IBPS Bank PO vs IT Industry: Salary, Prestige, Job Security, Area of Interest, Growth Prospects and Work Life Balance.
IBPS Bank PO vs IT Industry
Each and every one of us desire a job which not only is comfortable but keeps challenging us and hence give us growth. Moreover we aspire for a job which helps us utilize our skills to the max and give a sense of purpose. Life becomes an amazing journey in this case.
So what actually is a good career option. Well the question is debatable but the inference is, only that option, in which we see ourselves working hard and partying even harder, is where we see our holistic growth, both personally as well as professionally.
In the last decade, the IT industry has emerged as the preferred choice for youngsters of our generation, ‘dream job’ as we call it. If you are an engineer from a good college, you will definitely prefer getting a campus placement in top IT companies viz. TCS, Infosys, Accenture, Wipro and the likes. We love these multinationals for their ‘culture’, ‘growth’, ‘perks’ and what not. But it is only after we start working for these behemoths that we realize that all that hungama about corporate life and work culture was a mere delusion, a smoke screen.
We write codes for 8-10 hours daily, 5-6 days a week and it becomes monotonous. We realize our growth has shunted and find ourselves in the middle of an ocean with no land in sight. Nothing is exciting, challenging anymore. Consequently there is no development and of course no growth. Life becomes an endless cycle of being slave to deadlines.
After months and months of sulking and endless deliberations, the reality hits and we pledge to ourselves ‘Not Anymore’, but then we are faced with another equally profound dilemma “If not IT, then WHAT?”
Well we feel we have cracked the answer to the ultimate question and it is: “Bank PO”
Bank PO is one of the most sought after job in India. It is a guarantee of a secure future coupled with the prestige of working with in the government sector.
We will compare Bank PO vs IT industry to see if it’s really the answer.
IBPS Bank PO vs IT Industry #1: Prestige
- Let’s face it, unlike the western world, in our country the respect we get from still others matters. Be it for shaadi or rishtedars or in laws of siblings.
- IT industry was and is the dream sector for the Indian middle class. If you are working in a big shot IT firm, nobody will bother about your other credentials. ‘Yahan Naam mein sab rakha hai’.
- A Bank PO, though less suave is considered equally good.
- So we leave it upto you to decide this round. Please answer the question below:
IBPS Bank PO vs IT Industry #2: Job Security
- Well the stakes are equally set here, but only if you are living in the Pre-Recession era. IT companies were riding high on the Y2K growth and things were all rosy and good. Then came the 2008 Recession and mayhem spread.
- IT employees got new words in their dictionaries ‘Pink Slips’, ‘Layoffs’, ‘Debt’. Though the present situation is better than 2008, nobody and we stress NOBODY can safely predict when the next recession might hit and sweep us with it. IT industry is prone to market forces and any day can very well be your last day at the firm. This coupled with the automation revolution has rendered thousands if not millions of IT industry stewards useless. To improve bottom lines, companies are reducing the flab and are going agile, making mass firings a norm.
- Do not believe us check out the following article in prominent national daily talking about over 15000 recent job cuts in IT industry : http://bit.ly/15kLayoffs
- Enter the Public Sector Banking Industry. Though 2008 crisis was a result of bankers not being able to control their greed, it didn’t affect the jobs of people working in Indian Public Sector Banks. Even in the darkest times there hasn’t been even a single mass layoff in the history of Indian PSBs.
It is true that Bank POs don’t get the lucrative ‘onsites’, but you are never left without a site. *winks.
IBPS Bank PO vs IT Industry #3: Area of Interest
- IT jobs have a requirement – You need to know how to code. If you are not from CS/IT engineering, you either slog endless hours to learn it or ‘Tata Bye Bye dream IT company mein job’. We see civil engineers writing long lines of codes and imagining ‘What wrong did I do with my life.’
- On the contrary Bank PO doesn’t has any specific requirements. You can be completely yourself and you will be considered. Everything there is to learn you learn it on job. The only requirement is to clear the IBPS or SBI exam, which by the way every IT company also conducts – ‘Apty’.
IBPS Bank PO vs IT Industry #4: Salary and Perks
- The main bone of contention among all the candidates – Salary.
- A salary of entry level PO is higher than that compared to other entry-level IT jobs. The CTC package of a probationary officer is easily around ₹5-6 lakh per annum. It is even more for RBI and SBI.
- Now add to this the perks offered by Public Sector Banks. All PSBs give you leased housing and allowances for things like newspapers, chai and even furniture. I mean WHAT!!
- Almost 30-40% of the salary of an IT industry worker goes to pay his bills, rent and transportation. Compared to this, Bank POs are able to save more than 60% of the salary as their housing is taken care of.
- This one goes to the banking industry.
IBPS Bank PO vs IT Industry #5: Work Life balance
- In an IT job, you have uncertain timings at work, working in nights ( so that you can manage your US client’s timing) and no holidays on many occasions.
- But that’s not the case with banks. Timings are fixed. You get more holidays than IT industry. This means you get to spend more time with your family and friends. You will never work on Holi, Diwali, Eid and Christmas. Hence, bank jobs helps you to maintain an effective work-life balance.
IBPS Bank PO vs IT Industry #6: Growth Prospects
- It takes around 10 years of blood and sweat to become a Mid level Manager in an IT firm. Even then there is always a sword of uncertainty hanging over your faith.
- If you join as a probationary officers (PO) in PSBs you rise to become Branch Manager within 4-5 years and if you are fortunate enough, you can rise to the post of Chairman.
We have now compared Bank PO and IT industry jobs on 6 parameters.
Which is better from your perspective? Well we are waiting for your answer.
Checkout the following questions and answers on Quora on Bank PO vs IT Industry-