Career is always something people look to others to have better advice. Most people are afraid to make bad choices. If you’re looking to make a banking career in Pakistan, here are which department is best for finding your job in finance, Risk management, and audit. Before moving forward personal interest always matter irrelevant of the pros and cons. If you’re interested in any of the departments just go ahead.
Banking is considered to be a tough job in Pakistan as you’re not only handling your customers but also State Banks Statutory requirements, which cannot be delayed. But the point here is which department will be best suited to you?
So here are the criteria by which we evaluate each department:
- Salary
- Bonuses
- Work Load
- Career growth
1. Salary Paid by Pakistani Banks
Salary is one of the most important factors when selecting a career, majority of the banks are listed companies in Pakistan and pays quite fair wages along with perks. The Banks salary system also works with grades like in government jobs. It’s been seen they are divided into 4 grades:
- MG12- MG10: These are known as Junior Management and usually have lesser salaries starting from 40k Pakistani Rupees to 90k on average, also depends upon your qualification and varies from bank to bank. Usually, Silk and Meezan are well-known in the industry for paying higher salaries.
- MG9-MG7: Above junior management here comes the middle management in the bank hierarchy with more authority. Their salaries range from 120k to 250k with petrol cards, different subscriptions (Varies from bank to bank ), and handsome annual bonuses based on their performance.
- MG4-MG6: Here comes the senior management the most with authority after executives. Senior management mostly includes Divisional heads and in some cases group heads as well. They received higher salaries of up to 8 lacs Pakistani rupees along with perks but it requires a lot of hard work, connections, and competitiveness to reach there.
- MG1-MG3: The CEO, CFO, and other departmental officers come in this category usually with a minimum salary of Rs 20 lacs Pakistani. It’s been coming into the knowledge that one of the TOP bank’s CEOs receives 3.5 Crores of salary per month other than perks and benefits.
For the above analysis of banking system salaries, you’ve been aware of how much delivering a bank job is in Pakistan, if you have the desired skill set. Mostly in terms of initial salaries, every department is quite similar.
2. Bonuses in the Banking Sector of Pakistan
People working in small companies where wait for their salaries, the corporates such as big banks paid their salaries in advance. Other than salaries they also pay Annual and Eid bonuses to their employees as well. The amount of bonus varies from department to department but the finance department is always ahead in bonuses. The number of bonuses as well the amount of bonus for Finance Group employees are always much more than their other divisions.
So if you want something more other than your salary, then the Finance group will be best for you.
3. Workload in different departments in Bank
No doubt, banking is a tough job you have to work really hard. You have to work on your normal tasks as well as meet any statutory obligations that come along the way. In terms of workload, finance is the most difficult place, as you have to prepare reports for each quarter on time, check for accuracy, and meet your statutory requirements as well. Further, you have to act in accordance with the guidelines of the State Bank, which change from time to time.
Similar is with the Risk Management group, they try to comply with the regulatory requirements and see consumer risk and compliance issues to avoid any misfortune with the bank. Somedays are quite free while others with busy hectic routines. Little easier than finance but still not too easy.
Here comes the audit group with relatively lesser work pressure as they have to audit their own organization. The audit department is not responsible for any work but rather relies on the work of other and point out defects and irregularities in their work. The job is not too tough as they don’t have tighter deadlines, further audit department follows strict timings, and timely comes and leave their offices.
In conclusion, audit is far better than other departments in terms of workload.
4. Career Opportunities
In terms, of the career which department is better for you? In Career prospects, people usually prefer the Finance group but which department will really suit you also depends upon your qualification.