Banking

Description

The banking industry deals with credit facilities, storage for cash, investments, and other financial transactions. It plays a crucial role in the economy by channeling funds from savers to borrowers, facilitating business operations, and providing financial services to individuals and businesses.

Something Cool

Working in banking means you are working with the flow of money that allows the economy to function.

Types of Companies

• Retail and Commercial Banks: Offer deposit accounts, loans, and financial advice to individuals and businesses. Examples: JPMorgan Chase, Bank of America, Wells Fargo.

• Credit Unions: Member-owned financial cooperatives that provide traditional banking services. Examples: Navy Federal Credit Union, Alliant Credit Union.

• Online Banks: Operate entirely online without physical branches, offering similar services to traditional banks. Examples: Ally Bank, Chime.

Further Education & Credentials Required

• Bachelor’s Degree: Typically in finance, economics, business administration, or a related field.

• Certifications:

  • Chartered Financial Analyst (CFA).

  • Certified Financial Planner (CFP).

  • Certified Public Accountant (CPA).

  • Certified Risk Specialist (CRS).

Entry Level Roles

• Bank Teller

  • Description: Assists customers with transactions, including deposits, withdrawals, and account inquiries.

  • Skills Required: Customer service skills, attention to detail, basic math skills.

• Personal Banker

  • Description: Helps clients manage their accounts and investments, provides financial advice, and sells banking products.

  • Skills Required: Communication skills, sales skills, knowledge of financial products.

• Credit Analyst

  • Description: Evaluates the creditworthiness of individuals or businesses applying for loans.

  • Skills Required: Analytical skills, understanding of financial statements, attention to detail.

• Loan Officer

  • Description: Assists clients in applying for loans, evaluates loan applications, and determines creditworthiness.

  • Skills Required: Customer service skills, knowledge of loan products, analytical skills.

How To Learn More

• Talk to someone doing the role you want.  Check out my writings on The Gift of Asking for Help, Mentors and Networking 101 on The Search page to learn how to do this.

• Ask you preferred AI assistant. 

  • Better understand your own skills and where you will be successful at Roles.

  • Check out my writings on various industries and departments at the Industries page.

  • Already know what you want to do but are looking for guidance on how to find a job within that industry?  Check out The Search for advice.