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Financial services in BFSI Sector: Know suitable Eligibility and Entrance Exams

Introduction

India’s diverse and Global Financial Services industry is developing rapidly, owing to demand drivers and supply drivers. Financial Services are a broad range of more specific activities. Financial services trump up one of the economy’s most important and influential sectors.

So, wish to make a career in Financial Services? 

If yes, then read this blog till the end and gain all the relevant information to build a career in this sector. 

What are Financial Services?

The financial services area offers monitory services to individuals and enterprises. This section of the economy is comprised of different monetary firms including banks, investment houses, loan specialists, finance organizations, land dealers, and insurance agencies. As verified over, the monetary administration industry is presumably the main area of the economy, driving the world as far as profit and value market capitalization. Enormous combinations overwhelm this area, however, it likewise incorporates a different scope of more modest organizations.

The Indian financial services industry comprises several key sub-segments ranging from small domestic players to large multinational Financial Services Companies.

Types of Financial Services in India

Banking 

The banking industry is called the center pillar of India’s financial services industry. It consists of several public sectors, private sector, foreign, rural, and urban banks that offered services like individual banking, business banking, and loans to individuals. 

Professional Advisory

Professional advisory services offer individuals and businesses a wide portfolio of services. The service includes investment due diligence, M&A advisory, valuation, real-estate consulting, risk consulting, taxation consulting.

Wealth Management

Based on the clients, financial goals, risk profile, and time horizons, wealth management serves financial instruments such as debt, equity, mutual funds, insurance products, derivatives, structured products, commodities, and real estate.

Mutual Funds

Service providers in mutual funds serve professional investment services all over funds that are composed of different asset classes, primarily debt and equity-linked assets.

Insurance

There are two categories in insurance i.e. general insurance and life insurance. This service allows individuals and organizations to safeguard against unforeseen circumstances and accidents.

Stock Market 

This service includes investment solutions for customers in Indian stock markets all over different equity-linked products. Then payouts are done by companies to their investors. 

Tax/Audit Consulting 

Tax and auditing consulting can be segmented depending on individual and business clients. It includes tax-business and tax-business and offers solutions including statutory audits, internal audits, service tax audits, tax audits, process/transaction audits, risk audits, stock audits, etc.

Treasury/ Debt Instruments

It includes services like an investment into government and private organization bonds (debt). It also includes listed bonds, non-convertible debentures, capital-gain bonds, GoI savings bonds, tax-free bonds, etc.

Want to know what are the requirements to get into this sector? So let’s understand ahead:

Eligibility to get in the Financial Services

You must have a 10+2 and bachelor’s degree in accounting, finance, or a relevant field. 

Many consider an MBA degree in finance to get selected from a large pool of applicants. 

A Law degree helps a financial planner to deal with laws relating to estates, trusts, real estate, and inheritance. 

Entrance Exams to get into the Financial Services

Hopeful understudies need to pass any of the following entrance tests, 

  • Common Admission Test (CAT)
  • Xavier Aptitude Test (XAT)
  • Graduate Management Admission Test (GMAT)
  • Joint Management Entrance Test (JMET) Or
  • Management Aptitude Test (MAT), to take confirmation in any administration organization in India.

Is financial service is a good career?

  • This industry offers an array of opportunities and also accommodates different skill sets. 
  • The sector being extremely cutthroat and competitive, it mostly works on a collaborative effort.
  • It offers umpteen chances to prove your mettle and talent. There are many young individuals earning millions.
  • A career in this sector will be directly connected with everything that’s going on in the world.

What are the Job Profiles in Financial Service?

Accounts Executive (Accounts Payable & Receivable) 

Account Executive (Accounts Payable & Receivable) individuals are responsible for handling the company’s vendors’ accounts, making (approved) periodic payments to the vendors, ensuring that there is no lapse on account of making payments to the concerned parties, etc. 

Accounts Executive (Recording, Reporting)

This Account Executive Job includes managing records of defined receipts and payments. Account Executive Job Responsibilities include compile and present periodical statements of extracts from ledgers to display the total amount of receipts and expenditure of the organization, profits gained or losses incurred, etc.

Accounts Executive (Statutory Compliance)

They handle records of accounts to make statutory payments to the Government on time. Statutory Compliance Account Executive are the authorized to perform functions relating to the payment of Govt.

Accounts Executive (Payroll)

Payroll Account Executive Job Profile is responsible for maintaining and updating records relating to the number of salaries paid to employees. 

Salary package in Financial Service

The average salary package in financial services ranges from Rs.20,000 to Rs.50,000 per month. This range is not fixed as it differs as per the skills, interests, and abilities individuals have. 

Bottom Line

Economic fundamentals are solid, the administrative environment is positive, and transformation technology is promptly available, amazing, and more practical than ever before. With that as a foundation, a vocation in finance appears to be more intriguing than any other time in recent memory! The Tremendous and rapid rise of computerized advancements and the requirement for acquiring cash past conventional banking and related services have made this finance services sector a worthwhile career for many youths.

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