The Banking, Financial Services and Insurance (BFSI) sector across the world is ever blooming. Considering the digital boom that has happened in the past decade, thinking about a career in BFSI could be the right career move. According to sources, the BFSI sector is projected to create 1.6 million jobs by the year 2022.
Future is digital
Follow any major company in this industry and you will find huge amount of investment in digitalization, future of banking is digital. With the world inching towards a techno-driven future, it’s only natural for the Banking Sector to embrace technology. The digital transformation of the BFSI sector is gradual but significant.
Careers in BFSI
Navigating a career in this ever-changing, ever-growing sector can be quite tricky, but the growth is certain. Following are some of the profiles available in the BFSI industry:
- Insurance agents: Insurance agents are professionals who represent an insurance firm and sell policies to people on its 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, mortgages, 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.
The most common skills required for the BFSI sector are stock market knowledge, mathematical aptitude, mutual fund awareness, knowledge about banking operations, and proficiency in sales. 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 career. Certification from institutions like the National Institute of Securities Markets (NISM), the Association of Mutual Funds in India (AMFI), and the Insurance Regulatory and Development Authority of India (IRDA) can help candidates get lucrative jobs offers without any hassle.