If you are looking for an exciting career while keeping a healthy work-life balance then a career in banking and finance management is the best choice to make. This post will be your step by step guide to achieve the same.
If you are yet to make a career choice, you may come across various popular options such as the IT sector, Manufacturing & Production or the Outsourcing industry. These all are high-growth industries that employ millions of people every year. However, one field that is better than all of these is Banking & Finance management. Not only does it provide better starting salary, career development opportunities but also offers better work-life balance. A career in this field will require you to serve customers and maintain a healthy relationship with them. You will handle the critical responsibility of managing their wealth while ensuring best interest of the company as well as customer. Does it sound challenging enough? Here is what you will be required to do to carve a successful career here.
Are you fit for a job in Banking & Finance?
Before you get too excited, it is advisable to do a personality check to know whether you belong to this cadre of work.
- Strong Math Skills: Chances are, in your position as a banker or a financial manager you will be doing a lot of number crunching and hence it is required that you have good mathematics skills. A small error could mean heavy losses for your organization and therefore diligence is an utmost requirement.
- Customer Service skills: Even if you are in a managerial position in this field, most of your work would be directed at keeping the customers happy. You will be constantly interacting them and therefore it is critical to have qualities such as patience, apathy, helping and courteousness for success.
- Communication Skills: This is a simple corollary that arises from your need to interact with the customers. You will be meeting with people from all walks of life, belonging to different strata. Dealing with them accordingly will require good interpersonal skills. Answering important questions regarding account details, interest rates and other vitals necessitates clear communication.
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If you posses all of the above qualities already then proceed to next section. If you don’t than you need to develop them first.
Education requirements for career in Banking:
To advance a career in banking you need to have a degree in commerce or accounts, such as Bachelor of Commerce and Bachelor of Accounts. Otherwise, you can pursue a two year Post graduate diploma in Banking to apply to the managerial roles. Most banks conduct their own entrance examination, followed by a personal interview to select the candidates. Many banking programs have been introduced by government and private organizations to equip students with the various concepts, techniques and processes of banking sector.
Education requirement for career in Finance Management:
A bachelor’s degree in finance, accounting or similar field will be a good way to start your career as finance manager. However, a postgraduate degree is becoming more and more important these days and therefore, pursuing a postgraduate degree such as MBA in Financial Management might be a good idea after all.
Bankers have one of the best career growths. There are various sub-niches in Banking such as Commercial banking, Investment banking, Retail banking and Personal banking. Commercial banks are meant to help corporate, businesspersons and commercial establishments. You will be dealing with various services such corporate loans, IRAs, and cash credits. Investment banking has the crème de la crème of this field. It wouldn’t be wrong to say that the glamour and the suit and tie image that comes with a finance job is a product of Investment banking. However, it is one of the most challenging positions as well where interns are required to give at least 14 hours a day in the starting days of their career. If you think you can handle the pressure then only take the plunge in this field.
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For finance managers, opportunities are boundless. Nearly every company, public or private requires someone to manage the finance and supervise various accounts operations such as creation of annual financial reports, and allocation of budget amongst others. All these are responsibilities of a finance manager. The specific job titles could vary from credit manager, to cash manager, treasurer to finance officer, although the responsibilities more or less remain the same.
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Pursuing a career as an education counselor, Saurabh Tyagi provides freelance advice on various domains such as banking and finance education amongst others. He also keeps himself updated with the latest happening in online media & technology.