Banking Career Preparation

Understanding the Industry

• To prepare for a career in banking you'll need a general understanding of the entire banking industry, even if you only plan to work in one specialized area. The banking industry includes several types of institutions. Commercial banks are among the most common. They serve individuals as well as businesses and range in size from small local banks to multinational corporations. Credit unions are a nonprofit alternative to commercial banks. They are membership-based and allow only members to make use of their services, which are often limited compared with commercial banks. The banking industry also includes government positions in the Federal Reserve System. Even if you know which type of bank you plan to work for, you need to understand the others to know how your bank fits into the industry as a whole.
  
  

Background and Education

• The level of education you'll need for a career in banking depends largely on the type of position you aspire to. According to the U.S. Bureau of Labor Statistics, 64 percent of all banking jobs consist of office administrative and support staff. These workers typically need a high school diploma. However, bank managers and executives need college degrees and, in some cases, advanced degrees in economics, finance and banking. Investment bankers typically need M.B.A. degrees.
  
  

What to Expect

• Because people who work in banking have access to large amounts of money, as well as personal financial information from their clients, you should be prepared to submit to a background check before entering the field. The background check will investigate your criminal history as well as confirm your educational background and any employment history you provide. Once you have a position in banking, you can expect a reasonably steady job with benefits if you work full time. According to the Bureau of Labor Statistics, bank tellers, clerks and customer service representatives earn between $11 and $15 per hour to start. More specialized positions such as loan officers and bank managers earn average hourly wages of more than $42. With an M.B.A. you can expect to enter investment banking with a $45,000 annual salary, according to the website State University.
  
  

Job Seeking

• Because they make up the largest segment of the industry, administrative jobs at commercial banks are the easiest to get. New branches, including those in convenience-oriented locations such as shopping malls and grocery stores, represent much of the new job growth for banking. For executive-level positions and jobs in investment banking, strong academic credentials and experience from an internship are among the best tools to find a position. Just as banks compete to attract and retain customers, they also fight for the most skilled workers and use incentives such as bonus pay and employee benefits to retain staff.