Best 10 Reasons to Choose Banking Sector as a Career
By BYJU'S Exam Prep
Updated on: September 25th, 2023
The banking sector in India is growing tremendously. The scope of the banking sector has been widened drastically and now it is not just limited to the basic role of lending and depositing money. There has been a development of adequate professional management and modern managerial techniques and practices in banking.
The banking industry has evolved beyond conventional procedures and is now used for a more significant social and economic purpose in India and throughout the world. The banking industry is shaping out to be a promising terrain for recent graduates and young professionals thanks to current management practices and novel technologies.
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Why Do You Want to Join Banking Sector?
The common question that arises is Why do you want to join the banking sector?. Banking is a profession that offers a huge variety of opportunities as well as the possibility of rapid career progression, one can reach from the Probationary Officer level to a General Manager level, with good pay, and extra advantages, which we refer to as Perks. We are listing the 10 main reasons to choose the banking sector as a career choice.
Banking operations now also serve a larger social purpose. Due to many more advantages, the banking sector allures the young graduates of our country the most. You’re interested in a career in banking, but do you know the benefits of working in this dynamic industry?
10 Reasons to Choose Banking as a Career Option
The nation’s economy is expanding quickly in this fiercely competitive era. The growth of the banking and financial industries is worrying. Banks and other financial institutions provide thousands of bank job openings each year. Every year, the banking sector receives countless applications for bank jobs.
Decent Salary
The best reason to work in any sector is the pay. It is true that the banking sector pays its employees well. Additionally, banks provide their staff with advantages like a minimum rate of interest on loans, medical coverage, pension benefits, and more.
Banking Industry pays well. The salary provided in a bank job is high as compared to other entry-level jobs in India. In a public sector bank, the salary of a probationary officer ranges from around 5 lacs per annum in a public sector bank.
For an SBI PO, it is slightly higher. It is expected that the starting salary of officers in public sector banks will increase to almost 5 Lac per annum soon. So if you are a fresher, starting your career as a Bank employee is great. Know the Exam-wise salaries Here.
| SBI Clerk Salary | SBI PO Salary |
| IBPS Clerk Salary | IBPS PO Salary |
| IBPS RRB PO/Clerk Salary | RBI Assistant Salary |
| IDBI Executive Salary | IDBI Assistant Manager Salary |
| SBI Apprentice | Bank Exam |
Growth Opportunities and No Promotion Limits
The sky is the limit when you get an entry into the Banking Sector. Growth Opportunities in the banking sector are immense. Candidates joining as probationary officers (PO) or as clerks may need to face rural areas in the beginning, but by the fourth year, a second promotion can be expected and they may even get promoted to the General Manager position in their 15th year.
Arundhati Bhattacharya and many more eminent personalities are great examples who started their career in the bank as a Probationary Officer and made it to the chairman position. Apart from this, banking does your overall development and provides you with all the required skills for a job. So, later you can opt for higher-paying jobs or can start your own business.
Job Security
Job Security is one of the major reasons to opt for the Banking Industry. In the case of the public sector, the matter of job security has been always higher. This is also the case for individuals with poor performance. Your future and job are secure with decent pay.
There are very few chances to get fired from Bank until and unless you do something unethical (like taking bribes) or are completely not suitable for the bank job. No job security is one of the major reasons for disliking Private Jobs as the private sector is very competitive.
It’s For Everyone
There is a career in banking for everyone. The interested candidates must be a graduate. Be it any stream, anyone can apply for banking jobs. The banking sector offers a career for graduates from all fields such as Arts, Science, Finance, Marketing, Communications, Economics, Mathematics, Law, Engineering, IT, Psychology, and others. In this way, you will get a chance to meet people from different specializations. There is no special skill required for getting entry into this sector. Banks hire candidates and provide the required training. So if you are willing to learn, accept new challenges, and seek growth, then Banking Sector is waiting for you. Check the complete eligibility criteria:
No Recession Effect
Banks are the backbone of a country’s economy. Especially, when it comes to developing a country like India, the financial condition relies on Banks completely. Some years back, during the global recession, our country was affected the least because of the soundness of the Indian Banking system.
All in all, the banking sector is generally not affected by the recession. Finding stable and long-term employment is essential for professionals in the current uncertain global market. The banking industry, which is constantly expanding, provides job security and sustainable career advancement.
Overall Skill Development
You will get lots of opportunities to enhance your knowledge as well as skills at a bank. Most of the banks in India offer on-the-job training and encourage you to further your education through a variety of courses, seminars, and training programs. Banks have training departments to train students and to help them maximize and utilize their skills through educational programs, and technical training. Team building activities and social events are also organized, While working in a bank, you develop a set of skills that are standard across all careers. E.g., interpersonal skills, customer relations, financial management, strategic thinking, and planning, etc. Apart from it, the challenging nature of work, which is not just lending and depositing, bank jobs will develop your leadership and decision-making skills. There are not many career options that will provide you with all these skills. So overall development through various programs, challenges, and work nature are one of the major reasons to go for the Banking sector.
Job Satisfaction
Job satisfaction is a very subjective issue and it differs from person to person. But being an interaction-based job, Banking Sector offers the chance to help people with their financial matters. The banking sector gives you social exposure, which you do not get in IT Sector jobs. Apart from it, the work culture of a Bank is quite good.
Leaves/Holidays
Banks offer a fair number of holidays in comparison to Private Organizations. Banks have a fair number of holidays than you can get while working in a Private Organization. Banks do care about the festivals and appropriate leaves are given for any festival. In this way, you will get the chance to celebrate every festival with your family and will be able to maintain a good professional and personal work-life balance.
Lots of other benefits and Incentives – Apart from offering a good pay grade, jobs in the banking sector include many incentives, benefits, allowances, and concessions. Bank’s employees are eligible for excellent benefits, incentives, and special allowances, including medical insurance and disability insurance, sick leave and vacation, concessions, paid vacations, paid leave, retirement benefits along basic salary.
Reimbursement for newspapers and transportation is given to the bank employees. Maternity leave and Paternity leaves are also provided. In this way, salary and other benefits in a bank are better than in Private organizations.
A Lot Of People Want It
There is a long queue of people who want to get your seat if you are working in a bank. It is one of the most desired jobs which makes it. Banks will always need to hire and train people. After getting an entry into a bank, further success will rely on aptitude skills, the ability to cope with challenges, and teamwork skills.
High Regard
You get social prestige if you are a Bank Employee. The job in the banking sector is treated with high regard. The candidates are entitled to a high and prestigious job profile that will provide them with the utmost regard. The banks listed below have jobs that are deemed elite:
Top Bank Exams List
| SBI PO | SBI Clerk |
| IBPS PO | IBPS Clerk |
| RBI Assistant | SBI Apprentice |
| IDBI Executive | IDBI Assistant Manager |
| IBPS RRB PO/Clerk | RBI Grade B |
We hope that this article has given you major insights into the bright side of working in a Banking Sector. No job is pure heaven, the same goes with banking. But if you are willing to take up challenges and are growth-oriented, the banking sector can reward you greatly.
