MBA Banking and Insurance Course, Eligibility, Admission 2024, Colleges, Syllabus, Scope

What is MBA Banking and Insurance?

MBA Banking and Insurance is a degree programme at the postgraduate level in management. The course duration is typically two years and is spread across four semesters. The course equips students with in-depth knowledge in the field of banking and insurance. MBA Banking and Finance course also prepares students for various leadership roles in different organisations providing banking or insurance services. The course also offers specialised training in areas like international banking and insurance, risk management, treasury operations, projects and infrastructure.

Students after completing this course can opt for various job roles in the field of Banking and Insurance such as Accountant, Financial Advisor, Insurance Manager, Investment Banker, and Financial Analyst. The course curriculum combines both theory and practical teaching methods to provide students with both the necessary theoretical knowledge and hands-on experience to make them ready for their future careers. In this article, we will discuss the course details of the MBA Insurance and Banking course, eligibility criteria, admission process and various other details related to the course.

Highlights - MBA Banking and Insurance

MBA Banking and Insurance Eligibility Criteria

Candidates aspiring to pursue an MBA in Insurance and Banking course must meet the eligibility criteria of the desired institute. The eligibility criteria can be found on the official website of the college. They are advised to check the eligibility criteria carefully before applying for admission. MBA Banking and Insurance eligibility criteria are mentioned below.

• Candidates should have completed a Bachelor’s degree in a relevant field with a minimum aggregate score of 50 percent from a recognized institute.

• They should appear for at least one MBA Entrance Test and score the cut-off that has been specified by their chosen institute. Popular MBA exams in India are CAT, XAT, MAT, CMAT, and GMAT (candidates belonging to reserved categories may get relaxation as per government and university guidelines).

• They can check the eligibility criteria by visiting the official website of the course or reading the programme brochure which is also available for download on the official website of their chosen institute.

MBA Banking and Insurance Admission Procedure

The admission process for the MBA Banking and Insurance course is quite simple. Students interested in pursuing an MBA in Banking Finance and Insurance should appear for a management entrance exam like CAT, BHU CET, MAT, CMAT, XAT or any other national, state or university-level entrance exam as specified by the preferred institute for admission purposes. Candidates who are shortlisted may also have to appear for a written test, personal interview and/or group discussion as part of the admission process.

• Candidates can either apply for their desired institute by visiting the official website of the course or they can directly apply for the entrance exam required by the college and score a valid cut-off.

• After successfully clearing the entrance exam, some colleges may also conduct Group Discussions and personal interviews or a written test. Candidates are required to clear these stages to get admission.

• Once selected, candidates should pay the course fees along with the required documents as per the needs of the institute.

• These steps conclude the admission process for MBA Banking and Insurance courses.

Top Entrance Exams for MBA Banking and Insurance

CAT: Common Admission Test popularly known as the CAT is one of the most popular management national-level entrance exams which is conducted by the IIM for admission to the IIMs and more than 1,200 B-schools in India.

MAT: Management Aptitude Test also known as MAT is another national-level entrance exam in India. The exam is conducted by the All India Management Association (AIMA) for admission to their MBA/PGDM course.

CMAT: Common Management Admission Test or CMAT is a national-level entrance exam which is conducted by the National Testing Agency for MBA programmes. CMAT scores are accepted by over 1,000 educational institutes in India.

XAT: Xavier Aptitude Test or XAT is another national-level management entrance examination which is conducted by XLRI Jamshedpur for admission to their MBA courses at all the branches of XLRI and more than 600 other B-schools in India.

NMAT: National Management Admission Test or NMAT is a management admission test conducted by NMIMS University. Many colleges accept NMAT scores across India.

MBA Banking and Insurance Skills

Students who want to excel in the dynamic field of Banking and Insurance should possess various skill sets. These skills are not only necessary for doing well academically but they will also help students to do well in their future career endeavours. Some of the hard skills required for the course include Mathematical Skills, Analytical Skills, Banking and Insurance Aptitude. In the table below we have mentioned a few more skills required for MBA Banking and Finance courses.

MBA Banking and Insurance Syllabus

There are many colleges in India that offer MBA Banking and Insurance courses. The subjects for MBA Banking and Insurance will vary from one college to another, but the general course structure remains the same for every institution. In the table below we have mentioned the syllabus of Amity University for their MBA Insurance and Banking course.

MBA Banking and Insurance Fee Structure

The fees for an MBA in Banking and Insurance differ from one college to another. The fees also depend on whether the institute is private or public. The fees of a private institute are generally higher than those of a public institute. Candidates can check the fees by visiting the official website of their desired institute. The average fee for MBA Banking and Insurance ranges from Rs 25,070 to Rs 12.50 lakhs.

Scope of MBA in Banking and Insurance

The scope of an MBA in Banking and Finance is quite broad and promising. There are a lot of areas in the field of Banking and Insurance that candidates can explore. A degree in Banking and Insurance can provide students with an exciting career. The course equips students with a comprehensive understanding of the financial and insurance sectors. After completion of the course, graduates can work as a Financial Analyst, Investment Banker, Insurance Manager, Accountant, Credit Analyst, and Loan Counsellor. Candidates can also pursue higher education such as a Ph.D. in Finance or related disciplines and be a professor at a university.

Many companies look for talented MBA professionals and are willing to offer good salaries. Graduates can also get work opportunities in MNCs abroad.

Career Options after MBA in Banking and Insurance

The career options that are available for graduates are wide in India and abroad. Candidates can work as Financial Analysts, Investment Bankers, Insurance Managers, Accountants, Credit Analyst, Loan Counsellor, Personal Financial Advisor, Operations Manager. They can work in the government, banking, finance and insurance sector, MNCs and can also do freelancing. Mentioned below are some of the popular careers chosen by MBA Insurance and Banking graduates.

Loan Counsellor: Loan counsellors are professionals who are typically employed by banks or other financial institutions. They help potential clients or borrowers find the right loan or scheme according to their needs and requirements. They act as an intermediary between the borrower and the client. They also play the role of facilitators for clients who require some financial assistance from a financial institution.

Insurance Managers: Insurance managers are professionals who oversee the daily operations of an insurance company. They are responsible for managing a team of employees and also developing new insurance plans to offer customers. They also review the insurance application, determine eligibility for coverage, and review claims. They review policies to make sure they meet the requirements.

Credit Analyst: Credit Analysts also known as Credit Risk Analysts are finance professionals who are responsible for checking if people or companies can pay back the money they want to borrow. They look at the financial information of people who want to get a loan, decide if they can repay the loan, and suggest if the loan should be given.

Accountants: Accountants are professionals who manage financial records for clients, governments and organisations. They prepare financial statements and analyse the company’s accounts. They also track payments to internal and external stakeholders, prepare budget forecasts and process tax payments.

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Benefits of Studying MBA Banking and Insurance

There are many benefits to pursuing a course such as an MBA in Banking and Insurance in India. There are multiple job opportunities available in both the private and public sectors such as Investment Banking, Asset Management, Insurance, and Commercial Banking. Having a degree in Banking and Insurance can also be significant. The course also provides leadership skills such as problem-solving, analytical skills and communication skills.

MBA Banking and Insurance Salary

The salary of a graduate with a degree in Banking and Insurance depends on their experience and the skills possessed by them. In the table below we have mentioned the average salaries of some of the popular careers after an MBA in Banking and Insurance degree.

List of Top MBA colleges offering MBA in Insurance and Banking specialisation

There are many colleges in India offering the MBA Banking and Finance course. In the table below we have mentioned the top ten MBA colleges.

Top Private MBA colleges offering MBA Banking and Insurance Course

Numerous private institutions offer MBA Banking and Insurance programmes. Studying at a private institution provides better infrastructure facilities than a government institute. But it all depends on the candidate’s preferences. In the table below we have listed some of the top private MBA colleges.

Top Government MBA colleges offering MBA Banking and Insurance Course

There are many government colleges in India that provide MBA Banking and Insurance courses. Government colleges typically provide lower tuition fees than private colleges. Students can also apply for scholarships if provided by the desired institute. In the table below we have listed some top government colleges.