Career prospects after B.Com. in Banking and Insurance
B.Com. in Banking and Insurance can help young job seekers get offers in areas as diverse as corporate sector, budget planning, banking sector and public accounting firms among others
If you are doing B.Com. in Banking and Insurance, it would improve your job prospects immensely once you complete your graduation. More and more B.Com. graduates are going into these sectors to chart a successful and rewarding career path.
Chanda Kochhar, Aditya Puri, Murthy Veeraghanta and Vanesh Panchal, to name just a few, immediately spring to mind at the mere mention of these industries. Their incredible success stories are stuff dreams are made of. They have become role models for today’s generation who want to make a mark in these areas.
With a B.Com. degree, one can get jobs in areas as diverse as corporate sector, budget planning, banking sector, public accounting firms, etc.
Career Prospects in Banking and Insurance
Both the sectors are witnessing seismic changes as never before.
B.Com. graduates can get offers for jobs of an accountant, cashier, broker, auditor, equity research analyst, market analyst and sales manager in both private and government organizations.
The young workforce is now reaping the benefits of jobs in a variety of emerging sectors like consultancies, auditing, public accounting, fintech firms, etc. Students get rigorous training as professionals to handle various financial activities associated with banking and insurance sectors.
Some of the top professional roles for those specialising in banking and insurance are: actuaries, bookkeepers, finance managers, financial analyst, human resource managers, business consultants, investment banker, investment broker, budget analysts, and business operation manager.
Job prospects in Banking sector
However, those with a B.Com. degree and proficiency in basic accounting skills, have an edge over others in bank related jobs which require a sufficient knowledge of finance.
Specialised degrees like B.Com. in banking and insurance give the students more intensive knowledge of these two areas which are highly valued by top banks.
Private banks like HDFC and ICICI, and multinational banks like Standard Chartered have their own job hiring process which includes written tests, interviews, and group discussions.
Job prospects in Insurance sector
A wind of change is blowing through the insurance sector, including a surfeit of career opportunities. The use of technologies like Artificial Intelligence (AI) and Blockchain has led to the demand for more skilled workforce in this sector.
Some of the most sought-after jobs in the insurance industry include that of claim adjusters, actuaries and underwriters.
While the job of actuaries involves calculating probabilities of future events, underwriters decide what risks are worth insuring.
Claims adjusters’ job is to analyse losses to determine how much people or businesses are owed through their insurance policies.
Proper knowledge of new technologies like AI, ML, Blockchain being used in the insurance sector has also become a prerequisite.
Apart from these jobs in the insurance sector, there are other openings which include data scientist, sales agent, marketers, customer service representative and risk managers.
A career in insurance sector can be an ideal choice for millennials with leadership quality, problem-solving skills and an entrepreneurial spirit.
Actuaries need proficiency in math and numeracy skills. Insurance salesmen need to have good communication skills. Underwriters should possess good analytical, quantitative, and decision-making skills.
Apart from that, one needs to prove one’s efficiency and effectiveness in customer service, problem-solving, attention to detail and presentation.
Government jobs for Banking and Insurance graduates
Those having a degree in B.Com. in Banking and Insurance can try their luck in government jobs as well. Mostly the hiring is based on an entrance exam, followed by an interview for the successful candidates.
Some of the top government organizations that employ these graduates include public sector banks like SBI, RBI, Indian Railways, UPSC Civil Services, LIC and United India Insurance Company Ltd.