In the past decade, India has witnessed a phenomenal rise in the number of private banking establishments As a result these establishments with their clear vision and mission have created banking jobs on a massive scale. Gone are the days when the top private banks knocked on the doors of top B-schools. They also handpick the able candidates through direct recruitment.
The banking system in Indian works on two platforms; public and private. To secure a job in a public sector bank, you have to take up the Common Written Examination (CWE) conducted by Institute of Banking Personnel Selection (IBPS); an independent entity working at the behest of Reserve Bank of India (RBI) and Public Sector banks. The CWE is conducted for the posts of Probationary Officers (PO), clerks, and Specialist Officers in twenty public banks. The IBPS publishes Exam Calendar in the beginning of every year. So if you are looking for a lucrative job in a private bank, clearing the CEW won’t help as the private banks are no there on the list of IBPS. Keep in mind that the work cultures at public banks and private banks greatly vary.
The most popular private banks currently active in India are ICICI Bank, Axis Bank, Federal Bank, HDFC Bank, IndusInd Bank, Yes Bank and others. These banks thrive on their stronger presence in most of the Indian states. The best part is they update the vacancy lists on their site. If you are a suitable candidate (meeting their requirements) you can directly get in touch with them for personal interviews.
Apart from private and public, we also have few international players in the banking sector such as Standard Chartered, Bank of America, Royal Bank of Scotland, American Express, Citibank and the like. Not having nationwide presence like that of private and public banks, these banks hold stronger presence in the metro cities like Mumbai, Delhi, Hyderabad, Bangalore, Kolkata etc. To get on board with one of these banks, you need to have prior banking experience and master or specialized degrees.
Before you apply for a private bank job, keep in mind the following points:
- Instead of applying for all the posts, see what suits your core competency. If there are vacancies for the post of Marketing Manager or Customer Care, it makes no sense to apply if you are introvert or do not like crowds or do not have communication skills. Remember, any private bank would expect more than just 100% from yo
- Read the conditions, job duties and responsibilities. If you change your mind after landing the job you applied for, that creates a really bad impression.
- If you are a fresher, you may have to sign a bond for a year or two. Do not quit midway as it is your formation time. Be loyal and dutiful.
- Private Banks conduct their own recruitment exams and programs for freshers (graduates). These programs help the banks interview, select and train them for a stipulated period before appointing them as managers.
- The most essential consideration is pay. Be clear about it. Ask for details such as breakup of the salary amount, pay structure, incentives, travel allowance, deductions and other aspects of your pay.
- If you are applying for an internship, inquire about the amount of stipend if they are offering.