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India is home to around 68 banks which either falls under the private and public domain. This invariably leads to the fact that there are varied types of bankers who exist to satisfy the financial needs of diverse groups of people involved in agriculture, business, professions, and other activities. Between the investors and those who want to sell their investments, bankers act as intermediaries. On a fundamental level, banks serve an important role in the economy, allowing customers to deposit money and create a financial history and credit over time. These organizations help people achieve their long-term goals, such as purchasing a car, a home, or establishing a company. There are various types of Bankers depending on their area of work and specialization such as Investment Banker, Foreign Exchange Trader, Asset Manager, Cashier etc.
There are various types of bankers depending on their area of work as well as the sector that they are associated with. Som eof the most common types of bankers include those of Investment Bankers, Cashiers, Relationship Manager, Budget Analyst etc. The role for each type varies from one another. Not only, is there a segregation in terms of roles and types but also there is a wide difference in the salary structure for each types. The average salary of an Invesment Banker ranges from INR 2.55 LPA – 3.75 LPA, where as the average salary of a Bank Manager ranges from INR 4.45 LPA – 5 LPA.
Candidates aspiring to make their Career as a Banker can pursue various Undergraduate and Postgraduate Banking Courses or various Certifications in Banking from various Top Banking Colleges who offer these courses. Apart from this, they can also pursue Management Courses or Finance Courses from any of the top Management Colleges across the country. Admissions to these colleges are done on the basis of Management Entrance Exams such as CAT, XAT, NMAT, SNAP etc.
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Table of Contents
4.3 Asset Manager
4.4 Equity Analyst
4.5 Bank Manager
4.7 Internal Auditor
4.8 Budget Analyst
4.9 Credit Analyst
4.10 Loan Officer
What is Banking
The business activity of taking and protecting money held by others, then lending it out to make a profit is known as banking. Banks are crucial in the growth of a country because they offer cash for businesses. It serves as a go-between for those with extra cash and others who need money for various business purposes.
Who are Bankers
A banker is a professional who advises customers on financial problems and how to better manage their finances. Savings, loans, taxes, investments, and securities are all part of a banker's responsibilities. The banker will give the customer financial help based on their requirements and needs.
A banker's tasks include analyzing a client's financial situation, offering bank programs, and reviewing the client's accounts to help the financial institution run smoothly.
Read More: Salary of a Banker
Eligibility to Become a Banker
A banker's eligibility varies depending on their profession and employment requirements.
- A 10+2 pass from a recognized board in any stream, preferably Commerce, and a Bachelor's degree in any area in Commerce are the minimum general qualifying standards that apply to all posts.
- Aspiring bankers should begin studying for the Common Aptitude Test (CAT) for courses like MBA from top Management Colleges such as IIM Ahmedabad, IIM Kolkata, XLRI Jamshedpur etc which grants students admission to excellent B-schools for further education and a banking career.
- Several more individual examinations for employment are also held by various banks across India.
Types of Bankers
A banker can work in a variety of roles. Job roles can be chosen based on one's abilities and interests. The following are a few of the most common banking job positions:
Investment Banker
- They assist their clients in raising funds through the capital markets and give financial advice.
- They can help in mergers and acquisitions.
- They are also in charge of providing help in the event of a security breach and doing insurance.
- The salary of an Investment Banker ranges between INR 5 – 8 LPA
Foreign Exchange Trader
- A foreign exchange trader examines many variables that impact local economies and exchange rates, then buys and sells currencies in various foreign exchange markets to profit from any misvaluations.
- The salary of a Foreign Exchange Trader ranges from INR 4.8 – 27.5 LPA
Asset Manager
- A client's assets are managed by an Asset Manager.
- He's in charge of examining the assets and investments. In addition, the asset manager determines the level of risk and gain associated with such assets.
- Main responsibilities include managing multiple client accounts and maintaining effective communication with stakeholders, communicating with clients for any necessary account changes, making necessary changes to the client's portfolio, creating impact analysis reports, and scheduling meetings with stakeholders to review their accounts.
- The salary of an Asset Manager in India ranges from INR 7.81 – 9 LPA
Equity Analyst
- An equity analyst's job is to study and analyze financial data and public records from a variety of firms to determine the stock value and forecast the company's future financial picture.
- The salary of an Equity Analyst ranges from INR 7.61 – 10 LPA
Bank Manager
- The Bank Manager is in charge of leading a team of product specialists, tellers, and other back-office staff to deliver excellent customer service.
- He's also in charge of supervising and organizing the operations of financial organizations like credit unions and banks.
- The Bank Manager's major responsibility is to supervise the work of banking employees and to improve the performance of his bank's branch.
- A bank manager is also in charge of recruiting new product specialists and tellers, as well as providing them with training.
- The salary of a Bank Manager ranges from INR 5 – 13 LPA
Relationship Manager
- Relationship managers are in charge of establishing and sustaining connections with an organization's clients.
- Relationship managers are critical to an organization's development and success since they not only bring in new clients but also guarantee that existing clients are satisfied.
- To resolve client concerns, relationship managers communicate with many divisions inside the company.
- The salary of a Relationship Manager ranges from INR 5 – 13 LPA
Internal Auditor
- Internal auditors at a bank examine the effectiveness of the bank's internal control framework on their own.
- They analyze risks and how the bank manages them by auditing all internal processes, controls, and systems.
- They not only implement value-added solutions to reduce risks, but they also gather and examine all corporate documents to ensure that everything is by industry requirements.
- The salary of an Internal Auditor ranges from INR 6.35 – 8.76 LPA
Budget Analyst
- The main responsibility of a Budget analyst is to assist organizations in staying on track with their budgets and finances and maintaining a balanced budget.
- They also assist in the organization of the company's finances by preparing regular financial reports, consulting with executives on financing requirements, and evaluating budget decisions for special projects or one-time expenses.
- The salary of a Budget Analyst ranges from INR 6.5 – 13 LPA
Credit Analyst
- Credit analysts are meant to use credit scores to assess the financial situation of loan applicants.
- They examine the financial information provided by individuals and businesses seeking loans, as well as their prospective financial circumstances, to assess if they will be able to repay the loan on time.
- The salary of a Credit Analyst ranges from INR 7.61 – 14.82 LPA
Loan Officer
- Loan officers work in the same way that salesmen do, persuading consumers to apply for loans.
- This is a difficult job since many of the people they could contact don't need a loan, and others may lack the creditworthiness to be granted one.
- As a result, to acquire the greatest leads and convert them, a loan officer must be in the right location at the right time.
- The salary of a Loan Officer ranges from INR 3 – 8.71 LPA
Salary of a Banker
Banking is one of the most well-paid and respected professions. Salary ranges fluctuate from one bank to the next and from one job to the next. Salary is determined by criteria such as a banker's experience, abilities, and development over time.
In India, a month's salary for a banking employee is about 34,700 INR. The lowest average income is INR 10,900, while the highest average salary is INR 71,300.
| Job Profile | Average Annual Salary (INR) |
|---|---|
| Investment Banker | 9.61 L |
| Foreign Exchange Trader | 4.7 L |
| Asset Manager | 5 L |
| Equity Analyst | 8 L |
| Bank Manager | 7.85 L |
| Relationship Manager | 5 L |
| Internal Auditor | 4 L |
| Budget Analyst | 7 L |
| Credit Analyst | 7.10 L |
| Loan Officer | 3.5 L |
Types of Bankers: FAQs
Ques. Is banking a good course to do and a good career to have?
Ans. Banking is a very promising subject and job in today's world since the country's economy and markets are continuously changing. Marketers, financiers, and merchants all seek out bankers, and they are regarded with high respect.
Ques. Is it necessary for a student to obtain an MBA degree to work in the banking industry?
Ans. Although an MBA degree is not required for banking as a vocation, it is strongly advised for those who desire to pursue a successful career in banking following graduation. MBA students are preferred by banks during recruiting, and it also aids them in passing other entrance examinations.
Ques. What are some of the benefits that a banker receives?
Ans. Life Insurance, Free Holidays, Transportation, Accommodation, Cash Bonus, Retirement Compensation, and other benefits are available to a banker with a reputable bank.
Ques. What qualities do you need to be a successful banker?
Ans. The skills required are:
- Qualities of a Leader
- Interpersonal Communication Skills
- Ability to Analyze
- Proactive
- Numerical Aptitude
Ques. What is a banker's average pay scale?
Ans. In India, a banker's starting pay is between 4 to 6 LPA. A banker's pay can rise to more than 10 LPA with further professional development and experience.
Ques. Which are the top recruiting companies for Banker?
Ans. The top recruiting companies are IDBI Capital Markets, PNB Capital Services, American Express, Citibank, HDFC, and many more.
Ques. What is the eligibility to become a banker?
Ans. 10+2 pass from a recognized institution in any stream, preferably Commerce, and a Bachelor's degree in any area in Commerce are the minimum general qualifying standards that apply to all posts.
Ques. What are the job areas for a banker?
Ans. The job areas for a banker are:
- Private Sector Banks
- Public Sector Banks
- Multinational Banks
- Financial Institutions
Ques. What is the average salary of an Investment Banker?
Ans. The average salary of an Investment Banker is 9.61 LPA.
Ques. What should you study for a career in banking?
Ans. To apply for banking employment, you'll need a bachelor's degree in Commerce/Management or one of its specializations, as well as the ability to pass bank examinations like SBI PO and IBPS. The following are the subjects you should learn about if you want to work in banking:
- English
- General Awareness
- Quantitative Aptitude
- Reasoning Ability
- Computer Skills
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