There is a demand for banking and finance jobs in Sri Lanka at any given time. One of the main reasons for this is that there is a strong base of local and government-backed banks in Sri Lanka. Unlike private or foreign banks, the number of government bank vacancies remain static.
For decades now, banking jobs in Sri Lanka have been considered prestigious and much sought out. Even now, when the mindset of the new generation has changed about the kind of jobs they would like to do, banking and finance jobs in Sri Lanka remain one of the most coveted.
Types of banks and financial institutions in Sri Lanka
There are three types of licensed financial institutions in Sri Lanka. These are licensed commercial banks, licensed specialised banks, and registered finance companies. The Central Bank of Sri Lanka supervises these financial institutions according to the Banking Act, the Monetary Law Act, and the Exchange Control Act.
Many local and foreign banks operating in Sri Lanka fall into the category of licensed commercial banks in Sri Lanka. Some of these are, Commercial Bank of Ceylon, Hatton National Bank, Sampath Bank, HSBC, Standard Chartered Bank, Bank of Ceylon, and Nations Trust Bank.
Savings banks such as National Savings Bank and development banks fall into the category of specialised banks in Sri Lanka.
There are a large number of registered finance companies operating in Sri Lanka. Some of these are, LOLC, Asia Asset Finance Plc, and DPMC Assetline Holdings.
Banking jobs in Sri Lanka for school leavers
If you are just after your Advanced Level studies, you can go ahead and apply for a banking vacancy in Sri Lanka. Most banks recruit their newest employees into the position of banking trainees or trainee banking assistants. After the successful completion of the training period, the designation is then changed to ‘Banking assistants’. Different banks have different training periods for banking trainees. For example, Hatton National Bank has a training period of two years, Commercial Bank of eighteen months, and HSBC has a training period of six months followed by a probationary period of nine months.
Banking studies in Sri Lanka
What you can study as a banker has no limit. Your passion might be accounting, business management, or any business discipline and you can be assured that anything you learn can come in handy in your work at a bank.
That being said, there are professional banking studies every banker in Sri Lanka is recommended to undertake. The first of these is called certificate of banking and finance and is awarded by the Institute of Bankers of Sri Lanka. This certificate programme if followed by a diploma and an advanced diploma. Upon successful completion of these studies, most banks reimburse their staff the cost of their studies.
Another institute which provides education for banking employees in Sri Lanka is the Centre for Banking Studies, Central Bank of Sri Lanka. They provide training and education for anyone who wants an in-depth knowledge of banking operations.
There are other professional studies relating to banking you can pursue as well. Some of the well-known ones among these are CIMA, ACCA, CIM, SLIM, ABE, and IPM.
The next step in your banking career
After you have been working in a bank for a while, you might start thinking about career development and promotions. Usually, the next step is to get promoted to the level of a staff officer. While designations in banks might be different from one another, the basic levels are staff officers, management trainees, operational level managers, middle-level managers, followed by top-level managers. These final few tiers also form parts of various top jobs in Sri Lanka.
Different departments of a bank
Banks have different departments in them. Depending on what field you have decided to pursue your studies in, you might be interested in knowing where you will fit best.
Most banks have different departments serving different kinds of customers. For instance, there is a personal finance department for personal customers and a corporate department serving companies. Even within these, there are many different functions.
There are usually a loan department, credit operations, a call centre, a finance department, an HR department, an administration department, a compliance function, and an account services department so on and so forth.
What banking and finance jobs in Sri Lanka are best suited for you?
If you are just setting out your career in banking and finance in Sri Lanka, chances are that you will not get to decide which department or function you can work in. But if you do get the opportunity to request a certain type of job, first think on your personal temperament. Banking and finance is a field which deals largely with customers. A positive attitude and a friendly spirit are essential for you to succeed in banking and finance jobs in Sri Lanka.