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What Does A Banker Do: Job Roles, Responsibilities, Top Recruiters, Required Skill set and Salary

OverviewWhat does a Banker do?▾
SyllabusQ&ACutoffMBA Banking and Finance Colleges

In the last six years, the Indian banking sector has witnessed a substantial progress as a result of which people are becoming more financially literate. In order to become a Banker, candidates must complete their Undergraduation in relevant subjects followed by clearing the various banking entrance exams such as IBPS, SBI SO, SBI PO etc.

The major jobs of a Banker key include sanctioning loans, inducing customer to open savings and deposit accounts, managing taxes etc. Other than these some of the other crucial duties of a Banker include, authorising overdrafts and loans post evaluation, handling transactions such as writing cashier checks or money orders when necessary. Bankers are also responsible for recommending and explaining clients' banking services and products as per their needs. Also Check: Salary of a Banker

Candidates aspiring to study further can also choose to pursue MBA in relevant streams such as MBA Banking or MBA Finance or MBA Marketing for building a career as a Banker. Other than this there are several Undergraduate and Postgraduate Banking Courses that can be pursued in order to become a banker.In order to make a Career as a Banker in India, one needs years of education, dedication, financial knowledge, hard work, and drive. Check: BBA Banking

Who is a Banker

A banker is a person who performs banking tasks such as accepting deposits, lending money, withdrawing funds, and exchanging money. 

  • In other words, a Banker is someone who works directly in the banking industry. A banker is in charge of all of the bank's operations.
  • A banker is someone who is in charge of running a bank or who is in charge of the banking industry.  
  • A banker is a person who engages in direct banking activity. 
  • A banker is a responsible for taking care of various baking duties such as clearing cheque, giving loans, educating customers about investments etc. 
  • On behalf of the bank, the banker engages in activities with the consumer.

Check: Diploma in Banking and Finance

What Does a Banker do

Some of the crucial duties that are performed by a banker are listed below for your reference,

  • Personal bankers operate in retail banking locations and help customers with a wide range of banking and financial issues. 
  • Opening checking and savings accounts, acquiring home and vehicle loans, and investing in banking products such as CDs, money markets, and other commercial banking products are examples of such requirements. 
  • They might also be able to assist the customer with retirement or college planning.
  • Personal bankers work mostly with common people, and Investment Bankers work primarily with institutional investors.

Check: Investment Banker Salary in India

Roles and Responsibilities of a Banker

A banker has several broad obligations in addition to their day-to-day activities. Assessing a client's financial situation, offering bank programs, and monitoring the client's finances to assist in the efficient operation of the financial institution are just a few of the obligations that a banker must handle. Some of these are mentioned below.

Client Assistance

  • A banker's primary responsibility is to serve consumers who require financial services.
  • Bankers keep visiting the consumer to establish what kind of help he requires. Assisting the customer might entail getting a student loan for him, for example. 
  • Bankers are responsible for determining their clients bank's ability to meet the customer's financial needs, you must review his financial history.

Check: MBA Banking and Finance

Records Maintenance

  • A Banker keeps precise and full records of your institution's financial transactions. 
  • It requires recording all account payments and reconciling bank records at the end of the day. 
  • Bank statements and loan applications, for example, require correct filing and updating.
  • Keeping records in the appropriate order allows you to readily recover them when you need them in the future.

Check: Diploma in Accounting Management

Account Management

  • As a banker, you'll be responsible for aiding clients in managing their accounts.
  • Furthermore, account management comprises assisting a consumer in opening or closing his account if he so desires. 
  • Another vital job in supporting clients with account management is reviewing their financial histories and advising them of any account packages. 
  • You do not divulge a client's financial situation to anyone without his permission, as required by your bank's contract. 
  • One exception is if you are required to testify in court if your client is charged with treason or in the event of a national emergency.

Check: How to Become an Accounts Manager

Product Services

  • As a banker, you'll be responsible for implementing new services, processes, and products by senior management's instructions. 
  • Clients want you to notify them of new items or services as soon as they become available. 
  • Your bank, on the other hand, wants you to sell these goods to your customers. 
  • You'll also be selling these items to new clients. 
  • Knowing the aspects of your bank's products or services will help you sell more effectively.

Skills Required to Become a Banker

Personal banker, investment banker, corporate banker, and banking analyst are all possibilities. These are some important skills that every banker, regardless of concentration, should have.

Attention to Detail Problem Solving
Personable Attitude Good Communication
Discipline Technological Skills

Check: List of Top Banking Colleges In India

Top Banker Recruiters

Below we have provided a tabulation of the top recruiting firms that hire bankers:

Standard Chartered HDFC Asset Management Company
DSP Merrill Lynch SBI Capital
GE Caps Reserve Bank of India
IDBI Capital Markets Royal Bank of Scotland
Deutsche Bank American Express
Citi Bank IFCI Financial Services

Check: BCom in Banking and Finance Course

Salary of a Banker in India

  • A banker's remuneration in India is determined by their performance and rapport with their clients. 
  • Bankers who work for the RBI not only get a nice income, but they also get a lot of other benefits. 
  • At the outset of their career, a banker's typical compensation in India ranges from INR 4,00,000 to INR 6,00,000. 
  • However, with sufficient experience and professional advancement, a banker's pay can exceed INR 10,000,000.

The average starting salary of bankers as a freshers are as tabulated below:

Sources Average Monthly Salary
Indeed INR 19,520 
Glassdoor INR 26,036
Pay Scale INR 27,560

Check: BCom Banking Management Course

What Does a Banker do: FAQs

Ques. Is it true that bankers make a lot of money?

Ans. Investment bankers are not nearly as well compensated per hour. Because most analysts and associates work more than 100 hours a week, their hourly wages might range from INR 1,939 to INR 2,714. That's not awful, but it's not as wonderful as INR 77.58 LPA.

Ques. Is a banker a good job?

Ans. Anyone interested in personal finance, business, or arithmetic would be well-suited for a career in banking. Banks often offer excellent perks, growth chances, and a pleasant working atmosphere. There is also a range of occupations available, including customer-facing tasks as well as analytical responsibilities.

Ques. Why are bankers so rich?

Ans. Investment bankers make a lot of money by selling firms for a lot of money and earning a lot of money in the process while investing very little.

Ques. How can I be good at banking?

Ans. Be authentic in your curiosity so that your customers know you genuinely want to learn about them. Determine what your customer's financial goals are. Inquire about existing bank products and services, both at your bank and at competitors.

Ques. What should I study to work in a bank?

Ans. Although most banks provide on-the-job training for bank tellers, it is also beneficial to enroll in a university or college course in banking, commerce, business, accounting, or management.

Ask your question

Answered Questions

MC

What should be preference order of IMT Ghaziabad courses- PGDM, PGDM marketing, PGDM finance, PGDM DCP, PGDM banking, insurance and financial services?

DC

Dhruv Chatterjee

25 Jan 23

IMT Ghaziabad offers a variety of courses that cater to various specializations. These courses have been listed and explained in their order of preference

  • PGDM Marketing/PGDM Full Time (Marketing): This is the most coveted program among IMT students mainly because today its alumni have acquired top positions in big firms. Other major reasons include top-notch faculty, great internship and placement opportunities in terms of role and CTC, IMT’s eligibility, and excellent performances in recognized marketing and strategy B Schools competitions.
  • PGDM Finance/PGDM Full Time (Finance): This one is most suitable for aspirants who are interested in Finance. However, this program offers lesser opportunities than the Marketing program in terms of role and CTC. 
  • PGDM Full Time (Operations): This program offers opportunities similar to that of Finance. But the batch size of PGDM Operations is smaller than PGDM Finance, so it may be easier to secure an internship/final placement, but the opportunities come less compared to Finance.
  • PGDM DCP: DCP or the Dual Country Program is for those who are keen to get international exposure. Compared to an MBA from a foreign university, this program is cheaper and yet offers an opportunity to explore a different culture and learn to make decisions in an international context. This is best suitable for those who are in the Marketing domain.
  • PGDM Banking and Financial Services (PGDM-BFS): This program was launched in 2019 and is relatively newer. It targets the core Banking and Finance sector. While the MBA program aims to provide a holistic view of management, this program solely focuses on Banking and Finance.
  • PGDM Full Time (HR): This is the least taken course and offers very less in terms of opportunities.

The courses have been arranged preference-wise so will make it easy for you to choose one.

AY

Which school is better, MDI Gurgaon or IIM K, if I want to be an equity research analyst?

YG

Yash Gupta

22 Feb 23

If you go to the official website and compare the placement reports, MDI Gurgaon fares better than IIM Kozhikode. Let’s have a look at the placement statistics of the 2 B Schools.


 

Particulars 

MDI

IIM Kozhikode 

Number of Recruiters 

87

116

Highest CTC

INR 1.14 CPA

INR 61.5 LPA

Average CTC

INR 26.65 LPA

INR 29.5 LPA

Top Recruiters 

Microsoft, Google, HCL, Adobe

Accenture, Amazon, Microsoft

The best finance companies that offer roles like Equity Research Analyst roles, and Securities analysis visit both the B Schools. But the higher number of companies visiting MDI Gurgaon gives it a slight advantage over IIM Kozhikode. Yet I think both MDI Gurgaon and IIM-K are almost equal in terms of giving you the opportunity of getting an Equity Research Analyst role. If I was in your place I would have chosen MDI Gurgaon because of the following factors

  • Location
  • Infrastructure 
  • The industry-academia relationship
  • Live Projects
  • Guest Lectures
  • Corporate Talks
  • Peer learning
RP

Which is better, a PGDM in banking and financial services at IMI, Delhi or a PGDM general in LBSIM, Delhi?

RP

Rajan Patel

03 Mar 23

I can speak with certainty that PGDM at LBSIM is a far better option than PGDM in Financial services at IMI Delhi. My brother is a recent pass out from LBSIM and the following highlight of the institute are based on his personal experiences 

  • The IIRF ranks LBSIM 25th among private colleges
  • It has a spectacular ROI in terms of placements and fees
  • LBSIM is famous for its student culture
  • You can get an insight into various angles of the industry you will be dealing with in the future 
  • You can avail an abundance of opportunities through live projects and get to have a detailed experience in your specialization.
  • The institute prioritizes a practical approach over theoretical knowledge through academic activities outside the classroom
  • Various academic and non-academic clubs make the environment a friendly one 
  • The institute boasts of a 100% placement record
  • It has an elaborate alumni network that is spread across top companies like Big Four’s, Arcesium, Marsh & Mclennan, Asian Paints, Crisil
  • LBSIM collaborates with various international universities for its student exchange program. Some of them include Nanyang Technological University, Singapore, Northern Illinois University, USA, European Higher School of Economics and Management, Bulgaria etc.
  • A unique feature of the B School is its Bloomberg Terminal which is restricted to the top B Schools like IIM B, IIM C, and FMS only.

All these points clearly state that LBSIM is a very good choice for a PGDM program.

AB

Which one to choose between TAPMI PGDM and IMI Delhi PGDM (Banking & Finance)? Give reasons for the choice.

AK

Aditya Kwatra

03 Mar 23

I am certain that if I had been in your place I would have opted for TAPMI PGDM over IMI Delhi PGDM. I even have a friend who recently joined this program and is very happy with her decision so I have more assurance in this regard.

TAPMI is well recognized not only in India but abroad as well, especially in the Middle East. I know many colleagues from my last workplace who relocated to the Middle East and other foreign countries after graduating from TAPMI.

The infrastructure and campus are very beautiful, unlike the NCR campus which is hot and congested. Delhi is suitable only if you are interested in Sales roles. Else for specialization in Finance and Banking TAPMI is the best choice one can make. Some companies that visited the campus during placements are

  • Deloitte
  • Bajaj
  • CRISIL
  • Fincare
  • HDFC Bank
  • Invesco

I think TAPMI is the best option if you are looking for a sales role in a Finance company.

ND

Which is better LBSIM, Delhi PGDM (general) or IMI, Delhi PGDM (B&FS)?

AS

Amay Singh

03 Mar 23

PGDM BFS is a viable option if you are keen about numbers and finance in general. PGDM core and PGDM BFS rarely has a major difference in curriculum except that marketing subjects of BFS would be less intriguing and the major pedagogy is directed towards marketing of finance products and services only.

A PGDM core student is open to a plethora of opportunities during placements as he is eligible to appear for companies offering marketing and sales profiles. On the contrary, a PGDM BFS student has been exposed to a customized curriculum that focuses mainly on Finance and lacks a wide range of opportunities. However, he has a more definite chance of securing placement at a company offering Finance roles like Banks and other financial institutions. This advantage seems very minimal right now but with the increase in the relevance of the curriculum and demand of the course, it will soon be coveted among Finance aspirants.

The BFS faculties are considered to be among the best given the excellent performance of BFS students in the recent years and the increasing popularity of the course. The companies visiting the campus for BFS are not only banks but include AMCs, NBFCs, FinTechs and other Fin Services firms. The course targets the entire Banking and Finance sector. 

At the end of the day, what remains of your college life is not the specific course you chose but the college you chose to pursue it. Be it PGDM Core or PGDM BFS, IMI Delhi is the perfect college to experience a great college life.

SB

Which college is better for Finance among IMT Ghaziabad (PGDM) & TAPMI BKFS?

MS

Manmeet Singh

27 Jan 23

IMT is a well-established college and comparing it to a mediocre college like TAPMI is not justifiable. Of the two, IMT Ghaziabad is clearly a better choice. To explain further I have compared both these institutes on the basis of some parameters like

  • Establishment: Both these institutes were established in 1980 so they carry an equal legacy.
  • Alumni: Despite a similar legacy, IMT Ghaziabad alumni are placed in higher positions and top firms today. The extensive alumni network has opened gates for corporate and industry exposure. IMT Ghaziabad’s alumni comprise more than 300 CXOs.
  • Location: IMT Ghaziabad enjoys a better location advantage over TAPMI
  • Pedagogy: Both the Institutes are AACSB accredited and follow similar curriculums yet there is a stark difference in the quality of education. This is because of the better pedagogy at IMT Ghaziabad than at TAPMI.
  • Faculty: IMT Ghaziabad's teaching methodology is way ahead of that of TAPMI and the credit goes to its excellent faculty with amazing profiles. They have great industry exposure and help the students grasp the concepts practically.
  • Placements: IMT Ghaziabad has an upper hand in this aspect also. This can be explained further through the table below

Particulars 

IMT Ghaziabad 

TAPMI

Number of recruiters

130+

21

Highest CTC

INR 62 LPA

INR 22.3 LPA

Average CTC

INR 15.28 LPA

INR 15.7 LPA

Top Recruiters 

Morgan Stanley, BCG, Accenture Consulting, Goldman Sachs, Google, Infosys Consulting, Emami International, TATA Consumer Product 

EY, HDFC Bank, HSBC Bank, Tata Capital

From the table you can easily infer that the placement scenario is far better at IMT Ghaziabad than TAPMI. In fact in almost all aspects IMT Ghaziabad is way ahead so it’s definitely a better choice than TAPMI.

AB

How good is MBA from IGNOU in banking and finance?

AK

Avinash Kalyan

10 Nov 20

The Indira Gandhi National Open University is a well-established distance learning institute that offers degrees to students in various fields. It is AICTE and NCTE approved. The MBA in Banking and Finance program has been established by the school of Management Studies at IGNOU after an MoU between the college and the Indian Institute of Banking and Finance.

The following points highlight a few important aspects of the program.

Fee Structure, and Eligibility:

  • The course duration ranges from 2.5 years to 8 years depending on the time the candidate has to complete the degree.

  • A total course fee of INR 37,800 is charged for the degree.

  • In order to be eligible for the program, the candidate must pass the CAIIB exam with the required qualifications.

  • The applicant must also be working in the banking and finance sector for a period of two years at least and a graduate from a recognized university.

Course Structure and Curriculum:

  • The course has a total of 21 courses of which include basic, specialization as well as integrative, and project courses.

  • In order to obtain the certificate of completion, all 21 courses must be completed by the student.

  • Subjects taught include strategic management, ethics, and corporate governance, research methodology, managerial economics, etc.

  • Evaluations are carried out in a continuous manner which constitutes 30% of the degree and the other 70% is determined by the term-end examination.

Job Prospects:

  • Since the course is a distance learning opportunity, with effective time management, students can study as well as look for courses on the job market.

  • This degree from IGNOU will help in gaining promotion as well as provide a job in the public and private sectors.

  • Jobs like factory supervision, operation management as well as managerial positions are available for students.

  • Other career options include roles in forecasting, purchasing, inventory management, production planning, etc.

Obtaining an MBA in Banking and Finance will open up a lot of new opportunities and definitely provide a career boost with the convenience of completing the degree at the desired pace.

S

What's the difference between TAPMI core pgdm and bkfs?

VM

Vihan Manjunath

28 Aug 20

The difference between PGDM and PGDM-BKFS is that PGDM is the general MBA program and the course curriculum comprises all fundamental and cross-sectional areas of management while the course curriculum of PGDM-BKFS is tailor-made for Finance. In the first year for PGDM students are required to study various management-related subjects like Marketing, Finance, HR, and Operation. However, the BKFS course only includes Finance related topics.

TAPMI offers good infrastructure for BKFS. The institute has the largest state-of-arts finance lab in the country with 16 Bloomberg terminals. TAPMI also offers a unique Student Managed Investment Course (SMIC) for the finance stream in which BKFS students work in teams and each team has a mentor from industry currently working in the BFSI Sector. Also, unlike the traditional internship that PGDM students go through the BFS cohort had a two-month study tour in Bombay Stock Exchange where the students had their live projects.

Given below is a comparison between the two courses.

Categories

PGDM

PGDM-BKFS

Course Name

Post Graduate Diploma in Management

Post Graduate Diploma in Management - Banking and Financial Services

Intake

360

60

Course Fee

14.3 lakh (2 years)

14 Lakh (2 years)

>Highest Salary Package

25 LPA

25 LPA

Average Salary Package

11.50 LPA

12.75 LPA

Recruiting Companies

Alien Technology, Arcesium, Wipro, Capgemini, ITC, HCL, etc.

Axis Bank, Yes Bank, HSBC, etc.
NK

Which is better, IMI Delhi BF&S or Great Lakes Chennai PGDM, considering I have no particular inclination towards finance but IMI is the bigger brand?

NC

Nikhil Chaturvedi

16 Mar 23

 If you have the option of dropping a year and preparing for CAT, XAT, or other entrance exams, it may be worth considering. You can use the extra time to study and improve your scores, which could lead to better opportunities in the future.

However, if you have decided to pursue an MBA this year, there are several factors to consider before choosing between IMI and GLIM. You should look at the return on investment (ROI), fees, faculty, location, and placement records of both institutions to determine which one is a better fit for you.

It is important to note that neither the Business Forensic & Fraud Management (BF&S) program at IMI nor the Post Graduate Diploma in Management (PGDM) program at GLIM are the flagship programs of their respective institutions. You may want to research the other programs offered by each school to see if they align with your career goals.

Personally, I would recommend GLIM over IMI. However, you should make your decision based on your own research and preferences, taking into account factors such as the curriculum, faculty, industry connections, and career prospects. It is important to choose a program that aligns with your career aspirations and provides the best value for your investment in terms of education, skills, and networking opportunities.

KC

IMT Ghaziabad Dual Country Programme or IMI Delhi Banking & Finance. Where should I go?

SA

Shahanara Ahmed

31 Oct 20

IMT Ghaziabad and IMI Delhi both are premiere institutes catering to the domain of management. To get a clear view we need to understand both the options comprehensively.

IMT offers a long intense international experience for the Dual Country Program and the opportunities to experience international waters and work with dynamic organizations.

IMI Delhi Banking & Finance gives a comprehensive program for high-quality banking acumen development. The important details to be focused upon are as follows.

Admission:

Both IMT Ghaziabad & Delhi provide an affordable range of fees in sync with the facilities offered.

  • IMT Ghaziabad fees are INR 22 Lakh while it stands at INR 18 Lakh for IMI Delhi.

  • IMT Ghaziabad provides 120 seats in comparison to 50 seats in IMI Delhi.

  • For both the institutes, the eligibility criterion stands at graduation with a valid CAT/ MAT/ GMAT score.

Course Details:

  • IMT Ghaziabad offers the Dual Country Program in two countries,i.e. first year in Dubai and second in Ghaziabad.

  • IMI Delhi Banking & Finance provides you the needed professional exposure in order to cater to the banking requirements of the market.

Internships:

  • In IMT Ghaziabad, after finishing 1 year, students are given opportunities to intern in UAE & Middle East countries. The stipend details are as follows.

Highest

Average

Median

3650 AED/Month

1873 AED/Month

1800 AED/Month

  • IMI Banking & Finance gives internship opportunities with leading banks in the market for 3 to 6 months.

Placements:

  • The major companies involved in offering job opportunities are Pidilite, Genpact, RSA Global, SAIL, Mahindra Holidays, ITC Hotels in the case of IMI Ghaziabad. The average package is around INR 12-14 LPA while the highest stands at INR 34 LPA

  • All candidates of recent batches of IMI Delhi Banking & Finance were placed at good companies like HCL, EY INDIA, ICICI BANK, Deloitte, Grail Insights.

The choice between two depends on whether you prioritize domain-specific or location-specific learning. Greater exposure requirements can be catered by IMT while IMI Delhi offers sector-specific exposure and opportunities.

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