For job seekers who wish to develop a career in the banking sector, the priority is to land a lucrative opportunity. The job should be the right fit as per your qualifications and should ensure a successful career in the banking sector. Every year, many types of jobs in the bank come up. These are available in the banking and financial sectors. The examination is conducted for multiple banking jobs and assesses the skills required in the banking sector. The exams cover various topics, ranging from General Knowledge to Mathematics, Computers, and English. These exams aptly evaluate the skills and proficiency of the candidate who is doing well as a banking sector employee. What are the various job opportunities in the banking sector?
4 Reasons Why You Should Make a Career in Banking
1. Challenging Career
The banking and financial sector is a fast-paced one and it is dependent on many factors. Global economics, business, and finance shift every day. Choosing the bank as your profession ensures that you work in a fast-paced manner and are always on your toes. It provides the adrenalin rush and the buzz of working on the trading floor. The pace of change ensures a challenging yet highly stimulating career.
2. Growth
The starting salary for professions like Investment Banking is double that of a regular graduate. Big banks offer many other benefits, like insurance, private health care, subsidized travel, and food. Many other benefits are a part of the banking and finance sector. It makes the remuneration in the industry stand out and provides an opportunity for lucrative bonuses. There are higher chances of growth in this sector. What is the average salary structure in a bank?
3. International Travel
There are many opportunities for international travel with a career in the banking sector. Travel is a significant check box on most people’s career wish lists. Banking is a global industry which is a popular choice as it provides chances for travel. This sector also offers multiple opportunities to travel to other continents. If you work hard enough, then you can also get to do your graduate training in any of the international cities.
4. Long-Term Career Goal
A well-regarded banking or financial institution is favoured by employers in various sectors. If you manage to get through a difficult application process and, spend a few years with a reputable company, then employers will seek you out in the organization. A structured graduate training and good knowledge of this sector will help you as well. So, if you decide that you want to work in a different industry, then you can harbour the goal of setting up your own business
5 Types Of Jobs In Bank
1. Credit Analyst
Credit analysts are a vital profile in a bank. They help to determine whether to make loans. They review the credit profiles of the potential borrowers. By studying the financial information of the borrowers, credit analysts understand the associated risk. To be a Credit Analyst, a bachelors’ degree is the minimum requirement. A credit analyst’s annual starting remuneration is $ 48,840
2. Budget Analyst
If you like to prepare and monitor budgets, then the job of a budget analyst will suit you. A budget analyst creates plans for how to spend the money in the organization. A budget analyst must report on how the money will be spent. They also recommend how to ensure efficient spending. Although they do not get an entry-level job at this profile, but with related work experience, they can be elevated. The starting annual remuneration for a budget analyst is $ 54,020
3. Internal Auditor
The job of an internal auditor is to review the bank’s finances. Also, to assess how effectively the bank is run. They look at the internal control structure of the company. An internal auditor gives recommendations on streamlining operations and suggests generating more profits. The job of an internal auditor needs a minimum of a bachelor’s degree in Accounting, Computer Systems, or Finance. The internal auditors who have the Certified Fraud Examiner designation earn much more than others. The starting salary of an internal auditor is $ 60,000
4. Bank Manager
A bank manager must oversee the daily operations of a bank branch. The job profile includes multiple tasks, from upselling the bank’s products to the customers to providing adequate customer service and managing the employees. To become a bank manager, you need accounting, economics, or a business degree. A manager profile can also be secured by working your way up the bank. A bank manager has an average annual salary of $61,209 at the starting level.
5. Relationship Manager
A Bank Relationship Manager must work with clients. They determine the best products and services that fit their needs. A Relationship Manager works with bank clients and helps them find the best investment account. Relationship Managers work with both corporate and individual clients. This position doesn’t require a specific degree. They should be familiar with the banking industry and must possess excellent communication skills. Their annual starting salary is $ 66,040.
3 Skills Required In The Banking Sector
1. Communication Skills
Bank employees and officers must deal with daily transactions and performances with all kinds of people. Thus, they need good communication skills to deal with different types of people. They can be educated or otherwise, techno-friendly or illiterate. But, they should be dealt with properly when they visit a bank. Good communication is a vital requirement for bank employees.
2. Time Management & Multitasking
A bank will have lots of customers at any point in time. They also must deal with money or different types of related work. Therefore, time management and multi-tasking skills are vital for the bank job profile. It will ensure that the bank can complete its work.
3. Numerical Skills
A job profile in the banking sector needs the necessary skills without which one can’t do the job properly in a bank. A bank employee should have access to good information and a greater understanding of calculations and numbers. It will help to accomplish the work efficiently.
4 Tips To Get Into The Banking Sector
1. Work On Your Banking Skills
Employees need to dedicate resources to self-training themselves in banking skills. They must work hard to excel in their job as a banking graduates. The skills include various disciplines, right from finance to having a strong math focus, economics, and business/management. Top banks recruit employees who possess these skills.
2. Apply For Open Positions
For various open banking positions, it is important that you sign up and apply through the careers service. This will provide opportunities to engage with employers at recruitment events. It will also increase your chances of getting into these organizations.
3. Determine What You’re Good At
Unlike other careers, bankers come from a range of backgrounds. They should assess their skills and join the relevant professions as per their capability. The interested candidates can build a career as per their personal profile to ensure they get what they are good at.
4. Decide Which Specialty You wish To Pursue
There are many career options in different specialties within the banking sector. The various roles for bank employees must be shortlisted based on their skill sets and attributes. While working on the operational side, the employees also must deal with transactions. So, choose a profile accordingly.
To Conclude
When choosing a role within a bank or a financial organization, whether choosing a full-time position or an internship, you must always ensure that you look for growth. Banking is a sector that can provide great success even when you aren’t highly qualified. The idea is to choose the right fit as per your skill set.
