A guide to getting a job in banking

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Jobs in banking, especially investment banking are highly sought after. A high percentage of those with a head for figures aspire to be investment bankers. The reason why is simply because investment banking is one of the most lucrative jobs out there with the potential to earn millions.

However, there are many different types of banking jobs, and here we look at just a few of them:

Investment Bankers
For those with a head for figures and enjoy analysing data, a career as an investment banker is a very lucrative career. Investment bankers buy, sell and trade securities primarily for large corporations and government entities. They also manage investment portfolios and provide investment advice. To become an investment banker, it is necessary to have a minimum of a bachelor’s degree in a field of study such as finance or accounting. In many companies a Master of Business Administration (MBA) is also a requirement.

Bank Manager 
The man who runs the show. You need to supervise the daily operations of the bank and find out whether bank employees are doing their work as planned.

Bank Accountants
If you are good with accounts and are qualified, you can become an accountant with a bank. This job is an important one because the work done by an accountant or rather, a team of accountants is presented before investors, tax authorities etc and determines the financial standing of the bank.

Financial Advisors
As a financial advisor, you will be making recommendations and suggestions to people who are clients. This is a very important job and also one which holds great responsibility.

Skills required for banking

Those who want a career in banking must possess the following key skills and attributes:

  • Research – Be aware of all the latest goings on in the business world. If you don’t know about the latest happenings, then you won’t be able to raise money for your bank or clients. After all, it is your responsibility to ensure that people are making a wise investment. It can’t be taken lightly, now can it?
  • Networking – Banking careers, almost like every other field have become synonymous with networking. One can’t get anywhere until they establish all the right contacts. So get to know people. Attend gatherings, parties to-dos etc. Anything that will get you in front of people from your field!
  • Fees – As an investment banker, you need to do some research before you quote your fee. Try to ensure that you get back a good amount, as compared to what you invested in the first place.
  • Dedication – Everyone knows that you can’t succeed in any field without dedication. This is especially true for banking jobs. You have to devote all of your time to the service of the bank and to clients. If you are an investment banker, you will have additional responsibility. People will want to know from you how they should spend their money, don’t disappoint them!

Jerry del Missier

Top paid bankers…how much do they earn?
The astonishing pay deals for bankers has been very much in the news in recent years. The bonuses handed out in City barely two years after the banking crisis were laid bare by Barclays when it revealed that five of its top managers had shared a payout of £110m.

The two highest paid managers of Barclays, Jerry del Missier and Rich Ricci, were handed more than £40m each after share deals awarded over the previous 5 years came to fruition in March. Along with three others, they were awarded long-term bonus plans worth a combined £10m – which could be worth three times that amount in three years’ time, provided certain performance targets are met!

Working hours of banking jobs
All banking staff is expected to attend regular in-house training courses throughout their career to learn about new developments. Working hours of the staff are generally from 9am to 5pm, but working patterns can vary. Some branches will be opened on Saturdays and some are even open on Sundays.

Banking job salaries 
This of course depend on the roles and responsibilities of the employee and the location of the bank. Most banks operate on an annual appraisal system and salary increments are awarded according to the performance of the employee during the year. Profit sharing, subsidized mortgages, and non-contributory pension schemes form a part of their remuneration package.

There is a tremendous range of opportunities in commercial banking, starting at the branch level. Different job options are:

  • Credit Analyst
  • Loan Officer
  • Branch Manager
  • Trust Officer
  • Mortgage Banker
  • and other jobs in accounting, marketing and advertising, commercial card operations, securities transfer, wire operations, private banking, cash management services and operations and communications. 

In the case of investment banking, the job options are manifold in areas like corporate finance, merger and acquisition deals, project financing, derivative financing, international sales, and retail brokerage.

There are finance jobs available in every town in Britain from finance jobs in Norfolk to finance jobs in Penzance. Finding the right job for you is easy these days with so many online jobs sites and resources.