Banking jobs have gained in popularity during the pandemic especially due to factors such as job security, competitive remuneration for entry level jobs, handsome pension after retirement and other associated perks. While there are plenty of job opportunities in the banking sector, none of them come close to the role of a Probationary officer or a bank PO in terms of popularity.
In this article, we will go over a few reasons that will make you seriously consider becoming a Probationary officer in a bank and also list down the pathways to become a bank PO.]
Why Should You Seriously Consider Becoming a Probationary Officer in a Bank?
- Accelerated Career Growth
The role of a bank PO is a managerial role even though it is an entry level role.
Just after a couple of years a PO can become the Assistant Manager at the bank. They can quickly climb the ranks by either clearing internal exams held for promoting employees of various departments or by performing well and exceeding expectations on the job. If you put in the time and effort, you can eventually secure senior management roles or leadership roles such as General Manager, chairman or Director. Banks today are much more than lending and borrowing, they dabble in several latest technologies with the advent of UPI, cashless transactions etc. This translates to an exciting and progressive career for aspirants like you.
- Best in Class Compensation & Perks
A probationary officer (PO) is typically entitled to a gross annual salary between 8 to 12 lakhs per annum depending on the bank he/she is employed in. The number of vacation days that a bank employee is eligible for is much more compared to any other sector. This is an added advantage. Apart from the basic pay, Probationary officers are also entitled to subsidized interest rates on loans for a house, vehicle & education, medical cover, allowances (DA, CCA, HRA, Transport allowance etc). The list goes on…
- Hands on Experience
As a bank PO you will pick up much needed managerial leadership skills since your job primarily involves overseeing the clerks and managing them. You will also improve your interpersonal skills since it’s a cross functional role and involves substantial interaction with the customers of the bank. You will gain practical knowledge of finance, sales, marketing, and the Indian economy. This will come in handy in any role or function you decide to transition to at a later stage in your career.
- Stress Free Job
You don’t have to slog for long hours or burn the midnight oil. You will have to usually work between 9-5 during the weekdays. The job isn’t as stressful as most corporate or IT jobs. Your future is also secure since you will receive adequate pension for the rest of your life after retirement. The banking sector isn’t affected much by unprecedented circumstances such as the pandemic. Your job is relatively secure especially if you are working in a nationalized bank.
How to Become a Bank PO?
The most preferred or popular ways of becoming a bank PO are the SBI PO exam and the IBPS PO exam. The IBPS PO eligibility criteria is very similar to that of the SBI PO. If you have a valid undergraduate degree from any recognized University or educational institution in India then you can appear for the IBPS PO and the SBI PO exam. There are subtle differences in the age limit and the category specific relaxations.
The Institute of Banking Personnel Selection (IBPS) conducts the IBPS PO each year to fill over 4000 to 5000 vacant PO positions in 14+ reputed banks in the country such as the Canara Bank, Allahabad bank, Indian Overseas Bank (IOB) Punjab & Sind Bank etc. The SBI PO on the other hand is conducted by the State Bank of India to identify over 2,000 qualified candidates for the role of an SBI PO in the 24,000+ branches in India. Over 20 lakh aspirants take the SBI PO and IBPS PO each year making them the most sought after exams in the banking sector. The IBPS recently released its official calendar for 2021. You can expect the IBPS PO Application Form to be released in mid August.
Private banks such as the ICICI bank, HDFC bank etc conduct their own selection processes to fill the PO positions in their respective offices/branches. Axis bank has introduced a Young Bankers Program popularly known as the ABYB through which it hires deserving candidates for the role of a Probationary officer (PO).
By now, you would have realized the upsides of becoming a bank PO. Start applying for opportunities and prepare well for them.
All the best!