The
rising rupee is making foreign exchange trading volumes swell
and thereby increasing the demand for hedging services. The
salaries of foreign exchange traders are also increasing sometimes
matching their counterparts in Singapore. It is expected that
overall salaries of those in foreign exchange trade in India
would jump by 30% this year
Banks are all set to hire 20,000 professional
in the next one year. In the
next 2-3 years both public sector and private banks will increase
their hirirng to fill large scale vacancies due to retirement,
fill vaccancies in new branches and also to drive business
growth
Salaries in the financial services sector
are going up. According to
industry estimates, analyst's salary have tripled in the
last three to five years. There is a severe talent crunch in
the financial services sector and companies are willing to
pay top salaries , as per international standards for top financial
experts
Asian Development Bank - Japan Scholarship
Program-The Asian Development Bank (ADB) - Japan Scholarship
Program (JSP) wasestablished in April 1988 with financing from
the Government of Japan. It aims to provide an opportunity for
well-qualified citizens of ADB's developing member countries
to pursue postgraduate studies in economics, management, science
and technology, and other development-related fields at participating
academic institutions in the Asian and Pacific Region.Upon completion
of their study programs, scholars are expected to contribute
to the economic and social development of their home countries.
The ADB-JSP enrolls about 300 students annually in 20 academic
institutions located in 10 countries within the Region.The ADB-JSP
provides full scholarships for one to two years.Detailed description
is availbale at the Banks website http://www.adb.org/JSP/default.asp
Wealth Managers and private banks are looking
at huge growth globally. In
emerging economies like India the key to wealth managers achieving
their aggressive growth targets would largely depend on talent
availability as recruiting , retaining and training client
relationship managers is critical to their success. Wealth
managers and client relationship managers would be in
much demand in the coming year
Credit Suisse is in the process of recruiting
for Equity Business professional in India to
launch the Knowledge Process Outsourcing (KPO) in Pune. Roles
will include Equity Research, Prime Services, Derivatives,
Sales and Trading Support, Corporate Marketing, Client Centricity
and Support professionals
UTI will add at least 4,500 to its workforce
this fiscal it has also plans
to add 150 new branches in the country.UTI bank plans to aggresively
expand its retail business and also add new verticals such
as retail asset busines
Genpact, the largest BPO in India has
signed an agreement to acquire Axis Risk Consulting Services-
which provides , internal audit, SOX documentation and compliance,
enterprise risk management and risk assurance services. This
acquisition would enable Genpact to add a high end extension
to their F&A vertical which is also their largest vertical
IMTPIP- Indian Motor Third Party Insurance
Pool - has been setup by all general insurers in India
to collectively service Commercial Vehicle Third Party Insurance
Business. An Administration Committee representing all non-life
insurers in India has been constituted for the purpose of overseeing
the operation of the pool. The size of the pool is likely to
be in the region of Rs. 3500 crores involving 6 million policies
and half a million claims every year spread across the country.Address
-Indian Motor Third Party Insurance Pool'- General Insurance
Council, 6 th floor, Suraksha, 170, Jamshedji Tata Road, Churchgate,
Mumbai- 400020.
Demand
for Chartered Accountants in India are going up. There
are now more opprtunities for CAs in India then qualified professionals
available.Growth in the finance and accounting outsourcing
(KPOs/ BPOs) will only add to the demand for CAs in the coming
years. According to one estimate India would need 50,000 CAs
a year by the end of 2010. At present about 9,000-10,000 CAs
pass out from India every year
Morgan Stanley
is planning to develop a wholly owned Investment Bank platform
in India to compliment its market-leading Institutional
Securities francshise. The firm is now recruiting experienced
bankers to help develop these businesses from thier office
in Mumbai.Opportunties exist at every level within
all areas of execution and market sector coverage, please
vit the India page on the global offoce section of www.morganstanley.com
The economy is moving from an industrial
economy to a service economy , as a result the need
for risk cover on various services is surely going to incerase
which would in turn mean demand for more liability products.The
goverment of India may allow foreign reinssurance companies
to set up branch offices in India . Though many have representative
offices in India, but these cannot underwite business, which
branch offices would be permitted to do.
ABN Amro and Barclays have agreed
to merge- which might be
the biggest deal in the financial services sector. This move
might mean off shoring key operations to low cost locations
such as India. More such mergers in the banking and financial
sector would mean more jobs moving to India which is already
known for its fast growth , educated & skilled manpower
and low cost IT enabled low cost back end operations. There
could be a surge of jobs in the financial services sector
in India
Good news for Chartered Accountants.CAs
can now look to have dual qualifications with more opportunities.The
Supreme Court has lifted its ban to allow CAs to pursue the
Chartered Financial Analyst programme from the ICFAI-(Institute
of Chartered Financial Analyst of India). A CFA degree would
allow a CA to enter the lucrative investment market and offer
their services as a professional portfolio manager as well
Insurance professionals would be in great
demand this year in India as Prudential, a leading
international financial services company plans to hire at least
10,000 new staff for its joint venture operation in India.
ICICI Prudential is expected to have a staff strength of 27,000
by next March-2008.
With global experiences now available
in India , more and more
B-School pass-outs are preferring to work in India than heading
out. Indian MBA students are now being paid comparable salaries
to that being offered abroad specially in the financial services
sectors such as in analytics, fund management, and equity
research areas. So money and work experience are no longer
the only motivation factors to opt for an international posting.
Financial services professionals from India
are all set to get the red carpet treatment in Mauritius. Chartered
Accountants from India can now audit global companies based
in Mauritius. The Mauritius government is even contemplating
giving permanent resident status to professionals from the
Indian financial services sector. There is also a proposal
to set up a global financial centre in Mauritius by the government
of India
The UTI Bank Ltd, has
opened a full service bank in Hong Kong and now have a presence
in the fast growing markets of east and far-east including China
and Singapore offering initially corporate finance, trade finance
and retail banking services. UTI Bank was the first of the new
private banks to have begun operations in 1994, after the Government
of India allowed new private banks to be established.
There would be a demand of actuaries
in India once regulations make insurance companies
move towards risk based capital model or implement international
accounting standards. With the opening up of health and pension
sectors , the insurance industry would require at least 100-150
actuaries. Milliman -a US based consulting firm of actuaries,
has set up shop in India. Milliman is one of the largest consulting
and actuarial firms—and a recognized leader in the markets.
Barclays Plc is planning to increase
its India presence with a four fold jump in employee
strength by recruiting top talents to augment its retail and
corporate banking business. The bank will also expand its office.
It intend to employ 150 people over the medium term in India.
Barclays current activities in India cover investment banking
and risk management services. Barclays has also plans to enter
the credit card market in India.
Indian senior managers are the flavor
of the season in Middle East and slowly replacing
western expats in several companies .The trend is more pronounced
in trading, energy companies. The pay package is also
less approx 20-25% less than their western counterparts. CFOs
with good exposure and experience in capital raising, treasury,
syndication are now being actively sought by companies in the
gulf region. The reason for the popularity of Indian
managers could be the culture factor-comfort levels when
working with the locals. Also the bulk of the workforce in
lower levels are from the sub-continent , this leads to a better
connect. Indian mangers have a reputation of not only being
highly analytical and hard working, but also good at handling
complex situations and culturally adaptable .
Kotak Mahinda Bank is planning to add
another 5,000 people by next year, it is also associating
with ISB , Hyderabad to organise customised training programmes
for its staff. Uday Kotak , executive vice-chairman and managing
director of Kotak Mahindra bank is joining the executive board
of ISB, Hyderabad.
Japan is looking for a CEPA- Comprehensive
Economic Partnership Agreement with India similar
to the one with Singapore which would enable Indian professionals
like accountants, doctors etc. to tap the opportunities
there. Japan , the second largest economy in the world
with its ageing population would surely benefit from a reliable
source of world class professionals from India. CEPA agreement
includes mutual market access in services through mutual recognition
of educational qualifications. Like Singapore, visa liberalisation
by Mauritius is being considered to attract Indian professionals to
enrich Mauritius's human resource base.
With Indian companies going in for M&As not
only in India but in the global arena as well, global investment
banks are beginning to step up operations in India. Indian
investment banks too are gearing up to adapt to the changing
scenario. The number of cross border deals has never been higher-
this is no doubt a growing business. With new investment banks
entering the country the last few months -there is also a severe
talent crunch in this industry dominated by big players like
Lehman bros., Credit Suisse etc. The Private equity sector flush
with capital have been also successfully attracting the best
talent from investment banks. Local players like ICICI Securities and
others cannot obviously compete on the compensation package
with the big guys but they can give the employees the challenge
of being centre stage in an exciting deal.
Consider a career in a NBFC. NBFCs
are becoming increasing active and are giving a tough completion
to banks. Services which were previously offered by banks are
now being offered by NBFCs- take personal loans, insurance and various
other schemes all considered the forte of banks. The success
of Citifinanacial , GE Money in building large customer focused
portfolios and other companies such as M&M Finance, DBS Chola,
Sundaram Finance, Shriram Finance to name a few, have all
developed a huge asset base , giving a tough competition to the
banks. NBFC would always enjoy the advantage of having
lower overheads and low cost funds to maximise the value for
its customer base.
The year 2009 will mark the deadline
for BASEL II implementation for Indian banks (recently
extended by the RBI) and also foreign banks will have a full
fledged presence in India with no entry barriers.
New growth areas in Banking careers could
well be in the areas of rural credit, corporate credit,
project finance, consumer credit. In India today, corporate credit
is coming back strong and rural credit gaining importance.
There is a fundamental shift taking place in savings, as the
savings rate will increase as the economy grows. But the savings
rate of the individuals will change with the availability of
alternative avenues such as insurance, mutual funds, securitisations
retail assets. Corporates toady have large surpluses and bank
deposit is gradually moving from retail to corporate sector.
Top Investment banks have started
offering higher associate positions rather than analysts
position to fresh pass-out from IIMs. Top
Global Bank Deutsche Bank has offered associate position
to all the 10 candidates selected from IIMs this year. Salaries
to freshers from IIM's have touched a new high - nearing
Rs.1 crore per annum. Deutsce Bank's offer could set the
trend for future placements in the campus ,i -banks may now
start offering associate positions to fresh graduates from
top B-Schools.
It is destination India for most of the
global banks as the opportunities are immense in corporate
banking, retail banking and consumer finance . India is a long
terms story for most of the major global brands as they leverage
their existing India relationships .Some of these global brands
have acquired NBFC businesses, expanding their operations to
get into the lucrative consumer finance sector in India. The
heightened level of interest can be gauged from the number
of global bank CEO visits to India. Global brands are looking
into NBFCs, asset management and equity broking firms
as entry points to the Indian market.Global
Brands ready to make a splash in India:
- Societe Generale Bank: Corporate banking,
Consumer finance, through NBFC, also has AMC, wealth management
and equity trading desk.
- Macquire Bank: Investment banking, (M&A,
funds) & Institutional equity broking desk.
- Barclays :Corporate and
Retail banking, acquired an NBFC for consumer finance. Well
established investment banking in India.
- Development Bank of Singapore: Has an
NBFC and asset management company plus into wealth management.
- BNP Paribas: Acquired stake in Sundaram
MF also acquired stake in Geojit securities, present in insurance
through SBI Life.
- Bank of Nova Scotia: Retail Banking and
major player in wholesale gold trading
|
