From entry-level to expert: Unlocking high paying careers in BFSI sector

2024 started with a tone of optimism and growth for the banking and finance sector. With a major focus on digital banking, support for Micro, Small, and Medium Enterprises (MSMEs) is at a high, alongside significant investment in digital transformation in banking and the streamlining of India’s tax regime, both viewed as major steps towards change.

 In yet another major move, a special emphasis is being put on infrastructure financing, in turn aiding India’s economic growth.Â

With careers no longer restricted to the traditional roles of bank manager or investment advisor, the BFSI sector offers a diversified portfolio of jobs for students or recent graduates to choose from.Â

Let’s discuss some of the insights shared by Yadhu Kishore Nandikolla, Head of Human Resources, MassMutual India.

COMPETITIVE CAREER LANDSCAPE 

Diversified job roles are further fuelled by innovation and technology that has shaped the face of most industries across the globe.Â

The BFSI sector is highly competitive and provides roles as varied as relationship executive to risk management and cybersecurity. These demand deep thinking and analytical skills along with financial and digital skills. Â

SKILLS AND TRAINING 

To gain an added edge before applying for BFSI roles, students can explore different classes and platforms to acquire skills related to wealth management, lending, payments, insurance, and more that are relevant to jobs they’re interested in.Â

Many self-paced learning platforms offer related online courses. Internships in BFSI organisations, applicable certifications, networking amongst industry professionals, and attending applicable seminars and conferences are other ways to enhance the skills and learning needed to enter this sector.Â

Students, recent graduates, and those new to their BFSI careers also have opportunities to develop by participating in seminars, symposiums, white paper presentations, and other upskilling tactics, keeping themselves updated with the latest trends and policies in the industry. They get excellent chances to network with industry leaders and peers. Â

OPPORTUNITIES 

Talent trained in data science, data analysis, data engineering, full-stack development, and cloud infrastructure/development are in high demand in the market. Roles of quantitative analyst, securities trader, financial analyst, etc have also become quite popular amongst finance professionals and jobseekers.Â

Because of the high pressure and competitive market scenario, driven by volatile factors, the jobs are remunerated with lucrative compensation compared to other sectors. Beyond high pay, BFSI roles also provide stability, and opportunities for advancement and are in consistent demand. Most employers now additionally offer flexibility to employees by allowing them to work remotely or in hybrid environments, helping create work-life balance.Â

These jobs offer other perks as well, including a challenging work environment and interaction with highly motivated and intelligent colleagues. Â

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