Banking Finance

The Sensex crosses 11,000 indicating thumbs up for the booming finance sector. Finance has become a lucrative career option from being associated with LIC agents and Banking professionals to Portfolio managers and Corporate Finance advisors.Today's number cruncher geniuses in investments and equities have a basketful of refreshing variety to choose from, to stay 'fiscally fit'. With global private equity funds like Fidelity and Temasek Holdings and Insurance majors like AIG betting big on the country, the finance sector is just becoming a rich hunting ground for job seekers.

The banking sector witnessed strong growth in deposits and advances during the year 2004-05. As of March 2005, the number of commercial banks stood at 289.The aggregate deposits of scheduled commercial banks increased from US$ 331 billion in March 2004 to US$ 374 billion in March 2005.The market share of LIC, has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion new policies in 2004-05. It is expected that in the years to follow new job creations in this sector alone will touch a figure greater than one lakh. 

According to Sonal Agrawal, Country Director, Accord Group, a "At the lowest level, base compensation has gone up by 15-20 percent. At the higher level, it is largely the variable compensation that comes into the picture."26 percent of the class of 2006 at the Indian Institute of Management, Bangalore (IIM-B) accepted job offers in Finance with Consulting and investment banking being their hot favorites. 70 percent of this batch, in spite of having an engineering degree chose a completely different career in Finance after the two-year PGP course at IIM-B.

In 2004, 15 per cent of CAs joined BPO sectors. In 2005, out of 6,179 students, 35 per cent joined BPO sectors. It is estimated that in the next five years, this number will increase to 50 per cent from the 35 per cent.

A career in Accounting and Finance provides opportunities in various areas like:

The following table provides information on skills & qualities required for a successful career in Accounting and Finance sector:

  • Is Accounting and Finance for you ?
  • What is the study flow for Accounting and Finance?
  • The study route in Accounting and Finance
  • Tracing the Career path

Career path in Accounting
Accountants are involved in accounting procedures and financial planning, in integrating the knowledge of accounts and finance, as well as in computer software development with other professionals for information processing.

Career path in Retail Banking
Retail Bankers are involved in customer interaction, front line sales, channel sales, development of asset / liabilities / card products, marketing of products or handling non-delivery channels for Banking products (like ATMs, Internet etc)

Career path in Insurance
A career in Insurance involves large asset management operations and selling mutual funds and other investment products.

The average salaries for Finance professionals

CA or MBA?
Possible Career Progression after Qualification

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