Careers in Banking
Those interested in pursuing a career in banking may work in a variety of capacities, such as mortgage banking, investment banking, financial management, or personal financial advising. Banking professionals will frequently meet with clients about investments, financial planning, or loans, monitor the financial markets, analyze personal and business financial records, and evaluate the best financial opportunities for their clients. Strong mathematical, analytical, and communication skills are all important in this career path.
While the recent economic downturn has led to cut backs in the banking industry, job prospects are still growing for some positions. Statistics from the U.S. Bureau of Labor Statistics (BLS) show that job opportunities for personal financial advisors are expected to grow by 32% from 2010 to 2020. This is much faster than the average expected growth of 14% for all occupations. However, projected growth for financial managers and investment bankers is expected to be more modest, at 9% and 15% respectively.
According to the BLS, personal financial advisors earned a median annual wage of $64.750 in 2010. Financial Managers earned a median salary of $103,910 that same year. However, please note, actual salaries can vary based on an applicant’s previous experience, education, geographical location, specific employer, and the economic climate.
Required Education for Banking
Most positions in the banking industry beyond retail customer service jobs require a college degree. Those with a finance, accounting, or business administration degree are often considered ideal applicants. Typically a bachelor’s degree is adequate for entry level positions, but many professionals in the field have master’s degrees, such as an MBA. Important foundational courses include mathematics, economics, accounting, business, and finance. Some programs may also offer more specialized courses in financial planning, risk management, taxes, and investment planning.
For those already working in the industry, or looking to make a career change, online college degrees and online business training are widely available. There are also many opportunities to earn your MBA online through both online universities and traditional schools with online business degree programs.