The Banking and Finance Industry in India has undergone a lot of changes over the last two decades.
There is a lot of emphasis on recruiting the highly trained professionals who can integrate well into daily working life of the bank.
Banking and Financing results in development of even the remotest area of our country.
These two related areas have to look forward a lot for the countries future welfare.
The strength of our economy lies in the hands of Banking and Financing. An MBA graduate plays a vital role in Banking and Financing.
The Indian banking sector has been growing at a rapid pace of 7% since the start of this decade.
According to growth forecasts it is predicted that by the end of 2014, the industry would require a minimum of 1.7 million managerial people while the current available workforce is only around 1 million. That means a deficit of 0.7 million people.
This clearly indicates the need for further professionals in the Banking Sector. Considering the rapid progress India´s Economy is making, there is a huge demand for MBA degrees in banking sector.
Finance has become a key aspect of banking today. A commerce graduate can enter this segment but the higher levels of management are usually occupied by people having an MBA degree with Finance as a major subject.
A commerce graduate may be good in Accounting but he or she is generally weak in financial management which comes from logical analysis of financial data.
An MBA degree with specialization in Banking helps the candidate much better to understand the job responsibilities of a Bank with respect to customer. This also tends to increase the net worth of that individual and he is able to undertake the related responsibility with respect to his specialization.
Furthermore an MBA degree equips you with "hard skills" such as economics, finance, marketing, operations, management, and accounting. And also "soft skills" of leadership, teamwork, ethics, and communication that are very important for effective management in any organization.