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Difference Between Banking and Finance Job

Are you considering a career in the financial sector but need help deciding which path to take - banking or finance? While both industries deal with money, there are significant differences between banking and finance jobs that impact the nature of work, daily tasks, and required skills.

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Difference Between Banking and Finance Job

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  1. Difference Between Banking and Finance Job? Are you considering a career in the financial sector but need help deciding which path to take - banking or finance? While both industries deal with money, there are significant differences between banking and finance jobs that impact the nature of work, daily tasks, and required skills. The financial sector is one of the fastest-growing industries in India, offering a wide range of job opportunities for aspiring professionals. However, with the abundance of job opportunities comes the challenge of choosing the right career path. Banking and finance jobs portals in India are two of the most popular career paths in the financial sector, but many people are unsure about what distinguishes one from the other. In this article, we'll explore the differences between these two fields and help you make an informed decision.

  2. How do Banks and Financial Institutions Differ? Banks are traditional financial institutions that accept deposits, provide loans, and offer various other financial products and services. The primary goal of banks is to ensure the safety and security of depositors' money and provide them with an opportunity to earn a return on their savings. On the other hand, financial institutions encompass a wider range of activities, including investment banking, corporate finance, securities analysis, and financial planning and analysis. The finance industry is focused on maximizing the financial returns of businesses and individuals. What Are the Typical Job Roles in Banking? Banking jobs involve working with customers to provide them with financial products and services, such as checking and savings accounts, loans, and credit cards. Bank employees are responsible for managing customers' accounts, processing transactions, and handling financial records. Banking and finance jobs portal in India also play a crucial role in helping customers understand the financial products and services offered by the bank. Some of the most common job roles include Bank Teller, Loan Officer, Branch Manager, and Relationship Manager. What Are the Typical Job Roles in Finance? Finance professionals are responsible for analyzing financial information, creating financial models, and making investment recommendations. They also play a crucial role in managing the financial risks of businesses and individuals. Finance jobs typically involve working with large amounts of financial data, analyzing it to make informed decisions, and presenting those decisions to clients or senior management. Some of the most common job roles in finance include Financial Analyst, Investment Banker, Financial Planner, and Risk Manager. Difference Between a Banker & Financier's Salary & Benefits: Bankers' and financiers' pay and perks can vary substantially based on criteria like employment function, region, and years of experience. In general, finance professionals earn higher salaries compared to bankers. Moreover, finance jobs typically require a higher level of expertise and specialization.

  3. In terms of salaries, financiers tend to earn higher salaries compared to bankers. The average salary of a banker in India is INR 3.76 LPA, with a starting salary of INR 2.50 LPA and an annual average salary of INR 8.11 LPA for bankers with over 10 years of experience. The highest salary of a banker can reach up to INR 23.29 LPA. On the other hand, the average salary of a finance manager in India is INR 12.0 LPA, with a salary range of INR 3.1 LPA to INR 29.6 LPA, based on the latest salaries received. In terms of benefits, bankers employed in public sector banks may have access to benefits. For instance, a house rent allowance, dearness allowance, travel allowance, and more. The highest-paying bank in India is the Reserve Bank of India, where employees can earn a salary ranging from INR 1,00,000 to INR 1,50,000 per month. Finance professionals also typically have access to comprehensive benefits packages, including bonuses, stock options, and retirement plans. It's important to note that salaries and benefits vary greatly based on the specific organization and job role. Though, it's essential to research the salary expectations for a particular role before applying for a job. Read More:- Difference Between Banking and Finance Job?

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