The banking sector has emerged as the most preferred sector among MBA aspirants after completion of their PG Courses. Nearly, 51% of the respondents have chosen the banking field as their preferred job field in a study conducted among students. The other sectors of interest among MBA graduates are Information technology, marketing, and Consultancy.
To sum up, the above-mentioned 7 reasons are stated by candidates as fruitful reasons why they wish to choose banking as their career path.
What do reports state?
ASSOCHAM Business Barometer Survey was conducted among 271 students doing their MBA in top B-schools to know whether they will be ready to lose their desired sector to get the job in some other sector just for higher pay, about 46% of them were showing their willingness to forego their desired field for a job just in case they can get their desired work profile that is supplemented with handsome pay package. However, 34% stated that they will not sacrifice their favorite sector even though, they get better pay and profile in the new job. The remaining participants accepted that they will make a decision depending on different factors like job satisfaction, growth potential, financial position, feasibility to switch to the favorite sector, and many other factors.Why do MBA students prefer banking jobs?
As mentioned earlier, more than half of MBA aspirants prefer banking jobs and when analyzing the reason behind the same, the following reasons are stated by the students as to why they prefer to work in this field:- Job security: One of the important reasons why the banking sector is preferred is mainly because of the job security offered by this field. Nowadays, most of the other sectors are experiencing recession and layoffs are happening all of a sudden. But, the banking sector can provide the best job security in the present circumstances.
- Attractive pay package: In addition to providing the best job security, banks also offer the best pay package to appropriate candidates. Even though the pay package is somewhat lesser than IT sector, the job security and the wide range of choices to grow to further positions are attractive in the banking sector.
- Chance to spend time with family: As compared to working in the booming IT sector, people working in the banking sector can find time to spend along with their families. Even though 9-5 timing is not strictly followed in private sector banks like the public sector, the timing will be somewhat regulated as against other sectors. So, people can get time to spend on their personal interests as well.
- Better career prospects: Generally, working in the banking sector after completing MBA can add value to the resume of candidates. In addition to getting the chance to grow in positions by performing well in the same bank, candidates can also look for job positions in other banks, when they work in private sector banks. Also, if they get the chance to work in public sector banks and wish to change their career path in the middle, they can find job opportunities in other sectors with the experience they have gained from the banking sector. Nowadays, searching for bank jobs has also become easier and aspiring candidates can find bank jobs job portals.
- Chance to work in different regions: In general, most of the banks have branches in different states in India, and job transfers are widely seen in the banking sector. The chance to work in different states is stated as another important reason why MBA graduates prefer banking jobs.
- Pride of working: In general, people take pride to introduce themselves as working in the banking sector. Like working in the IT sector, working in the banking sector is considered as the pride in India right for several decades now and still this pride continues. Due to the pride, their parents gain from working in the banking sector, many children doing their MBA wish to choose this field as their career path for the purpose of pride.
- Chance to learn: It is true that in any job, it will be possible for candidates to learn new things and this is truer in the case of the banking sector as well. Fresh graduates will be provided training in the banking sector before actually employing them in real work. These training sessions will be of great help to candidates to learn many new concepts in their favorite banking field.
To sum up, the above-mentioned 7 reasons are stated by candidates as fruitful reasons why they wish to choose banking as their career path.
