Career as a Banker: Career Guide, Courses, Eligibility, Entrance Exams, Top Colleges, Skills, Jobs, Salary

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To become a Banker, students must clear class 12 from a recognised board and then pursue graduation in finance or economics. The Salary of a Banker can vary according to their designation, experience and bank in India. The average annual salary of a Banker in India is INR 10 LPA. While the monthly salary ranges from INR 71,683 to INR 83,147 with the highest salary being INR 42 LPA and in certain cases even above. The salary of a Banker also depends on the types of bankers or the expertise that one has mastered such as Investment Bankers, Bank ManagersProbationary Officers and others. 

Career as a Banker: Quick Facts

Eligibility Students with Class 12 with 50% aggregate marks in commerce or any stream
Qualifications Bachelor’s degree in Commerce or Management field
Starting Salary (INR) INR 2.40 LPA
Average Salary (INR) INR 6.13 LPA
Highest Salary (INR) INR 15 LPA & above
Top Recruiters Reserve Bank of India, State Bank of India, IDFC Bank, HDFC Bank, HSBC Bank, Standard Chartered Bank

Eligibility to Become a Banker

To become a Banker in India, students must clear class 12 from a recognised board with a minimum aggregate score of 50% or above. After class 12, they have to enrol in different commerce courses like B.Com and BBA. Students can also opt for postgraduate courses after the completion of their bachelor’s degree.

The eligibility for Bankers differs in different banks. The standard eligibility criteria to become a banker are explained in the following steps - 

  • The first step in becoming a banker is passing class 12 from a recognised board with a minimum of 50% marks. Commerce stream is preferred but students from other streams are also eligible.
  • After clearing class 12, students should enrol in banking or finance graduate courses. B.Com, BA in Finance/Economics, BBA in Finance and B.Sc in Statistics are some of the popular courses.
  • Though students can apply for banker jobs after graduation, it is advised to get a postgraduate degree for better career prospects. MBA in Financial Management and MS in Finance are two of the top courses.
  • Pursuing an internship can significantly help students in obtaining their desired jobs. Students get to learn the basic working of a bank and learn the latest skills in internships. They also stood out in the competition through their internship certificates.

Read More: 

Qualifications to Become a Banker

A banker performs various financial services for businesses, organisations and clients like managing accounts and investments, processing loans, advising clients, etc. To become a Banker, students at least need to have a graduate degree in commerce or finance. A postgraduate can help in career growth along with experience in different positions. Some general qualifications that are required to become a banker in India include.

  • Education: Students need to have a graduate degree to apply for banker jobs. B.Com, BA in Finance/Economics, BBA in Finance and B.Sc in Statistics are some of the popular courses. Master’s courses like MS and MBA can help in career growth and better pay.
  • Certifications/Diplomas: Certifications and diplomas act as a perfect source for students to learn skills in a short period. They are also recognised by employers and hold value like CFA (Chartered Financial Analyst) and CPA (Chartered Public Accountant). 
  • Experience: Entry-level positions in banking require little to no experience. So students can apply for them in the beginning and gradually go to higher designations. 
  • Skills: Strong analytical skills, customer service skills, communication and interpersonal skills and financial skills are some of the top skills that a banker should possess. 

Read: How to Become a Bank Manager

Steps to Become a Banker

Becoming a Banker in India is a multi-step process starting from the student’s school and going way up to graduation/postgraduation. The steps to becoming a Banker are explained in the following points: 

  • Complete Class 12 - The first step in becoming a Banker is completing class 12 from a recognised board. Students need to secure at least 50% marks preferably in the commerce stream.
  • Earn a Graduate degree - A graduate degree in commerce or finance is a must for students looking for a career in banking. The students learn the banking fundamentals that help them in their career endeavours. 
  • Apply for Competitive Examinations - Grade B Officer by RBI, BPS PO/SO are some of the exams for which students can apply. Clearing a competitive exam can significantly change a student’s banking career as it opens new opportunities with better pay. 
  • Get a Postgraduate degree - Though it is not necessary, earning a master’s degree can help students in getting a better understanding of advanced banking and financial concepts. A master’s degree like MBA dramatically improves the chances of getting hired.
  • Enrol in an Internship - An internship is one of the most essential things in a banker’s career. Students get to learn and understand the proper working of a bank and its processes through an internship. Internship teaches valuable banking skills and makes students job ready.

Students can apply for internships at both graduate and postgraduate levels. 

Also CheckSteps to Become an Investment Banker

Banking Courses

There are many courses that can be pursued by students to become a Banker. BCom, BBA, Bachelor in Banking and Finance/Economics, Bachelor in Banking and Insurance (BBI), MCom, MSc and MBA in Banking and Finance are some of the top courses available. The details for the most popular courses are mentioned in the following table.

Parameters BCom BBA MBA
Eligibility Class 12 Class 12 Graduation from any stream
Entrance Exams CUET, IPU CET, NPAT, AIMA UGAT, SUAT DU JAT, IPU CET, NPAT CUET PG, CMAT, GMAT, CAT, MAT, SNAP, MAH CET
Top Colleges Delhi University, Calcutta University, Mumbai University DU, NMIMS Mumbai, SSCBS New Delhi, IIM Rohtak, ICFAI Hyderabad IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Delhi, IIM Kozhikode, IIM Indore
Course Fees INR 2,500 – INR 65,000 INR 50,000 – INR 2,00,000 INR 23,00,000
Average Salary (INR) INR 20,000 – 45,000 per month INR 25,000 per month INR 7,00,000 to INR 9,00,000
Top Recruiters Deloitte, KPMG, Ernst & Young, Pwc HP, Microsoft, IBM, Deloitte Amazon, Tesla, Deloitte, HDFC Bank, Nestle, KPMG

Read: Courses to Become a Data Scientist

Entrance Exams

There are many entrance examinations for becoming a banker in India. These exams are highly competitive and require diligent preparation. Some of the most famous entrance exams for banking include CAT, CMAT, MAT, XAT and NPAT. The details for some of the top exams for banking are mentioned in the following table.

Course Entrance Exams 

Entrance Exams Application Deadlines Exam Dates Result Declaration
CAT Till September 2024 November 2024 December 2024
XAT July 15, 2023 Onwards January 7, 2024 January 20, 2024
CMAT Till 2nd week of March 2024 1st week of May 2024 Last week of May, 2024
MAT Till 1st week of May 2024 Last week of May 2024  July 2024

Job Entrance Exams 

Entrance Exams Application Deadlines Exam Dates Result Declaration
IBPS PO August 2023 Prelims - September 23, 30 and October 1, 2023
Mains - November 5, 2023
December 2023
SBI PO May 2023 Prelims - December 2023
Mains - January 2024
To be notified
SBI Clerk September 2023 January 2024 To be notified
IBPS Clerk June 2023 Prelims - August 26, 27 and September 2, 2023
Mains - October 7, 2023
To be notified

Top Banking Colleges

There are many good colleges in India that offer various courses in commerce and finance for students looking for a career in banking. Delhi University, Jamia Millia Islamia University, NISM, NMIMS, Amity University, etc are some of the best colleges for banking. The details for top banking colleges are mentioned n the table below.

Name of the Colleges Location Average Fees (INR)
Delhi University Delhi INR 10,965
Jamia Millia Islamia Delhi INR 7,200
NMIMS Mumbai INR 32,000
Mumbai University Mumbai INR 3,680
Christ University Bangalore INR 2,55,000
K.P.B. Hinduja College of Commerce Mumbai INR 9,326
IIM Calcutta Calcutta INR 23,00,000
Indian School Of Business Hyderabad INR 30,46,000
Xavier’s Institute of Management Mumbai INR 70,000
SRCC New Delhi INR 29,605

Skills Required to Become a Banker

Banker is a complex and dynamic profession requiring individuals to possess a diverse set of skills. Bankers need to have a deep understanding of the financial sector and its intricacies. Some of the top skills that a Banker should have are tabulated below. Read More: What Does an Investment Banker Do?

Financial Knowledge Analytical Skills Communication Skills
Problem-solving skills Time Management Adaptability
Teamwork Multi-tasking skills Attention to Detail

Benefits of Becoming a Banker

There are numerous benefits to pursuing a career as a Banker. Some of the key benefits include - 

  • Job Stability - Banks play an essential role in the economy and their services are always in demand. The banking industry is one of the most stable globally.
  • Career Growth Options - Banking has a wide range of job roles and opportunities. With experience and skills, individuals can advance to higher positions quickly.
  • Competitive Pay - The salaries and benefits packages in the banking industry are one of the best. Bankers are well compensated for their skills and expertise.
  • Exposure to Diverse Industries - Bankers deal with clients with different backgrounds allowing them to understand the complexities of various businesses.
  • Professional Development - Many banks provide their employees with opportunities for training and development. This help bankers in staying up to date with the latest skills and trends.
  • Networking Opportunities - Banking allows professionals to build contacts with different people that can be valuable throughout their careers.

Salary of a Banker

The average annual salary of a Banker in India is INR 3 LPA. The compensation varies according to banks and positions. The pay ranges from INR 10,900 per month to INR 71,300 per month at the start of the career. The average starting salary of a Banker in India is INR 1.2 LPA with the highest salary being INR 8 LPA.

The estimated monthly salary of a banker in India is between INR 21,683 to INR 23,147. The salaries for different banker designations are mentioned in the following table. Read More: Company-Wise Salary of a Banker

Designations Average Annual Salary (INR)
Branch Manager 5.9 L
Sales Manager 5.2 L
Officer 3.3 L
Deputy Manager 8.5 L
Financial Accountant 4 L
Risk Manager 11 L
Certified Public Accountant (CPA) 7 L
Investment Banker 10 L
Equity Analyst 4 L

Career as a Banker: FAQs

Ques. Are there any short-term courses available for Bankers?

Ans. For students who do not want to enrol in full-time courses, they can opt for Diploma and Certificate courses in Banking or Finance.

Ques. Name some top recruiters of Bankers in India.

Ans. Reserve Bank of India, State Bank of India, IDFC Bank, HDFC Bank, HSBC Bank and Standard Chartered Bank are some of the top recruiters for Bankers in India.

Ques. Which cities have the most demand for Bankers in India?

Ans. Chennai, Bangalore, New Delhi, Pune and Mumbai have the most demand for Bakers in India with the best salaries.

Ques. is it important to have a graduate degree to become a Banker?

Ans. Students can complete diploma or certificate courses to get entry-level positions in banks. It is advised to have a graduate or even postgraduate degree for better career growth and payment opportunities. 

Ques. What are the top colleges for banking education in India?

Ans. Delhi University, Jamia Millia Islamia, NMIMS, Christ University, Mumbai University, etc are some of the top colleges for banking in India.

Master of Business Administration [MBA] (Banking and Finance) : 17 answered questions

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Ques. What is the difference between PGDM BFSI and PGDM Finance at IMT Ghaziabad ?

● Top Answer By Sreetoma Gupta on 04 Jun 23

Ans. The emphasis of the curriculum distinguishes the IMT Ghaziabad PGDM Finance programme from the full-time PGDM program. A general management education, including instruction in marketing, finance, operations, and strategy, is provided via the full-time PGDM programme. The program's participants will enroll in a range of business-related courses. On the other side, the PGDM Finance programme specialises in finance and related fields. With the option to specialise in fields including corporate finance, investment banking, and financial analysis, students in this programme will take courses that are highly focused on accounting and finance.Read more
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Ques. Should I go for PGDM General in FORE Delhi or TAPMI PGDM BKFS if I want to go in the finance sector?

● Top Answer By Aditi Banerjee on 25 May 23

Ans. I feel for Finance, TAPMI would be a much better option because it is good for finances in the Tier 2 league. But if you wish to explore other fields, such as marketing, operations, or analytics, or if you are not entirely sure of your profession, choose the Fore Delhi PGDM. Without a doubt, Fore is a top university, and your geographic location gives you an advantage. Additionally, placements this year have been excellent for all tier institutions.Read more
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Ques. Which course in TAPMI is better, the core PGDM, the HRM, or BKFS?

● Top Answer By Divya Kaur on 02 May 23

Ans. What's most important is that you enjoy it. The BKFS program is highly specialized and designed to equip students with the tools necessary to succeed in any financial-related field. The PGDM's first year emphasizes variety over specialization. Two years into the program, you'll have the option to focus on either Marketing, Operations, or Finance. It's up to you to determine the kind of career you want to have. Everything in the new system will be up to the individual, replacing both the major and minor systems. Although the HR course is brand new, it will be just as rigorous and cover the same ground as other courses.Read more
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Ques. Which one between IMI Delhi B&FS and TAPMI BKFS should one choose?

● Top Answer By Sagarika Dasgupta on 01 May 23

Ans. If you want to specialize in finance and want a career in that area, you should choose TAPMI PGDM(B&FS). If you're unsure which area to go into, you should choose PGDM. In the first three terms, you'll learn about all the different fields, and then in the second year, you'll choose your specialization. Having said that, let me tell you that if your choice is based on a brand name, you need to sit down and think about what you want to get out of the next two years while you are getting your degree. If you stay in NCR, you'll always have a lot of chances to work outside of your schoolwork.Read more
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Ques. Is it worth doing a BKFS PGDM from TAPMI?

● Top Answer By Hitesh Takran on 27 Apr 23

Ans. The infrastructure, faculties, and other facilities are similar in all TAPMI courses. So, it boils down to the placements of BFSI. With an average package of 15.7 lakhs per year, the Manipal-based TA Pai Management Institute (TAPMI) boasts 100% placement in the PGDM-BKFS (Post Graduation Diploma in Management - Banking and Financial Services) program for the class of 2021–23. The highest package awarded this year was Rs 22.3 lakh; the top 10 students received average CTCs of Rs 21.7 lakh. The highest package awarded this year was Rs 22.3 lakh; the top 10 students received average CTCs of Rs 21.7 lakh. All 59 of the students who qualified for placements were distributed among 21 different companies. Of these, pre-placement through summer internships was offered to 17 students, with an average compensation of 15.7 lakhs. However, it totally depends on your interest in doing PGDM in finance. If you are interested in any other domain, then BFSI is not for you.Read more
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Ques. 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?

● Top Answer By Nikhil Chaturvedi on 16 Mar 23

Ans.  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.Read more
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Ques. Which is better LBSIM, Delhi PGDM (general) or IMI, Delhi PGDM (B&FS)?

● Top Answer By Amay Singh on 03 Mar 23

Ans. 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.Read more
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Ques. Which is better, a PGDM in banking and financial services at IMI, Delhi or a PGDM general in LBSIM, Delhi?

● Top Answer By Rajan Patel on 03 Mar 23

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

● Top Answer By Yash Gupta on 22 Feb 23

Ans. 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 learningRead more
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Ques. Which college is better for Finance among IMT Ghaziabad (PGDM) & TAPMI BKFS?

● Top Answer By Manmeet Singh on 27 Jan 23

Ans. 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.Read more
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