The Indian financial sector is experiencing a huge growth both in terms of the number of institutions and the diversified services they are providing with several categories of new entities entering the market. The sector comprises various types of banks including the public and private sector banks, foreign banks, cooperative banks along with the urban, rural, regional, small finance banks, etc. Besides this, it also includes various classes of non-banking financial companies encompassing services like loans, investments, asset finance, microfinance, infrastructure, asset reconstruction, etc. and insurance companies serving life, general, health, and reinsurance. Asset management companies including pension funds, mutual funds and other financial intermediaries add to the chunk that comprises banking, insurance, and financial services. So, given that the financial sector comprises various classes of entities largely in Banking, Financial Services and Insurance domains, the popular acronym to refer to these entities is ‘BFSI’.
The BFSI sector can take advantage of the growing domestic market, increasing investible surplus owing to the growth story, growing need for protection and diversification of investments and provision of globally competitive standards of service as India’s banking and financial sector is gearing up by expanding rapidly.
Thus, the BFSI sector has tremendous growth potential in the coming decades as it thrives on growth opportunities that are linked with the socio-economic development of the nation. Owing to this, the BFSI sector provides opportunities of a whole spectrum ranging from the employment of a secure nature as in case of public sector banks and insurance companies to individual entrepreneurship from Financial Consultants and Portfolio Managers to Fund Managers.
By 2022, the projected number of jobs in the BFSI sector is likely to be 8.4 million.
In the last two years, 68,000 to 70,000 vacancies have been filled up in Public sector banks, including in SBI. The number of candidates who registered for the common written examination for officer cadre posts in public sector banks conducted by the IBPS in 2016-17 increased to 19.67 lakh from 15.76 lakh in the previous year. The Private Sector banks also provide immense opportunities for employment at different levels based on knowledge and experience. The entry of new banks like Payment Banks and Small Finance Banks have also added to the need for skilled manpower.
Adding to it is the insurance and pension sector. The level of insurance inclusion in life, general, and health insurance is very low and there is an immense scope of increasing the coverage. For this purpose, there is a need to have a lot of skilled manpower for the handling of marketing as well as other functions of the insurance business like underwriting, claims management, and policy-holder servicing. There is immense scope for setting up insurance marketing firms and acting agents, point-of-sale persons, etc. as individuals.
Along with this, the Non-Banking financial entities have also increased manifold providing opportunities for employment and entrepreneurship. The areas where there is a huge demand for skilled professionals is financial analysis, portfolio management, infrastructure finance, asset management, recovery and reconstruction, stock broking, merchant banking, factoring, etc. There is also an immense opportunity for entrepreneurs functioning as personal finance managers, portfolio managers, sub-brokers, mutual fund dealers, etc.
In regards to all of these opportunities, there is a continuous and growing need of skilled manpower who can counsel to understand the nature of the customer and sell the appropriate product or product mix depending upon the financial needs and it is a challenge which needs to be supported by the education infrastructure.
So, analyzing this and the future needs to come, Symbiosis University of Applied Sciences, Indore, established under the able leadership of Padma Bhushan Dr. S B. Mujumdar, President and Founder, Symbiosis and Dr. Swati Mujumdar, Vice President, Symbiosis Foundation, aims to crystallize the ‘Make in India’ mission and provide opportunities for skill development along with vertical mobility leading to gainful employment of our youth.
Focusing on skill acquisition, the syllabus of MBA (BFSI) is based on the National Skill Qualification Framework (NSQF) model. The foundation of the syllabus is laid by industry experts themselves to let the student come out as a finished resource, ready as per the needs of the industry. The curriculum focuses majorly on practical (70%) over theory (30%) enabling the students to achieve the desired skillset.
Unlike the traditional courses, the students are given a hands-on experience of the business environment simulated by the Training Bank and Finance Lab, thereby imparting the real-life practical skills to them. An active and continuous industry interface is maintained by specially designated people to help students experience the industry environment. The industry interaction would help the students to obtain product-related information, understand the documentation, practical functioning and customer interfaces of the BFSI processes. It also enables the students to attend seminars by officials of BFSI industry including those from regulatory organizations like RBI, IRDAI, SEBI, PFRDA, Government, etc. Besides all this, rigorous summer internships after the first year for MBA are facilitated by the Training and Placement Cell.
To support the academics, a model of continuous and comprehensive evaluation in theory and practice is put in place along with compulsory external assessment by industry experts of students in each course. The practical activities encompassing soft-skills and life-skills areas just add the finishing strokes to the industry-ready professional that Symbiosis offers.
The students can, therefore, make a career as independent financial advisors or as industry-ready professionals in banking, financial services and insurance.
In addition to this, the University has already collaborated with Tennessee Tech University and over 12 German Universities of Applied Sciences for curricula development, skill set transfers, faculty training and exchange, student exchange, design and development of labs and workshops, infrastructure development, and continuous training and development.
Further, in this unique model of Skill Development, the University has also joined forces with top industry leaders of BFSI stream like HDFC Bank, Karvy Stock Broking Ltd., Reliance Capital, Aditya Birla Money, Shriram Life, Aditya Birla Capital, RBI, etc. to ensure the right placement opportunities for its students.
To know more about the MBA program of Symbiosis University of Applied Sciences, Indore – India’s first skill university – visit www.suas.ac.in, WhatsApp us on 9285333013/16, call us on +91-9285333014/15/16/17 or give a missed call on +91-8043692999