Going Global Home Corporate Services University Services Country Profiles Global Store
Goinglobal Collage for India

Find a Job
or Internship

More than 16 million listings updated daily

Accounting and Finance
Search jobs and internships worldwide

Excerpted from the India Career Guide

The Indian banking system is regulated by the Reserve Bank of India and its parent organization, the Ministry of Finance. With the growing prosperity of many Indians (particularly the middle class), banking in India is now a technology-intensive and customer-friendly industry, as well as a strong employment generator.

Although India has made remarkable progress toward developing a stable financial system, major challenges include the prominent role of the state in the financial sector, according to the International Monetary Fund (IMF). In addition to strong growth, the banking system has made steady improvements in the legal, regulatory and supervisory framework. In fact, India is one of the few countries that have issued final guidelines for the Basel III global banking standard. The Reserve Bank of India has allotted five years for the implementation of Basel III, but that may be hard for many banks, according to Big Four auditor KPMG.

Employment Outlook

India’s well-developed financial market has enormous potential for further development based on the country’s high savings rate of more than 30 percent, its youth and its emerging middle class, which numbers more than 250 million. This growth is creating demand for skilled financial professionals, particularly middle and senior managers, in areas such as investment banking, retail financial services, insurance and wealth management. Because it has proven difficult to train new workers in finance, India’s financial firms are very focused on the challenges of retaining key talent.

Areas of Job Promise

Banking: Hiring in public sector banks could reach up to 70,000 people this year. Private-sector banking also could see active hiring, if licenses are granted to new players.

Insurance: Insurance firm Allianz is hiring, and is reported to have major expansion plans in India,  but the company is up against a skills shortage. The strongest demand is for candidates who can blend best practice with reality, and who can overcome local problems without compromising global risk-management standards.

Certification and Education Requirements

The qualifications required for finance and accounting jobs in India depend upon the nature of the job and other relevant complexities. A bachelor’s degree with specialization in commerce and accounts is generally considered a minimum requirement for a position as an accountant in India.

An MBA degree with specialization in finance or chartered accountancy is preferred for management-level positions in the banking, insurance and other financial services institutions. For senior positions such as manager, controller or chief financial officer, the following certifications are required:

  • Chartered Accountant (CA): This program is similar to the CPA program in the US. It is administered by the Institute of Chartered Accountants of India. To earn the title of CA, a candidate has to pass the ‘Intermediate’ and ‘Final’ examinations conducted by the institute and complete practical training to become eligible for membership. Companies, consulting firms, audit firms, commercial banks, insurance companies, regulatory bodies and others all look for this certification in jobseekers.

This is just a short sample of what you’ll find in over 100 pages of information in the complete India Guide.

 :: Networking
 :: Country Topics
 :: Quick Search
© Copyright 2009 Going Global. All rights reserved.