Why Banking after MBA
Banking is good career choice for MBA’s. As they specialize in fields like Marketing, Finance, Human Resource and IT, all these fields are widely used in Banking sector. Today where MBA ensures a gate pass in the corporate world, MBA’s are commonly hired for above specialized fields.
Job Profile
The job profile of MBA may include Business Development, Transaction processing ,Compliance and Customer Service. These functions are for Retail Branch Banking. The candidate may be asked to function in these profiles simultaneously also. Then there is Back Office function which does not include face to face interaction with Customers. It includes role profile such as Treasury, Risk Management, Corporate Banking and International Finance. These profile require specialized degrees or diploma along with MBA Finance or Marketing which is given by many reputed institutes of our country.
Starting Salary of MBA in Banking
A B+ category MBA starts from Officer or Assistant Manager level. The job profile includes operations and business development, and the salary package may range from Rs. 1.8 Lakh to 3 Lakh, whereas a core marketing profile may fetch around Rs. 2 Lakh to Rs. 4 Lakh. These packages also depend on the kind of city like metro and non-metros.
Regarding the growth prospects, generally MBA degree holder grows fast then just a graduate. Management graduate can reach managerial position in bank in 5-6 years of time with salary increase 3-4 times from the starting level. As new bank licenses are given, the demand for MBA’s will increase and hiring at Management colleges are definitely going to be high.
(checkout our section on Banking Jobs for MBAs)
The above discussion is for Management graduate from B+ and B category of Management Institutes. These profiles and packages are not for Top management Institutes of our country. They are hired for top management and the salary package is also on hire side.
Generally different kind of banks have different work culture and different salary package. Like all private sector bank have same work culture and the remuneration also on the same lines. Same way public sector bank focuses on customer service and their remuneration is decided by their board. Foreign banks demand perfection in whatever job you are offered and hence higher side on the remuneration also.
Therefore, after completing management degree, a candidate increases his chances for grabbing a job in banks.
Saurabh Khanna
Sr Academic Trainer
Institue of Finance, Banking and Insurance.