KEY BENEFITS OF CAREERS IN THE BFSI SECTOR

Banking, Insurance & Financial Services careers – are much sought after in India. Here is why –

• BFSI is a large sector where Jobs are in large numbers.
• Respectable and good industry to build a career.
• Faster career growth.
• One can move multiple roles during his/her career due to vastness of operations of BFSI organizations.
• Attractive salaries, incentives and rewards.
• Entrepreneurial opportunities – one can start a Financial Services business in due course.
• Global industry where there is constant innovation and hence new learning.
• Experience has shown that when GDP grows at say 8%, Banking will grow at 3 times ie around 24%. With India’s GDP and continuing growth story, BFSI is a great sector to be in.

GROWTH OF BFSI SECTOR - Some Stats

• After growing at 9 percent for four years before the crisis, our economy averaged about 7 percent growth in last two years. Based on enhanced Savings rate which is upwards of 30%, strong domestic demand and a large young population, the Indian Economy is expected to grow by 8.5 percent in 2010-11 and hopes to go back to 9 percent growth by 2011-12.
• The banking sector has grown from 89 banks in 1969 to 279 post liberalization in 1995. The number of branches increased from 8262 in 1969 to a whopping 98910 branches by 2005 and the growth has continued. The Banking Industry is expected to grow at a healthy rate of over 20% for the next 2 to 3 years. While Retail Banking will be the key growth area for Banks, other areas like Corporate Credit, SME Banking, cross selling of other financial products and services like Insurance, Mutual Funds, fee-based sources of income and technological upgradation will also be key growth drivers.
• Indian insurance sector is the fifth largest life insurance market in Asia, with an annual growth of 32-34 % . The total life insurance premium in India is projected to grow to US$ 259.72 billion by 2010-11
• India’s share in the total world m-cap has risen to 2.79 %. Making it the ninth largest market cap in the world
• Expansion of a middle class expected to exceed 500 million by 2010 .
• Nearly 80% of the Indian population is without Life, Health and Non-life insurance, making it a potential segment
• The Indian BFSI sector could account for over 7.7 % of World GDP with over Rs.7,500 billion in market cap by 2010