IN my opinion,for engineers it is a wise choice to change their domain to banking. I will compare technical industry and banking industry to validate my point. India is not an engineering (manufacturing) hub like china. So,only a few good manufacturing jobs are available in market and most of them are in mechanical and electrical sector. For IT/CS/ECE engineers, scenario is depressing. IT companies are yet to reach the level of US firms. AS of now, they are just adding value to US firms as of their cost advantages.
An engineer in TCS or infy is just trained to do a particular task. He is like a machine, no other task is assigned to him. similarly, there is no significant hardware manufacturing in india. Whatever we see is just assembling. That means, part manufactured in malyasia/china and assembled in india to save custom duty and taxes. All the R&D work in hardware sector (for ex Intel) is on software. And because india is not a manufacturing hub, the value of MBA is still more than M. tech. In case of banking sector, it is not dependent on a singular industry.
AS long as even the assembling is going on, public will buy and hence companies will raise money from banks. They will expand on this debt and pay salaries to millions of employees. These employees are again customers to bank. So as long as people in india keep buying (not manufacturing) banking will grow. If we transform our economy to a manufacturing economy like china, then its a bonus to banking industry. That means more business of banks. Hence, according to me banking is going to be prosperous. ow many of you may doubt future risks in case of recession. I agree in future if a global recession comes indian banks will be more exposed to risks. but when will it come? In free market economies recession are bound to come, the reason being “human factor”. No matter what we do, humans will make new mistakes as of their greed and will keep on doing it till it reaches to the scale of potential damage to economy. and then gov steps in. As a rule in every recession/depression banks go down first but again its the banks which rises first.
The next recession which we can predict (which may not be true) is going to be on global scale as of china. Many gurus think china is a bubble. hence if it doesnt slows down in next decade, then we have a problem. but even in that case we will be safer wrt western banks. I don’t know how, to know that i have to be in banking industry. But i am just referring conclusions from few financial analysts. Hence, according to me, ppl like me who by mistake got trapped in engineering can find banking as a heaven.