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Job opportunities - Financial Sector

Perhaps the most significant and direct contribution of the rise in the economy has been in the financial sector and banking arena where ever increasing opportunities have resulted in the explosion in job openings for people from various degrees and experience. As the stock markets are growing so are the opportunities in the capital markets and banking sector where the companies are trying to expand their operations like never before. This is also causing an upward trend in the salaries and compensation packages to retain the talent.

The banking, financial services and insurance (BFSI) sector is having a dream run in recent times. The good thing is that the bulk of action is not only restricted to metros like Mumbai and Delhi but also in second tire cites and towns where the potential has been realized by companies. As per a recent human resources survey, 150,000 jobs will be created in this area in the private sector alone over the next 12 months. The latest Ma Foi Employment Tracker Survey (METS) reveals that 140,000 new jobs will be created in the BFSI segment in 2007, 18 per cent more than in 2006. Again, much of this is in the smaller cities.

Banks have positioned themselves as one-stop shops selling deposit products, loans, credit cards, debit cards, depository and custody services, investment advice, bill payments and various transactional services, apart from third-party products such as mutual funds and insurance to retail customers. So most of the hiring is at the junior and entry level as also at middle management level with people with right kinds of experience. The continued growth of this sector and the rising capital markets have also enhanced prospects for those working in the financial services.

The buoyancy in the capital market has fuelled the demand for experienced as well as freshers in the sunrise industry. Opportunities lie in areas of investment management, compliance, sales and marketing, back office operations, customer care, risk management and other related areas. People with good experience in the field are much in demand and compensation packages are the best across all the sectors. There is right now a recruitment spree and a lot of international firms like Lehman Brothers, Merril Lynch etc. are opening their shops to be a part of the Indian success story.

Another related sector experiencing tremendous growth is financial consultancy and domain expertise where people with experience in the banking and capital markets are being hired as domain specialists by big IT companies to act as a interface between their global and Indian clients and their software developers for big projects. The field is extremely exciting and compensation packages offered are top of the line. Most of the big IT companies have ventured out in the area and are having big national and international projects in their kitty. So the demand for professionals in the area is only going to increase and salaries are also expected to rise further.