Career Opportunities for Freshers in Banking and Insurance Sector

Last month, in November 2020, an RBI committee recommended allowance of commercial banking licenses to large and established companies as well as Non-Banking Financial Companies (NBFCs). Well, the proposal is still being brainstormed, but it is good news for you. Wondering why? The creation of more job opportunities, obviously!

Jobs in the banking and insurance sector have always been in demand among freshers. Moreover, these segments also rank top when it comes to generating employment opportunities. In the financial year 2017, banks recorded the highest number of employment, generating about 21% of the whole employment opportunities in the economy. If the latest recommendations come to pass, imagine the employment opportunities that you would get! Read more about the urgent need for the talent in BFSI.

As a fresher, straight out of college, you look for opportunities to jump-start your career. If you are from the commerce background, banking and insurance are the hottest sectors for job opportunities. And as the numbers mentioned above say, this sector also promises the easiest employment opportunities for freshers, making it a hotbed for job applications. If you are looking banking jobs or insurance sector jobs as a fresher, have a look at the following available opportunities –

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Top Career Options For Freshers in BFSI

1. Telecaller

Remember the calls you get about loans, credit cards and even new insurance policies offered by companies? Well, it can become your job too. Banks and insurance companies are constantly on the look-out for freshers to work in their call-centres and sell their products through telesales.

The eligibility criteria are simple – you just have to be a graduate with good communication skills, and you are set to go. Besides a fixed monthly income, you can also earn commissions on the sales you generate. Simple and well-paying, isn’t it?

2. Bank Probationary Officers (PO)

The bank PO job is highly sought after because it allows you a chance to grow your career in banking. For this job, however, you need to pass an exam conducted by the Institute of Banking Personnel Selection (IBPS) if you want placement in a public-sector bank. For private sector banks, the exam is not a criterion, but you might need other qualifications. As a PO, you get a fixed monthly income and a chance at promotion.

3. Sales Representatives or Relationship Managers

The job of sales representatives, relationship managers or sales managers is also available for first time job seekers in banks and insurance companies. Needless to say, this is a sales-oriented position wherein you need to sell the products of the bank or insurance company. There might be a monthly target, and this position is open for graduates fresh out of universities.

Related read: Future of BFSI Industry

4. Tellers and/or Cashiers

Banks need tellers, individuals who sit at the ‘‘deposit’’ and ‘‘withdrawal’’ windows at the branch. Freshers can apply to these positions and get placements.

5. Insurance Agents

Another lucrative avenue is becoming an insurance agent. You can become an agent straight after 10+2 and start your own business of selling insurance. The beauty of an insurance agency is that it allows you to work full-time in another job and sell insurance policies on a part-time basis for additional income.

The Qualification Required

Under most of the jobs, you need a graduate degree. Moreover, for the telecaller or sales position, you don’t even need specialisation in commerce. The job is yours even if you are an arts or science graduate. All you need to do is learn sales skills which can be done through a hands-on experience on the job or through online courses before getting the job.

The Expected Pay

As a fresher, you might not have sky-high expectations when it comes to the salary package. However, knowing the pay package ball-park is important. What if you get a chance of negotiating your CTC?

The pay package actually depends on the position you get placed in. Telecallers can earn around Rs. 15,000 to 20,000 per month (excluding incentives) while POs and sales reps can have a salary starting from Rs. 25,000. Tellers and cashiers might earn somewhere between Rs. 20,000 to 30,000 while in an insurance agency, there is no fixed payment. As an agent, your income depends on the number of policies that you sell and the premium that you collect.

The Growth Curve

Everybody wants to grow their careers with experience, why shouldn’t you? Experience is an important qualification, and as you gain experience, you can grow your insurance and banking career too. Banks and insurance companies look at internal promotions to fill their vacancies.

It saves them the cost and time of hiring someone from the outside. So, even when you are a fresher, if you work passionately and prove your mettle, promotion would just be an appraisal away. You can become a manager and reach the top management levels with your performance and experience.

Adding to Your Qualifications

Though freshers are welcomed in insurance and banking sector jobs, additional courses help in honing your skills. The job world is competitive, and the fittest ones survive. To stand out of the crowd, you need an extra feather in your cap. And how do you get that extra feather? Through online courses, simple!

upGrad’s MBA in Digital Finance and Banking provides extensive training on different aspects of banking and digital finance. The course offers a blend of fundamental subjects related to finance, accounting, and economics and new-age subjects such as managing fintech ecosystems, data protection, financial criminology, etc. The focus on constantly updating the curriculum to match the demands of the industry has made upGrad a preferred choice of BFSI to find new talent.


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