The Banking, Financial Services, and Insurance (BFSI) sector is an industry term used to define companies that provide a range of such financial products/services. Core banking, retail, private, corporate, investment, etc are various kinds of banking services available under this space. Its potential for growth is especially stronger in developing nation like India, as it is one of the fastest growing economies in the world.

                                            

                                                 TABLE OF CONTENTS

Overview   

 

                           Banking, Financial, Services, and Insurance (BFSI) is an industry term for companies that provide a range of such financial products/services, such as universal banks. Financial services may include stock-broking, payment gateways, mutual funds, etc. The insurance covers both life (living) and non-life (non-living).

 

Who should study this course? [Banking, Financial, Services, and Insurance (BFSI)]

 

  • This course is meant for students and professionals who have a basic or no knowledge of finance and would like to understand the subject well.
  • This course is for students who are planning to start their masters in business administration (MBA) and would like to get a solid foundation before starting.
  • This Course is for people who find it difficult to understand the “Financial Times” or similar newspapers and magazines.
  • This course is “NOT” for seasoned finance professionals or people who have advanced knowledge of finance.

 

BEFORE YOU START

 

Prerequisites

 

  • Customer Dealing
  • People with patience
  • People good with numbers and accounting
  • Good Analytical Skills

 

About the Course

 

This course in Finance is meant for beginners students of finance who would like to get a good grip of the concepts of the subject and be able to comprehend the financial world.  Most of us read the news without really paying attention to the financial news. This is due to the fact that most of us don’t comprehend the basics of the subject. By taking this course, one will be able to build a solid foundation and understand the complex topics by breaking it down to simple concepts. In order to take this course, one does not need any prior knowledge. However, I would like one to keep an open and receptive mind. The course is structured in such a way that it will gradually build on complex topics yet keeping things simple. This course is also a great help for students planning to start a university course in finance (such as an MBA) and lack any prior knowledge. This course will ensure that such students will grasp the concepts quickly and not waste time figuring out the basics.

 

What you’ll learn

 

  • Understand basic to moderately complex finance topics.
  • Understand the “Financial Times” or any other similar business newspaper or magazines.
  • Talk confidently about the latest financial issues at dinner parties.
  • Learn the techniques to managing finances and building wealth

 

Program Benefits

 

The banks provide financial assistance or loans to people in need. Although the debtor has to pay interest for the loan amount, during emergencies such loans can solve a lot of problems. Technology has also helped in making the banking sector better.

 

Job Outlook

 

Being an important sector that can further accelerate the growth of the country, the manpower requirement in the BFSI industry has risen to fuel that progress, with over 8.4 million individuals projected to be employed in the next couple of years. The  National Skill Development Corporation (NSDC) also reported that the projected human resource requirement between 2008 and 2022 is estimated to reach over 4.2 million

 

Real Career Impact

 

For developing countries, banks are considered as the backbone of the country’s economy. The global turmoil in the financial segment that occurred a few years ago had the least effect on our country’s banking sector because of our sound banking and financial system. The banking sector in India is growing at a rapid rate and is among one of the fastest growing industry vertical. The rapid advancements and growth in the banking sector have paved the way for many banking career opportunities. The banking sector in India is gearing itself and there are much more private banks to come in the near future. All of these bring in huge career opportunities for those who aspire to become future bankers.

 

Job Aspiration

 

Insurance agents          Bank and Financial product       sales executive

 

Equity product sales executive      Investment representatives      Stockbrokers

 

Salary: $44,000   to     $95,000

 

 

Basic/Nano Degree Certificate

Individual Certificates for each course

 

                              A BFSI career: Prospects and essential skills

The Banking, Financial Services, and Insurance (BFSI) sector is an industry term used to define companies that provide a range of such financial products/services. Its potential for growth is especially stronger in developing nation like India, as it is one of the fastest growing economies in the world.

The Banking, Financial Services, and Insurance (BFSI) sector is an industry term used to define companies that provide a range of such financial products/services. Core banking, retail, private, corporate, investment, etc are various kinds of banking services available under this space. Its potential for growth is especially stronger in developing nation like India, as it is one of the fastest growing economies in the world.

Indian economy’s growth:

According to a report by National Skill Development Corporation (NSDC) for banking, financial services, and insurance industry, India is one of the few countries in recent times to have a backing of strong productivity gains and progressive integration into the global economy.

It also plays a substantial role in promoting the long term growth of the Indian economy, led by the major segments of this industry, viz. banking, insurance, and mutual funds. Moreover, the report also stated that the banking and insurance sector contributes more than 6 percent towards India’s GDP during the year ended in 2008.

Being an important sector that can further accelerate the growth of the country, the manpower requirement in the BFSI industry has risen to fuel that progress, with over 8.4 million individuals projected to be employed in the next couple of years. The NSDC also reported that the projected human resource requirement between 2008 and 2022 is estimated to reach over 4.2 million.

Now, let us explore the various aspects of the BFSI industry, its career prospects, and the kind of skills required to fulfill the skill requirements for job roles within.

Associated Job roles in BFSI:

  • Insurance agents: Insurance agents are professionals who represent an insurance firm and sell policies to people on their behalf. Since this is a commission-based service, agents try to attract as many clients as possible to generate maximum value for their respective insurance companies. They are the official representatives of the company.
  • Bank and Financial product sales executive: Bank sales consultants and sales managers are responsible for handling and looking after the sales of all bank products and financial services to the clients. Products include loans, credit cards, mortgage, etc
  • Equity product sales executive: Equity sales executives and/or equity dealers are responsible for researching the latest equity trends, fund management, and generating total returns on allotted assets
  • Investment representatives: Investment representatives/financial planners/advisors are professionals who work at either bank, credit unions, or investment firms to provide advice related to investment products and other financial services. They offer representation and advice for various financial products like – Annuities, Estate Planning, Insurance, Mutual funds, Retirement plans, Stocks, Education savings, and Trust funds
  • Stockbrokers: Stockbrokers are registered specialists associated with brokerage firms or are independent brokers who are responsible for buying and selling stocks and other similar securities for retail as well as institutional patrons. The job is usually carried out in exchange for a set fee or commission

Salary/Remuneration Package: Fresher’s in the BFSI industry can expect to get up to Rs 10,000 to Rs 12,000 per month, while those with an experience of one year and more can take home approximately Rs 15,000 to R 30,000. A seasoned professional can also earn lots of incentives, like a 7-30 percent share in sales depending on the level of the task accomplished.

Career projection: Individuals in this line of work can expect to take on advisory roles after two to three years depending on their skills and industry knowledge.

Skills required: While each job role in this industry will require specific skills, the most common requirements are: Proficiency in sales, stock market knowledge, mathematical aptitude, mutual fund awareness, and knowledge about banking operations.

Other aspects like good communication skills, confidence, and being well-groomed can help individuals succeed, not just in the BFSI sector, but other industries as well.

Apart from the skills mentioned, those looking for a career in the BFSI sector can also improve their industry expertise by earning certificates, which can become an added bonus to their budding career. Some companies organize regular training sessions for employees to keep them abreast of the latest trends in this space and improve their efficiency.

Furthermore, earning certification from institutions like the National Institute of Securities Markets (NISM), the Association of Mutual Funds in India (AMFI), and Insurance Regulatory and Development Authority of India (IRDA) can help candidates get lucrative job offers without any hassle.

With inputs from Mr. Dinesh Goel, Co-Founder & CEO, Hunarr.co.in

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