The Banking, Financial services, and Insurance (BFSI) sector is an industry term used to define companies that provide a range of such financial products/services. Its potential for growth is especially stronger in developing nation like India. And add to that the growth of fin-tech companies and rise of small finance banks, the prospect of jobs in finance sector are looking promising and stable for future.
So, let us look into the roles that a person coming from BFSI sector can target post MBA –
- Portfolio management and security & investment analysis – Such roles are offered by JP Morgan, Nomura, Goldman Sachs etc. These roles are only applicable to people from BFSI background as particular industry experience is required
- Product management – Banking product management is on the rise, both in traditional banks as well as in fin-techs. In traditional banks, the product manager looks after either the asset products (loans etc) or the liability products (FD, SA etc). Those with an exposure to little technology can also land into high paying product manager roles in fin-techs.
- Investment Banking roles – These roles were the most sought-after roles once upon a time. They are still valued highly but the companies recruiting for these roles prefer in housing grooming of talent. So, they pick younger talents. If your work experience is less, then it’s a good career option.
- Marketing – Banks and financial institutes are aggressively marketing their products – be it FD or insurance or SIP - to remain competitive. Hence, they recruit in marketing (particularly digital marketing) roles. This role is open for people with all domains but they prefer BFSI domain expert with an MBA degree. Someone with an understanding of the product to position it in a better way in market.
- Management Consultancy – These management consultancy firms love candidates from BFSI background, especially from tax and audit background. The big fours of Management consultancy are mainly into auditing business and they prefer candidates from these backgrounds.
Overall, prospects of people coming from BFSI background in MBA are bright in terms of placement. From a PSU/Govt perspective, the ex-employees of PSU banks, state audit and account departments, insurance PSUs etc. need to prepare their post MBA goals keeping in mind these future aspects.