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Banking Sector for CAs

Sunali (Learner) (1317 Points)

26 December 2009

Scope and job prospects for Chartered Accountants in Banking Sector..

Pls share your views..

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6 Replies

Saurabh Sharma (Taxation) (226 Points)
Replied 26 December 2009

Hi Sunali

Banks genaraly prefer CA's for the post of Bank Manager's because of wide knowledge but still CA's have to appear of Banks Exams. There is a good scope for CA's in banking sector espacially pvt sector banks but we have to improve our skills to go for this sector.

Thanks

Saurabh

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(Guest)

Career Opportunities in Banking:

Banking is one of the most sought after career choice among the students. It is an entry into a well paid, secure and status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education. Further, it is also not a fact that top positions in Foreign/Multinational Banks are held by MBA's from Premier Management Institutes. Though the Public sector Banks are now appointing management graduates, CAs and CFAs but bright graduates from any subject can get entry in the Public sector Banks through an All India Examination conducted by them.

The emergence of technology-driven new private banks have broadened the scope and range of banking service and entry of Financial Institutions are into the short-term lending business, is resulting in needs for more professionals. Now banks are in the mutual funds , securitisation business credit cards, consumer loans, housing loans, housing loans besides trading in gold and forex activities.

Generally banks look for good communication skills, good interpersonal skills, the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialisation in some specific areas. For example expertise in project analysis, credit appraisal skills, managing huge loan portfolios general and foreign exchange and money .Good computer knowledge is always preferred.

There are front office personnel in all banks, and then there are supervisors who handle most back office operations like completion of transactions, general ledger work, overall supervision.Banks are now offering good salary packages. Most Public sector officers can begin in the Rs 6000-8000 per month scale.CAs recruited by private and foreign banks are given plum packages to the extent of about Rs 25000-30000 a month.

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(Guest)

Private sector/Foreign Banks prefer to take MBA's, CA's etc at junior positions through Campus recruitment and interviews. However, at the senior positions they opt for experienced bankers. Thus the officers from Public sector Banks become the natural choice for such positions. Thus job-hopping has become an well-accepted norm in the Industry.

Therefore joining a Public sector Bank as Probationary Officer (Direct Officer) on the basis All India exam has become a stepping stone for the career growth in the Banking Industry.

regards....

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Sunali (Learner) (1317 Points)
Replied 28 December 2009

Thanks for the info Dipesh..

Your answer though logical, is quite different as I have learned from the sources that generally CAs grab good positions in Banks, as stated by Mr. Saurabh..

(Guest)

o.k..............................madam

akshay dalvi (ca final student) (35 Points)
Replied 22 November 2014

I am also thinking to go for banking sector( only in Private Bank) because it looks safer side for my future career. But the problem will arise of transfer to any city/state.& i don't want that.Because i want to enjoy my future with my family and friends.But i have heared , Once you become senior officer then they have to take transfer as per instruction given by top level management.

I want to settel my career only in banking sector , and for that i am giving the following exams also:

- Credit officer & Trade finance ( from IIBF )

I am in second year of articleship . I am thinking to give above exam while doing the articlship.

So , please suggest me , whether to go for banking sector or to any private co.

I am ready to do extra hardwork for above exams and CA also.