Five Benefits of Pursuing a Career in Banking

A large number of fresh graduates appear for various banking exams such as IBPS PO, IBPS Clerk, IBPS RRB SBI PO, SBI Clerk and more every year in the hope of securing a banking job. The banking sector plays a crucial role in the economic development of a country especially when we talk about developing countries like India. 

With recent advancement in technology the scope of the banking sector has drastically increased and is now not just limited to lending and depositing money. To deal with the increasing use of banking services and to encourage financial inclusion,various commercial banks, development banks and RRBs have started setting up more branches and offices than ever before, and with this there has been an increase in the number of vacancies and openings for banking jobs.

An industry this big and important to the economy with lakhs of employees working in it to cater the financial needs of the large population of the country. Working in a bank not only comes with daily challenges but also offers some great benefits that you will not find in any other profession. 

On that note, given below are few of many benefits that a banking job offers you which makes it an excellent career choice for young graduates.    

Handsome Salary and Perks 

Bank employees receive decent remuneration for their services. The salary offered in a banking job even at an entry-level is higher than that in a private job. For instance, the gross annual salary of a bank PO averages between 4-5 lakhs which is way above the average package offered to a fresh MBA graduate upon placement.Not only this, there are additional allowances and perks that a bank employee enjoys such as Dearness allowance, House rent allowance, Transportation allowance, Health care benefits, concession on rate of interest on loans, Provident Fund and more which are not offered in any other profession.

Growth and Promotion

A person starting at a Clerk or a Probationary Officer post in a branch gets abundant opportunities for growth. For instance, an SBI PO after completing two year probation period is promoted to the of Assistant Manager of a branch.

Similarly, There are internal exams conducted in public sector banks for clerks who are interested in joining the officer cadre. Apart from this, there are timely increments in the salaries of banking employees regardless of prevailing economic conditions in the country. 

An example that proves that there are endless opportunities of growth in the banking sector is that of Arundhati Bhatcharya who started her career as a Probationary officer in State Bank of India and became the Chairperson of the bank.     

Paid Leaves and Holidays

Banks provide plenty of festive and public holidays to its employees as compared to private companies. This gives an employee enough time a year to spend with his family and friends which in turn helps him/her keep a good balance between his/her professional and personal life. 

Another benefit that a banking employee receives is an appropriate number of paid leaves such as casual leaves, sick leaves, maternity/paternity leaves, privilege leaves and more. In this way, a banking job is one of the best career options for a young graduate because it not only provides a handsome salary but also offers multiple benefits.   

Respect in Society and Job Security

Banking personnels enjoy high social status in the society.This is because of the reason that people working in public sector banks not only have an assurance of job security, but they also enjoy multiple benefits apart from a handsome salary. Another reason that adds to the reputation of banking jobs is that of the difficulty involved in getting one these days because of the increased competition. 

Job security has been one of the main reasons why young graduates prefer a job in the banking sector. Regardless of whether your performance, your future is secure. This is the main reason why people dislike private jobs because of the lack of assurance it offers when it comes to job security. Furthermore,being able to work for a bank gives you a sense of pride as you are directly contributing to the nation’s development and helping common citizens through your services.  

Personal Development

Bank employees face a number of challenges everyday and get many opportunities each day to learn something new. Almost all banks whether public or private offer on ground training to fresh entrants through various training courses and programs. A variety of educational and technical training offered to them not only increases their knowledge but also helps them develop necessary skills that they have to utilize when at work. 

It is not only during the training period that they gain new knowledge or develops skills, but this learning process continues throughout their banking career. The set of skills a bank employee acquires are pervasive across all sectors of the economy and are also helpful in daily life. These skills include real time decision making, management of finance, communication skills, strategic planning, Leadership skills, and more. 

So a banking job is not only about depositing and lending money, but it involves the overall personal development of a person.      

Author Bio: Chetan Sharma is a blogger and digital marketer by profession. He handles a network of multiple websites like Teacher Text & various others. He helps clients all over the world to achieve digital success.

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