Banking and Finance Career: Tips to Start Now

Banking and Finance Career: Tips to Start Now – This is very relevant for banking and finance career and recruitment advice. You therefore, need to develop your banking and finance career. As a matter of fact, the banking sector gives room for fairly atypical career paths. This is in particular through commercial functions in different markets, banking management. Then, in banking and finance support functions such as marketing, human resources etc.
There was this human resources program organized for young graduates in Abuja last week. And many of us, professionals, were present to add value to the program. Then, the issue of how to build a career in the banking and finance sector came up. Truly, there were diverse opinions on this matter. This post is to address these diverse opinions and to bring them together to form a benchmark on tips to start a career in banking and finance sector of any economy. Indeed, this is a solution to the questions surrounding this subject matter. You just have to read on.

Your Career Path:

This defines the series of jobs and job processes that help you progress towards your career goals and objectives. This is the approach we adopt in this article. Therefore, we present you with different steps you need to take to start your career in the banking and finance industry. The first step is your passion.

Career Passion:

As a matter of fact, for you to tart, build, grow and mature in banking and finance career, you must have a personal passion for jobs in this industry. This is because jobs in banking and finance industry are very tasking and requires a lot of diligence and hard work.
Therefore, if you are done with this, we can now go to the next step concerning qualifications.

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Career Qualifications:

In this connection, discover the professions in banking and finance industry and choose the appropriate studies and training to achieve this. Therefore, get an appropriate educational qualification. A minimum of Ordinary National Diploma is required in Nigeria for a banking job. So, ensure you have one.
However, if you desire a higher-level position in the sector, you must have a least a fist degree. Frankly speaking, Nigerian banks prefer university graduates these days to Polytechnic graduates. So, get the appropriate academic certification.
Furthermore, for specific jobs in this sector, a higher degree is needed. Added to this also may be industry experience for certain number of years.
Yet in this sector, there are special need for certain professionals like Chartered Accountants, Chartered Taxation personnel, members of institute of bankers and Lawyers.
However, most financial houses offer on-the-job training for some administrative and office positions. For instance, tellers in the banking sector.
Now, I hope you understand how to initiate your career path processes with relevant qualifications.

Useful Skills for Banking and Finance Career: Tips to Start Now

Furthermore, it’s not enough to have paper qualifications, useful skills are important too. So, to become a commercial banker or finance officer, it’s essential you understand how businesses work. Therefore, you need the ability to evaluate the particular business’ finances and determine what products and services might be a good fit. There is need that you also understand the mechanics of loans related facilities and when it makes sense for a business to take on it. As a matter of fact, sales skills are increasingly getting important for business bankers and other finance houses. For banks revenue from active businesses are very important and it may be your job to grow and retain such business clients.

Analytical Skills:

Among the skills required is analytical skills. Therefore, you have to have a strong spreadsheet and analytical skills. Others include, critical thinking, data and information analysis, research, communication and problem-solving skills.

Job Application:

You have to get hired. Yes, get a job! This is very important for you to build and grow a banking and finance career. So, please, do the following, at this point.

  • Get your CV ready to apply in a bank or other financials institutions
  • Write a cover letter
  • Attend and pass your job interview
  • Get hired and placement
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Career Commencement @ Banking and Finance Career: Tips to Start Now

In this segment, we give illustrative career placement examples in the banking sector to generalize what happens in other similar financial institutions.

Start as bank reception:

This is the front desk sales assistant in Nigeria banks. It’s also called the customer care officer. You can start from here. These categories of staff require in-house training to allow them get familiarize with basic banking products and services. The bank receptionist is to receive customers, give them advice on savings and account management. They also carry out day-to-day operations. The receptionist must have a commercial profile. This is because he/she must be able to listen to customers and be a force for proposal.

There are also different reception positions. This will depend on the experience level of the young banker. Therefore, higher receptionist client’s level may be responsible for a portfolio management. He/she may also be responsible for some of the organization’s operations which include planning, advertising at the point of sale, automatic teller machines, etc.
In fact, the reception manager grows after a few years on the front desk to become individual client advisor after mastering basic banking techniques.

Become a financial advisor – client portfolio manager:

The position of a financial advisor is a more complex profession. This is because he has the goal of supporting the client at all times. That is why he starts small with clients with low cash flow and gradually grows into managing those with high cash flows. This position also enables him/her manage clients’ mortgage loans. Here he/she has the need to build customer loyalty and be educational in the face of many questions.
So, this is actually a critical position. For intending banking and finance career personnel, this position I worth working for. So, get yourself ready for this.

High-End positions with skills and experience:

Furthermore, with acquired skills and experience, the financial advisor moves towards a so-called more “high-end” clientele. These are clients with larger flows and stocks of money to manage. The range of banking products and services evolves here increases. Here there could be different customer needs such as life insurance contracts, provident insurance, or retirement.

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Wealth Management – Professional development:

This professional development occurs after 5 to 10 years of experience in a bank branch. So, that the bank employee is capable of moving to a more specialized position. As a matter of fact, wealth management officers give advises to wealthier clients.

High-end customer adviser:

At this level of your career in the banking and finance industry, the position of wealth management advisor allows you to tackle much more complex banking techniques. These may include those for tax exemption, entrepreneurship or investment for clients.
No doubt, to work with wealthy clients, one needs to have wealth of experience in this industry. This is because of so much need to respond to specific wealth issues. It’s a common sense that informed clientele can be difficult to manage.

The bank manager:

This could be the climax of your career. Becoming a bank manager. In fact, it’s most challenging and rewarding position in this industry. This is because, it’s a management role. Such position oversees the running of one or more bank branches. Therefore, he becomes responsible for meeting tough sales targets and keeping staff fully trained and motivated. He will also be responsible for promoting and marketing his branch and its products. In addition, is meeting with customers and resolving any problems or complaints. A bank branch manager is always highly rewarded.

Banking and Finance Career: Tips to Start Now


Summing Up on Banking and Finance Career: Tips to Start Now

Finally, is making a career in Banking and Finance industry lucrative? If yes, is it why most of the important jobs in Nigeria and globally are in the banking and finance sector? As a matter of fact, careers in this sector can be extremely exciting. It can also be very rewarding and satisfying. This is because many organizations, corporations, and individuals need help in managing their estates leveraging on the expertise of the the bankers and financial managers.

This article has addressed the various propositions regarding building a career in the banking and finance industry in Nigeria. It has also given details of what should and should not be done to build, grow and mature in your career in banking and finance industry. Now, if you have questions or suggestions, please send though our comment box bellow. This article is free for you to bookmark and copy for further academic or professional assignments. You will do well to share to reach your colleagues. If you follow us on our Facebook and other social media platforms you will keep in touch with us.

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