With microfinance institutions (MFIs) coming into focus, both at the level of policy and growth, there are career opportunities galore in the sector. While a wide-range of openings are at the level of field workers, the sector is facing a talent crunch at the managerial level, especially following the Reserve Bank of India’s focus on the sector. Says C.S. Ghosh, CEO, Bandhan, a leading micro credit company: “There are huge job opportunities in microfinance as the sector is very people-driven.”
Fact box Who’s hiring: Microfinance institutions like Bandhan, Basix India, mainstream banks and NBFCs Who’re they hiring: Graduates and management graduates with over five years of experience in microfinance sector At what levels: Entry, middle and senior levels At what salaries: At entry level, salaries are in the range of Rs 3 lakh per annum. At the middle level, salaries go up to Rs 8 lakh p.a. At senior levels, salaries go upwards of Rs 10 lakh p.a. What are the numbers like: Across microfinance institutions, typically for every million client base, around 4,000 persons are employed. While a majority of these are entry-level positions, the demand for managers is growing fast |
At the managerial level, professionals, particularly management graduates, are needed in large numbers.
Sattaiah says that for MFIs, the scarcity of managerial talent is reflected in a poor second line of leadership.
For those looking at an inclusive career, one requisite skill is a clear understanding of the customer’s socio-economic background. Mainstream bankers have also upped the hiring ante.
A pointer to this was that recently, “Basix alone was the source for mainstream bankers, insurance companies and NBFC to pick up over 50 first-line managers who were offered compensation hike of 60 per cent or more,” says Sattaiah.