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March 07, 2018

65% MBA Grads Wish to Join Government Sector; 51% Choose Banking

Considering ASSOCHAM Business Barometer Survey, about 46% of the 271 students pursuing MBA in top B-Schools were ready to forego their desired sector to get a job in some other sector just for a handsome pay package in case they get their desired work profile. 

Survey has also found that over 65% of the business school graduates choose to work for government organizations in comparison to private organizations. Moreover, that graduates are flocking to the top line public-sector organizations in order to find better job security, growing prospects of firms and headwinds faced by the private sector, specifically in sectors with leverage such as telecom, real estate, power and other infrastructure.

Banking sector has undoubtedly emerged as the most preferred sector among MBA aspirants after they complete their post-graduation courses. It is true that nearly 51%, i.e. more than half of the students prefer banking field according to a study conducted among students. Information technology, marketing and Consultancy being the other sectors of interest.

So, there is no need to worry if you are unable to crack CAT 2018. Although, every MBA aspirant desires to get admission into any one of the top B-schools, but a thing to remember is that there are numerous options beyond CAT and IBPS PO 2018 is one of them, that you can choose from and a bright future welcomes you there. 

Why MBA Students prefer Banking Jobs?

Analyzing the reason behind more than half of the MBA aspirants choosing the banking sector, some of them are stated below:

Job security: Banking sector can provide best job security in the present circumstances as most of the other sectors are not only experiencing recession, but also facing layoffs.

Handsome pay package: Apart form job security, attractive pay packages is also a reason why people go after banking jobs. Although the pay is somewhat lesser than the IT sector, but the wide range of growth-oriented choices are attractive in banking sector.

More family-time: In comparison to working in the booming IT sector, the ones working in the banking sector are able to find time to spend with family. Even though a strict time schedule of 9-5 is not followed in private sector banks, unlike public sector, the timing will be somewhat regulated as against other sectors. 

Added value to the resume: Working in the banking sector after being awarded the MBA degree generally adds value to the resume of the candidates. Plus, getting a chance to grow in vertical hierarchy of the organization by performing well in the same bank, is an added advantage in the banking sector. Also, if you find an opportunity for yourself to change your career path in the middle, you may switch the job.

Opportunity to work in different states: As most of the banks have branches in different states, job transfers are witnessed widely in the banking sector. This is another reason which attracts more and more MBA graduates to opt for banking jobs.

Respectful job: Similar to working in the IT sector, a person working in the banking sector also prides on himself/herself as it is considered to be a very respectful job. In India, due to the pride the parents gain if the child is working in banking sector, many children doing their MBA wish to choose this field for the same reason.

To summarize with, the candidates joining the banking sector get a lot of facilities and emoluments. Not to forget, that the candidates along with their salaries are provided with many other finiancial facilities such as PF, Gratuity, Pension, loan at lowest interest rates from the bank. They also have the leverage to enjoy their lives with the provided holidays and leaves by the banks in a particular year. Not only the work stress, but also the work hours are lesser than in any private engineering job. The payment and promotion structure in banking is another plus point. As already mentioned above, through will, intent and hard work the candidates can even rise up through the ladder and become Regional or General Manager of the banks they are working for.

In public sector units, other than banking sector, several special allowances are paid to the officers apart from salaries such as children education allowance, North-east allowance, cable allowance, professional pursuit allowance, bungalow maintenance allowance, courtesy allowance, hard duty allowance, canteen subsidy, remote area allowance, which are much more than allowances which are generally provided like house rent allowance and dearness allowance.

The reason behind the change in choice of sector by these MBA aspirants is not so difficult to understand. We know that thousands of engineering colleges (both private and public) offer engineering courses to lakhs of students per year. Although they get placed in well accomplished companies, but as the number of passing students is huge, there are not enough jobs available in the Indian market for these budding engineers. Plus, the pressure of losing the job in the private sector is another bug to these engineers. Also, because of the financial meltdown and global financial crunch in the multinational private sector companies, many engineering students prepare themselves for IT officer posts offered by the banks so that they at least have an upper hand in the several officer and managerial posts in the banks as well. Due to the technological advancement in the banking sector, these engineering candidates are being welcomed even by the banks. Such employees are undoubtedly adding colors to the workforce with their technical skills and knowledge regarding the banks.

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