If you like finances and people, you might look for a job in banking sector at the financial/banking sector offers a lot of opportunities for young people with or even without the diploma.
For example, there are jobs in banking sector that require you to work with people on daily basis, while other jobs do not really require such talents.
Perhaps you want to as a financial analyst in your own cozy office away from clients.
Regardless of the position you take, your work can have severe impacts of the people’s lives as you will approve or disapprove home loans, small business loans, etc.
What skills and talents do I need for working in the banking sector?
Well, first and foremost, to be good in banking, you need a very broad understanding of how economics and various businesses work because you will get involved with various businesses or even terms like inflation, bonds, stocks, mutual funds, etc…
Do not forget that you should have “people” skills as you will be talking to clients and help them get a loan or needed investment.
If you would look at an average, the most common job in the banking sector is a credit analyst and bank teller. If you get a job as an analyst or bank teller you should have strong communication and accounting skills.
Moreover, you should really focus on your work ethic. You do not need to be just an A+ students, you should have a strong, developed work ethic as you will be working around the clock. You can expect to work 40-60 hours per week.
Furthermore, you should have great marketing skills as in being a great salesman or saleswoman. In modern banking, almost every employee should be customer-oriented and they should be aggressive when presenting a financial product.
If you are looking to really skyrocket your career, you could consider an MBA although it is optional. Then again, having an MBA can not hurt really. Most executives have MBAs from prestigious schools while others have attended special summertimes masters programs.
Jobs in banking sector
Working in the banking sector is not easy as often you will pull much more than needed just to finish this one project for your new client. Of course, working in the financial/banking sectors offers a lot of advantages as well.
You can receive various bonuses on an annual basis depending on your performance. So if you work harder, you will get paid better.
You only have a high school diploma and no college degree? Great, if you want to work as a bank teller, you now can. And they are very important as well.
What does a client see for the first time he or she enters a bank? A bank teller.
Their job is to process customer transactions, for example, various savings deposits or loans payments. They also answer any question a client or a potential client can have. If you will work as a bank teller, you can expect questions like what are loans or certificates of deposit. Just the basic stuff.
You should have strong communication skills if you want to work as a bank teller and you can expect around $25,000 according to PayScale.
If you want to work as a financial manager, you must have at least a bachelor’s degree. Do not forget that you should have at least five or so years in experience in respective field.
Their work in quite hard and requires a lot of dedication and work ethic as well as knowledge in accounting and finances. Financial managers usually develop, report and review financial reports. Furthermore, they also supervise various financial analysts and accountants.
Also, as their name says, they manage a lot of stuff. For example, the must every single deadline and they must conduct performance evaluations and provide timely feedback to their staff as well.
If you check out PayScale, you can see that a median salary for a financial manager is $84,554 in the United States.
As previously said, loan officers along with bank tellers are one of the common jobs banking sector.
As a future loan officer, you should have strong communication skills and be proficient in your own language. You can work as a loan officer if you have only a high school diploma, so no college is needed. Of course, having a degree can not hurt as it will only open future spots in the banking sector.
Usually, you will work with small businesses or regular clients. Depending who is your employer, you may or may not receive some on-the-job training as that will help you get started much faster.
I am sure you are all just interested in the salary anyway. Average salary, as of September, is $42,208 in the United States.
On the other hand, if your desire is to become a personal banker you can expect a modest salary with some occasional bonuses.
Personal bankers are responsible for helping individual clients in the money and wealth management. They balance the ratio between possible risk and returns and they usually work in indoor offices. So, if your own office is a big must for you, you can always try as a personal banker.
If you want to work a personal banker, you must have at least a bachelor’s degree in a field such as finances or economics.
Also, as a personal banker, you will have various duties and tasks such as:
- Selling financial products (such as loans or savings) to potential and existing clients.
- Data entry. You will need to replace outdated customer information.
- Provide a certain degree of customer support and explain certain financial products and services.
- Collect client information.
You can expect a median salary of $34,945.