10 Core Skills Required for a Career in the BFSI Sector

The banking, financial services, and insurance (BFSI) sector is a business term used to describe companies providing a variety of financing products/services. Primary banking, retail, private, business, and investment. There is a range of banking available services in this field. Its future growth is particularly high in developing countries like India because it is one of the rapidly growing economies in the region. Services involve core banking, retail, private, business, savings, credit or debit cards, and even stock brokering, bill payments, mutual funds, insurance and the like. To enter the BFSI sector, it is recommended to have certain skills to get better career opportunities. BFSI courses such as banking and insurance certification courses will help in equipping with the skills needed for the BFSI jobs such as financial accountant.

The BFSI sector in India is expected at Rs. 81 trillion and is the fifth-largest in the world by 2020 and the 3rd biggest by 2025. So a career in the BFSI sector is quite rewarding. So it is high time to look into those roles as well as into skills required for a career in the BFSI Sector. Here Careers360 has collated some of the BFSI skills that can be acquired by enrolling in BFSI certifications like banking and finance certification courses.

Top 10 Skills Required for BFSI

India's banking, financial services, and insurance (BFSI) firms are expected to employ an additional 1.6 million skilled employees by 2022. This means a lot of banking jobs and several others in insurance and financial services. Here are the top 10 skills required for BFSI jobs.

1. The willingness to maintain at the top of the sector

Proper knowledge of the sector, about the latest developments, is crucial to remaining competitive in BFSI. This is one of the crucial skills required for BFSI. The desire to learn new ideas is also immensely beneficial.

2. The ability to learn and evaluate new concepts

An analytical brain hire, numerical ability, and learning agility score far higher than one who knows everything but cannot assess it.

3. Competence to become acquainted with the technology

There is no area left unaffected by the development of technology. A key to learning and understanding emerging technologies will give you an added advantage. During BFSI training you can learn these skills.

4. Efficiency to effectively communicate

Communication is one of the core skills required for BFSI jobs. A vital ability to communicate clearly – whether in a verbal or written format – is what helps you get along with colleagues and clients. If you communicate well, the chances of persuading others to listen are growing exponentially.

5. The desire to get along with others

The BFSI sector requires a good deal of people's skills, essential skills that allow it to operate well with others. Are you in a position to relate to others, to have empathy, to be able to listen, and show sympathy?

6. Ability to stay true and to represent the integrity

Whether it is a bank, a mutual fund, or an insurance company, the BFSI sector is all about capital. But of course, personal honesty is an indispensable asset! This is one of those skills required for BFSI that is something a person has to develop on his/her own.

7. Perseverance and adaptability

As things are continually changing in the global economy, workers who can meet demands and excel in challenging and taxing times will be respected. The BFSI sector is not a big, monolithic institution where all employees play the same role. Although the attributes listed above apply to the majority of employees, each division often includes a particular core skill set.

8. Analytical powers

Analytics ability is one of the skills for the BFSI jobs. An applicant with analytical power, analytical prowess, and cognitive dexterity will do well during the evaluation process.

9. Technical skills

Major players in the BFSI sector have already embraced various technical practices, such as cloud-based IT technology, the Internet of Things, digital marketing, and Agile / DevOps. This is one of the crucial skills required for BFSI because the future of BFSI businesses is set to move into a more technologically oriented future involving the use of other advanced technologies such as cybersecurity programs, big data analytics, robotic process automation, and AI. The digital skills gap is most visible in these emerging technology-driven roles, as BFSI companies are struggling to fill the gap in specialities such as UX design, data analytics, AI, and cybersecurity.

10. Confidentiality

This is one of the skills required for the BFSI jobs. The general impression of the banker is not a pleasant one, punctuated by the picture of brash, loud-mouthed, and arrogant young males motivated only by greed and excess. And while this is not inherently a reasonable representation of the full truth, it is undeniable that if you want to remain above water in such a setting, you need to be optimistic. Though this skill may come in 10th place, this is still one of the crucial skills required for BFSI.

Top 5 Careers in the BFSI Sector

Here are the Top 5 careers in the BFSI sector that you can develop after pursuing BFSI Certification.

1. Financial Accountant

The financial accountant is one of the BFSI job roles. They administer the financial accounts of a corporation to ensure that they are correctly handled and distributed. Essentially, it involves an overview of all the various facets of a company, an evaluation of essential financial factors and indicators, and a review and presentation of results to higher-level shareholders and executives. As several big decisions are focused on the work of a financial accountant, workers in large companies may receive a substantial salary.

Accountants conduct financial calculations for businesses in a wide range of areas. Some typical duties include generating revenue and cash flow reports, handling payrolls, maintaining balance sheets, carrying out billing operations, managing budgets, and maintaining inventory. Accountants' incomes are the highest of any organization where the average salary is Rs 3,80,000 p.a.

You can become a Financial Accountant after completing the BFSI certification course.

2. Financial Analyst

Financial analysts handle spending by individuals and companies. Whether it is in the stock market, shares, or other investments, financial analysts are money experts. They evaluate the information they get from the stock market, send annual reports to the company, and conjure up investment plans or not. Financial analysts interact with corporate leaders and individuals, write reports, and collaborate with a wide variety of people and financial institutions.

Corporations and companies usually have a duty on the part of shareholders and investors to make use of earned profits in a way that creates company wealth. So when it comes to the designation of a financial analyst, it is someone who possesses all the core skills required for BFSI so that he/she can execute his/ her responsibilities. The professional closely studies consumer dynamics, demographics, and microeconomic factors to help the business make wise investments. The financial analyst can also advise companies on the issue of their bonds, the allocation of shares, and other areas of concern. The financial analyst can get an average pay of RS 821,199 p.a.

You can become a Financial Analyst after completing the BFSI certification course.

3. Business Analyst

A Business Analyst is one who analyses the industry (real or hypothetical) and intends its processes and activities, examines the business model, and integrates it with technology. The position can also be described as a connection between business issues and technology solutions.

The business analyst, IT, focuses on enhancing operations involving information technology within an organization. The Business Analyst provides management advice in an attempt to help the organization become more competitive. In BFSI certification you can learn how the IT business analyst will evaluate the hardware, software, and IT services used in a company. Analyzes would have to be carried out to find areas that require improvement. The annual salary for a business analyst is Rs 723,177.

4. Loan Officer

Loan officers support individuals and organizations in applying for loans, determine the creditworthiness of individuals, and help them decide on the most appropriate form of loan for their needs. Employers typically expect loan officers to have a bachelor's degree in business, economics, or the like. Loan officers will find considerable assets in their job search skills in finance, leasing or sales, and computer knowledge.

A loan officer will get an annual salary of Rs 800,000.

5. Teller

A Teller works directly with most of the clients. In some places, this employee is known as a cashier. Tellers are known as a frontline in the banking industry because they are the first individual customers to perceive the bank and are often the most likely to spot and avoid fraudulent transactions.

A teller works with bank clients in activities such as handling account transfers, making individual banking suggestions, issuing money orders, and maintaining correct monetary balances. Tellers' responsibilities differ depending on the size of the bank and its policies. These roles demand a high degree of customer contact as they serve as the most frequent interpersonal connection with customers. Tellers can also communicate with customers by phone. The teller can get an average pay of Rs 305,000 per annum. To develop a successful career in these sectors you must have these 10 core skills that every banking sector job requires.

Conclusion

The BFSI sector is not homogeneous, where all workers play the same function. The attributes mentioned above can affect the majority of jobs in such sectors. Each division often includes a particular core skill set. Investment banking insights are supposed to be curious and knowledgeable in current affairs. Insurance and retail banking hopefuls are expected to be successful problem solvers and to have leadership skills. So armed with the right skills required for BFSI, you can make and build an amazing career.