The financial fall of 2008 has changed the entire job scene. Firstly, there is a dearth of jobs in the market and the jobs that are available are paying peanuts. This is especially the case with jobs in the financial service sector and investment banking jobs. The world output has declined, countries suffer from heavy fiscal debts, liquidity is running on margins, banks and other financial services are cutting jobs, the base salaries are remaining constant. Costs of MBA graduates are not being covered even in a span of three to five years. There are many valid and real life reasons as to why an MBA graduate would decide to reject a job in the field of financial services and investment banking. Read on to find out more about the increasing sector-specific jobs.
Payments
The payments are made to banking sector and the Investment banking sector has been slashed to a great extent. Payments at entry levels are small and growth is extremely slow; heavily dependent upon your revenue achieving ability as well as your overall performances. Keenly analyzing the CTCs one would notice that the basic salaries on which bonuses and salary hikes are given are base notes while the other uncertain variables in the salary slips are hiked. This is especially the case with banking sector jobs as incentives make a heavy part of the salary. Increments after a year of work have been reported to be averaging out at low levels of 5%-8%, sometimes even lesser than the inflation rate in the country.
Stress
As banking and investment banking sectors are prone to a variety of job cuts, employees working with them suffer from immense pressure especially in the sales departments at any level and position. The markets don’t favour sales, of any product especially loan, insurance and new business investment proposals when the overall market is weak. Employees undergo tremendous stressful situation jeopardizing the longevity of their jobs. Working hours are prolonged in the face of sales and revenue crunches and the failure of the employee to meet his set of targets set for the month or quarter.
Responsibilities
A market survey by MBAupdates of fresher’s and even professionals with 4-5 years of respective experience shows that they have been bestowed with more responsibilities in their work profile that is allotted as per their designation and position. This makes the small salary come to employee at a bigger cost. This trend has been witnessed in almost each nationalized banks in India. In fact the scene is better in government and state banks but the salaries offered here are not at par with private sector banks.
Thus, assessing the above analyzed factor one can say that a job in the financial sector or the banking sector in India is a clear case of lop sided cost-benefit ratio for an MBA graduate who probably still has to cover the cost of his education loan or maybe pay his parents back.
0 comments:
Post a Comment