Careers in the banking industry can be very attractive at first glance because they’re assumed to be lucrative. Don’t be fooled, however: the high pay comes hand in hand with very high barriers to entry for most jobs. An undergraduate degree is considered to be the minimum requirement for most, as many professionals in the industry have MBAs and even PHDs.
There are still a multitude of differing jobs you can get in the banking industry though. You don’t need amazing skills in statistics or mathematics for some jobs, but for others you do. With that said, the skills required for all these careers take an immense amount of dedication and effort to acquire.
Institutional Banking is a type of banking that caters to large companies and institutions. Many of these banks, like the one profiled here, offer other banking services in addition to institutional banking. Typically publicly traded companies and government departments will use institutional banking services. These corporate giants have needs of a higher complexity and focus than your typical “mom and pop shops,” which would typically turn to commercial banking.
As an institutional banker, you could be working to provide services such as evaluating mergers and acquisitions (M&As), handling investments, and managing treasuries of your clients. Institutional banks have the means to conduct in-depth research and analysis to make sound financial decisions for these large companies and institutions.
Another type of financial institution you can get a job at is a commercial bank. Commercial banks offer banking services to smaller businesses, which can include things like granting loans, making deposits, giving lines of credit, and providing treasury services.
Commercial bankers work closely with their clients to help them with a variety of needs. Larger banks have people designated for specific needs of smaller businesses. Some examples of these specialized jobs in commercial banking are loan officers, mortgage bankers, credit analysts, trust officers, and branch managers.
The type of banking you’re probably the most familiar with is retail banking. Retail banking provides banking services to individual people, rather than institutions and businesses. You are likely a client of a retail banking service, such as J.P Morgan Chase. Retail Banks offer a multitude of services to their clients like checking and savings accounts, mortgages, loans, credit cards, and certificates of deposits.
One example of a job in retail banking are tellers. Tellers deal with a large number of people on a daily basis, and handle matters such as dealing with bank withdrawals and deposits, cashing checks, and looking after account balances. Typically, tellers have the lowest barriers to entry and in some instances do not require an undergraduate degree.
Careers in the banking industry are extremely lucrative and are in high demand. The reason for this is the high level of skill and experience required for many of these jobs. You may need to undergo a considerable amount of time studying and preparing to get a job in banking.