6 Careers In Banking That You Should Explore

1. 6 Careers In Banking That You Should Explore Banking has grown leaps and bounds ever since the introduction and implementation of a formal financial system. Banking essentially began when people stopped burying their money or hiding it under their beds. Banking helps your money grow, infuses money into the economy, helps businesses, and carries out various other functions. Today, there are thousands of banks across the world and they are responsible for much of the financial activity in national and international economies. Lakhs of trained professionals oversee a number of services, ranging from risk management, to loans and investments, and corporate acquisitions. Banking is a huge and ever-expanding industry. A banking career opens many doors for individuals in the banking and financial sectors. Professionals with suitable qualifications in areas of business, finance and economics can be found playing multiple roles in a bank. Some help first-time home-owners with a loan, others help investors regarding the best sectors to invest their money. Some analyse international stock markets, while others create budgets for individuals or firms. Bankers broker financial deals and audit existing financial records to ensure adherence to legal practices. Well here are 6 popular careers in banking. Financial Accountant. They are responsible for managing a firm’s financial accounts to ensure proper management and distribution. It involves analysing the different aspects of a business, and evaluating the financial perspectives and metrics. Accountants then review and report the results to higher management or shareholders. There are many major decisions that are based on the work of a financial accountant. Becoming one at a reputed bank can get you a hefty pay-check. Naturally, like all banking positions, this is quite stressful. Be prepared to put in long hours. You have to have an analytical bent of mind, and amazing numerical abilities to be able to tackle this role. As a Financial Accountant, you must be comfortable working under pressure and must be okay with taking quick decisions in high-risk situations. You should also have a general overview of the economy at any given point in time, so you are abreast with latest financial happenings. Financial Analyst The role of a Financial Analyst is to manage people and businesses, and aid in investments. These investments are done through instruments like stocks, bonds or others, thus making Financial Analysts money experts. Analysing the information they get from the stock market, company annual reports and other reputable sources, they

2. draw up investment plans accordingly. They engage with company leaders and individuals, produce reports and work with a wide range of people and financial institutions. The chief attributes of a Financial Analyst include good number crunching skills. They also have to be able to read and interpret the data correctly in order to make the right decision. Loan Officers. These individuals help people and firms apply for loans, evaluate the applicant’s creditworthiness, and help them ascertain the most suitable kind of loan for his/her requirements. The process used to assess the applicant’s ability to pay back is called underwriting. Today, loan officers are increasingly relying on software to automate various processes. Employers prefer loan officers to be armed with a bachelor’s degree in finance, economics or a similar field. Loan officers need to be proficient in banking, lending, sales, and computer knowledge, to be good in their work. In addition, they should also be empathetic to a customer’s requirements. Not everyone who approaches the bank for a loan is well off. There are many in dire financial straits. Such people need to be helped. However, you can’t get too personal. For a loan officer, it is indeed a fine line. Tellers Everyone has interacted with a bank teller at least once in their lifetime. A Teller directly with customers. In some places, they are called cashiers. They are ‘front line’ employees, and the first people the customers see at the bank. These Tellers are also the first in line to check and identify and consequently stop fraudulent transactions. In order to be a teller, one must have excellent communication skills, and should be good at multitasking. They must know how to use computers, and the currency counting machines. They have to be efficient so that not too much time is lost on a single customer. Investment Banker. These bankers link business with prospective financiers. For example, a tech start-up might seek the services of an investment banker to handle its initial public offering (IPO), and look for future investors to increase operations and make profits. Bigger firms may rely on investment bankers to handle mergers and acquisitions. Investment banking might sound glamorous, but it is very competitive. Firms like Goldman Sachs, Wells Fargo and others screen prospective employees very carefully. Investment bankers should preferably have an MBA in finance, and should have excellent negotiation and communication skills to excel in their field.

3. Relationship Manager. A Relationship Manager in a bank takes care of clients. The range of clients may vary from mid-range to high-net-worth individuals. A Relationship Manager helps them with account opening, general banking operations, and investment decisions. This is quite a coveted role in a bank, because you have the ability to directly influence how much money the customer puts into your bank. The more they invest, the bigger your bonus. A Relationship Manager is also a ‘front-line’ employee, and has an important customer- facing role. To be an effective Relationship Manager, you need to know your customers very well. Right from their investment preferences, to their financial insecurities. It is your job to help them navigate the seemingly complicated financial world. Well, above are some careers that are highly popular in the banking world. There are also many other verticals and divisions like risks, loan recovery, credit card divisions, where banking enthusiasts can find work. As a good banker, no matter what your role, your primary objective should be to provide solutions, and get customers to invest in your bank’s products. Since in banking, a part of your salary depends on how much business you bring in, there’s plenty of incentive to perform. To know more: https://timespro.com/course/mba-banking-finance- bennett-university-noida/