The increasing opportunities in bank jobs with a promising career and pay are luring more and more candidates to join the banking sector. The same applies to the Engineering graduates as well. After completing their BTech from the top engineering colleges in India, many engineering students are more likely to pursue MBA intending to build their career in the banking sector.
Banking and Finance is a massive and dynamic field offering exciting career options for the future. Moreover, with the opening of more public and private bank sectors, the opportunities in bank jobs are comparatively much higher than in any other industry.
The starting salary of a Bank PO hovers between Rs. 7 Lakhs Per Annum to Rs. 10 Lakhs Per Annum in Public Sector Banks. The average salary in Private Banks is between Rs.4 LPA to Rs.7 LPA. While the Engineers can earn Rs. 3 LPA – 5 LPA on an average initially.
This article will share an expert’s insight on why most engineering candidates are shifting towards bank jobs after their bachelor. Additionally, we will also discuss which career option you should opt for and why.
Why are Engineers choosing Bank Jobs as a Career Option?
The banking sector is considered one of the most sought after career options for students after completing their education. It offers a dynamic platform for individuals to choose their most preferred career options. This sector has various job roles to provide and cultural divergence that helps the workers build their flexibility to work cooperatively with multiple colleagues and clients both in India and across.
The banking sector in India has shown colossal extension in the past couple of decades. Today, graduates from the top engineering colleges in India are shifting towards bank jobs due to the versatility of this sector. Here are a few primary reasons as to why most Engineers are choosing bank jobs as their career options:
Availability
One of the most important reasons behind choosing banking as a career is the wide range of jobs. The banking sector is expanding at a rapid growth every year, both in India and abroad. This increases the number of employment opportunities in this field as well. At the current time, the banking sector has more job opportunities for students than the engineering sector. It has enormous employee requirements for various job roles with a finite number of skill sets.
Varied Career Opportunities
The banking sector offers diverse career opportunities to students from different backgrounds. Fortunately, engineering candidates can find various job roles that are convenient to their job profiles and skills. For instance, students from an engineering background can opt for the post of Business analyst, IT Officers, Chief Financial Analyst, Investment Banker, etc.
Besides, engineering graduates with higher studies in the dedicated field such as MBA can even look for the roles of Specialists, Financial Planner, Chartered Accountant, Public Accountant, etc. Having qualifications in the same area can help individuals grab higher opportunities in the banking sector.
Job Secured Career
Another primary reason behind choosing bank jobs over-engineering is job security. Every year, lakhs of students are graduating from the top engineering colleges in India and the world.
A significant number of these students are placed in well-reputed Multinational Companies. Due to financial instability in the inner core of these companies or the global market, employees suffer the risk of losing their jobs. However, the lack of job security in the private sector is still a threat.
On the other hand, the banking sector offers much better job security. People working in the public sector receive complete job security, and also, the private sector bank jobs are much more stable, in contrast to the engineering sector. This is why most engineering candidates are preparing for bank jobs instead of their relevant industry.
In addition, Bank employees enjoy fixed promotions, PF, LTCs, Fixed Leaves, Holidays and many more. All these benefits are not available often in private jobs.
Technical Departments in the Bank Sector
As the banking sector has now adapted to the latest emerging technologies, the demand for engineers is more than ever. With banks going cashless and accepting the digitized concept, there are even dedicated technical IT departments in the banking sector. As a result, engineers in Computer Science can now join banks as IT experts to improve the digitization in the banking sector.
Is Banking a good option after B.Tech?
Yes, banking is undoubtedly a good career option after your B.Tech. The banking sector is huge, with diverse career options. Engineers can even work as IT officials to develop and manage modern banking solutions. Moreover, it is a more stable career option after engineering, unlike the volatile private sector IT-based companies.
Advantages in Bank Jobs after Engineering
Since the implementation of digitization in the banking sector, engineers are highly welcome in bank jobs. Although bank jobs are open to all, regardless of their background, individuals from an IT background certainly possess some advantages.
Engineers can join the various IT departments of the banking sector and then look forward to becoming IT professionals and achieve officer posts. IT officers in every sector gain more control over other managerial positions due to their in-depth knowledge of the field’s work.
Apart from that, an engineer working for a bank earns some additional benefits as well. Firstly, the job security in both the public and private sector bank jobs are far more superior to the Multinational private sector IT companies. Besides, bank employees also receive other facilities on a financial prospect.
They are provided with additional facilities such as provident funds, payments, low-interest rates on loans, and pensions after retirement. This is why most engineers today are preparing for the competitive banking exams to enrol in their preferred job roles in the banking sector.
