The Best Approach To Cracking Banking Jobs In India; In today’s world, there is a lot of competition, and it takes a lot of hard work to achieve your goals. Bank jobs are the most reputed jobs, but they are tough to crack, but not impossible you just have to be focused when you start preparing for your exams.
Nowadays, private sector bank jobs are the main attraction of the Indian youth. They are offering high-paying jobs in comparison to government bank jobs, but one should be enough to work smart while preparing. You just need to give proper direction, and you can quickly clear any bank exam in the first attempt.
Types of Bank Exams
1. IBPS Common written examination for Probationary Officer- A Common Written Examination (CWE) is organized by the Institute of Banking Personnel Selection (IBPS) as a pre-requisite for the selection of personnel for Probationary Officer. PO is the person who manages the whole bank. They make arrangements for the online exams as well as the online results, and then the shortlisted candidates are informed about the interviews.
2. State Bank of India Probationary Officer- These exams are for the vacancies for the position of Probationary Officer in the bank. The State Bank Of India organizes a written exam which is a part of the selection process for the candidates for Probationary officers. The Best Approach To Cracking Banking Jobs In India. The exam is divided into two parts: Part A – Objective Tests, and Part B-Descriptive Tests.
3. Private Banks- They have their full-time Training Programme as well as their own aptitude test, conducted at ICICI Manipal Academy campus. The Programme will be enrolled for MBA in Banking and Finance.
4. IBPS Clerk- A clerk is a significant person in the bank. He directly interacts with the customers. They conduct exams for clerical posts at various banks. You just have to give your Bank preference for the IBPS Clerk Exam.
5. IBPS SO (Specialist Officer)- It is conducted for the candidates of Specialist Officers in Public Sector Banks by the Institute of Banking Personnel Selection. They have many different positions like Law Officer, Agriculture Field Officer, Marketing Officer, HR Officer, IT Officer. Different positions have different requirements.
6. Common Written Exam For Regional Rural Banks- It is organized for the candidates of Officers (Scale-1,2,&3) and Office Assistants (Multipurpose) in Regional Rural Banks (RRB). They are conducted Online by the IBPS.
Tips To Prepare Bank Exams:
- Start with the subject in which you feel confident.
- You can first give a Mock Test of prelims as well as Main Exams. This will give you an idea of the types of questions and exam pattern
- Spend at least 3 hours on each subject that’s how you will know your mistakes, analyze your weak and strong points. If you find any errors, then work on it and make it better.
- Set some goals and try to complete your topics
- Practice the fundamental questions of different topics.
- Divide your time correctly for preparation.
- Go through some online tests and books. There is a lot of material online available for the candidates.
- Practice same previous question papers.
- For quantitative, logical, and reasoning bank exams try some tricks, and strategies to solve questions.
- Learn time management properly by practicing more mock tests.
- Join libraries, it will give you a pleasant environment to study.
- You can take help by taking professional coaching.
- Prepare some current affairs for the last six months properly.
- All you need is the right approach and a good strategy to reach your goals. So, try to do more practice and more concentration that’s how you will crack your exam.
Jobs After Graduation – Courses, Good Career Options, Better Jobs
In the past people used to do graduation and seek a good settled job. But nowadays, a lot people indulge in post grad to get high salary and better designation. But there’s always a catch not everyone can afford that much time. It depends on your life situations. Some people have to start earning early and some want to. There are a lot of job options after graduation that will give a good salary and position, also you can work and study together by doing part-time courses. These courses too have a value now.
Working for BPO is also not a good option. Think beyond, think about growth. Working in BPOs can give you short term success but in the long run it will spoil your career. One can get many job vacancies after completing graduation.
Finance: If you are finance graduate, you can go in for admin jobs, or work in the finance department of the company. Graduation in finance opens a lot of avenues for you.
1. Accountant: They carry out complex accounting work in big organizations.
2. Financial Analyst: They analyse and plan the budgets of the company. Their major work is of research and analyse.
3. Actuary: They calculate the likelihood of various events and assess the financial consequences for those outcomes.
4. Credit Analyst: They assess the risk involved in lending money.
5. Attorney: They estimate appropriate compensation for settlement in legal cases, based on which they prepare their case.
6. Finance and business Teacher: You can also start teaching in the field.
You can also opt for latest GST course and increase your knowledge in the field. It’s a part-time course and has good value.
Marketing: Graduation in Marketing or mass communication can lead you to this field. Even graduation in Business administration can fetch you a marketing job. In the current scenario, marketing has become a popular field. There are two kinds of marketing, online and offline. Companies are opting for both.
Digital marketing: It is a very new field of marketing and had risen after the coming of social media sites. Online marketing is a very effective way of increasing brand awareness. No former training is required and a few years back we didn’t have any courses for online marketing unlike now we have courses for learning digital marketing. You can enroll in a digital marketing course and get a good job.
B.Tech is a professional course and you can get a job easily if you do well. You can an extra edge to your career by doing an added part time course along your job. There are various add on courses like Project Management professional, Data Science etc.
Doing Extra courses with you jobs can get you a better salary and a good designation. For a sufficient growth in your career you can consider opting for these courses. Keep working, Keep learning and keep growing.
A job in banking may or may not require experience but it does require an impressive interview round.
The finance and banking industry attempts a range of entrances for graduates from various academic regulations such as corporate banking, Customer relationship management, research or tax analysts, analysts etc.
In the article below, let’s explore the top 21 banking interview questions and answers which will help you clear the interview with flying colours.
Top 21 Banking Interview Questions and Answers are:
Question 1: Brief me about yourself?
Answer: It is the first fundamental question that every interviewer asks a candidate to start the conversation and know about the person. So, always be positive and introduce yourself starting with your name, qualification and all the other required information that is important for an interviewer to know. Just complete it within 2 minutes so that it should not be extended as a boring conversation.
Question 2: Why do you want to join the banking sector?
Answer: In this question, be logical and answer it by telling why banking sectors have influenced people with all the facts and figures, ready as to why the banking sector is the fastest-growing sector. Do not start by telling that you want to have a stable career or some personal view. Just make it well versed which can form a correct opinion of your answer.
Question 3: What are the types of accounts in a bank?
Answer: Be straight forward and start your answer by telling the information which can match the question asked by an Interviewer. The types of accounts in banks are:
- Checking Account: You can access the account as saving account but, unlike saving account, you cannot earn interest on this account. The benefit of opening a checking account in a bank is there is no limit for withdrawal.
- Money Market Account: This account gives both the benefit of savings account and checking accounts. You can withdraw the amount and yet you can earn higher interest on it. This type of account can be opened with a minimum balance.
- Certificate of Deposit Account (CD): By the opening of such account you have to deposit your money for the fixed period like five years or seven years, and you will earn the interest on it. The rate of interest will be decided by the bank, and you cannot withdraw the funds until the fixed period expires.
- Saving Account: You can save your money in such account and also earn interest on it. The number of withdrawal is limited and need to maintain the minimum amount balance in the account to remain active.
Question 4: What are the necessary documents a person requires to open an account in a bank?
Answer: As per the RBI advised banks to follow the Know Your Customer (KYC) guidelines where the bank obtains some personal information of the account holder. The primary document that is needed to open an account are photographs, proof of identity proof like Aadhar card or Pan Card etc., and address proof as well.
Question 5: What are the types of Commercial Banks?
Answer: The types of Commercial Banks are:
- Retail or Consuming Bank: – It is small to the midsize branch that directly deals with consumer’s transaction rather than corporate or other banks.
- Corporate or business banking: – Corporate banking deals with cash management, underwriting, financing and issuing of stocks and bonds.
- Non- traditional Options: – There are many non-banks entities that offer financial services like that of the bank. The entities include credit card companies, credit card report agencies and credit card issuers.
- Securities and Investment Banking: – Investment banking manages portfolios of financial assets, commodity and currency, corporate finance, fixed income, debt and equity writing etc.
Question 6: What is the annual percentage rate (APR)?
Answer: APR is known as the Annual percentage rate. It is a charge or interest that the bank imposes on their customers for using their services like loans, credit cards etc. The interest is calculated annually.
Question 7: What is Amortization and negative amortization?
Answer: Amortization refers to the repayment of the loan by instalment to cover principal amount with interest whereas, negative amortization is when the repayment of the loan is less than the loans accumulated interest, then negative amortization takes places.
Question 8: What is the debt to income ratio?
Answer: Debt to income ratio is calculated by dividing a loan applicant’s total debt payment by his gross income.
Question 9: What is loan grading?
Answer: Loan grading is the classification of the loan based on various risks and parameters like repayment risk, borrowers credit history etc. The system places a loan on one to six categories, based on the stability and risk associated with the loan.
Question 10: What do you mean by Co-Maker?
Answer: A person who signs a note to guarantee the payment of the loan on behalf of the main loan applicant’s is known as Co-maker or signer.
Question 11: What is the line of credit?
Answer: Line of credit is an agreement between the bank and a borrower, to provide a certain amount of loans on borrower’s demand. The borrower can withdraw the amount at any moment and pay the interest only on the amount withdraw.
Question 12: How banks earn a profit?
Answer: The bank earns profit in various ways:
- Accepting deposit
- Banking Value chain
- Interest spread
- Providing funds to borrowers on interest
- Additional charges on services like checking account maintenance, online bill payment etc.
Question 13: What is the payroll card?
Answer: Payroll cards are types of smart cards issued by banks to facilitate salary payments between employer and employees. Through payroll card, the employer can load salary payments onto an employee’s smart card, and employee can withdraw the salary even though if he or she doesn’t have an account in the bank.
Question 14: What is the card-based payment?
Answer: There are two types of card payments:
- Credit Card Payment
- Debit Card Payment
Question 15: What is a Payday loan?
Answer: A Payday loan refers to a small amount and a short term loan available at the high-interest rate.
Question 16: What is a charge off?
Answer: Charge off is a declaration by a lender to a borrower for non- payment of the remaining amount when borrower badly falls into debt. The unpaid amount is settled as a bad debt.
More related questions for banking interview:
Question 17: What are the different types of loans offered by commercial banks?
Question 18: What are the different types of fixed deposit?
Question 19: What is a home equity loan?
Question 20: What is the interbank deposit?
Question 21: What are the non-performing assets of the company?
So, these are the question and answer that can easily help you to clear the interview panel and get the job position in the banking sector. You can also surf for more questions through Google that can lend you as a helping hand.