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How Can An MBA Boost The Careers Of Banking Professionals?

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Jagpreet

19 June, 2024

How Can An MBA Boost The Careers Of Banking Professionals?

The Indian banking sector focuses on increasing its reach and has witnessed a massive rollout of innovative banking models. According to Fitch Ratings, India is positioned favourably in the Asia-Pacific (APAC) Emerging Market Banks Outlook 2024. India has stood out with an improved sector outlook, which reflects the country’s resilience and potential in the banking landscape. That is why a career in the banking sector is considered a blessing in India. The opportunities, job security, and lucrative salary packages this field are immense. 

Considered one of the most popular jobs in the country, the role of a banking professional is not limited to financial transactions, loans, and other financial services. Once you accede to a higher or senior level, your responsibilities will increase to understand market trends, make informed decisions and analyse complex financial data. While your regular degree will familiarise you with the key concepts of finance, banking systems, taxation, etc., an

MBA programme will cover the management aspect involved in the banking sector. This is crucial to enhancing the career of a banking professional.

How Does An MBA Enhance A Banking Professional’s Career?

Undoubtedly, an MBA course is one of the most desired and prestigious postgraduate degrees. Imagine the experience of a banking professional combined with the MBA degree credentials. Still confused? Let’s find out how an MBA can enhance the careers of a banking professional.

  • Gives You A Great Start: MBA is offered in various specialisations. Where a general MBA programme will only cover the business and general management areas, choosing a specialisation programme will upgrade your skills further and make you eligible to pitch for higher management positions even in international banks. Since you will have proven management skills and niche expertise, you will have a greater chance of promotion. 

  • Learn To Strategise: Any country’s banking system or financial system is a cornerstone of its growing economy. Therefore, banking professionals must work at their optimal level. Since the MBA degree will teach you strategic planning and management, you will become more capable of drawing out future business strategies for the firm. At the management level, you will have to develop a strategy to balance the commercial and economic aspects of the bank.

  • Become A Better Marketer: Marketing is a core concept taught in the MBA programme. At the end of the day, it is all business, and to successfully run this business, you must have a strong understanding of marketing to develop sound strategies. The banking sector often faces a skill gap regarding marketing professionals. Being an MBA graduate, you will be able to handle these responsibilities best. 

  • High Demand: This global industry is constantly looking for capable leaders with the right skills to assume positions like investment bankers, bank managers, loan officers, etc. An MBA degree will groom you perfectly for this opportunity. 

  • Earn Lucrative Salary Packages: It is a well-known fact that earning an MBA degree leads to higher salary packages, increments, and better opportunities. Many investment firms and private-sector banks actively look for MBA graduates with experience in the banking sector. They are ready to pay a heavy salary package. 

  • Climb The Hierarchy Ladder: The Indian banking sector has a long hierarchy, and it takes years to reach management positions, especially in the private sector. Adding an MBA degree will accelerate your career growth, and thus, you will be able to reach higher management positions earlier than others. That is why most banking professionals go for an online MBA when they reach the middle management level. 

  • Everlasting Industry: Both management and finance are important aspects of the economy; their operations go hand in hand. The banking sector is the most secure and stable industry. Excelling in this sector ensures your job is extracted. Adding the prestigious MBA degree to your profile, hone your skills and upgrade your banking career.

Best MBA Specialisations For Banking Professionals

Careers For Banking Professionals After MBA

The banking sector is vast, and in India, there are a variety of career pathways to pursue. The job roles will depend on your past experience, interest and niche. Meanwhile, you may have to take competitive exams for different posts if you target public-sector banks. 

Here are a few career opportunities in the banking sector which you can pursue after MBA: 

Job Roles  Average Salary 
Investment Banker INR 16.7 LPA
Specialist Officer  INR 8.3 LPA
Credit Manager  INR 7.4 LPA
Finance Manager  INR 17 LPA
Bank Operations Manager  INR 8.2 LPA
Asset Manager  INR 6.6 LPA
Wealth Manager INR 7.2 LPA
Portfolio Manager  INR 12.3 LPA

Summing Up

Irrespective of your background, an MBA degree benefits every professional seeking long-term growth and success. What matters is the right goal, motivation and a good curriculum that aligns with your field. Since the MBA programme has a variety of specialisations available, it is convenient to tailor your degree based on your individual needs. If you are a banking professional, getting an MBA degree at this point of high competition is your chance to grab the opportunity and lead.


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