Whenever we look for a good job, 2 things are always there as our priority, it should be a good paying job and a stable one. Most of us will agree with the fact that a banking career in India is secure and comes with a well paid salary package. These are 2 big reasons why management graduates and engineers are inclined towards banking sector.
(checkout our post on Bank PO Salary)
Career Prospects for Engineers (Banking Sectors)
If we consider about career growth, time span to reach to a management level for engineers in banking sector, comparatively it takes much for employees. A good student might start his engineering career with a very good package but the fear of job lose looms inside him always because of the uncertainty in IT sector. Down the years not only they have cut on the work force but also on the pay hike. The fluctuating rupee and slashing of export orders are cutting into profit margins of many IT companies which expect further slowdown in their revenue earnings. Banks are aggressive in branch and portfolio expansion both public as well as private sector banks likely to go up to 30 per cent according to industry experts. Engineers are preferred in IT Divisions, Managerial Posts, Officers Jobs etc since they are very good with resolving the most complex problems.
(checkout our section on Bank Jobs for Engineers)
Career Prospects for Engineers (Non Banking Sectors)
In present scenario if an engineer aspires to be a banker then the very first question thrown to him is why banking after engineering? So somebody can justify himself through the below comparison.
According to multiple estimates, India trains around 1.5 million engineers, which is more than the US and China. In job market where there are few jobs for India’s overflowing technical talent pool. Million students graduating out of India’s engineering colleges run the risk of being unemployed.
It has been seen that students with background of computer science technology, information technology or manufacturing are placed compared to other trades like chemical engineering, mechanical or electrical engineering. Placement for students from highly reputed institutes like IIT, BIT or NIT is easy but many others find it very difficult to get a good job offer.
In short engineering career may or may not be provide a good job depending on the job market and economic condition. And eventually it becomes quite stressful to be in competition and being a consistent performer in long run.
Why Banking After Engineering
On the other hand if we consider banking nowadays is far more than just depositing money or lending money. With globalization and growing economy it is serving numerous complex financial functions for financial sector. So it requires highly professional, tech savvy and candidate having strong analytical ability. Many nationalized banks nowadays want to develop their own software and they are recruiting engineering freshers as IT officer. In terms of knowledge, experience and growth banking sector is providing numerous opportunities.
(checkout our post on Why Engineers Prefer Banks)
Other than Salary PF / Gratuity / Pension / Leave Encasement / Loan at lower interest etc are other benefits for a bank employee. Scope of internal promotions is frequent and quite high compared to other sectors. On an average the no of young managers are growing in banking sectors. A dedicated young officer after joining can aspire to be a manager in 3/4 years. Therefore, if we analyse the professional growth prospects and stability in banking, it will always one of the best option to choose even for engineers.
Latest posts by ambika (see all)
- Why Banking After Engineering? How to Answer this Bank Interview Question - February 19, 2016
- Role and Salary of Bank Probationary Officer in Government Bank - April 21, 2014