you are posted by the bank.Most banks have branches across different states in India and abroad.So the will to explore new regions also entices MBA graduates towards bank jobs.You are able to break the monotony of daily office because you can enjoy while working as bank jobs involve a lot of travelling both within the country and international.
9) Work-life Balance
Because of it being a 9 to 5 job, Banking sector provides you a significant amount of time to spend with your family and also take out time for yourself.This is also a reason why MBA students choose banking as a career.That is why many candidates prefer banking over corporate or IT sectors which have a very hectic work schedule.Even if you work in a private bank still work hours will be somewhat limited.
10) Sense of Achievement
Working in the banking sector is considered to very prestigious and becomes a source of pride for many Indian parents.Because of the pride also many MBA students choose banking jobs.As there is so much competition in the public sector bank job securing a place there also instills you with the sense of achievement.