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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

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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:

 

Banking Sector
The banking sector of the country is absolutely in safe hands touched upon by the unfolding reality on the ground which is quite a positive development. What can’t be denied though is that the Indian economy is growing at a rapid speed. Whether it is government banks, private banks and foreign banks in the country, they are doing a good business.

 

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.

 

Insurance Sector
As the size of the Indian economy gets bigger, there could be lots of crises occurring in one form or the other to cope with. And India would certainly need smart strategies on its part to cater to the rising concerns of its people on many fronts. This prevailing condition puts the insurance industry more in the limelight, in fact making it one of the most imperative sectors in the country.

 

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.

 

Financial Services Sector
The role of financial services is of vital importance in sustaining the economy of any nation. It’s the same in India as well. It generally includes insurance, mutual fund, banking and shares & stocks. Presently, this sector is growing at a rate of fifteen percent in the country. It brings in stability to the country’s economy in respect of its productivity and efficiency.

 

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:

 

1. The person must be aware of stock markets and financial products
2. A never-ending passion to analyze stock markets in the best way possible
3. Sharp communication and presentation skills
4. Should be good with numbers, logically and analytically smart
5. Must be positive
6. Preferably people who have degrees pertaining to stock markets like NCFM, AMFI, IRDA or have done advanced courses like CFP/CFA (AIMR)
7. Having some experience working on live projects or done internship projects
8. Should be focused and open to new ideas plus clear about his or her objectives

 

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:

 

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, NEW DELHI

    Location: Delhi

    Contact No.: Board: 011-42094800, Toll Free No: 1800-11-3334

    Email ID: admissions@asiapacific.edu

    Address: Asia-Pacific Institute of Management,3 & 4 Institutional Area, Jasola, New Delhi 110025

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    School Snapshot

    The PGDM courses offered by Asia Pacific Institute of Management are approved by AICTE & affiliated to AIU (equivalent to MBA). The Institute has been ranked 10th amongst all Business Schools in North India (Source: 14th Business Today-MDRA Best Business School Survey-2013). Established in 1996, the Institute has achieved a status of distinction by following the path envisioned by its founders.

    Their passion for supreme quality management education is evident in every endeavor undertaken at the institute. Asia Pacific is an institution of excellence in management education and focuses on `Holistic Development`. AIM sets itself apart through 3-Is Approach i.e., `Industry Institute Interface`, students-driven activities and a global perspective. Asia-Pacific is proud of its great intellectual capital of faculty consisting of dedicated thought leaders equipped with rich industry experience which provides the students a powerful platform to stand strong in the corporate world in today`s globally competitive world; an infrastructure that can compete with the best and a curriculum that is upgraded regularly to keep in tune with industry needs.

    Concerted effort on the part of the management, the faculty and the staff, enables Asia-Pacific to groom business leaders capable of contributing towards a global corporate order.
    A robust interface with Industry is ensured through Guest Lectures delivered by Global Corporate Leaders, industry visits, Workshops, Live Projects, seminars, symposia, conferences, industry training opportunities, and other academic & corporate forums. A symbiotic relationship is encouraged between the industry and the academia through a mutual exchange of practical and theoretical aspects of management knowledge.

  • INDIRA GLOBAL BUSINESS SCHOOL

    Location: Pune

    Contact No.: +91 9657856103, 09272212312

    Email ID: mba.admissions@indiragbs.edu.in

    Address: S.No. 64,65, Gat No. 276, Parandwadi, Near Somatne phata, Maval, Pune - 410 506

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    School Snapshot

    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.
  • MUDRA INSTITUTE OF COMMUNICATIONS, AHMEDABAD

    Location: Ahmedabad

    Contact No.: 02717 308250, 2717-308313

    Email ID: admissionenquiry@micamail.in

    Address: MICA ,Shela, Ahmedabad - 380 058 Gujarat

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    School Snapshot

    The Mudra Institute of Communications, Ahmedabad (MICA) was established in 1991. MICA is the first residential institute in the country, and perhaps in the Asia- Pacific region, dedicated to meeting the integrated marketing communication needs of the industry, government and community. A top rated management institute, MICA offers a PGDM-C, equivalent to an MBA in communications management with specialisations in Brand Management, Media Management (including New Media), Advertising Management and Marketing Research.

    The institute provides specialists in the field of communications management. Its spirit lies in its grasping of contemporariness, addressing the needs of an ever-changing environment. The MICA brand assures the delivery of current, reliable and cost-effective communication management skills.

    MICA has always been at the forefront of the communications industry, but there is more to the MICAn life than many people know. The MICA lifestyle is a perfect combination of academics and extra-curricular activities. In a way, MICA equips its students with more than just a qualification like an MBA. With students from various backgrounds and faculty as qualified as they are just plain fun to work with, MICA gives every student what they require.

  • NATIONAL INSTITUTE OF BANK MANAGEMENT

    Location: Pune

    Contact No.: +91-20-26716000, 26833080

    Email ID: pgpbf@nibmindia.org

    Address: NIBM, Post Office Kondhwe Khurd, Pune-411 048

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    School Snapshot

    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

    Location: Pune

    Contact No.: 020-2720 4444 / 27204017

    Email ID: admissions@niapune.com

    Address: 25, Balewadi, Baner Road, NIA P.O, Pune, Maharashtra, India

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    School Snapshot

    Situated in educational hub of India, Pune, NIASoM is a a premier institute in insurance. It was established in the year 1980 under the aegis of Ministry of Finance (government of India), LIC, GIC and the four public sector insurance companies. NIA ventured into its MBA program in 2004 & NIA had relaunched it as PGDM Program ( AICTE Approved) in 2009. Since its inception NIASoM offers a unique course structure. NIASoM aims at nurturing minds by combining strong technical competencies with ethical enterprise. It offers its students a dual one in Insurance and the other, a functional specialization in Finance, Marketing, IT and HR. The amalgamation of NIA and NIASoM programs provides an effective platform to the PGDM students for a continuous industry interface.
    Its PGDM curriculum reflects NIA`s philosophy of Managerial Development i.e. to develop managerial excellence based on technical competence.
    An AICTE approved and NAAC accredited `Grade A` Institute, it also has got the technical and professional skill award 2007-08 on 27th May 2008 jointly with Leeds University. Its latest 2011-13 batch was fully placed maintaining the record of 100% placement since inception.