Demand for jobs in the banking, financial services, and insurance sector has increased beyond an extent during the pandemic as there is a swift adoption for digital payments and use of ever-evolving technologies such as AI, ML and blockchain have largely enabled the growth of the Banking and Financial sector in India.
Data figures revealed from an online recruiting platform Monster.com that the Indian BFSI industry has witnessed an optimistic year-on-year growth of 27 percent in February 2022 as compared to the previous few years.
There has been a promising growth pattern in the industry. It also reflects a 26 percent de-growth last year (Feb 2020 vs Feb 2021), said in a statement.
The demand for BFSI professionals has seen an uptrend with finance-related roles. There is an increase in nearly 8 percent of total jobs on the platform, as per Monster data.
Financial Statements, Credit operations, Analytical skills, Wealth management, Investment banking, Internal Audit, and Cybersecurity are some of the top skills in demand in the industry today.
As there is increased adoption of digitization and new-age tech which is a very essential part of recovery in the industry. Recruiters from the Banking and Finance industry are on the lookout for professionals that are adept in technical and analytical skills.
The Top Management and Freshers held the highest share for Finance & Accounts jobs. As of February 2022, top Management (over 15 years) held the largest share for BFSI jobs and comprised 32% of the workforce.
The second-largest share was held by Entry level (0-3 years) talent at 23% followed by Intermediate (4-6 years) professionals at 21%, and Mid-Senior level (7-10 years) professionals at 16%. Senior-level (11-15 years) accounted for the lowest share, comprising only 8% of the workforce.
Top cities with highest annual growth (Feb 2022 vs Feb 2021) for BFSI jobs
The demand for BFSI professionals has now penetrated into Tier-2 and Tier-3 cities, with the highest year-on-year growth in Jaipur, followed by Pune, Mumbai, and Bangalore.
Sekhar Garisa, CEO, Monster.com, a Quess company, said, “The burgeoning demand for skilled talent in the Banking and Finance industry today is clearer than ever, and we expect these numbers to grow further given the vast innovations in the space.”
“Recruiters are on the hunt for talent adept in new-age skills and there is no going back for this industry that has efficiently adapted to the challenges posed by the pandemic over the past two years.” He added.
“In light of this bolstering growth, we have launched Finrise 3.0 by Monster, a virtual career fair for Finance professionals, in an effort to connect top financial companies in the country with a pool of talent adept with digital-ready skills.” Sekhar added.
