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
Popular Private Banking, Finance & Insurance Colleges in India
Asia-Pacific Institute of Management
Jasola Vihar, DelhiLovely Professional University, Admission Office
Connaught Place, DelhiTop Rated Courses
Courses
- AIMA - Post Graduate Diploma in Management (PGDM)Vidyalankar School of Business
- Master of Business Administration (MBA)ASBM University
- Post Graduate Diploma in Management (PGDM)IILM Academy of Higher Learning, Jaipur
- Master of Business Administration (MBA)Kochi Business School
- BBA in Banking, Financial Services and InsuranceSymbiosis University of Applied Sciences
- Post Graduate Diploma in Management (PGDM)Institute for Future Education, Entrepreneurship and Leadership
- Master of Business Administration (MBA)Institute of Industrial and Computer Management and Research
- PGDM Dual SpecializationNarayana Business School
- Executive PGDMBMS Centre For Executive Education and Distance Learning
- Master of Business AdministrationLovely Professional University, Admission Office
Popular Banking, Finance & Insurance UG Courses in India
UG Courses
- BCom
467 Colleges
- BBA
144 Colleges
- UG Diploma
134 Colleges
- BCom ( Hons )
66 Colleges
- BVoc
38 Colleges
Popular Banking, Finance & Insurance PG Courses in India
PG Courses
- MBA / PGDM
556 Colleges
- MCom
176 Colleges
- PG Diploma
130 Colleges
- Executive MBA / PGDM
25 Colleges
- MSc
18 Colleges
Popular Banking, Finance & Insurance Specializations in India
Popular Specializations
- Financial Planning and Analysis
184 Colleges
- Capital Markets
81 Colleges
- Investment Banking
61 Colleges
- Wealth Management
58 Colleges
- Financial Modelling
50 Colleges
- Risk Management
46 Colleges
- Investment Operations
25 Colleges
- Stock Analysis and Trading
24 Colleges
- Actuarial Science
20 Colleges
- International Banking
20 Colleges
News & Updates
Comments
Dear Diksha, Selecting the specialization for an MBA degree is always a tough decision. Dual specialization always helps to achieve your dreams in two different sectors and majorly it expand your options in the industry. MBA in HR: Human Resource Management is a function that involves the process...Dear Diksha, Selecting the specialization for an MBA degree is always a tough decision. Dual specialization always helps to achieve your dreams in two different sectors and majorly it expand your options in the industry. MBA in HR: Human Resource Management is a function that involves the process of hiring of the workforce, providing development & training, maintaining workforce regulation, assessment of their performance, providing compensation & benefits, motivating, relationship with the staff. For students with no work experience, it is essential to choose the right kind of MBA programme. It is this degree that will help them to create a resume that will reflect professional experience, knowledge, and other tools of career management. MBA in Finance: helps students to straddle the management field with the cutting-edge financial technology innovation and its application in the area of Banking, Finance, and Insurance. The Programme will enable students to have an in-depth understanding of the future of money, markets, and transactions, as well as the mental tools and frameworks required to predict and leverage future trends. In my opinion, the student should go for a Dual specialization programme like IILM University, Gurugram provides a Dual specialization programme to the student. They are providing a good opportunity to learn both Finance as well as HR. To know more about the university, please go through the website: IILM University - Freedom to Pursue your Passion. Hope this help.
Hello! https://www.shiksha.com/mba/articles/top-5-mba-specializations-in-india-blogId-3223 Kindly visit the given link for more details on your query.
A
2021-02-25 11:09:41
I am currently pursuing B.Voc. Banking and finance from du. After completing my graduation, will I be eligible for B.Ed. From IGNOU?
Hi Ananya, You can check the official website of IGNOU and find out the eligibility criteria for B.Ed programme, Entrance exams, all other details.
V
2021-02-17 17:14:57
I am in Grade XII and want to pursue BBA HR or Management or Finance). Please guide.
Opting for a specialization whether it's HR, MNG or FINANCE is largely depends upon your interests. Find out which industry excites you the most. I can give you breif details of these profiles. BBA with HR specialisation (One of the most popular courses that give expertise in handling and managin...Opting for a specialization whether it's HR, MNG or FINANCE is largely depends upon your interests. Find out which industry excites you the most. I can give you breif details of these profiles. BBA with HR specialisation (One of the most popular courses that give expertise in handling and managing human resources techniques). HR professionals perform following roles:
-Recruiting Management
-Employment Recruitment, Training and Development
-Promotion, Demotion, Appraisal and Analysis
-Creating Employee Benefits
:BBA with Finance specialisation
Bachelor of Business Administration in Finance (awards students with the fundamental concepts of financial components that involve planning, procuring, and controlling firms)
BBA with Finance professionals handle the following roles:
-Account and Financial Management
-Financial Advisory Management
-Portfolio Management
-Corporate Finance etc. BBA with Management
Bachelor of Management Studies (BMS), Bachelor of Business Administration (Financial Investment Analysis), and BBA General are all the forms of Management at undergraduate level which regardless of the specialisation, it covers all the various aspects of business like finance, economics, operations, marketing, accounting etc. In the end you have to decide, which specialisation fits you better. Hope it helps
Thanks.
S
2021-02-18 18:48:42
What's entrance exam to write MBA IN FINANCE.
CAT is the most important entrance exam that will give you access to many college which offer MBA in finance you can also go for other specific college individually.
A
2021-02-18 17:23:47
Is MAT score is acceptable for finance MBA in this college.
Hi Anup, Yes, MAT score is acceptable for MBA in Finance. AIMA has over 600 colleges as its member who select candidates for admission based on MAT score. It is important to find the right B-School among the most aspired and reputed. One that offers an excellent track record, high quality educati...Hi Anup, Yes, MAT score is acceptable for MBA in Finance. AIMA has over 600 colleges as its member who select candidates for admission based on MAT score. It is important to find the right B-School among the most aspired and reputed. One that offers an excellent track record, high quality education, and a pick at one of the best corporate. Below are list of top MBA colleges accepting MAT score:
1- IILM University, Gurugram
2- Birla Institute of Technology, Mersa
3- Jagan Institute of Management Studies
4- ITM group of Institution
5- JK Business School Gurugram
8- Jaypee Business School Noida
9- Amity University.
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D
2021-02-22 13:34:38
Which one is better option MBA in HR or in Finance?
Reply to Diksha jain