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In Spotlight: MBA In BFSI
Specialised MBA: Banking, Fin Services & Insurance sector
The emerging beneficiaries of such a transparent policy has been the banking, financial services and insurance sectors, which are growing marvelously
It’s a benign feat for India to achieve the way its economy kept growing amidst the turmoil of global recession that left many developed economies of the world in tatters. The effect of this recession was not to be taken lightly as it revealed some shocking loopholes of financial institutions in the hardest hit nations like the US.
Despite this sorrowful incident to grapple with, on the other side, there were cheers brewing up in South Asia, particularly in India where the modus operandi of a robustly clean financial system was strictly in place to prevent any kind of wrongdoing from showing up, especially in the Banking, Financial Services and Insurance (BFSI) sector. Hence, the financial market of the country was on the right track at the right moment.
The emerging beneficiaries of such a transparent policy has been the banking, financial services and insurance sectors, which are growing marvelously well and the signs are simply pinpointing to a more expansive spectrum.
All this points to a bright future for the BFSI sector. This is the right time to do a specialized MBA which caters to the needs of the BFSI sector. The BFSI MBA will make you much in demand as there is a high need for good BFSI professionals.
Let us look at the BFSI sector in detail:
Thanks to the hard won economic reforms India took in the last fifteen years, the banking sector has become one of most influential players in contributing to the Indian economy as a whole. As the banking sector became more liberalized, the effect soon began to manifest. The commercial banks seemed to be showing fantastic results in respect of capital adequacy, profitability, asset quality and risk management. With it, the process of deregulation helped the banks further in spending their revenues into other areas such as investment banking, insurance, credit cards, depository services, securitization etc.
More so, the quality in terms of supply, product range and asset is the best one can ask for in the country. As the Indian economy grows, the need for banking services too will arise. Subsequently, the demand for retail banking, mortgages and investment services will shoot high with mounting expectations, thereby bringing in lots of employment opportunities.
In short, State Bank of India is estimated to be worth US$ 1,119 million in terms of brand value followed by ICICI which is worth around US$ 2,501 million when it comes to the same. The other most important thing to take into account is that in a report published by RBI on deposits recently, nationalized banks as a group, accounted for 51.3 per cent of the aggregate deposits but not lagging behind was also State Bank of India and its associates which accounted for 22.8 per cent.
Not to forget, the banking sector of India is divided into non-scheduled banks and scheduled banks. Scheduled banks consist of commercial banks and co-operative banks. One can say that this sector is in its transition period. The prospects are quite brighter with the inclusion of foreign private banks which are focusing on technologies as well to sustain this growth. They prefer to serve their customers through Internet banking, mobile banking, phone banking, ATMs etc.
As India takes its shot at the status of being called a big superpower in the world, one can see such rapid progress happening in the banking industry of the country. So India must get it right. It is really doing so. No wonder the banking industry is expected to grow at an annual rate of 23.3 percent which is good news for all Indians. When it comes to the issue of transparency in Indian banking sector, there is nothing to complain about. This is what brings India at par with Japan and Singapore with regard to the banking system. All in all, it’s a win-win situation for India.
Due to astonishing reforms and getting rid of old unhelpful regulations, the Indian insurance industry has come a long way. This has allowed the new breed of both Indian and international insurance companies to compete in a healthy environment and provide their customers with great insurance policies covering varying aspects of their lives. It would give a completely new wing to the insurance business to work on.
The middle-class people will be stepping out in big numbers to apply for insurance policies so that they could live trouble-free. It seems more so because of the fact that the Indian economy is flourishing and their wages would also be proliferating.
However, the policies that people generally opt for are term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked term plans, group insurance policies, pension policies and annuities. Coming back to general insurance policies, they are mainly related to motor insurance, home insurance, travel insurance and health insurance.
On the other hand, the Indian insurance sector is estimated to be worth US$41-billion dollars as per the present statistics. Apart from this bullish scenario, it has been expected to grow big in size and shape at an annual rate of 32-34 percent. This makes India the fifth largest insurance market to tap into. By all means, it has also been guessed that the period from 2010 to 2015 is likely to be the “Golden Age” for the Indian insurance market. In this scenario there will be a huge demand for MBAs in the insurance sector.
The financial system comprises institutions, markets and financial instruments, specialized and non-specialized financial institutions of structured and unstructured financial markets, financial instruments and services. What makes them common is that they all help in making the transfer of funds an easy process. But the major thing that needs to be comprehended is that the demand for financial services is rife in places where financial markets are on the move.
As the Indian economy became more liberalized and transparent, the outlook of financial services industry changed forever. It gave birth to two great trends in the form of consolidation and increased competition from within and outside the country. Most importantly, the tool of consolidation is a way to merge, acquire and take over the companies to satisfy the customers at the end. After all, it’s all about giving the best financial services to people we work for. They want a hassle-free kind of service.
So what do we want now? It’s already clear that the Indian economy is standing at its golden period right now. The size of it would be worth trillion dollars in six years down the line. This is all possible because of the country’s BFSI sector doing extremely well. However, there is an urgent need for human resources (which India’s demographics allow for) to sustain the growth in this sector. In this context, doing an MBA course with focus on BFSI will be highly beneficial. There are many B-schools offering BFSI specific courses, which we will talk later.
Since the country would need these people to keep the engine of growth alive, the BFSI sector will have to prepare them for the work ahead. How can it be achieved? The BFSI sector can’t be sitting idle with its limited intelligent workforce. It will have to hunt for new blood. Though the nation’s education system is far superior in many respects, the educated workforce lacks the skills they need to have for the job even if they are a part of the industry.
It could be accomplished by giving them a proper training in skills. The mission isn’t going to be an easy one. It would be hard to find the candidates who fit in the job in every way. While selecting management pupils, it would be vitally important to measure his or her learning passion. If this is in abundance, the task could be done immediately or not. Thus, these are the perfect traits of a skilled person working in the BFSI industry:
person must be aware of stock markets and financial products
Perhaps, this is where the reputed business schools can intervene and come up with courses that could prepare the students for various challenges involving the tortuous field. By doing so, they can easily plug the gaps as being experienced on the job front which would never arise again.
Leading institutions offering BFSI sector specialized MBA programmes
So here are some of the reputed institutes which offer specialized MBA programmes for the BFSI sector:
T. A. PAI MANAGEMENT INSTITUTE
(TAPMI), MANIPAL Offers:
Narsee Monjee Institute of Management Studies (NMIMS), Mumbai - Offers MBA (Banking) and MBA (Capital Markets). For more information you can visit: http://www.nmims.edu/
Symbiosis School of Banking Management (SSBM), Pune - It offers MBA in Banking Management. For more information you can visit: http://www.ssbm.edu.in
National Institute of Bank Management (NIBM), Pune - Established in 1969 by the Reserve Bank of India, in consultation with the Government of India, as an autonomous apex institution, NIBM is recognized by the University of Pune as an approved centre for Post-Graduate Research and also by the Department of Scientific and Industrial Research, Ministry of Science & Technology, Government of India. Many Ph.D. students are currently registered with NIBM for their doctoral dissertation under the supervision of the Institute's faculty members. For more info you can visit: http://nibmindia.org
National Insurance Academy (NIA), Pune - It is one of the leading insurance institutions in the country. There are various programs conducted by it for executives working in the insurance sector like training programs, seminars and workshops. In fact, it is the statutory examination body for insurance brokers in the country. It offers a two year program in insurance and management. For more info you can visit: http://www.niapune.com
Department of Financial Studies, Delhi University - The Department of Financial Studies (DFS), under the prestigious Delhi University, has been an institution of learning for students who aspire to enhance their managerial efficacy in the finance industry. For more info you can visit: http://www.mfc.edu
Institute of Insurance and Risk Management (IIRM), Hyderabad - The Institute of Insurance and Risk Management (IIRM) is an international education and research organization. The Institute was set up jointly by the Insurance Regulatory and Development Authority (IRDA) of India and the State Government of Andhra Pradesh, in 2002 for promotion of International Post Graduate Diploma Courses in Insurance / Risk Management(Regular and Distance learning). International School of Actuarial Sciences (ISAS) opened on 6th August 2007 leading to a Post Graduate Diploma in Actuarial Sciences. For more info you can visit: http://www.iirmworld.org.in
ISB&M Pune – Offers PGDM in Finance, PGDM in Insurance & Risk Management. For more info you can visit: http://www.isbm.ac.in
Indian Institute of Finance and Management (IIFM) – With campuses in Mumbai, Delhi, Ahmedabad, Indore IIFM offers courses in Wealth Management, Financial Planning, and Insurance Management. For more information you can visit: For more info you can visit: http://www.iifmglobal.com
Birla Institute of Management Technology (BIMTECH), Greater Noida – Offers PGDM - Insurance Business Management. For more info you can visit: http://bimtech.ac.in
Asia Pacific Institute of Management, New Delhi- This leading B-school in North India offers Post Graduate Diploma in Management (Banking & Financial Services). For more info you can visit: http://www.asiapacific.edu
AICAR B-school, Mumbai- Offers Post Graduate Diploma in Management – Banking, Insurance & Finance. For more info you can visit: http://www.aicar.net
Jaipuria Institute of Management – JIM Lucknow campus offers course in PGDM – Financial Services. For more info you can visit: http://www.jaipuria.ac.in
Institute for Future Education Entrepreneurship and Leadership (IFEEL), Pune – Offers. For more info you can visit: PGDM - Banking and Financial Services. http://www.ifeel.edu.in
So for the students of BFSI sector, everything is there to make the most of and achieve what they want to as well as help the society in general.
ASIA - PACIFIC INSTITUTE OF MANAGEMENT, JASOLA - NEW DELHI
Contact No.: +91-11-42094800 Mobile : 8287454545 , 8287252525
Email ID: firstname.lastname@example.org
Address: Asia-Pacific Institute of Management 3 & 4 Institutional Area, Jasola, New Delhi - 110025.
I am extremely delighted to share with you that this year our Institute has ranked 36th All over India and 9thin North India amongst all B-schools of India, including private and government institution. (Source: BT-MDRA best B-schools survey 2015).
This is a proud moment for us as AIM has retained its rank amongst top 10B-Schools of North India for last three consecutive years. We attribute this consistent performance over the years to our unparallel commitment towards the three pillars of excellence; Serious academics, Strong faculty connect and Quality placements. Also, we have been working very closely with industry experts from reputed organizations and senior academicians from top institutes namely, IIMs, XLRI , MDI to develop a curriculum with an academic rigor which is best suited to the industry.
This success would not have been possible without the hard work of our students who with their untiring efforts always make us feel proud. If you wish to be part of this stimulating academic environment, enquire more about us from undersigned.
JOURNEY FOR EXCELLENCE
Ranking-2015 by Business Today
-- Ranked 36 all over India
-- 9th all over North B-Schools
-- 6th in private B-Schools
Institute is Centrally located in Delhi with a good Metro Connectivity.
INDIRA GLOBAL BUSINESS SCHOOL
Contact No.: +91 9657856103, 09272212312
Email ID: email@example.com
Address: S.No. 64,65, Gat No. 276, Parandwadi, Near Somatne phata, Maval, Pune - 410 506
Indira Global Business School is offering education in the field of Management since 2009. IGBS is established as a professional management institute to meet the growing needs of the business sector with the explicit vision to provide sustainable impetus to international business. The institute offers PGDM and MBA courses. PGDM course is autonomous course approved by AICTE and MBA course is affiliated to University of Pune and approved by AICTE. IGBS has established its presence in Pune as a premier Management Institute. The institute is conferred number of awards including the latest Best Industry Interface Award conferred by Dewang Mehta Business School Affairs Awards on 26th November, 2011.
NATIONAL INSTITUTE OF BANK MANAGEMENT
Contact No.: +91-20-26716000, 26833080
Email ID: firstname.lastname@example.org
Address: NIBM, Post Office Kondhwe Khurd, Pune-411 048
The Reserve Bank of India had established the National Institute of Bank Management (NIBM) in 1969, as an autonomous apex institution, with the mandate of playing a proactive role of a ``think-tank`` of the banking system. The NIBM is recognized by the University of Pune as an approved Centre for Post Graduate Research, and also by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India.
NATIONAL INSURANCE ACADEMY
Contact No.: +91-020-27204074
Email ID: email@example.com
Address: National Insurance Academy, 25, Balewadi, Baner Road, NIA PO, Pune 411045. India
The Academy which is popularly known as NIA was established in the year 1980 under the aegis of Ministry of Finance (Government of India), LIC, GIC of India and Public Sector Insurance Companies as its promoters. It is located on a 32 acre sylvan campus at Pune on Mumbai Bangalore Highway. It has state of art facilities both for curricular and extra-curricular activities.
Currently the Governing Board of NIA has Chairman LIC, Chairman-Cum-Managing Directors of GIC Re and other Public Sector General Insurance Companies and Director, Insurance from Ministry of Finance, Government of India along with independent members chosen for their unique contribution to the cause of Insurance, Education and Finance. The present Chairman of NIA Governing Board is Shri. S K Roy, Chairman, LIC of India, and Director NIA is Shri. Sushobhan Sarker, who retired as Managing Director of LIC.
The sponsorship and patronage enjoyed by NIA has made NIA a prime destination for Education, Research, Training, Consultancy, Leadership Development and Publication in Insurance, Pension and Risk Management in the Asia Pacific region.
"NIA to be a global institution of excellence in learning and Research in Insurance, Pension and allied areas."
1. To build capacities in the management of Insurance, Pension and allied sectors.
2. To create a stream of young talent for the Insurance, Pension and allied sectors.
3. To provide strategic approaches in the Management of Insurance, Pension and allied sectors.
4. To undertake and create an ambience for policy research in Insurance, Pension and allied sectors.
5. To promote learning: education and training in Insurance, Pension and allied sectors.
Keeping in tune with Vision and Mission of NIA, The academy has been designing, developing and conducting innovative Management Development Programmes (MDPs) for Insurance Professionals both at Middle and Senior Management level from Insurance Industry and other allied sectors from India and abroad since its inception in 1980.
-- The PGDM Programme has been approved by AICTE and is recognized as equivalent to MBA by Association of Indian Universities (AIU).
-- Excellent track record of placement since inception with packages ranging from Rs. 6 lacs to Rs. 9.44 lacs p.a. There are few students who are also selected by Afro Asian Regions.
-- Students of NIA on completion of PGDM have exemption in Associate ship examination conducted by Insurance Institute of India subject to a very few conditions. This gives them an edge over others in gaining insurance knowledge and in good placement through campus selection.
-- The curriculum has a unique blend of all Management Subjects along with insurance subjects under General Insurance, Life Insurance, Re-Insurance and Pension.
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