Are you an aspiring finance graduate? If so, start looking out for career opportunities in the financial sector. It is one of the fastest-growing industries with immense innovation and employment opportunities. Moreover, microfinance banks and FinTech are eyeing young talent who can help transform the conventional finance industry.
Likewise, banks look for highly qualified individuals passionate about learning and implementing new things. All in all, the finance sector is open to people willing to embrace change. So, how about you explore a few career paths? Surprisingly, you can take up different roles in this industry.
If you like managing money, become a financial analyst. Similarly, you can become an auditor if you notice little details. With the expansion of the corporate portfolio, the banking industry is also looking for individuals with people skills for relationship management.
So let us show you around if you are open to exploring this industry. Here we have listed seven career options in the banking sector.
Financial institutions like banks play a crucial role in a nation’s economy since they store money on behalf of individuals. But, at the same time, they also invest that money in different sources to offer fixed and variable returns. So now, someone has to ensure that they are doing their job ethically and legally. That’s where the role of the bank examiner comes into play.
Need more details about what is a bank examiner? And what are their job responsibilities? Let’s get into that too.
Bank examiners analyze financial institutions’ operations and record to ensure they comply with laws and regulations. It builds people’s confidence in the bank while improving its credibility. In addition, these examiners also identify inherent risks in the products and services offered by a bank. They ensure that all products, such as loans, and savings accounts, have a structure that protects the bank and ensures profitability.
One of the most significant roles of banks is to lend money, and for that, they hire loan officers. These officers help people apply for loans. Whether auto finance or home loan, loan officers have end-to-end knowledge of every product. Besides educating the customer about the product, they analyze the borrower to check their repayment capability. Hence, they evaluate the candidate’s job history, income, and overall creditworthiness.
If the candidate passes through all scrutiny layers, they forward the application to the branch manager, who approves the loan. Becoming a loan officer could be a great choice if you have competent analytical and people skills. That’s because you will be analyzing and talking to many people as a loan officer.
Besides individual customers, banks also deal with giant corporations. They lend them millions of dollars in loans and, at the same time, also invest money on their behalf. As these clients bring a lot of money to the banks, they demand special treatment. Therefore, banks hire relationship managers to develop and nurture relationships with corporations.
These relationship managers must have a solid knowledge of banks’ products and services. In addition, they should know how to convey the benefits of their product offerings to potential and current clients. Likewise, relationship managers must promptly address clients’ concerns and provide them with premium services. After all, these clients are the key stakeholders of the bank.
Truthfully, a treasurer has a highly diverse role in the bank. They analyze and recommend optimal capital structure alternates for implementation. Likewise, they evaluate the bank’s lending capacity and make optimal use of debt to finance. It helps maximize the interest income and supports the bank’s overall financial structure.
Furthermore, treasurers develop strategies and related policies and procedures to ensure the bank complies with the global banking structure. They put efforts into boosting operational efficiency while maximizing the bank fees to yield maximum returns.
Banks have multiple branches across the country. Therefore, they need a manager for every branch who oversees operations. These managers set sales targets and manage the budget allotted to every branch. They also have to focus on growing the customer base of that location and elevating people’s perception of the bank.
Besides that, branch managers are also responsible for hiring and training staff to provide excellent customer service. Apart from these routine operations, branch managers also deal with high-profile clients and help manage their money. From investment to borrowing, they oversee every transaction end-to-end. Thus, branch managers are responsible for the success or failure of the branch they manage.
Banks hire internal auditors because every company has a regulation to go through an annual audit. They go through all formal processes in the services to ensure the bank is running as per regulations. In short, the role of internal auditors is to ensure operations are running smoothly before the external audit takes place. It saves the financial institution from hefty penalties later.
Moreover, the auditor’s role extends to risk management, including operational, credit, market, and terrorist financing risk. They also cross-check financial transactions of bank wires and foreign transfers to counter anti-money laundering threats. Hence, the main goal of an audit is to ensure the financial institution is operating in line with local and state regulations.
Banks have billions of dollars to invest and lend, and someone has to analyze and identify such opportunities. So for this, banks hire financial analysts. These financial analysts help banks make lending and investment decisions. For example, these analysts will thoroughly analyze a company’s financial statements if it seeks a loan. It will allow them to determine if the company can repay the bank or not.
Likewise, they analyze investment opportunities on the banks’ behalf. For instance, they suggest managers invest in government bonds if the state introduces some anytime soon.
A financial analyst’s role is demanding, so they get compensated higher than the industry average. According to the Bureau of Labor Statistics, a financial analyst earns a median salary of $82,000 approximately.
The finance sector is getting more diverse with every passing day. It is unfolding new opportunities for aspiring finance graduates, allowing them to choose different career paths. If you want a prosperous professional career, start exploring this industry. You can pick from various job roles, from an analyst to a loan officer. Besides this, the banking industry offers lucrative salaries and ample career growth opportunities.