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Banker Facts
- Get an Internship
- Jobs of Scattered
- Hard Work
- Certain Skills Needed
- Build Relationships
Working in the banking sector is a good choice for someone who is looking for a career that offers many opportunities for growth. Not to mention, bankers get lucrative salaries and other essential packages such as medical, vision, and dental insurance. However, in order to thrive in this job, there are things you must know and understand.
1. It is Almost Impractical to Get a Job Without an Internship
Many banks in the U.S. require all applicants to attach a document showing that they have gone through an internship program. The internship program should be directly related to banking and have a duration not less than one year. It is wise for aspiring bankers to do internships in a banking institution, even if it is a small company. Few universities have programs that are actually geared for banking. Most of them offer programs that concentrate more on corporate finance and other business concepts. It is only through an internship that someone can gain exposure and experience specific to banking.
2. The Jobs are Scattered
Gone are the days where all bankers had to work for mainstream outlets such as J.P. Morgan, Wells Fargo, Bank of America, or Citi Group. Nowadays, the jobs in the banking industry are dispersing to other institutions. The big names only employ a fraction of graduates, with the larger percentage finding employment elsewhere in the financial industry. Positions emerging in the smaller financial institutions are as potentially rewarding as the ones in larger institutions. Bankers can expect to get jobs in private equity funds, hedge funds, brokerage houses, and corporate finance boutiques.
3. You Will Work Harder Than You Ever Have Before
We live in a world where financial activities are increasing every day, thanks to a fairly stable economy and an increased rate of doing business. Not to mention, banks are increasingly devising new ways to keep their costs at a minimum and maximize their profits. With all these developments, bankers will have to work harder to satisfy customer demands and maximize profits. For instance, most banks have reduced the number of employees they hire each year and spread the duties to the existing staff members in a bid to reduce labor costs. This means that each staff has to work harder to handle additional tasks and achieve more targets.
4. You Will Need Certain Skills
In addition to academic credentials, bankers need certain skills set in order to function effectively. They need basic accounting skills to help them track the money they handle on a daily basis and attention to detail to enable them to keep accurate records of the financials. They also need to have good oral and written communication skills so that they can effectively communicate with their supervisors, other members of the staff, and customers. Other essential skills include high intellect, innovative mindset, ability to work under pressure, and honesty.
5. You Will Have to Build Strong Relationships
The banking industry is very competitive such that a banker’s survival depends on how well he is able to convince potential customers to do business with him. This calls for good interpersonal abilities for bankers. They must ensure that the customers like and trust them by creating an environment for strong and long-lasting relationships. Apart from customer relationships, they must also relate well with the people they work with.
The banking sector is a good field for everyone who loves to interact with money and look for new business. In order to succeed as a banker, you must understand certain aspects of this career. You must understand that you will have to network widely, build strong relationships, work harder, and have some hands-on experience.
Related Resource: Top 10 Best Online Master’s in Finance Degrees
