How to Get Hired by a Bank

Banking, being a multifaceted industry, provides a wide variety of career paths that are both rewarding and satisfying. Serving every sector of industry, whatever your educational qualifications, talents and interests, you’ll find a suitable career in this sector.

The rapid evolution of technology and its application in the finance sector have added myriad careers in banking beyond core finance; there are lots of career opportunities in technology, law, and communications too. Banking also offers good remuneration and benefits, especially to those who have backgrounds in finance, accounting, or banking. So what do you need to be hired by a bank?

IN THIS ARTICLE:

What makes banking so attractive?
Banking careers
Where to look for banking jobs
Polish your skills as well as your resume with a business management course
What makes banking so attractive?

Handsome salaries and perks

Remuneration in the banking industry has always been on the higher side compared with other industries. Most offer additional perks such as a lower rate of interest on loans, and insurance plans and medical benefits.

Broad range of posts

Banking is no longer just about cashiers and tellers. With the rapid adoption of technology in banking from e-payments, internet and mobile banking, and cashless transactions, tech-savvy individuals play vital roles.

Customer management is another essential function. Here people with good PR and people skills are needed.

Other business areas that offer ample opportunities are finance, accounting, human resources and engineering.

Stability

Job stability is often an important factor in career choice. Though the banking sector is affected by economic cycles, it is generally regarded as stable.

Professional growth

Most banks, as big and strictly regulated organisations, have well-planned retention, succession and growth strategies that groom promising candidates for senior jobs. The nature of banks also supports interdepartmental movement that gives staff opportunities to learn and grow.

Banking careers

Here are some of the career areas you could consider in banking:

Retail and commercial banking: Provides services to individual and institutional bodies including savings, loans and credit.
Accounting services: Involves financial analysis, book keeping etc.
Operations: Handling internal operations, implementing policies.
Human resources: Managing the institution’s employee life cycle from hiring, placement, resource planning, and training, to retention.
Communication and public relations: Handling stakeholder relationships and media relations.
Quality and compliance: Providing strategic direction; ensures bank upholds law and industry regulations.
Wealth management and investment banking: Serving as a fiduciary and advisor to others, and managing their assets.
Technology: Application and alignment of software and other technical e-commerce and online banking technology
Product management and marketing: Developing, branding and promoting the institution’s products and services.
Data analytics: Analysing market, competitor, media, and customer data to provide strategic insights that boost growth and improve market penetration.
Information systems and cybersecurity: Providing seamless, secure information connectivity and flow between departments, maintaining computer systems and management dashboards, upgrading software.
Legal: Ensuring transparency and compliance with legislation and other regulations; contracting; advising where necessary.

What qualifications do you need to work in a bank?

People with multiple skill sets do grow faster and are much in demand. At minimum, you need a qualification in finance and accounting. Additional qualifications in marketing, IT or law are beneficial, along with technical skills, computer and software skills, people skills, good interpersonal communication, a sound understanding of customer service and customer relationship management practices, as well as leadership qualities.

The bank hiring process

Banks’ hiring process is not much different from those in other industries. Once the need to hire is identified:

A requisition for the required position is raised;
Candidates are sought according to qualifications, skills, and experience needed in the post;
Applicants are screened (the process may include written or computer-based tests);
The most suitable candidates are short-listed and then interviewed;
The selection is made, and an offer extended to the most suitable candidate.
Once the offer is accepted, the employee is inducted into the organisation.

Where to look for banking jobs

Banks typically advertise their job openings on their own websites, on job search websites such as LinkedIn and Glassdoor, and social media, and in local newspapers. Many have graduate programmes that employ interns or graduates with specific qualifications, so keep an eye out for those too.

Polish your skills as well as your resume with a business management course

Regenesys Business School offers a broad range of business programmes, including a Higher Certificate in Business (Credit Banking), to help you get industry-ready.