What Students & Professionals Need for a Thriving Career in Banking & BFSI

Balasundaram Athreya, President, Manipal Academy of BFSI in a recent interaction with Janifha Evangeline, Editor, Higher Education Review provided valuable insights into the most promising career paths in the Banking and BFSI sectors. He emphasized the importance of both technical and interpersonal skills for success in the industry.

What are the most promising career paths in Banking/BFSI for students and professionals entering the industry today?

Entering the BFSI sector can happen at two levels: frontline entry-level roles or lateral recruitment driven by industry churn. The BFSI landscape includes large universal banks, public and private sector banks, major NBFCs (Non-Banking Financial Companies), MFIs (Microfinance Institutions), and fintech firms catering to niche markets.

With India's economic growth, the BFSI sector offers expanding career opportunities, particularly in retail banking. Unlike the traditional perception of banking as a laid-back job, it has evolved into a customer-facing, sales-driven, and relationship-oriented profession. Professionals with strong communication skills, interpersonal abilities, and a passion for promoting financial literacy can thrive in this industry.

The customer base has also evolved. The lower-income segment remains largely outside equity markets, while the burgeoning middle class is experiencing rising incomes and savings. Many are turning entrepreneurial, especially in tier-B cities. In tier-A cities, increasing income levels are fueling investments in equity and consumption-driven credit. This creates significant demand for professionals in retail and consumer credit, savings and investments, and financial planning.

Sales and customer relationship management remain key areas of growth. However, as the industry expands, there is also a rising demand for professionals in cyber security, operational systems, data privacy, and analytics. Banks handle vast amounts of customer data, making predictive analytics, AI-driven insights, and business intelligence crucial for understanding and anticipating customer behavior.

The BFSI sector is among the largest employers in India, ranking alongside manufacturing and services. While automation may replace some routine tasks, customer-facing roles will continue to grow. Graduates from diverse fields such as commerce, arts, pharmacy, and engineering can find opportunities in BFSI. Public sector bank jobs require clearing simple entrance exams, while private sector roles may require additional training.

Entry-level salaries in BFSI are competitive and often surpass those in lower-tier sales or administrative jobs. Given the financial sector's growth in assets and liabilities, there is a clear demand for skilled professionals. Candidates with strong ethics, regulatory compliance awareness, people skills, and communication abilities can build a successful career in BFSI.

What technical and interpersonal skills are most valuable for succeeding in this sector? Are there specific certifications or degrees you recommend for students and professionals looking to excel in Banking/BFSI?

In the technology space, data analytics and cybersecurity are essential fields to explore, along with business intelligence. AI is revolutionizing tools across industries, including BFSI, making fintech skills highly valuable. Graduates should invest in a fintech stack that includes basic coding in advanced Java, data analytics tools like Python and R, and cybersecurity and threat analysis tools. These technical skills are acquired through education and are in high demand.

On the people and sales side, strong interpersonal and communication skills are crucial. While technical skills can be learned, sales and relationship management require an inherent ability to influence, engage, and communicate effectively. For instance, programs like the Manipal Academy of Banking offer tailored courses covering product, process, and people management for banking professionals. However, sales professionals should invest in MBAs in Sales & Marketing, sales training, or personality development courses to refine their skills.

Success in financial advisory and banking sales is not just about learning products and processes but about understanding customer financial journeys, cultivating investment behavior over speculation, and upholding high ethical standards. Effective professionals actively listen, build trust, and communicate value clearly. They guide customers through investment, liability, and credit decisions, ensuring structured and ethical financial planning.

Ultimately, technical skills can be taught, but strong interpersonal skills come from within. While courses help refine communication and sales strategies, a successful financial professional must inherently be a people-oriented, ethical, and patient communicator who prioritizes the long-term financial well-being of customers over short-term gains.

What strategies would you suggest for young professionals to advance from entry-level roles to leadership positions in banking or BFSI?

Once inside the BFSI industry, numerous opportunities exist for growth. Major banks, MFIs, and NBFCs have structured Learning & Development programs that provide continuous education. However, advancing to leadership roles requires more than formal education. While understanding products, markets, and risk concepts is essential, professionals must also master relationship management, compliance, and business process integration to drive growth effectively.

Leadership comes from expanding client relationships, enhancing compliance, and leveraging processes for business growth. Experience, combined with L&D programs, helps professionals move forward. Beyond company training, staying informed about global financial trends is crucial. The BFSI sector is increasingly global, influenced by U.S. Federal policies, Japan’s interest rates, and European geopolitical factors. A strong reading habit - following top financial newspapers, global journals, and industry reports - is key to understanding these market shifts.

Unlike technical skills, leadership is shaped by vision, industry awareness, and strategic thinking. Success depends on engaging in insightful conversations rather than accumulating certificates. While industry-recognized certifications like CIIB, CFP, NISM, and SEBI certifications add value, they are not the sole drivers of leadership growth. Real progress comes from benchmarking industry trends, analyzing market shifts, and contributing to strategic discussions. Staying informed allows professionals to anticipate changes, propose solutions, and execute strategies effectively. Leaders are active listeners who synthesize industry insights into actionable strategies.

For instance, when a bank launches a new credit card, professionals involved in sales, marketing, and partnerships must understand industry trends, past performance, and competitive strategies. Their ability to contribute informed perspectives in meetings strengthens their leadership potential.

Leadership is not just about overseeing execution; it’s about visioning, staying ahead of industry shifts, and integrating insights into business strategy. Keeping up with thought leaders like Tamol Bandyopadhyay or top financial experts enhances the ability to engage with banking leaders and CLOs, helping identify talent gaps and industry transformations.

Ultimately, progressing in BFSI is about continuous self-education, global awareness, and strategic thinking - not just formal degrees. Those who actively read, listen, and engage with industry insights will leapfrog into leadership faster than those who rely solely on structured learning.