Is Commercial Banking Career Path Right for You?

Last updated on August 11th, 2024 at 08:14 pm

One of the most demanding and lucrative occupations in the business world is the banking sector. It provides the best opportunities for career progression, incomparable exit choices, and an unrivalled opportunity to learn about various firms and industries.

Due to past excesses, some jobs have fallen out of favour, while new chances are always opening up. With hundreds of billions of dollars on the line, fintech and technology supporting finance are increasing. And banks want a manager to oversee everything. One of the best career combinations today is becoming a tech-savvy financial person.

What are the benefits of a career in major banks?

Generous Compensation/Reimbursement

Everyone has different expectations for their professions; some individuals would give anything to have an excellent work-life balance, others would rather have the chance to learn, and others enjoy travelling. But at the end of the day, all jobs have one thing in common: you must be earning money while performing them.

Banking has a well-deserved reputation for paying more than most other corporate positions regarding salary. Earnings for analysts with 0–3 years of experience range from $80,000 to $200,000. This depends on variables such as the department they work in, the size of the bank, and the location. With your starting pay, you can improve those numbers by roughly 50% if you hold an MBA.

Opportunity to upskill

Every job teaches you something. In that regard, banking is not all that different. You get knowledge about your profession, sales techniques, and the various goods and services and how they operate.

Learning about the client’s industry is just as important as learning about your own in banking. You want to lend a billion dollars to a client in the telecom industry. You had better thoroughly researched the client, their rivals, the dangers facing their sector, the potential for their future growth, and so forth. You had better be the world’s foremost expert because the bank’s $1 billion money is on the line (which sometimes includes the client).

What skills are needed for commercial banking jobs?

Is a career at major banks a smart choice? Let’s first examine the qualifications needed for banking positions before responding. Major banks are often touted as an excellent career route, but who is qualified to hold this position? The top abilities you need to develop are listed below if you want to work for a major bank.

Analytical abilities: This is a crucial ability that can help you go through mountains of data to find trends, patterns, and definite conclusions.

Paying close attention to the little things gives you a strong eye for details and the capacity to spot trends or behaviours that others miss.

Due to the intense competition and ruthlessness of the banking industry, we think this quality is one of the most crucial.

Stress management: Without the ability to manage your stress, you won’t be able to handle the long hours, incredibly demanding atmosphere, and immense pressure to perform.

13 Highest-Paying Jobs in the Banking Sector

1. Internal auditor

If you want to work as an internal auditor for a bank, you must be a genuine reviewer and researcher who looks into the bank’s records.

Responsibility

Evaluate a company’s business and IT procedures objectively.
Analyze the hazards facing the organization and the success of its risk management initiatives.
Verify that the company is abiding by all applicable rules and regulations.
Review internal control and offer suggestions for improvement.

2. Portfolio manager

A portfolio manager shows clients how to allocate their assets among several investments.

Portfolio Manager Responsibilities

Consult with clients to establish investing goals.
Give clients suggestions and direction on funding opportunities.
Make reports on the activity and performance of your investments.
Informing customers about their accounts, the state of the market, and prevailing economic trends

3. Bank manager

You’ll have one of the highest-paying jobs in large banks as a bank manager and oversee a branch’s daily operations.

Bank Manager Responsibilities

Managing the branch’s and its products’ marketing and promotion.
Meeting with clients to address any issues or complaints
Making sure there is excellent customer service.
Tracking sales goals.
Reporting to the headquarters.

4. Credit analyst

In this role, you have a big say in whether or not loans to people and companies are approved.

Responsibility:

Assessing clients’ financial and credit information to evaluate the risk of lending money to them.
Preparing reports on the level of risk involved in customer loans.
Leveraging the data from the analysis of client records to suggest payment schedules

5. Asset managers

As an asset manager, you should know that one of the highest-paying positions at major banks is managing the portfolios of high-net-worth clients.

On behalf of their clients, asset managers trade, manage and invest assets like money, bonds, equities, precious metals, commodities, and real estate. In addition to monitoring, negotiating, and implementing programs to raise asset value and revenue, they offer their clients advice on asset purchases.

6. Equity trader

Notably, equity traders, who assist in purchasing and selling a company’s shares, make more money than the highest-paid employees at major banks.

Equity traders’ responsibility is to purchase and sell stocks, bonds, commodities, and other financial instruments. They can work remotely using computer terminals, on the trading floor of exchange (like the New York Stock Exchange), or in a brokerage firm’s trading room.

7. Mortgage Advisor

As a mortgage advisor, you must guide homebuyers through the mortgage application procedure.

The person in charge of entering mortgage applications into the system for mortgage loan origination, creating a complete file for mortgage loans and gathering and submitting all necessary papers for processing, underwriting, and closing. Travel to and attendance at all mortgage loan closings is possible.

8. Loan Advisor/Consultant

Loan consultant positions, one of the most sought-after jobs in the banking industry, allow consultants to evaluate a client’s financial information and decide whether to extend a loan offer.

A loan consultant analyses loan requests to ensure prospective customers can fulfil their financial commitments. They must interview candidates, examine and confirm supporting material, and assess applicants’ credit histories and records, among other duties.

9. Financial analyst

This position needs you to evaluate the financial performance of a firm.

They are responsible for forecasting the company’s future performance and assessing financial statements. This may involve making future revenue and expense projections, budgeting, and modelling the capital structure. Financial analysts frequently monitor the financial plan of a corporation.

10. Fixed Income analyst

Fixed-income analysts determine the value of the underlying assets and provide investment guidance to track their value.

Your responsibilities as a fixed income analyst include:

Investigating current events and market trends.
Assessing debt and fixed income securities.
Simulating the financial soundness of companies.
Writing reports about your findings.

11. Client relationships Manager in Commercial Banking

As a relationship manager in a major bank, you must interact closely with consumers to identify the best goods and services.

The Commercial Banking Relationship Manager is in charge of bringing new clients for commercial banking and maintaining and growing current ones. Will aid in managing, structuring, and underwriting complex credit relationships.

The infrastructure industry, which includes telecommunications, utilities, and transportation, is where you can work as an investment banking analyst.

12. Investment banking analyst

An investment banking analyst assesses and investigates potential investments to identify the one that best aligns with the objectives of their corporate clients. Based on the requirements and objectives of the client, investment banking analysts evaluate prospects and suggest investments.

13. Forex Traders

No major bank operates without a group of knowledgeable forex traders by their side. These people make money by buying and selling various currencies.

Oversees and preserves the organization’s position in the foreign exchange market. Executes foreign exchange transactions on behalf of customers. Based on changes in the market, determines local currency rates for retail clients; informs other staff of these prices and gives them instructions accordingly.