Which Career to Choose Merchant Navy Or Banking Job |Merchant Navy vs Banking Job|
Last updated on August 23rd, 2023 at 05:11 pm
In the choice between Merchant Navy V/S Banking Job, individuals stand at a crossroads, on one side there is an adventure on the high waves of the sea on the contrary the other side promises stability and growth potential. Dig into the comparison between two of the most demanding and lucrative career options.
Merchant Navy refers to the fleet of commercial ships that transport goods and passengers across international waters. Not only that, Merchant Navy also plays a vital role in global trade, facilitating the movement of goods and commodities between countries.
Banking involves the financial industry’s activities, including managing financial transactions, providing various financial services, and facilitating money flow within the economy, with contrary to that Banking professionals include bankers, financial analysts, loan officers, and tellers, who work to manage and optimize financial resources for clients and institutions.
Qualification to join Merchant Navy and Banking Job:
Here are the steps to join the Merchant Navy and subsequently embark on an exciting career at sea:
- GP Rating: 10th or 12th pass with GP Rating course.
- Diploma in Nautical Science (DNS).
- B.Sc in Nautical Science.
- B.Tech in Marine Engineering.
- Graduate Marine Engineering (GME).
Here are the qualifications that are required to join a bank:
- BBA in Banking/ Accounting
- Bachelor in Finance and Accounting
- Bachelor in Statistics and Business
- Bachelor in Banking and Insurance
- Bachelors of Commerce
Entrance Exam and Selection Rate
These are the steps that you need to follow to get into Merchant Navy
- Indian Maritime University Common Entrance Test (IMU CET)
- Written Exam conducted by colleges and company
- Personal interview
- Psychometric Test
- Medical/ Fitness test
Selection Rate Of Merchant Navy Exam
|Exam Name||Indian Maritime University Common Entrance Test (IMU CET)|
|Number of Candidates applying||22495|
Approx 4000 candidates are selected in other private colleges.
There are various ways you can join Bank for a job such as:
- State Bank of India Probationary Exam
- IBPS Probationary Exam
- RBI Grade B Officer Exam
- IBPS Clerk Exam
- PBI Assistant Exam
Selection Rate of these Exams
|Name of Exam||Number of Candidates Applying||Number of Candidates getting selected|
|SBI PO 2022||10,00,000||1673|
|IBPS PO 2022||5,74,000||6932|
|RBI Grade B||2,00,000||200|
The salaries of merchant navy officers at different levels and departments onboard ships vary, depending on factors such as rank, experience, and additional certifications. However, it is important to note that salary structures can change over time, and specific figures may vary.
|Rank||Dry ship (Bulk/RO-RO/Container etc.)||Tanker Ship (Oil/Chemical/Gas etc.)|
|Chief Marine Engineer||$8000–$10000||$9000–$14000|
|2nd Marine Engineer||$6500–$8500||$7500–$9500|
|3rd Marine Engineer||$4000–$4800||$4000–$5000|
|4th Marine Engineer||$2400–$3600||$2600–$4200|
|5th Marine Engineer||$350–$750||$350–$750|
For more information refer to this https://www.merchantnavydecoded.com/merchant-navy-salary/
|Chief General Manager||2-2.5 lakh|
|General Manager||1.9-2 lakh|
|Asst. GM||1.8-1.9 lakh|
|Chief Manager||1.5-1.56 lakh|
|Branch Manager||1.10-1.13 lakh|
To get insight into the Salary Comparison between the two, Refer to this video:
Merchant Navy Vs Banking Job
|Merchant Navy||Banking Job|
|Unique and challenging environment||Stable work environment and office-based job|
|Harsh weather||Occasional travel|
|Life at sea is physically demanding||Mentally demanding|
|Merchant Navy||Banking Job|
|Merchant Navy employees have limited social interaction while at sea||Banking jobs offer more opportunities to socialize with colleagues and client|
|Away from family for a long time||Job transfer|
|No festival holidays||You can stay with family daily|
- Job security in the Merchant Navy can vary based on various factors, for instance, global economic conditions, shipping industry trends, and geopolitical situations.
- While there is demand for maritime professionals due to international trade, the nature of the industry can lead to fluctuations in employment opportunities.
- Job security in the banking sector is generally considered stable due to the essential role banks play in the economy.
- Banks provide core financial services, and the need for functions like lending, investment management, and payment processing remains consistent.
In conclusion, both the Merchant Navy and banking offer unique career paths with their own set of opportunities and challenges. Both fields contribute significantly to the global economy and provide avenues for personal and professional growth.
In the face-off between Merchant Navy V/S Banking Job, the former presents the thrill of maritime adventures and cultural immersion, while the latter ensures stability and the power to influence financial realms. Both sectors seek adept professionals who navigate evolving technologies and settings. Undoubtedly, individuals can find fulfillment in either field based on their interests, skills, and long-term aspirations.
Whichever path one chooses, a commitment to continuous learning and adaptability will undoubtedly lead to a successful and rewarding career journey.