The banking sector is undergoing a paradigm shift owing to the tough competition in the market and the technology boost. Banks are now offering many more complex products and services to customers, for the additional edge in the market. In such a competitive scenario, it becomes necessary for banks to hire employees that are highly focused in the industry and can deliver solutions in challenging work environments.
With private and foreign banks entering the country post 1991, banks have evolved in their talent acquisition criteria and methods. Banks that hire employees are now looking for candidates who respect authority, are good team players and have excellent accounting skills. Beyond these basic requirements, banks are also looking for professionals with proficient marketing and communications skills and international talent. Since banking jobs involve interacting with customers on a daily basis, candidates who show a keen interest in working with others get the added advantage.
Private Banks Are On A Hiring Spree
Despite the slowing economy and volatile business environments, private banks are increasing their headcount on a big scale. Many large private banks in the country have doubled their staff count in the last 5 years. Banks are now monitoring efficiency parameters closely with current and potential employees in order to boost their business. The average salary offered by these banks for freshers begins an average of 2 lakhs while it can go up to Rs. 14 lakhs for professionals with 10-19 years of experience. For mid-management, the salary ranges from Rs. 4 lakhs for 1-4 years of experience and Rs. 7.5 lakhs for 5-9 years of experience. No matter what level of banking job you are applying for, you need to be thoroughly prepared to face some tough interview questions and understand the industry and company before you are in a position to negotiate a good salary with excellent benefits.
If you want to be a part of this hiring spree and make the most of your banking career, we bring you some valuable tips that will help you land your dream job with a leading bank:
Before you go for your interview with a bank, you must do a thorough research about the company. Go to their website and read all the information provided. This will keep you updated with the company and their objectives so that you can answer any questions that come your way in the interview. In the investor relations section, you will find the current annual report of the bank along with the director’s note to shareholders. You can prepare 2-3 questions to be asked in the interview based on this information. For instance, there might be some details about the bank venturing into new areas of lending. You can ask the employers a question on this subject during your interview. This will showcase your keen interest in the bank and their future plans.
Predict the Questions
Imagine that you are the interviewer and think about the questions that you would ask a potential candidate. If you come with a background in banking and have prior work experience, the interviewer might ask why you chose this career. He might also ask you to mention the best and worst part about working at a bank. Another common question asked in bank interviews is your best and worst quality at work. You must prepare answers for these questions in the form of 2-3 minutes stories related to your personal or professional life. For instance, you can explain your best quality at work by sharing a story of how you dealt with a difficult customer who was not understanding the fees charged by the bank on his account.
Prepare for a Discussion
When you are doing the research, look for current issues at the bank or the banking industry. This can form a question during your interview and you must be well-prepared to have a thorough discussion on the subject. For instance, if there is an anticipated increase in taxes, ask how it will affect the bank’s business. Save a question to ask towards the end of the interview as this will be an ending that the interviewer will recall and will work in your favour.
Don’t Forget to Follow-up
In a recent study by a leading recruitment firm, 15% of hiring managers mentioned that they won’t hire a candidate who does not send a thank you note after an interview. Make sure you write or mail a good thank you letter within 3 days of your interview. It should mention how grateful you are for the opportunity to learn about the bank. You can also write how you enjoyed the discussion on a particular topic. End the letter by saying that you are looking forward to their reply. Banks are often tradition-minded and formal correspondence is expected by senior banking officers. By writing an effective thank you letter, you will increase your chances of recall and consideration for the job.
A banking job interview will be a mix of personal, professional and career-based questions. Ensure that you are well-prepared for them and go for the interview with high confidence. Showcase your global outlook and ability to work in complex situations to get an added benefit in the interview. Above all, be highly professional and polite during the interview.