The Banking Sector Scenario
Employees in the commercial banking industry with tenure for five or more years are frustrated and upset with the current economic state because many of the financial issues they are facing. Many of these well-seasoned banking employees are leaving the industry to explore other career opportunities because of a lack of job security in the firm where they are now working. Uncertain futures are looming for other banking employees, particularly to the lower level hires that are now finding themselves at a bank that technically no longer exists.
Some employees are holding on to the only job they have but with high stress levels. They do not know what is going to happen to their job since their employer has now been sold to another bank. However, there are individuals outside of the banking industry who want a career with a banking or financial giant. There are a number of new graduates and soon to be graduates at colleges throughout the country who want to be part of the banking world.
For some graduates, banking and finance are passions and this is the only career they could ever envision. For others they believe that their skills and knowledge may one day make a difference and can perhaps even lead to better policies and management.
There are a few banking jobs that are currently in high demand because of the crises that are facing the business and financial sectors today. Some jobs in the banking industry that are currently in high demand include financial analyst positions.
Future Prospects
There has always been a great need for qualified analysts and today they are going to play a key role in helping unravel some of the financial dilemmas that are present. A new graduate with a degree in business and finance and no experience could well expect to bring in a salary in the low 50,000 range. With a few years of experience and a good track record, this salary can reach 100,000 and more.
Banks and other financial institutions often are on the lookout for fresh new talent that they can hire into their ranks. They prefer candidates with a Master’s degree in business but a bachelor’s degree with a strong academic background can be chosen as well. These individuals will have many training courses to complete and a great deal of material to cover but there is much room for advancement for the highest achieving analysts at every bank.
A financial analyst is able to show people the best ways of investing their money. They can also help businesses invest their money wisely. You will find financial analysts working with banks, securities firms, and even insurance companies. These positions are very stressful and can mean that 40-hour workweeks are less common than 60-hour workweeks.
To Brace Oneself to the Situation
Financial analysts must learn about all of the stock offerings and companies and be prepared to give reports on which investments will most likely create high profits. Some of these analysts deal only with stock offerings and others may concern themselves with ratings for companies. A financial ratings analyst makes determinations on how well a company can pay its debts and rates them accordingly.
Lucrative Careers
There are also openings for operations mangers and marketing positions. These types of positions are considered back house jobs instead of the front house jobs. These jobs are vital to business but do not have a great deal of visibility to the public. Front house jobs in banking consist of tellers, loan officers, receptionist, customer service representatives, and information clerks. These positions are the ones that are seen by customers and clients on a daily basis.
Another job with high pay and advancement possibilities is a marketing position in a commercial bank. Marketing jobs currently are paying very well indeed. Commercial banks are always looking for talented marketers. This is a highly competitive field and they need creative and innovative people and techniques to gain advantages in the marketplace. Marketers help improve the bank’s overall appeal to the public and they can bring in customers with inventive offers that highlight the services and benefits of the financial institution. Marketing positions are available at all levels from entry position to marketing executives and vice presidents. These jobs often pay between $45-200K annually. Many of these positions also have bonuses paid for superior work performances.
Operations managers at commercial banks can make great salaries depending on the size and overall profitability of the bank. Operation managers are in high demand because banks need talented people in these positions at all times, but especially in critical moments. An operations manager helps ensure that all of different processes and transactions run smoothly. Operations managers oversee loans, investments and general banking practices to make sure the organization is maximizing their resources. The pay range for this job is similar to a marketing position. Entry-level employees can expect to make a starting salary of forty-five thousand dollars or more. The executive operation managers can make salaries that range upward of 200,000 dollars a year.
Conclusion
Banking positions, while hard hit during economic downturns will always rebound. This has happened many times throughout history. Having a thorough knowledge of banking and financial practices, a good college education and experience will help you find the banking job that you want. There will probably be fewer jobs for tellers and receptionists in the future but the market will remain strong for financial analysts and operations people.
