Careers Search
Career in Banking by DL Hoh
Career in banking had come a long way since the 1980s. It is now one of the most sought after career, especially for high-calibre accountants. This was also encouraged by the narrowing of the salary gap between Banking Career and other Careers. Many of those who had opted for a career in banking was also looking at other benefits such as training and development, intellectual challenge, career mobility and the global industry. Besides, there also instances where those in the banking career had received a bonus of 100% of their base salary.
A survey conducted had also shown that those who had a career in banking derived a lot of satisfaction from their career. If you are seeking for a career in banking, you have to be prepared to work as part of a big organisation. You are expected to share your knowledge with international markets and other business units. A career in banking also require that you think out-of-the-box and to have lateral thinking. You are expected to have great analytical and numerical skills.
In the first few years of your career in banking, expect steep learning curve and be prepared for inter-department transfer and change of Job functions. Because of its international business nature, a career in banking can be exciting. A bank can not do away with information technology.
The followings are the possible job functions that you can apply for in a career in banking:
Product Analysis
Financial Control
Equity and Fund Analysis
Risk Management
Projects
Operational Risk Review
Corporate Finance
Credit Analyst
Loan Officer
Branch Manager
Trust Officer
Mortgage Banker
To be a good candidate for a career in banking, you need to have good people skills. In some job functions, having good writing and accounting skills are essential too. Strong work ethics are more important than good academic results. Recently, those with good marketing skills are well-sought after. As corporate investment is also in high demand, those with strong inclination towards investment also will rise in the rank in a career in banking. However, you need to be prepared to put in long hours in your banking career.
The followings are a summary of the levels of requirements for your career in banking:
People Skills – High
Marketing Skills – High
Communication Skills – High
Analytical Skills – Moderate
Creativity – Moderate
Initiative – Moderate
When it comes to salary for banking career, the starting salaries in a commercial banking range from $24,000 to $38,000. Those with MBA qualification command a higher salary ranging from $30,000 to $50,000. A Department Manager with more than 10 years of experience can expect a salary of $100,000. A senior VP earns about $200,000. There are also those high-profile manager who earns up to $500,000 per annum.
What does the future holds for a career in banking? The banking industry is undergoing a period of consolidation. Hence, you have to expect mergers and acquisition. As far as consumer’s behaviour is concerned, many are switching to ATM and online banking. Marketing officers have to meet their client at their homes instead of expecting consumer to visit banks. Specialised banking are also growing and middle management is in great demand.
For those who are still in the midst of their Career Search, a career in banking may be an exciting choice.
About the Author
Read more about a Career in Banking at Career Search Guide (http://career-search-guide.blogspot.com)
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