The banking sector has always been one of the most attractive career destinations for youth. Many graduates prefer a Public Sector Bank (PSB) job as it offers more security and stability than a private sector bank. The pay package, timings and perks are also decent.
However, it’s a myth that the PSU banks retain its employees irrespective of performance. Like in other banks, here too the job demands competitive attitude. Despite this, PSU bank jobs are popular because of the attractive salary and benefits. Though many private sector banks offer lucrative pay package and perks but job security primarily depends on candidate’s overall performance.
The most interesting part is that students from any field can pursue a career in banking. Private sector banks often focus on hiring management graduates, chartered accountants and certified financial accountants but any student with a good academic background who passes the all-India banking examinations, is eligible to apply in a PSB.
What are the entry-level jobs in banking?
Every retail bank has five sets of employees.
1. The first set markets the liabilities — fixed deposits, current and savings accounts, recurring deposits.
2. The second set includes the assets — car loans, housing loans, personal loans, gold loans, credit cards, working capital loans, long-term loans.
3. The third set is the operations staff that conducts customer transactions, including resolving customer complaints, opening new accounts.
4. The fourth set is composed of banking specialists who provide foreign exchange services, corporate credit, treasury, Letters of Credit (LCs), among other services.
5. The fifth set is made up of the back office team which does the accounting and provides back office support like administration and IT for the above transactions.
By far the largest and the most important people in a big private sector retail banks are the first three sets of people. However, a PSB’s focus has been on operations and the bulk of its employees are clerks and officers operating from a branch.
How do banks hire?
Passing the Common Written Examination (CWE) and common interviews conducted by the Institute of Banking Personnel Selection (IBPS) is a prerequisite for selection as a probationary officer (Scale 1), specialist officer posts, clerical cadre posts in 20 PSU banks (excluding, the State Bank of India, and its subsidiaries), and regional rural banks. Since 2014, only those who have a university degree were eligible for taking these tests. Besides, a candidate has to be within the specified age limit.
The CWE syllabus and general instructions on filling in the IBPS online application are provided in the exam notification. Each candidate is intimated the date and venue of the exam via a call letter that becomes available for download a few days after they register at the IBPS website. The IBPS CWE is one among the most competitive and popular examinations in India. In the year 2013–14, alone more than 22 lakh youth took the CWE III exam.
IBPS CWE, it is an objective-type online exam, with negative marking for wrong answers. Based on the CWE scores, the IBPS invites candidates for common interviews at various centers. After evaluating the combined scores of the written test and interview, and based on the bank preferences given by the candidate and the vacancies available, the candidates receive offer letters from a bank.
The SBI and its associate banks conduct separate exams, not through IBPS, periodically for recruitment to fill clerk and officer posts. Cooperative banks also conduct their own recruitment drives for these posts. The private sector banks conduct individual recruitment drives directly in campuses, through advertisements and through recruitment consultants. The PSU banks train their new employees extensively, while private sector banks train as per the role.
Entry level jobs in banks
The most popular entry level jobs are CASA executive, recovery officer, probationary officer, branch customer relationship executive, branch operations clerk.
– Excerpts from An Expert’s Guide to Top 101 Entry Level Jobs for MBAs and Graduates authored by T Muralidharan.