The highest paid job in the BFSI sector will be that of an enterprise architect
The banking, financial services and insurance (BFSI) sector could create 9 lakh (0.9 million) jobs in the next four years, according to a report by TeamLease Services.
The annual ‘Jobs & Salaries Primer Report (FY17-18)’ by TeamLease Services relates salaries to skills across select cities and industries for the period from April 2017 to March 2018. The report analyses 17 sectors across 9 cities.
For the BFSI sector, the report said that enterprise architect will attract top salaries. It said that an enterprise architect in Bengaluru will earn a salary of Rs 1.29 lakh. Bengaluru, Delhi and Ahmedabad are the top-most cities when it comes to salaries.
The creation of jobs is attributed to the direct impact of technological advancement in the sector which would require new skill sets. Some of the new forecasted jobs in this sector are robot programmers, blockchain architects, process modeller experts, data scientists and client engagement managers.
Amit Vadera, Head of BFSI and Government Vertical, TeamLease Services, said: “The process of automation has revolutionised the way the banking sector functions. It has brought new job opportunities in the sector in addition to the jobs created due to investments by the government and private entities."
He added that the bank recapitalisation plan by the government is expected to push the credit growth in India to 15 percent and pushing GDP to grow by 7 percent in the financial year 2018-19, thereby adding more jobs in the coming months.
The industry witnessed a double digit growth in terms of salary; the highest being in Bangalore at 12.63 percent, followed by Delhi at 12.26 percent.The report said that the government's strategy to unveil its two-year plan to strengthen PSU banks through reforms and the recent capital infusion of Rs 2.11 lakh crore will augment the industry and create more employment opportunities.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.