Banking and investment institutions need professionals to oversee a wide variety of services. The industry is ever-expanding and graduates interested in a career in this sector have many opportunities to use their skills. For most positions, graduates need at least a bachelor’s degree. Here are some steps to take to make inroads in the banking sector as a finance graduate.
Do an internship
Internships are a common step for graduates interested in the banking sector. There is stiff competition to get an internship at top companies. Students need to begin their research early and make sure their grades are high. Doing an internship exposes them to new experiences, helps them expand their network and can assist them in deciding which career path to pursue. It also looks good on their resumes and can help them get hired.
The National Financial Educators Council (NFEC) offers a financial literacy curriculum that bridges the gap between theory-based education and practical application. The material has been used by thousands of organizations and this state-of-the-art product makes a lasting difference in the financial capabilities of participants.
Decide on a career path
Each career path allows finance graduates to exercise their financial skills in different ways. A few popular career paths in the banking sector include accounting, corporate banking, general banking, financial advising and insurance. A finance graduate can work as an auditor, budget analyst, financial analyst, financial examiner, investment banker, loan officer etc.
Individuals who prefer working with a variety of clients may gravitate toward investments and loans, while those who prefer more solitary work may choose auditing. Auditors are certified accountants who ensure financial records are correct and meet compliance laws. Financial analysts gather and analyze financial data to guide investment decisions. Credit analysts determine risk profiles and the creditworthiness of individuals and businesses.
Choose which type of bank to work in
An understanding of different types of financial environments plays a part in deciding where to focus a financial career. Finance graduates can work in many different types of banks – commercial banks, retail banks, investment banks etc. Working in a specific type of bank offers the opportunity to benefit from structured training and development opportunities. Banks may offer on-the-job training or pay for education programs for employees who want to move up the career ladder.
A retail bank offers banking services to individuals or small businesses rather than to large corporations or financial institutions. Commercial banks provide a variety of financial services, such as checking and savings accounts, as well as multiple loan options. There is plenty of room for growth in commercial banking.
Investment banking is a high-intensity field as an investment banker sells and trades corporate securities and provides advice to individuals and corporations. An investment banker may also trade stocks and bonds on the stock market.
Earn an advanced degree for senior-level positions
There are often opportunities for advancement within the banking industry. More advanced positions usually require licenses or advanced degrees. A master’s degree can open the way to many senior-level positions, such as a chief financial officer (CFO). It takes two years to complete and focuses on specialized areas of finance, such as investments, trading or risk management.
To become financial managers, graduate students need to develop soft skills like leadership, teamwork and decision-making in addition to their financial background. Financial managers develop and attain the financial goals of a company. A chief financial officer (CFO) has to maintain the financial stability of a company and create policies and strategies to improve the finances and manage risks.