Thursday, 24 January 2019

Choosing and Establishing a Banking Career


The world of banking is a challenging and exciting field, which offers a wide array of options to a career-minded person. There are a horde of opportunities that you will find available ranging anywhere from entry level to the highest tiers of management. If you ready to be a team player, are good with numbers and want to work hard, then a career in the banking industry will be an excellent move for you. However, before you set on the path to building and developing your career, you have to have some more knowledge about the industry and what the career will offer.
Understanding the primary purpose of a banking institution is essential before you kick off a career in the banking field. Monetary deposits are received by banks, which put them in the position of giving out loans. Furthermore, these institutions also protect finances while also offering loans, credit and numerous payment options such as checking accounts and money orders. Apart from that, banks can also provide various insurance and investment products to their clients. There is a large number of banks that exist today and they offer a multitude of solutions, but still managing to cater to a certain market.

This gives you a plethora of choices when you are trying to decide the area you want to focus on when selecting a career in banking. For instance, commercial banks are the most popular banks as they offer a number of services and can vary in terms of size. There may be large commercial banks catering to international customers or even a small, local bank that works with residents in the neighborhood. On the other hand, a credit union is where people sharing common interests put their money. They borrow from the union if they want to get a loan. There are also Federal Reserve banks, which are simply government agencies that aid in monitoring the banking arena while also performing financial services for the government.

A banking career gives you a great opportunity for learning a lot of new things. There are diverse jobs available in the industry and offer a unique selection of specialties right at your fingertips. Moreover, as there are so many segments to choose from, you have never ending possibilities at your disposal. There are competitive pay rates and there is a great chance for growth if you are talented and hardworking. Travel may also be required in some positions, which can make this career more rewarding and appealing to you. Nevertheless, don’t forget that you can only flourish in this career if you possess certain traits.

For starters, a good banker not only has to have people skills, but possess a knack for finance. They should also have an admirable work ethic and an impeccable attention to detail. A career in banking may not be suitable for you if you are lacking in these characteristics. In addition, as the traditional approach to banking has become redundant, a successful banker should have a background in sales and marketing. It is also a plus if you are flexible, have a formal education and possess some working knowledge of the internet.

After you have determined your compatibility with a career in banking, you can start on building one through the steps mentioned here:

1- Apply to a bank for any job. Some bank executives started working as tellers, which is a job that doesn’t need any experience or degree, and went on to reaching the top of the field. You have to have a professional resume when applying for a job.

2- If you have had any legal problems, they should immediately be conveyed to the bank right away. Your background will be checked out because banking employees have to be bonded. The policies and laws can vary depending on the bank and state.

3- Demonstrate your flexibility when you are discussing work schedule. There is tremendous pressure in banks for offering extended hours.

4- Dressing and grooming carefully is a must. A lot of banking can depend on your image. You will come off as trustworthy if you dress conservatively.

5- Always be prompt when going to work. It is crucial for banks to open on time and they should have enough personnel for meeting customer needs. Inconsistency will not work well for you in the banking industry.

6- Conduct yourself with the utmost integrity and honesty. Every policy and law should be followed to the letter. State-of-the-art security systems are used by banks, which keep careful track of employees.

7- Perfectionism should be cultivated. Include every signature, account for every penny and verify every supporting document. Don’t go home until you have balanced at the end of the day.

8- Take advantage of any training sessions that may be offered. You can ask your supervisor about additional training opportunities so they are aware that you are interested in advancement.

As long as these steps are followed, there are plenty of jobs you can score in the banking industry such as:

    • Tellers: They don’t need any prior experience or training and work directly with the bank clientele.
    • Personal Bankers: They work with the affluent clientele of the bank who need more detailed services with money movement and investments. A     strong ability of customer service and sales is needed for this position.
    • Loan Representatives: They offer auto loans, mortgages and personal loans to clients at the branch level. They need a strong sales ability and a degree in finance or business.
    • Investment Advisors: Registered representatives working for a subsidiary brokerage firm of the bank for offering insurance products and investment securities to the clientele are called investment advisors. They have to be licensed for soliciting and selling the investment and insurance products.
    • Management: The banking system involves lots of management opportunities such as operations, executive and branch management. While operation managers usually are promoted from positions in customer service, an MBA is needed if you are interested in the position of a branch or executive manager. 

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