Demand for BFSI jobs has spurred in metro cities and penetrated into Tier-II, III cities, says report

With the increased adoption of digitisation and new-age tech, which essentially make the way for recovery in the industry, recruiters in banking and finance industry (BFSI) are on the lookout for professionals adept in technical and analytical skills, according to data from the online recruiting platform Monster.

The report stated that the Indian BFSI industry has registered an optimistic year-on-year growth of 27 percent in February 2022 as compared to the previous year. This is a promising growth pattern given that the industry reflected a 26 percent de-growth last year.

The demand for BFSI professionals has seen an uptrend, with finance-related roles taking up nearly 8 percent of total jobs on the platform, as per Monster.com data. Financial statements, credit operations, analytical skills, wealth management, investment banking, internal audit, and cybersecurity are some of the top skills in demand in the industry today.

“The burgeoning demand for skilled talent in the banking and finance industry (BFSI) today is clearer than ever, and we expect these numbers to grow further given the vast innovations in the space. Recruiters are on the hunt for talent adept in new-age skills and there is no going back for this industry that has efficiently adapted to the challenges posed by the pandemic over the past two years. In light of this bolstering growth, we have launched Finrise 3.0 by Monster, a virtual career fair for Finance professionals, in an effort to connect top financial companies in the country with a pool of talent adept with digital-ready skills.” Sekhar Garisa, CEO, Monster.com, a Quess company, said.

The swift adoption of digital payments and the use of ever-evolving technologies such as AI, ML, and blockchain has largely enabled the growth of the banking and financial sector in India.

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When the COVID-19 crisis hit India in March 2020, the BFSI industry witnessed a growth of only 10 percent as compared to the previous month which saw an uptick of 29 percent. Hiring intent in the BFSI space saw a continuous dip in the period April 2020-May 2021, owing to the pandemic which disrupted the functioning of industries on a large scale across the globe.

In February 2022, the demand for BFSI professionals surpassed was not just in metro cities, but also penetrated into Tier-II and III cities as compared to February 2020. Given that the past two years have seen much recruitment happen virtually and work undertaken remotely, the growth for professionals has expanded beyond Tier-I cities as opposed to pre-pandemic trends.

However, the industry bounced back and has exhibited a consistent growth pattern since June 2021, which saw a promising 7 percent improvement in the intent to hire. This demand continued to grow with July 2021 noting a spike in demand for professionals at 22 percent YoY. The industry is currently witnessing flourishing demand for talent given the emergence of tech transformations in the industry and subsequent recovery from the pandemic impact.