Hot jobs in the finance sector

Gone are the days when finance sector jobs were limited to competing for a Probationary Officer’s post in a government-run bank. Or becoming an Insurance agent of the monopolist LIC. Or toiling to be a CA or CWA.

Today finance-related work clubbed under the Banking Finance Services Insurance (BSFI) umbrella offers a multitude of job profiles. Take your pick; they all come in well-crafted and defined verticals.

As MBA (Capital Markets) student Ashish Gupta rushes off to attend his lectures for the day, the performance of bellwether stocks is playing on his mind. The second-year student of Narsee Monjee Institute of Management Studies in Mumbai is now focused on acclimatising himself with Money Market mantras.

Ashish, 25, belongs to a new generation of professionals, for whom traditional sectors like engineering, medical, hotel management, even IT hold no charm. The BFSI has captured their fancy.

Jobs in millions

Industry experts believe that the pace at which the BSFI industry is growing, it will yield a plethora of employment opportunities. It is likely to employ 8.4 million people, according to an ICRA Management Consulting Services report. Credit rating agency ICRA, states in the interim report: “The incremental human resource requirement between 2008 and 2022 is expected to be about 4.2 million” (view table BFSI Calling).

Titled ‘HR and Skill Requirements in the Banking, Financial Services and Insurance Sector (till year 2022),’ the report includes contractual employment figures too. Besides on-roll employment, contractual employment spans across all sectors through intermediaries like Direct Selling Agents (DSA), Insurance Agents and Mutual Fund Advisors.

The finance sector gets bullish

The major segments of the BFSI - Banking, Insurance, Capital Markets – are abuzz with activity, which has built up since the de-regularisation in 1991. Even though the global financial turmoil of 2008 rattled the domestic BFSI a bit (due to the sub-prime mortgage crash in the US), the recovery in India was fast. The Banking and Insurance contributed 6 percent of GDP during the year ended 2008.

Atul Kanwar abandoned his media-marketing job to start afresh in this field and IT engineer Ashish took up a diploma in capital markets. “I will make career in investment banking,” he shares his future plans. Capital markets backed by foreign investment inflows, have gained traction, and terms like bear and bull markets, volatility index, invest and re-deem, no longer sound alien.

A successful career in finance requires a head for numbers. While an MBA is the preferred credential for entry, even a graduate could apply for the sales and marketing function.

Why you want to study Abroad...

LOOK around the average university library in the West, and among the faces fixed in concentration over their books and laptops, you will see globalisation in action. The students who have come from India, or a myriad other nations, are among what UNESCO estimated, in 2009, to be 2.8 million people studying on higher education courses outside their home countries. UNESCO predicts that number will rise to 8 million by 2020, with many experts seeing such students as part of a global circulation of knowledge through universities that brings benefits to all countries.

So what prompts millions of students to leave their home nations and their loved ones to live in a country they may never have seen before? And how do students and parents deal with the potentially frightening challenge of choosing a foreign university, a decision that could shape a student’s whole life?

As with other migrants, one of the main factors driving students abroad is the search for a better life. Getting a degree from a foreign university will boost their chances of getting a good job, students believe. And there is also the advantage of gaining a qualification in English, the language for so much of the international business, media and education worlds.

But there is so much more beyond the formal qualification. Wherever a student takes their degree, studying abroad gives them a golden chance to build confidence and initiative, set their own life experiences in a fuller context, and learn to deal with the differences that otherwise create barriers between people. In the UK, that could include experiencing life in cosmopolitan, historic and dynamic cities such as London, Manchester or Edinburgh, or the more traditional life of a smaller town. Or it could include learning to love British food – hard to do for some – and sampling famous delicacies such as fish and chips. After all that, there is the chance to start a career in your adopted country, or return home with a qualification that makes you stand out from your peers.

But how do students and their parents choose a university that will deliver good teaching and a degree with a decent reputation? They obviously need to beware of the small number of institutions in the world that focus on the money brought by overseas students, offering only poor standards in return.

One of the aims of the Times Higher Education World University Rankings, published last month, is to help undergraduate and postgraduate students around the world in choosing their university. Teaching accounts for 30 per cent of a university’s score, including the judgments of leading academics on which institutions offer the best teaching for their subject. There is also a score for each university’s staff-student ratio, and its international mix of students and staff.

Experts point to the fact that the fees paid by students, increasingly a fact given declining public investment in higher education in so many nations, will produce a more demanding consumer and more competition among universities to attract students.

If you come with deep pockets, and are willing to spend you have plenty of power to make sure you get the education you expect.

How to crack IIT-JEE & AIEEE

Are you prepared for board exams, IIT-JEE and AIEEE? This is the question haunting many a Class 12 student!

This year the IIT-JEE is scheduled to be held on April 10 and AIEEE on May 1, 2011. Approximately five lakh students are expected to appear for IIT-JEE 2011 and the number appearing for AIEEE is expected to touch 12 lakh, making it the biggest entrance exam in our country.

A serious aspirant has separate strategies for Boards, IIT-JEE and AIEEE, however, what’s common is the Board exam syllabus. Hence, it is advisable to make sure that when preparing for engineering entrance exams all chapters relevant to Board exams are definitely covered first.

My advice to studaents is to avoid selective study in Physics, Chemistry and Mathematics. This is because with the number of questions being more in objective type papers and with intermingling of their underlying concepts, all topics may be covered.

The syllabus is almost completely based on Class 11 and Class 12. View the exhaustive syllabus with all chapters and their topics by logging on to the IIT-JEE website.

IIT-JEE 2011

This exam includes conceptual and tricky questions. Students have to be very conscious while marking the correct answers and understand concepts across all topics, very clearly. With just 12 weeks left for the exam, a serious aspirant ideally must have completed the syllabus by now.

Exam pattern

* There are question papers of three-hour duration, each. Both question papers comprise three separate sections on Chemistry, Physics and Mathematics. They will be of objective type, designed to test comprehension, reasoning and analytical ability of candidates.

* All questions will be Multiple Choice Type (MCQ).

* Negative marking will be followed in the checking of examinations.

* You can opt for a question paper in English or Hindi.

Cracking the exam

Students must focus on three things while preparing:

* Building the concepts

* Proper applications of concepts

* Practising of JEE-level problems

i. Time to be devoted to each subject (Physics, Chemistry, Maths)

All three are important and you must devote equal time for all subjects. Focus on topics of Class 12 Board exam, then revise Class 11 topics.

ii. Time to be devoted to regular classes at school

Majority of the topics of IIT-JEE are also covered in the Board exams, hence it is recommended that you prepare for both exams, simultaneously. Practise all NCERT problems while brushing up JEE chapters.

iii. When to start taking part/ full-length tests and how to go about analysing the results

Once you complete the syllabus of Class12, you can start taking mock IIT-JEE tests. These tests can be taken as Part Syllabi or Full Syllabi. The part tests cover topics of Class 11 and Class 12, separately, whereas full syllabi tests are based on the complete Class 11 and 12 syllabi.

For better preparation one can join a test series programme. These tests not only check the level of preparation of an individual for IIT-JEE but also makes him or her aware about their command over the subject, speed in writing the exam, topics and strong and weak areas.

iv. Expert speak

Time management: Proper planning is most important in timely preparation and dealing with the study pressure.

* Divide these crucial 24 weeks aptly in the three subjects.

* Prepare a chapter-wise, topic-wise revision schedule.

* Create short notes, list all formulae and points to remember. This will help in quick revision before the examination.

Correct methodology: The correct approach for those appearing for the first time or second (last) time is to stick to one source and not to refer to multitude of books/ study material available in the market. For example it is sufficient to go through study-packages, IIT-JEE archives, review-packages, work-books, Grand Masters Package/Equivalent, AITS/AIITS series etc, if you have enrolled at a training institute. To reap the benefits, the students, should remain focused throughout the preparation period, with a positive attitude to study with utmost concentration.

v. Do toppers prepare differently?

The key to right preparation is proper, timely planning. Toppers learn from their weak areas and practise well in time to correct them by all possible means. Correct attitude and acute focus is the key to be a topper. They divide their preparation time accordingly. They stick to a single system of preparation and have faith in themselves. Thus, they gradually build up their confidence level and are geared up to crack any difficult question. They ensure solving all previous IIT-JEE questions, keeping their concepts crystal clear.

vi. Important topics in Physics/ Chemistry/Mathematics

The syllabus of Class 11 & 12 contributes about 45% and 55% of IIT-JEE question papers respectively. When you are preparing all chapters of Physics, Chemistry and Mathematics, stress may be given on the following topics.

Mathematics: Quadratic Equations & Expressions, Complex Numbers, Probability, Vectors, Matrices in Algebra; Circle, Parabola, Hyperbola in Coordinate Geometry; Functions, Limits, Continuity and Differentiability, Application of Derivatives, Definite Integral in Calculus.

Expert tip: Try to do as many number of Quality problems as possible to develop a sound confidence level.

Physics: Mechanics, Fluids, Heat & Thermodynamics, Waves and Sound, Capacitors & Electrostatics, Magnetics, Electromagnetic Induction, Optics and Modern Physics.

Expert tip: Practising quality problems is the key to success in this subject. If concepts are clear then this subject becomes all the more interesting.

Chemistry: Qualitative Analysis, Coordination Chemistry & Chemical Bonding in Inorganic Chemistry, Electrochemistry, Chemical Equilibrium in Physical Chemistry and Organic Chemistry, complete as a topic.

Expert tip: Just put your efforts on practice in case of Inorganic Chemistry. In case of Organic part, first build up your all basic reactions, then start do lots of practice. And for Physical Part, same thing you have to do as in case of Organic Part.

Recommendation: Students are advised to avoid selective study in Physics, Chemistry and Mathematics. The reason being, the number of questions are more in the objective papers where there is intermingling of concepts from various topics.

Synchronising preparation for IIT-JEE, AIEEE and Board exams

For IIT-JEE, practice as much as you can. For AIEEE, many students tend to think that if they prepare for IIT-JEE, this enough for AIEEE. This is not correct as while preparing for AIEEE, as they have to prepare for CBSE exam, if they are freshers. Otherwise, those who have ped also have to prepare for CBSE. Only then he can think of getting a rank less than 20,000 in AIEEE.

* Always start from BASICS.

* Build up on the right and appropriate CONCEPT.

* Don’t refer to solutions before doing a SELF-ATTEMPT at least five times till you get the right answer.

* Avoid leaving the question in between because one must learn to understand till what level his/ her concepts are clear. One may also fail to see how close they were to the answer.

* Always try a question with a CONCEPTUAL APPROACH and not just read the question then start doing without getting the point that what question is saying.

* Your study schedule should be such that you will even easily get time for a little enjoyment daily.

* The most important thing is that you should have a time schedule as well as be REGULAR in study.

* Also, you will have to take appropriate sleep or rest of at least six hours a day if you are preparing for IIT-JEE. Otherwise your mindset for next day will not be in place.

* Never cram. Try to UNDERSTAND the problem or theory.

* Never lose your self-confidence.

* Keep in touch with intelligent students in your class or coaching centre to get that extra edge.

* Make it a point to appear in competitive Exams like OLYMPIADS, KVPY, SAT, Advanced Placements, etc, to brush up on your aptitude and analytical ability.

* Prepare as per prescribed syllabi of the exam. Don’t over-stress yourself by going beyond the syllabus.

* Whenever you complete a chapter or topic, go through that topic from NCERT as this would prepare you for the Board exams.

* Problem-solving must be qualitative than quantitative. Keep in mind that you have done problems covering all concepts within a given chapter. So, be confident.

* If one has the right “attitude” required towards preparation for the Exam then even an average students can think of clearing it.

Education gets 24 per cent hike in budget allocation

Key points

* Allocation of Rs 52,057 crore, with an increase of 24 per cent over the current year.

* 70 per cent of India will be of working age by 2025. In this context universalising access to secondary education, increasing percentage of our scholars in higher education and providing skills training is necessary

* Allocation for Right to Education was meanwhile hiked by 40 percent.

* A scheme for scholarship for SC and ST students in classes 9 and 10.

* Operational norms of Sarva Shiksha Abhiyaan have been revised. For 2011-12, Rs 21,000 crore has been allocated which is 40 per cent higher than Rs 15,000 crore allocated in Budget 2010-11.

* 26 new projects with a total funding of Rs.658 crore

* The Indian Institute of Technology, Kharagpur will get Rs 200 crore as a one-time grant.

* Rs 20 crore to the IIM, Kolkata for setting up a financial research and training laboratory

* Rs.200 crore for the Maulana Azad Education Foundation

* The Delhi School of Economics and Madras School of Economics have also been allotted Rs 10 crore each

Engineering campus placements: What students must know

With the resurgence of the IT sector, engineering students have a reason to smile because companies are hiring in large numbers from single campuses. From a company’s perspective the fight for talent acquisition is getting intense as they look to expand their operations.

Leading recruiter Tata Consultancy Services (TCS) recently announced that it made 24,000 campus offers in the fiscal year 2010-11, and in the next fiscal year, it plans to hire 37,000 engineers from campuses.

Cognizant, between October 2009 and September 2010, saw a net addition of over 27,500 employees. “On December 1, 2010, we crossed the 100,000 employee mark. We continue to hire talent aggressively across North America, Europe, Asia, South America, and Australia,” shares Shankar Srinivasan, Chief People Officer. Cognizant recently made job offers to 1,643 students of the 2011 batch of students at VIT University, Vellore. Accenture close behind made 1,309 offers to students at Amity University. (view table to see who else is recruiting).

What’s on offer

Companies recruit engineering graduates for roles in application and development, programme delivery, R&D, network support, security, testing. MBAs undertake a varied spectrum of roles such as IT consulting, client relationship management, and business development. Designations include Junior Engineer Trainee (JET), Junior Software Engineer and Trainee.

“We see continued demand for talent in business consulting and domain-intensive roles, apart from niche and new technologies. Also, a sustained demand for offshoring services such as IT Infrastructure Management and BPO functions,” says Srinivasan. Generic IT companies (competencies in J2EE, .NET, Mainframes, and so on), ITES, BPOs as well as areas such as Data Warehousing & Business Intelligence, Analytics and Testing, need skilled professionals.

Largest single campus hiring in 2010

Company

According to Prof. Ajay Rana, Director Placements, Amity University “the tech firms offers similar packages in line with NASSCOM guidelines. The average is Rs. 3-3.2 lakhs per annum for freshers”

Some companies may require you to sign a bond, an agreement that you will work for a stipulated minimum time frame. If you leave company prematurely, you will have to pay pre-determined monetary compensation which is actually the cost incurred on training the candidate Prof. Rana elaborates. However, Cognizant for instance does not have this practice. The phenomenon seems to be catching with companies like Wipro and HCL also doing way with it. To counter this, IBM and Accenture have started offering better salaries states ET.

The leading recruiter, TCS on other hand has made eligiblity of minimum 60% in X, XII examination making more students join against stringer norm of minimum 65% in X, XII and 68% in engineering semesters by Infosys states ET. Similarly, Accenture considers only Graduation, shares Prof. Rana.

With companies on hiring spree and sharing the placement slots the number of common offers also exists. Jadavpur University saw Cognizant made 309 offers while Wipro made 71 of which 68 were common ET elaborates. “While some companies share the slots others like Infosys and Cognizant did not come because they were not given the Day 1 slot” said Prof. Ganapathy. Amity follows a rotational policy with no company in common since last 10 years. This year Accenture grabbed the day 1 slot said Prof. Rana.

The selection process

Although the selection process differs from one company to another, the process is largely divided into three stages ie Written Test, Group Discussion and Personal Interview.

Written Test: In some cases it comprises two rounds ie aptitude and technical test. The aptitude test assesses the numerical, quantitative and verbal aptitude of the candidate while the technical interview assesses a candidate’s knowledge of a specific domain or subject.

Personal Interview: It comprises technical and HR rounds. The technical round assesses a candidate on the subject know-how and the HR round assesses whether a candidate has the appetite to learn, the ability to work in teams, soft skills, cross-cultural adaptability, flexibility, and open-mindedness. The final interview also helps the company assess whether a specific candidate is the right cultural fit for the company. “With companies like HCL & TCS, top performing students in academics, have the privilege of skipping the written round and attending group discussions/ interviews directly,” adds Prof Ganapathy. HCL Technologies calls this initiative ‘Toppers-Shop’.

The companies are keen on technical and communication skills rather than certifications in Java, dot net, CISCO etc while hiring freshers. So it is advised that one must stick to fundamentals rather than add ons says Prof Rana.

Bagging the job

Prof Ganapathy discusses the ABC of skills required to make the cut. A stands for the right attitude ie readiness to learn, grow, face challenges and aptitude which means technical know-how, B - Basics, student’s fundamentals, knowledge and C- Communication. Students must have a sound technical knowledge apart from soft skills, he elaborates.

The combination of consistent academic scores, subject knowledge and good communication and interpersonal skills can pave the path to a good placement and a rewarding IT career. SRM offers mentoring and grooming for placement through the career guidance cell, which organises GD and PI training and seminars by corporates from the first year onwards to help students get placed, shares Prof. Ganapathy

Grads getting choosy

Engineering graduates who are set to join companies are making informed decisions unlike in past by getting wooed by the Brand. ET quotes few parameters on which tech firms are assessed by students before accepting the offer. These are financial performance, time taken for appraisals/ promotions and Bond agreement.

“College offers the placement slots by taking in consideration the student interaction and number of probable hires” the dean shares.

Campuses that make the cut

The defining factor while choosing the campus is the quality of students, the exposure and previous year’s experience. “Companies follow a practice of grading institutions as ABC before visiting it for recruitment,” says Prof Ganapathy.

Amity which has been visited by 35 companies placing 2,361 of 2011 batch believes that companies go by college reputation and alumni response admits Prof. Rana.

“We have a graded point system to measure and rate a college based on various parameters. Apart from student feedback, these include technical lab and computer lab infrastructure, the quality of the teaching staff, student-to-teacher ratio, papers presented, performance of their alumni in Cognizant, campus placement record, and so on, “adds Srinivasan. From a student’s perspective, it’s a good idea to also explore these parameters when taking admission to a campus as it will stand you in good stead during recruitment time.