The Different Job Positions in the Banking Industry

The banking industry has always attracted young talent and continues to, not only because of the lucrative job positions but also because of the vast opportunities to advance one’s career. Serving in a public or private sector bank is the chosen career option for a significant proportion of commerce, science or arts graduates. The banking sector in India comprise the private and public banks, insurance companies, micro-finance firms, NBFCs, mutual fund entities, cooperatives, and various other financial establishments.

You’ll surely be able to land an entry-level position in a bank in any of its various divisions if you’re hardworking and devoted. If you fulfill all the tasks and responsibilities effectively and stay committed, you’ll soon become the departmental head. In a few years time, you may find yourself handling and managing responsibilities as a chief executive officer, chief financial officer, deputy general manager or president.

Diverse Job Profiles in the Banking & Financial Sector

The hierarchical structure of job positions or job profiles is quite well-defined in the banking and financial sector. The position which you take up depends entirely on your academic background and level of professional experience. For majority of the entry-level job openings, you’ll have to appear in a written competitive exam, attain the cut-off score, and clear the GD/PI round.

Banks and financial institutions in the private sector operate somewhat differently from their counterparts in the public sector. There is considerable difference even in the hierarchy of private and public sector banks. Jobs in public sector banks and FIs are more or less secured with a prescribed retirement age. The employees also enjoy a lucrative compensation package, including a handsome salary and various perks and incentives. Following is the hierarchical structure which is nearly common to both public and private sector banks:

1. Financial Analyst
2. Banking Associate/Assistant
3. Senior Associate
4. Assistant Vice-President
5. Vice-President
6. Executive/Senior Vice-President
7. Executive Director
8. Managing Director
9. C-Level Officers (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer) at Regional/National Level
10.  C-Level Officers at International or Global Level.

Popular Job Positions in the Banking Industry

Financial Analyst

The chief responsibility of a financial analyst is to offer investment recommendations to both individual customers and institutions. Financial analysts usually advise clients on the optimum ways of maximizing their returns on investment (ROI). At the least, you’ll need to have a bachelor’s degree with specialization in economics, statistics, finance or accounting.

Having a master’s degree along with a CFA (chartered financial analyst) certification makes you highly eligible for the position.

Loan Officer

As the job title clearly suggests, the primary task of a loan officer is to assist customers in securing a loan or mortgage for commercial and personal purposes. Loan officers help clients in filling out loan applications and processing the same, after reviewing their financial and professional background as well as their creditworthiness.  You at least need to have a higher secondary pass certificate to apply for this position.

Teller

Bank tellers receive and process different financial/monetary instruments from customers. They also promote the services offered by their employers including opening of savings and current accounts, loan processing, and so on. At the same time, they help settle customers’ doubts relating to the above products and answer their queries. Although a high school diploma will make you eligible to apply for the position, you’ll need to clear his bachelor’s degree exam if you want to go up the hierarchical ladder.

Financial Manager

Financial managers are responsible for monitoring and managing tasks at the macro-level, including but not limited to overseeing the bank or financial institution’s financial health. They mainly prepare and analyze financial reports, create blueprints or draft proposals of budget, and balance sheet. Accountants and financial analysts generally work under the supervision of financial managers.

To work as a financial manager, you should have a B.Com degree as well as have extensive experience of working as a loan officer, accountant or financial analyst.

Specialist Officer

You’ll find the specialist officer engaged in a specialized department of the organization, including public relations, IT, marketing, management, and so on. For instance, an agriculture officer or a loan officer is a specialist officer who helps individuals from different walks of life, secure a loan. The officer carefully reviews the socio-economic background of the (loan) applicant, his current income, savings, creditworthiness, and other relevant factors before he sanctions the loan.

The specialist officer holds a graduate degree with a specialization in specific subjects like information technology, marketing, agriculture, and so on. At the same time, having a few years of professional experience in an analogous position is mandatory.

Probationary Officer

A probationary officer assists in opening accounts, managing cash, preparing different bank reports, and also performs many other important functions. Probationary officers supervise and oversee the day-to-day activities of a bank branch. A probationary officer is so called because he joins the establishment on probation for at least a couple of years during which time he receives training.

Once the training is complete, he is promoted to the rank or position of assistant manager. Probationary officers often go on to become branch heads, and some POs are even appointed as deputy governors of RBI. A candidate applying for this post has to appear in a recruitment exam, and needs to be a graduate to qualify for the exam.

Clerk

The position of clerk is categorized under the lowermost rung of the bank’s hierarchical order. To be eligible for this post, you have to be a graduate as well as possess good communicational skills, and be conversant with computers. As a clerk, you’ll need to do basic jobs like account opening, passbook entry, promoting different bank products, and so on.

Assistant Manager/Manager

Branch managers usually happen to be assistant managers or managers. They are responsible for managing and coordinating all the activities of a bank’s branch in a particular location. The bank manager, apart from being a graduate, also needs to have a MBA degree. The employee also has to have nothing less than 5-7 years of professional experience to be promoted to the post of branch manager.

Treasurer

The job responsibilities of a treasurer are very much similar to that of a financial manager or assistant manager. A treasurer maintains and manages the bank’s budget, plans investment strategies, and supervises the finances. To work as a treasurer, you need to at least possess a master’s degree but a Ph.D. would be preferable.

Collector

Collectors mostly have a troubleshooting job where they have to go about securing unpaid bills. Additionally, they also deal with accounts and maintain records of invoices. Though having a high school certification would suffice for this position but completing your graduation would put you in a stable position.

Auditor

The job of a bank auditor is almost identical to that of a chartered account. An auditor analyzes accounts and transactions of the organization and also prepares the yearly balance sheet.

Personal Advisor (Financial)

A personal advisor assists individuals and businesses supervise their funds so that they can fulfill their financial goals, both short-term and long-term. Apart from having a bachelor’s certificate, you’ll need to complete an orientation course in economics, accounting or finance to become a personal advisor.

Data Processing Officer

As a data processing officer, your chief task would be to maintain the security of the information systems of the bank, both on an online and offline basis. A DPO also creates employees’ security profiles, and makes sure that the debit and credit sides of the bank’s general ledger account are even or balanced. To apply for this position, you’ll have to be a graduate with specialization in IT as well as complete a bridge course in bank security systems.