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Banking jobs have traditionally been seen as secure and lucrative posts; all you needed was to pass an exam and have someone from your family as a part of the banking industry and you were set for life. Life went on, 9 to 5, and things didn’t change too much with time. But not so anymore: with the entry of private and multinational banks in the India market after the government relaxed its rules regarding foreign investment and partnership in India, the game has changed completely.

Multinationals like HSBC, Deutsche Bank, Standard Chartered and Indian banks like IDBI, State Bank of India and ICICI are competing to corner the largest chunk of the rapidly-growing Indian market. The work ethos has undergone a tremendous change in the last few years; while loyalty and reasonably amount of skills with good ‘relationships’ an connections were all you needed to get that predetermined promotion or pay-rise at the end of the year, today an impressive skill set and ability are needed for getting and hanging on to banking jobs.

The current competitive culture in the banking sector favors smart people who possess a number of skills required and are ready to update them. Just getting a degree and passing the TNPCE exams won’t cut much ice with the employers. Although the banking sector is expanding quickly and a large number of banking jobs are available in the public as well as private sector, the competition is so high that a candidate who is not ready to work hard and acquire new skills won’t be able to climb the corporate ladder. Indian Banking sector is expected to grow by 30% in a few years and the banks need to adapt to the change in regulations, securitization policies and NPA norms.

Change is the only constant in today’s Banking sector where the impact of growing internet use, new banking practices and changes in the global economy makes themselves felt. As the banks in India try to raise the bar and work as efficiently as their counterpart in developed countries, individuals who are ready to explore new ideas, learn new skills and evolve with time can survive. The quality of education provided by the educational institutes has increased, but it is still not equip students to handle the changing demands of the banking industry.

The banks are choosing only those candidates who have the right attitude, aptitude and passion for banking. The earlier method of written exams to select candidates is going out of vogue as banks also hold other tests to gauge the caliber of their employees. If you are looking for banking jobs, be prepared to do more than just give a written exam. Also, do not take promotion for granted in Indian banks—the corporate India is quickly turning into a meritocracy only the smart ones who can adapt to and exploit new developments will be able to thrive in the speedily evolving banking sector.