BBI/B. Com (B&I) i.e. Bachelor of Banking & Insurance/ Bachelor of Commerce in Banking & Insurance is a full-time undergraduate programme spread over 3 years, with each year being divided into 2 semesters. The course covers 38 subjects and 2 projects on banking and insurance of 100 Marks each, which are to be submitted in the final year. It provides in-depth training in the areas of banking, insurance law, insurance regulations, accounting and finance. BBI also covers various subjects of commerce and communication skills.
It trains students about the efficient use of technologies used in the field of banking and insurance. The primary aim of BBI is to provide candidates with insight into the world of banking and insurance on both theoretical and practical levels. It focuses on development of analytical skills and building professional competence.
What to study after BBI?
Master of Commerce (Banking and Insurance)/ M. Com (B&I):
M.Com in Accounting and is a 2-year postgraduate programme in the areas of banking and insurance. It is designed to impart exhaustive knowledge about various activities of a bank and how to manage a bank so that it runs smoothly. Students learn about various concepts of banking and financial management skills, which are required to function effectively within private businesses, non-profit organizations, and public agencies.
Master of Commerce/ M. Com:
One can also do an M. Com or Master of Commerce degree which is a postgraduate master’s degree focusing on commerce, accounting, management and economics. Rather than focusing on just the domains of Banking and Insurance, M. Com gives an individual the liberty to explore all the sides of commerce.
Certified Financial Planning (CFP):
Certified Financial Planning is one of the fastest growing certifications in the world. In India, the international CFP certification is awarded by the Financial Planning Standards Board of India (FPSB India). The CFP certification is rated as a Gold Standard and gets its holder acceptance and recognition across a diverse range of Financial organizations in 22 countries around the world.
Fun Fact #1: There are currently over 1,00,000 CFPCM Charters worldwide and around 1200 + CFPs in India. As per current industry estimates, the requirement for financial advisers will be around 50,000 in the next 2-3 years.
Certified Management Accountant (CMA):
Certified Management Accountant is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. The CMA is a U.S.-based, globally recognized certification offered by the Institute of Management Accountants.
Fun Fact #2: To date only around 50,000 CMAs have been certified in more than a 100 countries.
For students looking to divert a bit from the banking route, the following are also options which available:
Chartered Accountancy (CA):
CA is considered as the 2nd best course in the world. So what does it take to become a CA? CA exams in India are conducted by ICAI (Institute of Chartered Accountants of India) and requires clearing the CPT, IPCC and Final CA. A graduate can directly appear for IPCC which has 2 groups. After clearing one of the groups, you will have to register for articleship under an experienced CA for a period of two and a half years. After clearing both the groups of IPCC and articleship, you can appear for Final CA, which also has 2 groups, which when cleared, you will finally become your parents’ favourite child— a Chartered Accountant (CA).
Fun Fact #3: Only 2-3% of the applicants actually clear all the levels in one go.
So, if you want to become a CA… Best of Luck!
Chartered Financial Analyst (CFA):
The Chartered Financial Analyst Program is a professional credential offered internationally by the American-based CFA Institute to investment and financial professionals. A candidate who successfully completes the program and meets other professional requirements is awarded the “CFA charter” and becomes a “CFA charterholder”. As of October 2018, there are approximately 150,000 charter holders around the world in more than 165 countries.
Fun Fact #4: Only 9% (approx.) of candidates have consecutively passed all three levels in the past decade.
Company Secretary (CS):
Company Secretary (CS) programme in India is administered by The Institute of Company Secretaries of India (ISCI). You need to clear 3 exams viz. Foundation, Executive and Professional before you become a CS. You also need to register for an internship of 1 year pre or post clearing the final level. This course will provide you with knowledge and understanding of corporate finance and legal affair practices.
Financial Risk Manager Program (FRM):
FRM exams are conducted by Global Association of Risk Professionals (GARP, USA) and require clearance of two exams– FRM Level 1 and FRM Level 2. It is conducted in the months of May and November. You need 2 years of work experience in the related field after clearing the two levels, which will then qualify you to be bestowed with the Financial Risk Manager’s certificate. An FRM Certificate holder has career opportunities in Risk Management, Trading, Structuring, Modelling, etc.
The following are some other postgraduate courses that a BBI student can apply for:
- M.Voc in Banking, Stocks and Insurance
- Master of Business Administration
- Master of Financial Management (M.F.M.)
- Master of Commerce M. Com. (E. Commerce)
- Post Graduate Diploma in Banking Operations (PGDBO)
- Post Graduate Diploma in Insurance Management (PGDIM)
- Post Graduate Diploma in Insurance and Risk Management (PGDIRM)
- Master of Financial Services Management (M.F.S.M.)
- Diploma Course in E-Commerce
- M.Phil. (Advanced Banking and Finance)
- Certificate Course in General Insurance
- Certificate Course in Ethics in Banking
According to a StudySid survey with over 100 BBI students across colleges in Mumbai, over 3/4th of the students expressed that they would rather be employed directly after their BBI graduation than pursue higher education immediately. At the same time, almost all of them voted ‘Yes’ on a possible Master’s Degree in the future.
