Banking Careers : Careers in Banking
Types of Banks: Various types of banks present which vary in the types of services provided and the clients they are serving. However, differences between these banks are vanishing as all banks started to expand the range of products and facilities they provide. Most leading banks are commercial banks. Commercial banks offer different types of services to individuals, businesses, industries and governments. Commercial banks are of different size ranging from big international banks to local or community banks. International banks deal mostly global lending and foreign currency trading along with the usual banking facilities. Local banks have more branches and automated teller machine as well. Now days, banks are more inclined towards sales and marketing. So staff of the bank should know in and out about of various products and facilities provided by banks. Community bank is another type of bank which prefers individual customers as well as small scale business. Such community banks offer more special attention to each customer. However online banking is becoming popular recently. Online banking offers various services and facilities totally over the Internet. Established banks also provide online banking facility. Government agencies that responsible for providing financial service to the Government are known as Federal Reserve banks. It is also responsible for regulating the banking industry and implementing National monitoring policy in order to run banking sector more efficiently. Technology becomes important aspect of banking industry. Banks provide many facilities including direct deposit which allows you transfer payments to other accounts electronically and debit cum ATM cards, which allow you to withdraw money from ATM center or deduct money from an account against swap at a store. Employee in commercial and mortgage loan department usually work out of the office to visit clients, examine loan proposals and solicit new company. People working in loan section have to travel out of town to visit customers or they have to work late evening or on weekends if that is the convenient time for customer. Other employees work in relatively comfortable atmosphere and are in a standard workweek. These employees are located at bank head office or branch office or administrative offices. Thus banks are considered as safe places to work. Eligibility and Qualification: Candidates seeking career in banking field must posses a bachelors degree in commerce (BS in Commerce, BS in Accounting). For management career in banking, candidate must posses a bachelors degree in business management or MBA. You should be good in mathematics from your school level. In the last decade or so, the banking sector is evolved by technical advancements in computer and information processing tools. Candidates who are familiar with these technologies have good job opportunities in the banking sector. Job Prospects : Banking Career Opportunity Banking sector provides various job prospects and career opportunities. Most of the jobs in banking sector are from the commercial banks while other jobs are from credit unions and saving banks. In large state like Texas, New York, Pennsylvania, Illinois and California, there are more banks with more employees. There are different economic as well as customer support occupations which are provided by banking sector. Different occupation or jobs prospects that are provided by banks include administrative and office support jobs, management jobs, business jobs financial jobs and other jobs. Most of the jobs (almost 66%) jobs in banking sector are from administrative and office support jobs. Largest numbers of employees in banks are Bank tellers. They are responsible for providing daily financial services to the customer which include handling deposits and withdraw of money, sell money orders change money, and traveler's checks, and accept payment for loans and utility bills. Other job prospects in this field are accounts clerks and customer service representatives, Loan and credit clerks general office clerks and bookkeeping, accounting, and auditing clerks, secretaries, data entry and information processing workers, receptionists, and other office and administrative support workers. Office and administrative support worker supervisors and managers oversee the activities and training of workers in the various administrative support occupations. In banking, around 25 % jobs are from management, business, and financial occupations. These occupations include Financial managers, loan officer or counselor, trust officer, accountant manager, lawyers and invest managers, services sales agents. Other occupations include accountants, auditors, lawyers, computer specialists. For administrative jobs, high school education is usually needed while for management, business and finance jobs candidate must possess a bachelor degree. Most of the job opportunities in the banking sector are for bank tellers and further administrative support employees. Because these are the people who make up big proportion of bank staff. Banking sector need skilled employees with good computer knowledge and sufficient skills and financial services backgrounds. Remuneration in Banking Sector : Banking Career Salaries Average salary of an employee in non supervisory bank is around $25,000 per annum. At the same time, employee of depository credit unions gets $26,000 per annum on average. While in finance and insurance industry, one can get $35,000 per annum salary. In banking sector, administrative jobs get comparatively little pay. With more responsibilities, experience, type and location of bank you get higher salary. Also bank employee gets other benefits including equity sharing, incentives, compensation along with common benefits offered. | |||
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