What is Banking, Finance & Insurance?
Banking, Finance & Insurance is a field in which the opportunities of growth are vast and varied. While, on the one hand this field is one of the safest and most stable in terms of employment, on the other hand it is the most dynamic in terms of career opportunities. A candidate planning to make a career in Banking, Finance or Insurance can hope for a very lucrative and rewarding career. From managerial and consulting jobs in Government sector and MNCs, to self-employment as Chartered Accountant, Company Secretary, Finance Consultant, Entrepreneurship, the Banking, Finance & Insurance sectors have employment opportunities for all.
To pursue a career in Banking, Finance & Insurance, Commerce in Class 12 is a must and related courses are offered at all academic levels including undergraduate, postgraduate, PhD, diploma, certificate, etc. In India, the best option to enter the banking sector is by appearing in competitive exams like SBI PO and IBPS PO exams. Read below all about Banking, Finance & Insurance including eligibility, courses, entrance exams, jobs and salary.
Banking, Finance & Insurance Eligibility and Top Entrance Exams
Banking, Finance & Insurance Eligibility for UG courses:
- The candidate must have passed Class 12th or equivalent in Commerce stream from a recognized education board or university.
Banking, Finance & Insurance Eligibility for PG courses:
- The candidate must be a Commerce Graduate or equivalent from a recognized university.
Also read:Â Is BCom necessary to make a career in Banking & Finance?
Banking, Finance & Insurance Top Exams
To pursue a career in Banking, Finance & Insurance the candidates must either pursue Commerce at university level or professional courses like ICAI, ICSI and CFA. Given below are the top entrance exams to pursue Banking, Finance & Insurance courses:
| Degree Course Entrance Exams |
Professional Exams |
|---|---|
The most popular Government recruitment exams in the Banking sector include the following:
Banking, Finance & Insurance courses
Listed below are some of the most popular UG and PG degree courses in Banking Finance & Insurance:
| MBA in Banking & Insurance |
|
| BBA in Banking & Insurance |
|
Many diploma, part-time and online certification courses are also available in Banking Finance & Insurance sectors for working professionals who wish to learn more professional skills and latest methods being used in the industry for better career prospects.
Banking, Finance & Insurance: Subjects and Syllabus
The syllabus and subjects of Banking, Finance & Insurance courses vary level-wise. Given below are some of the main topics taught in these courses at Graduation level.
| Introduction to Computer Systems |
Principles and Practices of Banking & Insurance Laws Governing Banking and Insurance |
| Banking Theory and Practice |
Taxation of Financial Services |
| Banking System & Registration |
Information Technology in Banking & Insurance |
| Foreign Exchange |
Universal Banking |
| Management of Financial Services |
Financial Management |
| Micro-Economics |
Corporate Laws & Laws Governing Capital Markets |
| Macro-Economics |
Financial Markets |
| Quantitative Methods |
Cost Accounting of Banking & Insurance |
| Financial Accounting |
Marketing in Banking & Insurance |
| Business Law |
Financial Services Management |
| International Banking & Finance |
Financial Reporting & Analysis |
| Security Analysis and Portfolio Management |
Auditing |
| Central Banking |
Strategic Management |
| Business Ethics & Corporate Governance |
Innovations in Banking & Insurance |
Banking, Finance & Insurance: Jobs, Salary and Recruiters
Banking jobs and salary
Bank Clerks: Bank clerks have the responsibility of completing various tasks related to data entry, book keeping and log-book maintenance. They are hired in different departments of the bank like – accounts, exchange, loan, securities, administration, etc. The average salary of a bank clerk in India is Rs 2.4 lakh per annum and upwards.
Probationary Officer (PO): The job profile of a Probationary Officer includes various tasks including general banking and administrative activities. The average salary of a probationary officer in India is Rs 7 lakh per annum and upwards.
Specialist Officers: An important profile in the banking sector, specialist officers are hired to handle responsibilities in various fields, the most common being Agriculture. The responsibilities include promoting loan and credit facilities in rural areas, helping farmers and land owners in taking loans and repaying them, enabling communication between banks and public and maintaining reports. The average salary of a specialist officer in India is Rs 3 lakh per annum and upwards.
Branch Managers: The role of a branch manager includes overseeing all the tasks and activities of a particular branch like hiring and training of the staff, overseeing daily transactions and financial activities, customer service and maintaining reports. The average salary of a branch manager in India is Rs 7 lakh per annum and upwards.
Finance jobs and salary
Investment Banking: Investment banking profile requires the professional to help the client (company or individual) in raising capital from the market through issuance of securities. The profile also includes participating in mergers and acquisitions on behalf of the client. The average salary of an investment banker in India is Rs 9 lakh per annum and upwards.
Financial Consultant: The job of a financial consultant is to help the client in making correct investment by assessing the present financial status (investments, asset allocation, savings, tax planning, retirement planning and estate planning) evaluating risks and developing financial strategies for future; and monitoring changes in financial status over time. The profile also includes analyzing results and making reports.The average salary of a financial consultant in India is Rs 5 lakh per annum and upwards.
Financial Analyst: Financial Analyst’s job is to provide guidance to clients in making right investment decisions and assess the performance of investments over time. The job profile includes assessing current and historical data, examine the company’s financial statements, assess its strengths and weaknesses for determining future investment.The average salary of a financial analyst in India is Rs 4 lakh per annum and upwards.
Insurance jobs and salary
Insurance Claim Adjuster: The job of an insurance claim adjuster is to assess how much damage is to be paid to the customers who have incurred loss.The average salary of an insurance claim adjuster is Rs 3 lakh per annum and upwards.
Insurance Claims Specialist: The insurance claims specialist’s job is to review insurance claims submitted by the customers and make sure proper procedure is followed to claim damages. The job profile also includes assess unusual claims and whether they can be covered under the scheme. The average salary of an insurance claim specialist in India is Rs 4 lakh per annum and upwards.
Insurance Agent: The insurance agent’s job is to identify, contact and sell insurance policy to customers. The average salary of an insurance agent in India is Rs 2 lakh per annum and upwards. Additionally, the insurance agents get a fixed amount as brokerage on each insurance sold.
*The salary data above has been obtained from Payscale.com
Banking, Finance & Insurance: Top Recruiters
Banking professionals are hired by all Government and private banks like State Bank of India, Union Bank of India, Punjab National Bank, Bank of India, Bank of Baroda, ICICI, HDFC, Axis Bank, IndusInd, Kotak Mahindra, etc.
List of top insurance companies
| HDFC Standard Life Insurance Co. Ltd. |
| Max Life Insurance Co. Ltd. |
| ICICI Prudential Life Insurance Co. Ltd. |
| Kotak Mahindra Life Insurance Co. Ltd. |
| Aditya Birla Sun Life Insurance Co. Ltd. |
| TATA AIA Life Insurance Co. Ltd. |
| SBI Life Insurance Co. Ltd. |
| Exide Life Insurance Co. Ltd. |
| Bajaj Allianz Life Insurance Co. Ltd. |
| PNB MetLife India Insurance Co. Ltd. |
List of top finance companies
| Bain & Company |
| McKinsey & Company |
| EY (Ernst & Young) |
| Deloitte Consulting |
| PricewaterhouseCoopers |
| KPMG |
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Popular Banking, Finance & Insurance Colleges in India
- Total Fees: ₹ 69,105
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- 3 years
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- Full Time
- Total Fees: ₹ 3.50 Lakh
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- 2 years
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- Full Time
- Total Fees: ₹ 17.26 Lakh
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- 2 years
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- Full Time
- Total Fees: ₹ 8.40 Lakh
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- 3 years
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- Full Time
- Total Fees: ₹ 17.50 Lakh
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- 2 years
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- Full Time
Top Rated Courses
Courses
- Bachelor of Commerce (B.Com. Hons.)Parul University
- Master of Business Administration (MBA)Balaji Institute of Modern Management (BIMM), Sri Balaji University
- Master of Business Administration (MBA)IMRT Business School
- Master of Business Administration (MBA)Thiagarajar School of Management
- Masters of Business Administration (MBA)ASM’s Institute of Professional Studies (IPS)
- Post Graduate Diploma in Management (PGDM)Asia-Pacific Institute of Management
- Master of Business Administration (MBA)LPU - Lovely Professional University
- MBA in Banking and InsuranceSchool of Management, D.Y. Patil University, Navi Mumbai
- Post Graduate Program in Management (PGPM)Great Lakes Institute of Management, Gurgaon
- Post Graduate Diploma in Management (PGDM)Jaipuria Institute of Management, Jaipur - (Jaipuria Jaipur)
Popular Banking, Finance & Insurance UG Courses in India
UG Courses
- BCom
162 Colleges
- BBA
85 Colleges
- BCom ( Hons )
25 Colleges
- BVoc
10 Colleges
- BSc
8 Colleges
Popular Banking, Finance & Insurance PG Courses in India
PG Courses
- MBA / PGDM
409 Colleges
- MCom
80 Colleges
- Executive MBA / PGDM
25 Colleges
- MSc
12 Colleges
- MMS
7 Colleges
Popular Banking, Finance & Insurance Specializations in India
Popular Specializations
- Financial Planning and Analysis
170 Colleges
- Capital Markets
69 Colleges
- Wealth Management
56 Colleges
- Investment Banking
49 Colleges
- Risk Management
36 Colleges
- Financial Modelling
34 Colleges
- International Banking
22 Colleges
- Stock Analysis and Trading
20 Colleges
- Actuarial Science
19 Colleges
- Investment Operations
18 Colleges
Ask & Answer (Showing 5 of 5.3K Q&A)
From which institute you are planning to do the same?
Answered bykanu vashisht Scholar-Level 16
GMAT needs to be given anyhow otherwise this will not be possible.
Answered bykanu vashisht Scholar-Level 16
Hello MK
Yes you can apply for the Montpellier business school for MBA.
Answered byAnkit Kumar Contributor-Level 10
Read All Answers (2)No as they didn't mention EEE in their list of eligibility.
Answered bySaket Raj Sahu Guide-Level 14
Hello! https://www.shiksha.com/mba/ranking/top-mba-colleges-in-bangalore/2-2-0-278-0 Visit the given link for more information about your query. I hope it helps!
Answered byAbhishek Desai Scholar-Level 17
Read All Answers (2)Ask Queries on Banking, Finance & Insurance
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Oct 24, 2019