Banking is considered as one of the most significant career preference for students as it is well paid, secure and high status career. However it might appear that this profession is destined for commerce students but the truth is that almost all officers in banks are from various streams of education such as Arts, Computer science, Science and others. The demand for professionals in this field has made banks such as public sector, private sector, overseas banks and multinationals to hire more and more CFAs, MBA graduates and CAs to improve efficiency.

On other hand bright graduates from any stream can get entry into public sector banks by clearing the All India Examination which is being conducted by banks every year. The requirement of more professionals in this field has increased due to the emerging new technologies and new private banks and financial institutions.

Now a day’s banks have entered into the business of mutual funds, consumer loans, credit cards, housing loan etc.

Insurance is a form of risk which is being covered or protected against various hazards of life. It is a financial contract that binds two people to certain responsibilities which is known as Policy. The person who acquires insurance coverage is called the policy holder or insured and the person who sells the policy is the insurer.

From the time the policy holder signs the policy he/she has a responsibility to pay a stipulated amount of money known as premium at regular intervals for a stipulated period to the insurer. In fact, insurance is an agreement to pay a premium in return for which the insurer will pay compensation in certain eventualities e.g. fire, theft, motor accident, etc.

In India there are about 30 insurance companies the majority public sector insurance companies are Postal life Insurance, Life Insurance Corporation etc. LIC deals with insurance of life, whereas other insurance companies are concerned with non-life aspects of insurance which includes marine, medical, accident and fire insurance.

In this field several multinational companies have come forward. Max New York life, HDFC Standard Life-Insurance, SBI Life Insurance, Tata AIF Life Insurance, Birla Sun Life etc are few top insurance companies in the private sector. In non-life insurance sector, most important private players are IFFCO Tokyo, ICICI Lombard, and Tata AIG etc.

Basic Eligibility



For admission into a bachelor’s degree, the candidate must have passed the higher secondary education or 10+2 examination with commerce subjects such as accounts, maths and economics. The duration for this program is of 3 years.



For admission into a master’s degree a must have a bachelor's degree with commerce subjects such as accounts, maths and economics. The duration for this program is of 2 years.

Job Prospects

Job prospects in Banking Industry: -

Graduates are being mostly hired by government banks for various posts on the basis of All India Examination. On the other hand professionals like doctors, lawyers, engineers etc are employed for higher posts through All India tests. Graduates from commerce stream are given more preference, but any one from any stream is eligible to enter into this field by qualifying the Entrance exams which are being conducted by banks every year. At senior level banks opt for experienced bankers.

Banks generally look for those candidates who have good communication skills and have the ability to handle customers and basic knowledge about the industry. To join an overseas or private sector banks for senior level positions one needs specialization in certain specific areas like credit appraisal skills, managing huge loan files and foreign exchange.

Pay package in Banking Industry: -

Those who are working in public sector banks can get a salary ranging from Rs.12,000 to Rs.15,000 per month while the salary for officers start within a range of Rs.15,000 to Rs.20,000 per month. For professionals like CAs, ICWA, CFAs and MBA employed in public sector banks can expect a higher salary. Whereas when the same professionals are employed in private sector and overseas banks they get a salary package between Rs.25,000 to Rs.30,000 per month.

Pay package in insurance Industry: -

The salary structure in public sector insurance companies is as per govt. rules depending on different positions. Whereas in private sector insurance companies the salary structure is more lucrative for management graduates working in marketing and sales sector with an initial salary starting from Rs.15,000 to Rs25,000 per month.

Commerce Colleges for Banking and Insurance

Birla College of Arts, Science & Commerce

Kalyan, Maharashtra, India

Birla College of Arts, Science & Commerce, Kalyan offers several UG programs in Arts, Science and Commerce and PG programs in Botany, Biotechnology, Bioanalytical Sciences, Environmental Sciences, Chemistry, Herbal Science, Computer...

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Chaitanya Educational Institutions

Warangal, Telangana, India

Chaitanya Educational Institutions (CEI), Warangal was established under Viswa Bharathi Education Society, Warangal. The Society has also started Chaitanya Degree College in 1991, Chaitanya P.G. College in 1993, Chaitanya College of...

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Chhattisgarh University

Raipur, Chhattisgarh, India

Chhattisgarh University (CGU), Raipur was established with the prime objective to bring revolutionary changes in the field of education, by way of making it cost effective and within the reach of one and all. The university encourages...

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Directorate of Distance Education, Annamalai University

Chennai, Tamil Nadu, India

Directorate of Distance Education, Annamalai University, Chennai was established in 1979 offers four hundred and one different programs of study under the regular stream.The Universities has recognised by the University Grants...

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Dombivli Shikshan Prasarak Mandal K.V.Pendharakar College of Arts, Science and Commerce

Dombivli, Maharashtra, India

Dombivli Shikshan Prasarak Mandal K.V.Pendharakar College of Arts, Science and Commerce, Dombivli was established in 1979, by twenty five elite citizens of Dombivli representing different walks of life. The Mandal was registered under...

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Dr. Babasaheb Ambedkar Open University

Ahmedabad, Gujarat, India

Dr. Babasaheb Ambedkar Open University (BAOU), Ahmedabad was established in 1994 by the Gujarat State Legislature. It is the seventh Open University in the country in terms of their establishment. The University offers 72 programs with...

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Dr. V. N. Bedekar Institute of Management Studies

Thane, Maharashtra, India

Dr V N Bedekar Institute of Management Studies (DR VN BRIMS), Thane (W) was established in 2005. The institute is approved by AICTE for its MMS programs. The institute has excellent infrastructure facilities and outstanding faculty. The...

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Fakir Mohan College

Balasore , Orissa, India

Fakir Mohan College, Balasore was established in 1944. It was renamed Fakir Mohan College after the great Oriya poet and novelist Vyasakabi Fakir Mohan Senapati. The college has post graduate teaching facilities in various disciplines....

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Gauhati University

Guwahati, Assam, India

Gauhati University (GU), Guwahati was established in 1948 under the Guwahati University Act 1947 of the government of Assam. The university is recognized by UGC, it has been awarded a "B" Grade on a four scale, the point of...

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Ghanshyamdas Saraf College of Arts and Commerce

Mumbai, Maharashtra, India

Ghanshyamdas Saraf College of Arts and Commerce, Mumbai was established in 1983 by Rajasthani Sammelan, a public charitable trust. The college is affiliated to the University of Mumbai and accredited by NAAC with A Grade. The college is...

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