In any country, the Banking, Financial Services and Insurance (BFSI) sector plays a vital role in shaping its commerce and industries. The commercial aspect of it makes it one of the fastest growing industries all around the world. In India too, the BFSI sector is growing at a rapid pace. The KPMG-CII report estimates India to have fifth largest banking industry in the world by 2020 and third largest by the year 2025.
About India’s banking sector
India currently has 21 public sector banks, 40 private sector banks of different kinds, 45 private foreign banks, 61 Regional Rural Banks (RRBs) and credit co-operatives exceeding 90,000 in number. India’s banking sector assets jumped to about US$ 1.8 trillion in the financial year 2014, from about US$ 1.3 trillion in 2010 and are expected to outgrow US$ 28.5 trillion by the financial year 2025.
India is at a crossroads where technology is sweeping in all sectors, and the technological revolution in rural banking is another milestone to be crossed. With a vast population and a substantial amount of them “young”, which are all prepared to enter the workforce, one can envisage the proposed growth in the economy. The BFSI sector specifically has a tremendous scope to grow and has a lot to offer. This flourishing industry calls for professionals with MBA in BFSI sector, who would be able to drive India’s growth in this particular field.
Career prospects in BFSI sector and how MBAs are prepared
To cater to this demand, the requirement of trained professionals is continuously on the rise and the sector is expected to employ about 8.4 million people in the coming years. Most BFSI sector jobs offer excellent packages and provide an opportunity for an individual to grow in the corporate environment. These jobs accompany high status and privilege in the society. Many banks and companies offer incentives based on an individual’s performance which may also include shares in the organization.
A typical BFSI course includes training a student in diverse economic subjects such as banking operations, taxation, investment banking, corporate banking, legal aspects of banking, financial accounting, practices and principles of insurance, etc. Some of the top MBA schools in India complement their MBA degree programs with several seminars, conducted by professionals from the industry, as well as regulatory bodies like the Reserve Bank, SEBI, IRDAI and PFRDA.
An MBA degree in BFSI would prepare an aspirant for services relating to stock-broking, mutual funds, insurance agent, banking and financial sales executives, investment representatives, equity product sales executives, etc. The degree not just equips a student with specialized knowledge, but provides holistic skill development. A student is well trained in spoken English, provided regular insights about the industry, and made confident to deal with the challenges to come.
On completion of the degree, one can also enroll for several certification courses from Insurance Regulatory and Development Authority of India (IRDA), Association of Mutual Funds in India (AMFI), or other bodies, which furthermore increase the prospects of a candidate and multiply their salaries by manifolds. Some of the top professionals in the BFSI sector, such as the Actuaries, can earn millions of rupees per annum.
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