The banking sector is integral to the economy and ever since demonetisation in 2016, it has come to occupy a vital role in the economic development of the country. Given its dynamic nature, the banking sector has been ever evolving and is more important than ever before, for fresh graduates. Today, the banking sector offers a plethora of opportunities to those desirous of a career in banking and financial sector. Given here below are some important tips and aspects to keep in mind if you wish to embark on a successful career in the banking and financial sector.
Finding numbers and problem-solving fun
You do not have to be a mathematical genius, but a knack for problem solving and numerical ability will be desirable as you will be dealing primarily with numbers which in turn will certainly help your career advancement in banking. Your ease in understanding and handling numbers and related problems will help you in any role you take up be it in a bank, insurance company or any financial institution. Never forget that numbers are the heart and soul of banking and finance. Your comfort level in performing calculations, basic understanding of accounts and your logical reasoning will take you a long way in the banking and financial sector.
Developing analytical skills
Having strong analytical skills and/or a logical bent of mind focussed on learning and adapting is a great advantage in the banking and financial sector. This is useful when dealing with customers- analysing their financial background, evaluating risk factors involved, understanding economic and financial changes and their impact while offering credit facilities and other related banking services. This helps in efficient utilization of capital and improved profitability for the bank. Banking professionals having ability to handle large accounts, anticipate risks, manage them well and avoid problems that may arise are much sought after and carry premium as far as monetary benefits and postings are concerned. Banking examinations conducted by the Indian Institute of Banking & Finance (IIBF) like JAIIB, CAIIB, specialised certifications and even promotion examinations conducted by the banks themselves or through IBPS help enhance and develop analytical skills. Banking offers both practical learning and theoretical understanding in the form of these exams thereby sharpening your analytical skills. An eye for minute details is a valued skill in a banker when it comes to analysing numbers, crunching data and managing accounts.
Having the right technical Know-how
The banking sector will require you to have in depth knowledge about banking and financial services. You will need to know about professional certifications that are required for handing a job in the banking sector. JAIIB is the first step for bankers after joining the bank to upgrade their banking knowledge and earn an advance increment in pay and allowances. CAIIB is the next level advanced examination. JAIIB and CAIIB exams evaluate your advanced decision-making and management skills along with an understanding of banking and financial concepts, basic technical, legal, accounting, and customer relationship aspects of banking operations. These exams are imperative in your career development in the banking sector.
JAIIB and CAIIB exams have helped thousands of bankers reach their dream positions at an early stage of their banking career. Before you go ahead, find out if you are eligible for JAIIB and CAIIB exams. While these exams boost your banking career, you will be required to prepare for them well. This is where Narang’s Bankers Training Institute (NBTI) has a vital role to play in your successful completion of these exams. Our students have managed to clear JAIIB and CAIIB exams in the first attempt by devoting as little as 15-20 days by just reading our material 2 times in case of JAIIB and additionally solving numerical problems and case studies in case of CAIIB. You can clear these exams in one shot with the help of NBTI study kits – find the latest JAIIB Books, Latest CAIIB Books and online mock tests. Besides this, develop and maintain a healthy reading habit to expand your knowledge base across all domains in banking and finance.
Growing interest in the world of banking & finance
If money matters, financial and economic development interest you then chances are that you will enjoy working in the bank because it does involve some basic knowledge of these areas. If what you do comes naturally then you will quite likely excel in it. Banking is a dynamic field, changing every now and then. So, it is important to be well versed with the latest developments in this sector.
Adapting to technological changes
Advancements in technology have transformed the banking sector thereby enabling it to cater to the banking needs of the masses. Technological innovations are now playing an important role in compliance, payments, retail banking and other related areas relevant to banking. Modern day banks now need employees with the skills to understand how these technologies can be effectively applied, and they need agile and adaptive workforce to navigate these changes.
ATMs, debit cards, credit cards, internet banking and mobile banking have enabled customers to do banking without visiting the bank branch. The electronic transactions through NEFT, RTGS and ECS have increased the speed of funds transfer manifold. These advancements thus create the need for highly skilled work force that is not only conversant with these new technologies but also quick and alert to continuously upgrade and work around for solutions to problems that might keep arising in the form of loopholes.
Let us start with Step 1 and Gear up for banking exams
Anyone can be successful in the banking sector if you use the right tools, follow the right steps, and stay focussed to reach your goal. NBTI offers a great learning experience through our JAIIB and CAIIB learning kits as they really help you ace these exams. Our distance learning approach has garnered a lot of success stories. We provide weekly Q&A sessions to support you all the way in your preparation for these crucial exams that are imperative to you becoming successful in the banking sector.
On self-introspection you will realise which skills you already have in plenty and which others you need to work on and develop. With lakhs of students aspiring for banking exams year after year, you need to stand out from the crowd because banking requires a high level of finance and industry knowledge, which can be easily acquired through learning. Invest your time in learning and preparing for the upcoming banking exams in 2020. To kick-start your exam preparation, take a look at the latest Banking exam study material available at NBTI – from JAIIB books to CAIIB Book and Mocks tests, we have all the material you need to clear your exams in the first attempt; followed by online classes that will commence from the next exam session when IIBF finally announces the exam schedules for November-December 2020 exams.
So, what are you waiting for? Let us help you start your banking journey!!