Despite recent conundrums around cryptocurrency and blockchain technology, Banking continues to be one of the most attractive industries for career development today. It could be the glorified title or relatively higher compensation the industry offers but since it is still a “sexy” industry, here are some suggestions for candidates to enjoy a successful career.
1. Study
Banking is unique in that hiring managers have the luxury of selecting candidates with a good educational background and so you need to choose the right degree in Economics or Finance. Other than the prestige of only hiring “the best” in terms of academic performance, the sentiment is that people who have studied hard understand a hectic work-life balance as they would have gone through a similar whilst studying.
2. Network within the Community
Attend events hosted by the local Chamber of Commerce, Toastmasters, Rotary clubs, and more to establish new contacts within the community. It will lead to new business opportunities and opportunities to generate revenue for your organisation.
3. Know your Strengths & Weaknesses
There are mainly three functions in Banking: front, middle, and back-office. Front office bankers tend to be more aggressive, sales-driven, and strategic whereas middle and back-office bankers share somewhat common traits such as being analytical, conservative, and operationally strong. Play to your strengths.
4. Understand the Industry
Market knowledge plays a key role when building a career in banking as the industry is big and every bank offers a slightly different suite of products and services to the market. Identifying your own strength and skillsets that can add maximum value within the ecosystem is important. Study your competitors, their clients and understand what gives them their competitive edge.
5. Do not job “hop”
Regardless of what you choose to do specifically, people who are successful in Banking, tend to have the ability to cultivate relationships whether that be with internal or external stakeholders. If your CV is filled with continuous stints of one year or less, hiring managers will doubt your staying power and have concerns about whether or not you were able to be an effective relationship builder.
6. Consider Higher Education
Once you are established, you may want to consider pursuing higher education or training to take your banking career to the next level. There are often several opportunities for advancement within the banking industry, but many more advanced positions do require licenses, designations, or advanced degrees.
7. Specialise
Thanks to Covid people have had the opportunity to pivot a lot more than previously and this has even reached the Banking industry. However, it is still important to specialize so you can narrow down career options and be as effective as possible. A few of the most popular specialties to consider are accounting, corporate banking, insurance, sales, financial advisory, and general banking.
There are several benefits to pursuing a successful career in banking and the market is incredibly hot right now. However, since good people are being snapped up, as a result, it is becoming even more critical that you stand out in order to enjoy career advancement in this ever-evolving industry.
