32,000 entry-level jobs in financial sector

Updated on: Saturday, October 23, 2010

For those recently completed college and aspiring for a career in the financial markets, the outlook appears promising, going by the estimates of the National Institute of Securities Markets (NISM).

The NISM report says around 6,900 companies involved in stock broking, asset management, portfolio management services, investment banking, insurance, private equity/venture capital, and distribution, will require entry-level employees. The Sebi-promoted public trust has forecast a demand for at least 32,000 entry-level personnel in the securities business over the next one year. NISM has based the report on inputs from the human resources (HR) heads of securities and capital market companies.

"We will hire over 5,000 people across various levels and group businesses this year," says K Achuthan, chief people's officer, Reliance Capital. "The largest number of managers would be hired by Reliance Life Insurance followed by our securities business across regions."

Mr Achuthan says the hiring would be in addition to the lakh-odd agents that the company plans to appoint in its insurance business by the end of this fiscal. "The hiring momentum is back, though still selective," he says.

Industry officials say that the hiring scenario has improved in the last two quarters and most of them are revising their targets upwards for the remaining part of this financial year and the next year.

According to NISM estimates, retail â€“ direct sales in the insurance, broking and distribution category â€” would be the biggest employer, hiring around 21,000 people.

Sudhir Dhar, Senior vice-president and head HR of Motilal Oswal says, "Most of our requirement is on the sales side for retail direct sales."

"We are targeting to hire about 200 people by the end of this financial year. The number was raised recently after signs that the economy has picked up once again. The rest of the segment is usually witnessing replacement jobs only," Mr Dhar says.

Dhruv Desai, senior vice-president, HR and Leadership Academy, of Angel Broking, a retail broking firm, says retail business is expected to grow at about 15% every year.

"We think the market is still untapped and we are planning to add 2,000 people in various segments like sales, services and back office over the next one year", Mr Desai says.

Angel is looking to hire 400-500 people in the services and about 500-600 for its back office operations.

Hemant Kanoria, Chairman & Managing Director of SREI Infrastructure says, "We were hiring even during the lean years of 2008-09 due to good growth of our earnings and disbursements. We intend to hire more across all levels in segments like equipment finance, project finance, insurance broking, investment banking, venture capital fund as well as its mutual fund business."

32,000 entry-level jobs in financial sector

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