Everything you need to know about a career in the banking and insurance sector

---

Banking and Insurance is an extensive and evolving industry. It’s:

• Lucrative career choice, which offers unique, stable, and secure job
• It enables you to gain a respectable position in the society

The dynamic field is the most sought-after by students and professionals from varied educational backgrounds. There is a constant demand for agile professionals with business acumen to expand business prospects and beat the competition. The environment is competitive, with many leading players and organizations constantly having to reinvent themselves and integrate innovative technologies to become undisruptable. If you are keen on a career in the field, pursuing a master’s in banking and Insurance will provide extensive knowledge in operations and contemporary practices to excel in the banking and insurance domain. It gives you the following:

• Exposure to studying the market behavior
• Develop expertise in operating and handling small businesses, multinational organizations, or public offices. It also opens you to opportunities in academics or research.

Banking and insurance sector – current scenario:

source: deloitte.com

The banking industry is making a stronger comeback, post the setbacks it faced due to the pandemic. Digitization, converging industries, intertwined ecosystems, and blurring consumer behavior metrics is changing the financial landscape. Digital assets have transformed the banking process. 

Focus areas for 2022:

• Recruiting, leading, and retaining qualified professionals
• Regulating mergers and acquisitions
• Improving the efficacy of branch operations
• Revamping the financial architecture with digital assets
• Responsibilities towards environmental, social, and governance (ESG) 
• Redesigning marketing strategies
• Preventive measures to handle risk and compliance
• Streamlining digital transformation
• Enhancing cyber security measures to deal with security breaches and financial crime
• New approaches to regulate fintech and big tech companies
• Financial inclusion

The insurance industry needs to address the challenges in regulating finances, recruiting and retaining qualified professionals, sustainability, and changing customer behavior metrics. Efficiently handling investments, people, and technologies will significantly impact its growth. Based on its survey:

• The industry should focus on flexible work models, process automation, and improving customer experience and stakeholder trust.
• Insurers are expecting the economy to recover and increase investments in digital technologies.
• Address various challenges like sustained inflation, sustainability, financial inclusion, and changing customer analysis metrics
• Providing a balance between automation and customized experience to customers 
• Improve stakeholder trust, retention, and profitability

Let’s look at the advantages of a career in the banking and insurance domain:

1) High pay: Working in an area you are passionate about can be highly fulfilling and is vital as it helps you to stay motivated. The monetary benefit is another crucial aspect of motivation. The salary for professionals in the banking industry is higher than in many industries. Your salary increases with education and experience, and you avail of health insurance, travel and home allowances, and other subsidized benefits.

2)Job security: The banking and insurance industries have existed for a long time. The demand for this industry never ceases as people continue to invest, save money, expect interest on savings, need credit for medical care, buy vehicles, own houses and operate the business. With rising demand for the industry, the need for professionals to handle operations and customers are increasing. Studying an Online Masters in Banking and Insurance will enable you to gain knowledge of the fundamentals and processes involved in banking and insurance transactions.

The global market is volatile and prone to recessions, ultimately leading to job loss. But this sector has stability, protects people from financial risks, and is evolving, creating opportunities with job security and ensuring continuous growth in your career.

3) Challenging field: The field is demanding and offers scope for continuous learning, enhancing your expertise and enabling you to reach new heights. 

4) Diversity in job roles: The banking domain offers a broad spectrum of opportunities within its environment. For example, you can start your career as a retail or personal banker in a few years, upgrade your skills and switch to corporate banking without moving to a different industry.

5) Varied opportunities across sectors: Banking and finance skillsets are required to function in specific roles in other industries. A postgraduate Degree in banking and insurance program enables you to work as a financial analyst, financial advisor, business analyst, etc., in information technology, manufacturing, and other corporate organizations.

6) Changing trends: The evolving digital technologies have revolutionized the products and processes in the banking sector, changing the perception and manner of handling transactions. The banking environment has integrated the latest technologies and provides a perfect setting for young and dynamic professionals keen on a career in the field.

7) Travel opportunities: Banking professionals should frequently travel to various cities for training, business expansion, or networking purposes. It broadens your perspective and helps you grow personally and professionally. As bankers, your travel will involve:

• Meeting your clients
• To corporate headquarters to attend meetings and discussions with management
• To attend training programs to gain expertise
• To participate in seminars and conferences
• Handle bank transfers and inspections/audit 
• To international companies to improve foreign trade

8) Upskilling: The industry is diverse and provides opportunities to upskill and quickly switch to a different job role within the domain. Expanding your expertise enables you to grow and reach new heights in your career. 

9) Opportunity to serve customers: Interpersonal and people skills are critical for a career in banking. You will have to deal with customers, talk to them, understand their problems, solve them and improve their service experiences. The industry is full of opportunities in customer-facing roles, which helps you fine-tune your social interactions and interpersonal relations skills, earn customer loyalty and build goodwill. 

10) Work-life balance: Working in a bank can be exhaustive with long grueling hours. But it does give you time off for personal life and self-development. A banking career gives you the right work-life balance, and work practices are encouraging compared to other industries.

11) Safe work environment for women: The banking industry offers safety, security, and a stable work environment with equal career opportunities for women. Hence more women opt to pursue a career in banking, and employment of women has significantly increased in both private and public sector banks 

12) Social prestige: Banking professionals are respected globally as a career in banking is the most desirable and prestigious career which offers security and stability compared to other industries.

13) Global work opportunities: With the domain knowledge and experience you gain, you can work in any country across the globe. 

TAU offers the best postgraduation program with comprehensive training on all aspects of banking and Insurance and its contribution to economic development. Our curriculum is contemporary to meet industry standards and incorporates modern techniques to enhance learning and development. It helps you evolve as a progressive professional to establish yourself in the field. 

Eligibility to join Texila’s postgraduation in banking and insurance 2-year program:

• A qualification equal to a bachelor’s degree from any recognized institution
• A 2-year diploma from a recognized institution and ten years of work experience with a minimum of 3 years in manager or a team leader positions

The program structure of the masters in banking and insurance course:

Subjects	Credits
Year 1
Principles of Management & Organisation Behaviour	19
Managerial Economics	19
Advanced Business Accounting & Financial Management	19
Marketing Principles and Practice	19
Strategic Management	19
Business Research Methods & Statistics	19
Capstone Project	5
Year 2
Personal Financial Planning	19
Financial Institutions and Markets	19
Corporate Insurance Management	19
Marketing of Insurance Services	19
Research Publication in Journals/e-conference	5
Project work Dissertation & Defense	40

Skillsets required for professionals to excel in the field:

• Exceptional mathematical, analytical, and quantitative skills
• A meticulous approach
• Outstanding leadership, communication, interpersonal and problem-solving skills
• Be self-motivated and proactive
• Exhibit impartiality and be prudent in making decisions

Career opportunities after a postgraduation in banking and Insurance:

• Investment banking analyst
• Wealth advisor
• Risk Manager
• Treasury Analyst
• Forex Trader
• Actuarial analyst
• Underwriting Specialists
• Channel Sales
• Investment professionals

Key Takeaways:

Ms in Banking and Insurance is a dynamic and continuously evolving field that deals with money circulation, management, credit, investments, superannuation, etc. A master’s in banking and insurance program gives you deep insights into contemporary practices, processes, and operations in the field with theoretical and practical exposure. It prepares you for a career in banking, broking, consulting, Insurance, etc. You can work with banking or financial institutions, insurance companies, corporates, or the government. It opens you to opportunities across the globe.