Bank PO Job vs. LIC AAO Job
In times of strenuous job opportunities and lack of resources to place candidates into their willful career options, the banking sector has come as a boon. Thousands of candidates have been recruited into the banking sector for different posts in the last one decade. The shift in the working culture, introduction of new age machines in the sector, transformation of banking into core banking solution(CBS), opening up of new branches across the country are some of the reasons for this boost in recruitment for the past few years. The Institute of Banking Personnel Selection (IBPS) has been given the responsibility to recruit eligible and interested candidates in most of the Public sector banks in India. The focus of many job aspirants thus, have shifted to the banking jobs and the rush has resulted into tougher entrance examinations in the last few years. As an option of this, the LIC jobs have come into sight for many aspiring candidates looking for job opportunities. This year the LIC AAO (Assistant Administrative Officer) examination had got exceptional number of registrations for the 700 posts it offered in various LIC offices across the country. Most of the banking job aspirants have taken up the LIC AAO examination, due to the similarity of pattern of the both entrance examination. Many people are keen on knowing the difference and similarities between a Bank PO and LIC AAO, as both the job requires the candidates to be a Graduate in any subject from any recognized university.
Job Profile of LIC AAO and Bank PO
The LIC is in insurance business while banks are adopting the concept of Universal banking. Though, many of the functions of both the bodies are colliding with each other in the changing economic scenario. The LIC AAO requires formulating new schemes, inspecting the existing policies and formulating new ones. The job also consist the responsibility for managing and filing claims by clients and co-ordinate with the other departments to provide assistance to the clients. They work under their administrative head and are responsible for carrying out official work. The bank PO on the contrary would have to deal more with the customers and enhance business of the bank by roping in new customers to the bank. They need to have a regular eye on the cash transactions in the bank and clear payments on daily basis. They are often asked to communicate personally with esteemed clients to increase the business of the bank. The AAO is more into administrative work, where they enjoy a five day working plan in a week. The work hours are limited and the stress factor is quite less than that of the bank PO. The regular customer handling and improvising ideas to increase business often makes the job of bank PO tough and work hours ticking higher.
Salary and Allowances for LIC AAO and Bank PO
The salary of LIC AAO is presently under revision and if the government agrees to the revision norms, the salary of AAO could range from Rs. 42- 45000/- per month. This would be significantly higher than that of the bank PO candidates who get around Rs. 34-38000/- per month. The pay perks and benefits received by the LIC AAO are also higher in numbers than the Bank PO. They are allowed to take home the Defined contributory pension, gratuity, Leave Travel Concession (LTC) , cash medical benefits, group mediclaims, group insurance etc. along with their salaries. On the contrary the bank PO gets the contribution pension under the new pension scheme, medical aid for self and family (75%), LTC, leave fare concession and often car/housing/personal loans.
Promotion and Transfer of LIC AAO and Bank PO
LIC offices, being mostly in the cities and urban townships, allows candidates to get posted in the towns while bank POs need to travel to rural branches after their transfers. The Bank PO gets transferred frequently within the span of 2-4 years in various branches across the country. On the contrary LIC AAO jobs are more stable and on promotion they might get transferred to different regional offices. Though, the promotion policy for LIC AAO is quite troubled, as the candidates might have to wait for as long as 8 years to rise at the level of Area Officer. The further promotions to ADM, DM and ZM levels are way longer paths in the LIC. Whereas, in banking sector the promotion is quite fast and the candidates can rise up to the level of Assistant branch manager or branch manager post real quick. They can even get into the ranks of AGM and GM within 10 years of their service in the banks.
Both LIC AAO and Bank PO jobs are offering the alluring job opportunities for the young and aspiring candidates. Both the jobs have their pros and cons associated with them. Though, the LIC AAO job seems fit for those who want to settle in their jobs, the Bank PO job is for them who want to keep moving up in the ranks and ready to face challenges in their jobs.