Posted by: CIEL on Mon, Nov 13th, 2017
8 Core Skills to Help You Build a Successful Career in the BFSI Sector
The Banking, Financial Services and Insurance (BFSI) industry is a thriving sector in India today. As disposable incomes in the country grow so are people growing increasingly aware of investment options, thereby creating a demand for various financial services. The National Skill Development Corporation (NSDC) has estimated that this sector will need an additional 1.6 million in skilled workforce by 2022.
The NSDC report goes on to state that the BFSI industry will continue to create a demand for staff with relevant aptitude in numerous roles like HR and IT along with specialists in the various sectors of banking, finance and insurance as well. With a substantial number of wealth management courses and certifications available (on premise and online), a number of candidates, both young and old, are also being drawn to the industry for a variety of reasons today.
Top reasons why a career in BFSI is a great choice
- Unparalleled opportunities for professional growth
- Attractive salaries
- Incentives and commissions
- Job security
- Possibility of travel (in India and abroad)
With a large number of candidates applying for jobs in the sector, many banks and financial services firms look for more than just the correct certifications amongst their applicants. If you are considering a career in the BFSI sector, here are a few skills you should try and develop to give you that extra edge.
Core skills for a successful career in BFSI
1. Effective communication
Good communication skills are a must. Private wealth managers and financial planners need to be able to covey account information and updates to their clients succinctly. Insurance sales advisors need to be able to build customers’ confidence in their products. Both written and verbal communication skills are vital as updates can be given to customers in person or through written documents. Good communication skills will also help enhance your career as you may be required to give presentations on occasion.
Apart from being able to write and speak effectively, it is equally important that you develop your listening skills. Many customers may not know exactly what they need and their needs might have to be ascertained through careful questioning and analysis.
2. Ability to build trust
You need to be able to build relationships founded on trust with your clients. After all, they might be turning over all their worldly assets to you to manage. Being a good listener and being honest with your advice will take you a long way with this. If you are thinking of running your own firm or acting in an individual capacity, remember that word of mouth is one of the best forms of advertisement and people are more likely to hire you based on what their friends’ or relatives’ experiences have been with you.
3. Short- and long-term planning and strategizing
Employers like to hire candidates who have a plan. It shows them you are serious about your career in the BFSI sector. Know where you want to be and achieve in five years’ time and work towards it.
4. Technological competence
Familiarise yourself with the various software and tools that are required to be successful in the BFSI Sector. Technology in this field is evolving by leaps and bounds. Staying up to date is vital to remain at the top of your game.
5. Ability to stay on top of the latest trends and developments
The financial world is dynamic with new developments taking place all the time. Show an interest in keeping up with the latest changes, not just in the financial world. Current affairs often influence markets. Keeping up with the news will allow you to stay competitive.
6. Analytical skills
While they are good skills to have, it is simply not enough to be able to grasp mathematical concepts or conduct research. It is imperative that you know what to do with the information you have received.
7. Good presentation skills
It is important that you can present yourself well. Dress professionally and speak clearly with confidence. No one wants to hire the guy in the torn jeans and old T-shirt.
The financial services industry is constantly changing. Markets can be going up or come crashing down. You must be able to demonstrate that you have presence of mind and have the ability to weather any challenges that come your way.
Finally, make sure you have the right qualifications or experience for the position you are applying for. Centre for Investment Learning and Education (CIEL) has a number of different wealth management certification courses and NISM certification training programs to help you make your foray into the world of finance, investment banking and insurance worthwhile.
Contact us to know more!