Why choose the Banking Sector after Engineering?

Why choose the Banking Sector after Engineering?

Why choose the banking sector after engineering?

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India is a country where engineers are mass produced year after year and engineers seeking employment are faced with a crisis due to poor on-campus placement opportunities in their college and also due to stiff competition from the pass-outs from the previous years who are still unemployed. The banking sector seems to be the perfect place for these engineers to shift their interests to, but if you unaware of this sector you might be wondering why choose the banking sector after engineering?

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There are various reasons for engineers choosing a career in the banking sector such as:

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a) An overpopulated IT sector

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Most students who pursue engineering always end up having a plethora of choices for the branch they can specialize in but given the on-site job opportunities and pay packages offered by IT companies, a lot of engineers have chosen to work in the IT sector. Almost every other engineer dreams of making it to the prestigious silicon valley, Once reality kicks in, they realize that the IT sector cannot harbor infinite people and has a max cap to keep up with. This has only added to the already high attrition rates and the recession in the IT sector further leading to a significant drop in the number of vacancies in the IT field.

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 A lot of the freshers who get hired in large numbers are benched after their training period because a lot of companies don’t have projects that they can work on.They then look for other options by trying to get into other fields and the banking sector offers freshers coveted roles with pay packages that a fresher can only dream of.

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b) An overpopulated country 

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In this country of one billion people, it is next to impossible to get into a field and excel at it without having to deal with a good amount of competition. This statement stands all the more true for an area like engineering since most of the parents churn out either doctors or engineers in this country and even if everyone were to be equally smart and talented, there would be no chance for all of them to find a good job and succeed at it.

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Wherever these young engineers go, it is a rat race and there are a lot of candidates who are as good as them or better than them and sometimes they end up losing the race when it comes to promotions, placements, and even job interviews and at the end of the day a lot of engineers feel like their engineering degree has been a waste of their time, effort, and money as it has amounted to nothing.

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c) Popularity of the Banking sector 

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Given the current problems associated with the engineering field, other areas of employment have risen to fame and are stepping into the light. Engineers should realize that their knowledge could also be put to use in a field like banking where there are groundbreaking technological innovations every other day. In this field, their efforts not only go unnoticed but are also rewarded very handsomely.

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Some of the perks are as follows:

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They mostly get a government job which is very secure. Once into this field, people usually stay in the same field till retirement as the banking sector promises an exciting career with tremendous growth opportunities. The pay is great. Even a fresher could get a job with a salary of about 7-8 lakhs per annum and this is significantly higher than what most developers make. Engineers usually possess a wide range of skill sets and this makes it easier for them to get promotions and quickly move up the ladder.

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Reasons for Banking sector becoming the ‘go to’ place for engineers:

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Why choose the banking sector after engineering

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 The above pie chart clearly shows the number of competition engineers face from day one.

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 As they say “Necessity is the mother of invention” and this has proven to be very true in this case as Engineers across India have begun to realize just how important other jobs can be in terms of pay and incentives and have of late, starting leaning towards the banking sector.

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Engineers should seek a career in banking as it is a win-win situation as they would not only get a job but they would also be paid well and the banking sector and the society will also benefit from the advancements in technologies and banking interfaces given the number of engineers working in the banking sector.

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 1.Not knowing what to do after engineering 

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 Many children who have a flair for science since a young age tend to take up engineering as it is the status quo and is considered to be a rewarding field only to later realize that it is filled to the brim with the competition. Even with talent and a good work ethic, it is tough to make it in this field as there are loads of others like them.

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Banking, on the other hand, is international in nature as banking roles open up prospects of traveling and working in other countries.

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 2.Realization of better fields and job opportunities

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The banking sector is usually the first to adapt to the latest technologies. For engineers, this is a great opportunity to keep yourself up-to-date with the latest trends and technologies in the industry.

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Banks also provide some of the most comprehensive and best in class training programs which are paid for. It is definitely the best chance for you to hone and update your skills.

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 3.The Biggest Banks are mostly aided by the Government

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 In today’s overpopulated world and ever so increasing competition who wouldn’t want job security? The thing about government jobs in the banking sector is that they not only have a lot of incentives and demand for educated youth but they also provide the employee with job security and a good punctual payroll.

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4.Adaptability 

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Engineers are usually street smart and they possess a varied skill set.Contrary to start-ups or other businesses, the banking sector offers job security and is a lot safer than any other field. Banking always goes hand in hand with money and with the knowledge that these young engineers possess, it is only natural for them to turn to this sector as it gives them an edge over other their peers. And, soon enough they reach the highest possible posts that the banking sector has to offer.

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5.Analysing Numbers with Ease

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Engineers usually have great analytical skills and by virtue of their curriculum, they are usually good at mathematics. The banking sector involves a lot of number crunching. There are major exams like the SBI PO, IBPS PO and RBI Grade B conducted throughout the year to find deserving candidates to fill various posts in the banking sector and the recruitment process involves the usual online aptitude tests, group discussions, and interviews. Engineers are very much used to such a recruitment process since they go through a series of such tests and interviews during their placements. This gives them a huge edge over their peers who take the bank exams.

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 6.Great Benefits and a Handsome Package

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Money goes hand in hand with a banking job. It’s not just the great take-home salary but also the allowances that come with a bank job which makes it appealing. As a fresher, you start with 23 paid holidays a year and after a while, it becomes 30 paid holidays a year. You even travel allowances.

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A bank job is everything you can dream of and it’s the right place to kick-start your career. 

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To know more about the Banking sectors, you can check out Bank Naukri.