Do you know which sector hired the most in 2023? If you guessed BSFI, you are absolutely right! In a report by India’s Best Workplaces, the Banking, Financial Services, and Insurance domains will see a considerable surge in recruitment, aiming for a notable 26% increase in workforce compared to the previous year.
Exciting, isn't it?
Join us as we delve into the dynamic world of BFSI! Whether you're a seasoned professional aiming to advance your career or a student seeking to explore promising career paths, this episode will serve as your guide to navigating the thriving landscape of Banking, Financial Services, and Insurance in India.
Hello and welcome to WiZR Voices, the go-to podcast for learners and career builders. I'm your host, Malavika Issar, and in this episode, we’ll explore the diverse skills within BFSI, define job roles across sectors, get insight into the competitive salaries, and discuss the essential certifications needed to thrive in this domain in India.
Is a career in BFSI the right fit for you? What does the right career progression look like in this dynamic industry? Throughout this episode, we'll address these pressing questions and more, so be sure to stay tuned!
To kick things off, let's understand what actually comprises the Banking, Financial Services, and Insurance domains.
BFSI is the backbone of economic activities of a country; covering a broad range of services including banking, investment management, insurance, and financial planning. It forms the foundation of various sectors, including finance, commerce, and entrepreneurship, influencing the economic growth and stability.
In the dynamic world of BFSI, based on the expertise and experience, professionals can earn anywhere from ₹5 lakhs per annum to a whopping ₹1.5 crores per annum!
Impressive figures, right?
Within the BFSI sector, there are numerous specializations one can pursue, such as Accounting & Auditing, Budgeting & Forecasting, Corporate Finance, Digital Currencies, Financial Risk Management, Investment Banking, Mergers & Acquisitions, Private Equity Venture Capitalist, Tax Planning & Compliance, Treasury Management, Working Capital Management and Portfolio Management.
While the opportunities may seem vast, let’s do a comprehensive analysis of the job roles and salaries to determine the most suitable specializations for you.
First up, Accounting & Auditing. Professionals in this discipline play a crucial role in ensuring financial records are accurate and compliant with regulations. Entry-level positions for Accounting & Auditing professionals include roles such as Accounting Executive, with salaries typically ranging from ₹7 lakhs per annum to ₹11 lakhs per annum.
Transitioning to mid-level roles, professionals may find themselves working as Accountants, Auditors, or Account Managers. Salaries for these positions are in the range of ₹12 lakhs per annum to ₹23 lakhs per annum. As individuals progress in their careers, senior roles like Lead Accounting Manager, Senior Auditor or Chartered Accountant become viable options, earning upwards of ₹30 lakhs per annum.
Moving on to Budgeting & Forecasting. Professionals in this field are responsible for creating and managing financial plans and forecasts. Entry-level positions include roles such as Financial Analyst, Budget Analyst, or Market Forecasting Officer, with salaries ranging from ₹7.5 lakhs to ₹17 lakhs per annum. Advancing to mid-level positions, professionals may take on responsibilities such as Budget Officers, Market Forecasting Managers, Financial Controllers or Financial Planning Managers, earning salaries between ₹18 lakhs to ₹29 lakhs per annum. Senior roles in Budgeting & Forecasting, such as Finance Director or Chief Financial Planning & Analysis Manager, offer pay packages upwards of ₹50 lakhs per annum.
Corporate Finance is another vital discipline where professionals manage a company's financial activities and investments.
Entry-level positions in Corporate Finance include roles such as Financial Analyst, Corporate Relationship Manager, Investment Banker, or Treasury Agent, with salaries typically ranging from ₹5 lakhs to ₹19 lakhs annually. Mid-level positions may entail responsibilities such as Financial Analysis Managers, Investment Banking Managers, or Global Finance Analyst, with salaries in the range of ₹20 lakhs to ₹44 lakhs annually. Senior roles like Director of Corporate Funding, Global Finance Officer or VP Investments and Trading Officer come with pay packages in the upwards of ₹55 lakhs per year.
Digital Currencies is an emerging field where professionals deal with cryptocurrencies and blockchain technology. Entry-level positions in Digital Currencies include roles such as Cryptocurrency Analyst, Blockchain Developer, or Cryptocurrency Compliance Officer, with salaries typically ranging from ₹7 lakhs to ₹14 lakhs per year. Mid-level positions include roles such as Blockchain Architects, Cryptocurrency Engineers, or Crypto Product Managers, with salaries in the range of ₹15 lakhs to ₹29 lakhs annually. Advanced roles like Senior Cryptocurrency Compliance Manager, Lead Blockchain Architect, Crypto Product Lead or Lead Cryptocurrency Engineer offer pay packages upwards of ₹50 lakhs per annum.
Next up, we have Financial Risk Management professionals assess and mitigate various financial risks within an organization. Entry-level positions in Financial Risk Management include roles such as Risk Analyst, Market Risk Analyst, or Operations Risk Officer, with salaries ranging from ₹6 lakhs to ₹17 lakhs per year. Progressing to mid-level positions, professionals may take on responsibilities as Risk Assessment Managers, Market Risk Managers, or Operations Risk Managers, earning salaries between ₹18 lakhs to ₹44 lakhs per year. Senior roles in Financial Risk Management, such as Head of Risk & Operations, offer pay packages upwards of ₹60 lakhs annually.
Investment Banking is a specialized area where professionals manage corporate transactions and provide financial advisory services. Entry-level positions in Investment Banking include roles such as Equity Research Analyst, Investment Associate, Asset Risk Associate, or Trade Portfolio Associate with salaries typically ranging from ₹12 lakhs to ₹29 lakhs per annum. Mid-level positions may entail responsibilities such as Debt Capital Markets Manager, Investment Manager, or Asset Risk Manager, with salaries in the range of ₹30 lakhs to ₹47 lakhs per annum. Senior roles like Head of Trade Portfolio, Head of Finance or Head of Investments offer pay packages in the upwards of ₹60 lakhs per annum.
Let’s shift our focus to Mergers & Acquisitions. Professionals in this field oversee the process of merging or acquiring companies. Entry-level positions in Mergers & Acquisitions include roles such as Mergers & Acquisitions Analyst, with salaries typically ranging from ₹12 lakhs to ₹19 lakhs per annum. Mid-level positions may entail responsibilities such as Mergers & Acquisitions Manager, with salaries in the range of ₹20 lakhs to ₹35 lakhs annually. Senior roles like Head of M&A, offer pay packages in the upwards of ₹45 lakhs per annum.
Let's talk about Private Equity Venture Capitalists. Private Equity Venture Capitalists are investors who provide capital to companies in exchange for equity ownership. Entry-level positions in PE/VC include roles such as Venture Capital Analyst, Private Equity Associate, with salaries typically ranging from ₹15 lakhs to ₹39 lakhs per annum. Mid-level positions may entail responsibilities such as Venture Capital Manager, Private Equity Partner, Equity Consultant or VC Consultant, with salaries in the range of ₹40 lakhs to ₹74 lakhs per annum. Senior roles like VP Private Equity, or Partner Venture Capitalist offer pay packages in the upwards of 1 crore per annum!
Another popular domain under BFSI is Tax Planning & Compliance. Professionals in this space assist individuals and organizations in managing their tax obligations and ensuring compliance with tax laws.
Entry-level positions in Tax Planning & Compliance include roles such as Compliance Auditor, Tax Analyst, or Tax Consultant, with salaries typically ranging from ₹6.5 lakhs to ₹17 lakhs per annum. Mid-level positions may entail responsibilities such as Tax Manager or Compliance Manager, with salaries in the range of ₹18 lakhs to ₹49 lakhs per annum. Senior roles like Director of Taxation & Compliance offer pay packages in the upwards of ₹65 lakhs per annum.
Next up, Treasury Management. It involves managing a company's liquidity, investments, and risk. Entry-level positions include roles such as Treasury Analyst or Treasury Associate, with salaries typically ranging from ₹7.5 lakhs to ₹19 lakhs per annum. Mid-level positions may entail responsibilities such as Treasury Manager, with salaries in the range of ₹20 lakhs to ₹44 lakhs per annum. Senior roles like Head of Treasury, offer pay packages in the upwards of ₹55 lakhs per annum.
Working Capital Management, another crucial skill under BFSI, involves managing a company's short-term assets and liabilities. Entry-level positions in Working Capital Management include roles such as Inventory Analyst, Working Capital Analyst, or Accounts Receivable Associate, with salaries typically ranging from ₹8 lakhs to ₹14 lakhs per annum. Mid-level positions may entail responsibilities such as Working Capital Manager, Credit Controller, or Inventory Supervisor, with salaries in the range of ₹15 lakhs to ₹29 lakhs per annum. Advanced roles like Senior Working Capital or Inventory Manager offer pay packages in the upwards of ₹40 lakhs per annum.
And finally, we have Portfolio Management. Professionals in this domain manage investment portfolios on behalf of individuals or institutions. Entry-level positions in Portfolio Management include roles such as Investment Research Analyst, Portfolio Analyst, or Product Performance Analyst, with salaries typically ranging from ₹7.5 lakhs to ₹14 lakhs per annum. Mid-level positions may entail responsibilities such as Portfolio Performance Manager, Senior Risk Manager, Investment Manager, or Senior Relationship Manager with salaries in the range of ₹15 lakhs to ₹35 lakhs per annum. Senior roles like Lead Compliance Controller, Lead Portfolio Performance Manager, or Investment Director offer pay packages in the upwards of ₹45 lakhs per annum.
Now that we have analyzed the job roles and salaries in depth, let’s look at the industry trends driving the BFSI sector. In addition to traditional factors, such as regulatory changes and market dynamics, the integration of cutting-edge technologies like AI, Data Science, and other innovations is reshaping the financial landscape. These advancements are transforming customer experiences, risk management strategies, and operational efficiencies, ultimately boosting employment and growth within the sector.
According to a report by an edtech giant, in 2023, over one-third of data science and analytics jobs in India were in the banking, financial services and insurance or the BFSI sector. It sounds unreal, but it's not! The adoption of emerging technologies like AI-ML and Big Data Analytics has propelled the growth of BFSI, not just in India but globally. Specific areas that have gotten a boost include risk management and fraud detection.
With that being said, let’s now discuss the five key areas where technology is driving transformation in the BFSI sector:
Now, you might be wondering, how does one harness these innovations for real-world impact?
The answer lies in skilled professionals armed with relevant degrees and expertise in disruptive technologies like AI, ML, and Blockchain. They're the driving force behind transforming BFSI from buzzwords to tangible progress.
Staying ahead of the curve in the BFSI landscape means embracing lifelong learning. Industry certifications and training programs play a crucial role, providing specialized knowledge and boosting career advancement opportunities. Accredited by professional bodies, these certifications not only enhance credibility but also increase employability, setting professionals apart from their peers in the job market.
Are you also looking to kickstart your upskilling journey in the BFSI sector? Then, WiZR is truly your career’s best friend!
With over 5000 courses across all in-demand skills, WiZR offers specialized training, advanced degrees and tailored certifications from recognized institutes. Investing in skilling, reskilling, and upskilling is crucial to achieve your long-term career goals and helps you embrace learning with a renewed zeal.
And with that, we’ve come to the end of another interesting episode of WiZR Voices!
This podcast is a production of WiZR. I’m your host, Malavika Issar. Shanika Jhunjhunwala is the executive producer. The content has been researched and written by Maurvee Sharma & Anuradha Kota. This podcast has been edited by Manjula Gupta.
For more information on how to grow your career with WiZR, visit wizr.in. Here, you can discover your ideal career or skill expertise level, compare and enroll in over 5000 skilling courses, get certified across 192 in-demand skills and avail no-cost EMI financing on course fee.
Thanks for tuning in, we’ll catch you in the next episode.
Until then, grow WiZR every day!
