Retail Banking Career
Retail banking refers to banking institutions which execute transactions directly with individual consumers, rather than corporations or other banks. Retail banking provides a wide range of personal banking services to include: savings and current accounts, mortgages, personal loans, debit cards, credit cards etc. Consumers may also obtain mortgages and personal loans. Today much of retail banking is streamlined electronically via Automated Teller Machines (ATMs), or through virtual retail banking known as online banking.
Aspirants seeking careers in Retail Banking will need the same set of qualifications, skills and aptitudes required for any other type of career in banking such as Investment and commercial banking. Openings are available to MBAs and Graduates/Post-graduates in Commerce & Accounting in Commercial banks and Non-Banking Finance Institutions (NBFCs) dealing in Retail Banking.
Eligibility, Entrance Exams and Courses required for Retail Banking:
A MBA degree in Financial Management as Major with Retail Management as elective is essential for a career in Retail Banking in reputed institutions. A Masters degree in Computer Applications will be a preferred qualification.
The basic qualification for MBA Course is graduation in any discipline. Business schools have a three stage selection process comprising of the written examination followed by a round of group discussions and then a personal interview. Common Admission Test conducted by Indian Institutes of Management; Management Aptitude Test by All India Management Aptitude Testing Service New Delhi; Xavier Admission Test by Xavier Labour Research Institute, Jamshedpur, Joint Management Entrance Test by Indian Institutes of Technology, ATMA by the Association of Indian Management Schools are the major national level entrance examinations for admission to management courses.
Top Colleges Offering Courses in Business Administration:
- Indian Institute of Management, Bangalore– Provides Post- graduate programs in Management and Software Enterprise Management.
- Indian Institute of Management, Lucknow – Offers Post Graduate Program for Management students and working professionals.
- Xavier Labour Relations Institute, Jamshedpur-Provides scope to pursue PG diploma in Business administration.
- Indian School of Business, Hyderabad- Candidates may apply for the Post- Graduate Program in Management.
- SP Jain Institute of Management & Research, Mumbai-Offers several programs in PGD courses.
- Sultan-ul-Uloom College of Business Administration, Hyderabad-Offers specialized Management Programs in Business Administration.
- Andhra University, Visakhapatnam (AP)-Provides wide ranging advanced courses in all fields of Administration.
Career Opportunities and Job Prospects:
All major financial institutions in Retail Banking offer lucrative careers to MBAs with Financial Investment & Retail Management as Major electives plus certification in computer analysis. Foreign banks such as ICICI, ABN AMRO, Lombard, JP Morgan, Stanley Morgan & Goldman Sachs keep looking for bright graduates from reputed B-Schools to enlist them as fresher Management Trainees or Investment Analysts. Job opportunities are open in the positions of: Associate or Credit Analyst at entry level; Loan Officer and Branch Manager after some experience; Trust Officer & Mortgage Banker with relevant expertise.
Indigenous banks and NBFCs may offer a salary of Rs 10,000/- to Rs 15,000/-pm to fresher joining as Assistant at entry level. When they reach Manager’s Cadre they will be offered Rs 20,000/- to Rs 25,000/- pm.
In foreign owned banks and MNCs, management trainees (MBAs) may be offered a salary of Rs 15,000/- to Rs 20,000/- during probation. Later they will be given salary of Rs 25,000/- to Rs 35,000/- pm as Analysts, Loan Officers and Branch Managers.