The Banking, Financial Services, and Insurance (BFSI) sector in India has many exciting job opportunities for commerce students. However, many B.Com, B.Com (Hons), and even M.Com students are unsure about the necessary skills for BFSI jobs and how to start a career in the BFSI sector.
One great resource to get BFSI jobs for commerce students is to join the BFSI Sector Skill Council of India. Established in the year 2011, BFSI SSC plays a crucial role in defining the career pathways for commerce students by providing a standardised list of skill requirements for many roles across various institutions. With the view to change the course from helping the students transition smoothly from only the theoretical curriculum of commerce studies to vocational courses that can make them more employable and successful in the BFSI industry, this sector skill council offers several opportunities.
Do you also want to learn how to get BFSI jobs? Then, this article is for you.
Understanding the BFSI Sector Skill Council of India
You should know that the BFSI Sector Skill Council of India (established in 2011) collaborates with industry leaders to establish skill benchmarks and provide training that meets the dynamic requirements of the sector and helps aspirants make a career in the BFSI sector.
The council’s leadership team, which has leading figures such as Mrs. V R Iyer and Mr Sunil Mehta, ensure that the skill sets taught are directly in sync with industry needs. By providing structured apprenticeship training, certification programs, and partnerships with leading BFSI companies, the council helps facilitate commerce students to acquire equitable skills and bag the best BFSI career opportunities.
The BFSI website contains a number of apprenticeship and job opportunities that you may be interested in when you start browsing!
Why Should Commerce Students Consider a Career in the BFSI Sector?
The BFSI sector is growing quickly in India and offers many different types of jobs. Whether you’re interested in banking operations, financial planning, or insurance advisory, there are plenty of BFSI career opportunities to explore.
For commerce students, who often have a strong foundation in finance, accounting, and business studies, these roles are particularly well-suited.
How to Get BFSI Jobs for Commerce Students?
1. Explore Courses and Apprenticeship Programs
BFSI apprenticeship programs can help you kick-start your career. Practical work experience blended into classroom education is what these programs offer. Some of the options offered by BFSI Sector Skill Council are:
- HDFC Life Young Achiever Programme: Equips students with knowledge of insurance products and sales skills for a career in the life insurance industry.
- Muthoot Fincorp Recruitment Program: Offers exposure to microfinance and NBFC operations, specializing in financial services.
- NJ Group Opportunity Program: Layout to study wealth management and mutual funds, best for pursuing a career in investment services.
- Star Health Apprenticeship Program: Focuses on Customer Service & Claims Processing. It is suitable for candidates looking to make a career in Health Insurance.
- Bharti-AXA Recruitment Program: Providing knowledge about general insurance products and teaching customer support in insurance sector roles.
- SBI Apprentice Program: It provides holistic training in banking functions from customer service to operations.
- CAMS Recruitment Program: Only covers the mutual fund operations space, a quick learning curve for getting into the world of financial services.
2. Understand the Model Curriculum and National Occupational Standards for Most Common BFSI Career Opportunities
The BFSI Sector Skill Council has developed a model curriculum and National Occupational Standards (NOS) for various job roles. These standards ensure that the training provided is aligned with industry needs, making you job-ready.
Some of the key roles for which NOS and QP (Qualification Packs) are available include:
- Accounts Assistant
- Back Office Associate-Financial Services
- Bancassurance Relationship Associate
- Business Correspondent / Facilitator
- Credit Processing Officer
- Customer Service Associate-Financial Services
- Debt Recovery Agent
- Microfinance Executive
- MIS Data Analyst-Financial Services
- Mutual Fund Distributor
These roles have clearly defined performance benchmarks, skills, and knowledge requirements, making it easier for employers to recognise qualified candidates. By completing training aligned with these standards, commerce students can enhance their chances of landing a good BFSI job.
3. Join Skill Development and Apprenticeship Programs
If you’re thinking about how to get BFSI jobs despite the tough competition, commerce students can gain a lot by joining skill development and apprenticeship programs offered by the BFSI Sector Skill Council. These programs give you real work experience and a stipend, making them a good financial option for students.
For example, the National Apprenticeship Promotion Scheme (NAPS) helps companies provide apprenticeship training and offers financial benefits to both employers and apprentices. This is a great way for BFSI jobs for commerce students to become more accessible.
4. Enhance Your Professional Network
By joining the BFSI Sector Skill Council and taking part in its programs, you can meet industry experts, mentors, and fellow learners. Networking is very important for building a career in the BFSI sector because it can lead to mentorship, teamwork, and job offers.
Many apprenticeship programs also provide job placements with top companies like HDFC Bank, ICICI Bank, SBI, and insurance leaders like HDFC Life and Star Health. This creates great BFSI career opportunities for those looking to enter the field.
5. Prepare for Entrance Tests and Interviews
Many BFSI jobs for commerce students need you to pass entrance tests and interviews. To help with this, the BFSI Sector Skill Council offers an Apprenticeship Entrance Preparatory Course (AEPC). This course teaches important skills for BFSI jobs, such as Quantitative Aptitude, General English, Reasoning, and basic knowledge of banking and insurance products. It’s a great way to get ready for the hiring process.
Skills for BFSI Jobs You Should Focus On
Most BFSI jobs for commerce students require a mix of technical and soft skills. Here are some key skills for BFSI jobs:
- Financial Literacy: Understanding of financial products, services, and regulations.
- Customer Service Skills: Ability to interact with clients and resolve their queries effectively.
- Analytical Skills: Proficiency in data analysis and interpretation, essential for roles like MIS Data Analyst and Credit Processing Officer.
- Sales and Marketing Skills: Crucial for roles in bancassurance, insurance sales, and mutual fund distribution.
- Communication Skills: Both written and verbal communication skills are vital for interacting with clients and colleagues.
Final Thoughts
A career in the BFSI sector offers a promising future with diverse opportunities for growth and development. For those searching for ‘how to get BFSI jobs’, leveraging the resources provided by the BFSI Sector Skill Council makes sense.
Commerce students can gain the skills and experience needed to secure BFSI jobs and build a successful career. From structured apprenticeship programs to model curricula tailored to industry needs, the council provides a comprehensive roadmap for aspiring professionals.
If you are enrolled in the B.Com or B.Com (Hons) program at our institution, we advise you to check out the BFSI Sector Skill Council’s initiatives. They can set you on the path to a rewarding BFSI career!
