Banking, Finance: Are you ready for the job from Day 1?

THE recession in 2008 is a distant memory and the stock markets have almost reached their previous record high valuations. Financial sector is right now back from the brink, though global indicators are still far from satisfactory. But everybody agrees the worst is behind us.

So is the job market hot? Well, recruiters look at a combination of factors like articulated communication, presentation skills, overall personality, and the candidate’s basic knowledge of the industry.

They also test networking abilities and negotiation skills before inviting them on-board. For prepared candidates, opportunities do exist. But the million dollar question is - why is that after two years of a gruelling PGDM programme, are students still not ready to start work right away?

Are you job-ready?
“Not quite ready” is a common refrain. The course curriculum followed by academic institution provides the required knowledge inputs in management subjects like finance, marketing or HR. “ What it lacks is a vocational or industry focus,” says Judhajit Das, Chief Human Resources, ICICI Prudential Life Insurance Company.
 
Krish Lakshmikant, a leading headhunter seconds. The students do not apply their minds sufficiently and are just not ready to roll up their sleeves. The while collar AC room job mentality still persists he says. And corporations invest in costly training structures to get them job ready.  

Fresh hires at YES BANKundergo formal and intensive 5-week induction/ on-board programme. “We give them insight into company’s philosophy, culture, into our diverse business verticals and structure”, says Deodutta. Post that, the recruits are given on-the-job training and are exposed to 4-5 key support functions right at the inception stage. Similar induction programmes are conducted in Insurance and financial services sector too.

Where is the moolah?
In the insurance and banking sectors, entry-level salaries for MBAs range between Rs 5-8 lakhs per annum. Capital markets pay Rs 2.5 lakh or more for a sales and marketing function.

The entry-level salary band starts at Rs 1.5 lakhs per annum, varying city-to-city and the B-School  the students  come from. The highest salary in 2009 was Rs. 18 lakhs , while the average was Rs.10.20 lakhs, says Dr. Anupam Rastogi, Senior Prof. (Finance & Economics), NMIMS.

Skilled employees start higher, and the salaries are more if a professional exam has been cleared by a candidate. “Typically associate actuaries earn Rs. 20,00,000 plus pa and fellow actuaries Rs. 40,00,000 plus pa,” says Rajendra Shah, managing director, DS Actuarial Education Services.

Sounds like music to your ears? Then BFSI is your symphony indeed!