The banking industry has been thriving in the United States since the late 1700s. The Bank of Pennsylvania was the first recognized bank under the US constitution. Fast-tracking to 2019, the banking industry has matured a lot. It has significantly improved in all areas. They have done well, particularly, when it comes to employing the right people and giving them all the facilities to thrive in the industry.
However, not everyone succeeds in the banking industry today. Banks these days are transitioning into becoming pure software companies. Almost every task is performed by software and banks do not want third party software firms to touch their data. Hence, they hire in house software engineers, management professionals with a technical background and tech-savvy business analysts. It becomes difficult to succeed unless you are skilled at tech.
What are the most popular and high paying entry-level positions in the banking industry?
1. Credit analyst: It is the credit analyst’s job to make sure that the borrower is worthy of credit. They are experts in background checks, studying financial data and interacting with the clients.
2. Teller: A bank teller is a great position for a fresh graduate with a degree in finance or business. The job of a teller involves a lot of duties and they are required to wear multiple hats when the situation demands.
3. Personal Banker: Personal bankers are people who deal with end-users. They are the ones who talk to the customers and explain to them about various services the bank has to offer. Whether a customer wants to open a checking or savings account, invest in certificates of deposit (CDs), or borrow a personal loan, a personal banker’s job is to assist them in every possible way.
What are the qualities one needs to have to succeed in the banking industry?
1. They have an answer to every question
To succeed in the banking industry, you need to have an explanation for every possible question regarding finance. You don’t have to be entirely right, but you need the confidence to make your arguments sound reasonable. This quality is essential. particularly, in the world of investment banking. Unlike an accountant, an investment banker is not expected to have an in-depth understanding of finance. All they need is confidence and swagger to make everyone buy into their schemes.
2. They ask excellent questions
When it comes to getting a promotion in the banking industry, no amount of hard work is going to justify it. Self-promotion along with hard work is the only way to succeed in this field. Always ask questions in the meetings. However, do not raise basic or silly doubts. Be genuinely curious about the work that your company does for its clients.
3. Bankers are logical thinkers
A banker must be logical and rational when it comes to decision making, problem-solving, negotiating, and debating in the meetings. Without this attribute, you cannot grow in a competitive field like banking. This is the reason, most entry-level job interview consists of aptitude and logical reasoning questionnaires. Failure to score good marks this test shows a candidate’s insufficiency in the field of finance.
This post is not intended to persuade you to quit your current career and join the banking industry. I just wanted to share a few things that might help a fresh graduate make an informed career decision. It is good to know as much as possible about the industry you are stepping into.