What to look for when hiring BFSI applicants

In any field, a company’s performance is directly related to the quality of its staff. However, as the economy deteriorates and unemployment rate rises, job seekers also grow more desperate in landing a job. There are circumstances in which hundreds of applicants pass resumes and other needed documents that are not closely related to what they are applying for. Due to this, employers and their HR teams are overwhelmed with the number of applicants and their portfolios.

This is a high-risk situation in the Banking, Financial Services and Insurance (BFSI) industry as its foundation is its employees. They are the lifeblood of companies as they carry their mission, drive profit and ultimately influence the customers leading not just the financial state of the company but also its overall reputation. You may have seen viral videos of altercations between a customer and an employee in banks or in the general workplace. This occurs because of many different factors, but adapting a secure and tight hiring process can be one of the main defenses of an organization in order for it to not have viral videos that will diminish its reputation to “that” company.

Even though the world is becoming more digitized, human staff are still the core part of the BFSI industry hence there is a need to thoroughly filter applicants. Here are some of the most important skills that you should look for in finance:

  • Cash handling skills – Aside from having knowledge of ledger balancing, loan processing, and even basic tax preparation, staff should have attention to details when properly handling monetary procedures.
  • Customer service skills – some employees are the literal face of the company; when customers arrive, they’re the first thing they see and interact with so they’re communication skills should be reliable especially when they talk to difficult customers
  • Technical skills – as staff rely less on their own arithmetic skills and more on the complex programs on their computers, they need to be well-versed in basic computer applications such as data entry skills

Aside from these skills, employers and their HR departments should be keen on requiring and checking their applicant’s courses and certifications that are related to the vacant position and the industry to ultimately ensure that the right candidate will not only be fit for the job but also to the company itself. Here are some examples of top banking degrees and certificates to consider:

  • Chartered financial analyst – One of the most well-known and respected investment management qualifications offered at the CFA Institute. It exhibits your applicant’s expertise in securities, investments, equity research, portfolio management, economics, and equity research.
  • Certified financial planner – this certification equips your candidates with knowledge in retirement planning, insurance, stocks, bonds and estate planning and ultimately qualifies them to to work in fields like private banking, retail banking and wealth management.
  • Certified public accountant – Business owners and managers value this qualification because it indicates extensive understanding in areas such as taxation and auditing as well as risk management and company law.
  • Chartered investment counselor – this is a good edge for those applicants eyeing the position related to portfolio management or investment counseling. 
  • Financial modeling certification – with this certification, applicants are equipped with knowledge on how to construct financial models, represent financial accounts and analyze investments. They are also well-versed in project finance modeling, merger and acquisition, valuation modeling and advanced functions and charting.

While all these skills and certifications are needed in companies, HR must also look at the employment history of their applicants to determine if they have the right qualifications and experience for the job. However, with these skills and certifications, the candidate already has a good understanding of what to expect for their work in the company making it easier and more secure for the HR department and ultimately the company itself.