In a pioneering move, the Education Department has decided to introduce a Minor Degree in Banking, Financial Services, and Insurance (BFSI) within engineering programs. This initiative will offer engineering students a new specialization and aims to cater to the increasing demand in the BFSI sector. To streamline operations, the department plans to conduct BFSI classes through a cluster-based approach, optimizing resources by consolidating students from nearby engineering colleges to specific “cluster colleges” for physical classes.
The University Grants Commission (UGC) has granted autonomous status to 21 public and private engineering institutions that will offer this course. The registration process for eligible students is expected to begin soon. In addition to in-person classes, some modules will be available online to provide flexibility. This program is the first of its kind in India, where BFSI is offered as a minor degree in engineering.
Program Rollout and Structure
Chief Minister Revanth Reddy officially launched this BFSI course as a minor degree option last September. Initially, the program will target third-year Bachelor of Technology (B.Tech) students and will span four semesters. Undergraduate students will also have the opportunity to participate in the BFSI program starting in their first year.
Recently, the Higher Education Council Secretary, Prof. Sriram Venkatesh, announced an “accelerated program” for fourth-year B.Tech students, ensuring they, too, benefit from this training. The program includes internships with prominent companies, giving students valuable real-world experience. The government emphasizes the importance of prioritizing public colleges for this initiative, furthering its commitment to equitable access to education.
BFSI Course Selection Process
In accordance with the All India Council for Technical Education (AICTE) guidelines, the BFSI minor degree requires students to earn 18-20 credits. Interested students must register online, following which representatives from the BFSI consortium will conduct interviews to select participants. Clarity regarding the registration process is anticipated within a week.
The BFSI consortium, in collaboration with Equip, has developed the course syllabus. To provide practical training, the program plans to offer free training to 10,000 students over the next three years, half of whom will be B.Tech students, with the other half from undergraduate programs. Recently, Equip partnered with Young India Skills University, further solidifying its commitment to developing industry-ready graduates.
Rising Job Opportunities in the BFSI Sector
The BFSI sector is witnessing substantial growth, creating a surge in job opportunities across software companies, banks, financial services, and insurance firms. With the rapid expansion of e-commerce and an increasing demand for financial services, the BFSI sector requires skilled professionals to meet industry needs. The insurance sector is also growing significantly, while banking services continue to expand nationwide. Companies are hiring software professionals with specialized knowledge in BFSI, offering lucrative salary packages.
Recent data from Apna.co indicates a 20% year-on-year increase in BFSI-related job openings, driven by heightened demand for e-commerce, credit cards, and loans during festival seasons. Currently, over 216,000 job vacancies in BFSI have been registered by various companies. This development reaffirms the potential for students with a BFSI minor to secure rewarding career opportunities with competitive salaries.
With the BFSI minor degree program, engineering students can tap into these emerging career paths, equipping themselves with specialized skills in a high-growth sector that promises robust job prospects and financial stability