Building a career in the banking industry
So, you are potentially looking at the Banking Industry as your career choice? How do you go about this and what are the benefits of working in this industry, which has undergone such remarkable changes over the past few decades?
Introduction
Did you know that the banking industry has a global market value of over $134 trillion? It's a dynamic field with numerous career opportunities, and this blog post aims to guide you towards a fulfilling and successful career in banking. A career in banking offers you the ability to travel and build your career across the globe which in itself is appealing for many people.
The Path to a Banking Career
To become a successful professional in banking, you need a solid foundation in financial knowledge and skills. You can achieve this by pursuing a finance or business degree or obtaining specialised certifications. In New Zealand, most banks hire their inexperienced staff from university graduate recruitment campaigns, however, in the smaller regions and towns there are usually opportunities for people with experience to join the local bank.
Navigating the Banking Job Market
Once you have started your banking career it is best to stick it out in your current role for at least 18 months unless you are invited to consider other roles. Bankers are notoriously conservative and expect to see solid career experience when considering an applicant for a more senior position. Be great at your job and try to build a career that demonstrates loyalty.
Advancement and Growth Opportunities
The banking industry provides significant opportunities for progression for people who perform well and are prepared to learn (both internal training and their own external efforts) while also being seen as an asset to the business. Given most banks are exceptionally large and spread across every major centre in the country or across multiple countries. If you are prepared to move locations, the chance of career advancement is increased.
Benefits of Working in the Banking Industry
Numerous perks come with a career in banking, including competitive salaries, job stability, and opportunities for advancement.
Banking for years had some of the best working benefits available, including lower-cost mortgage rates for staff and savings, great pay rates, generous working hours and holiday leave. Unfortunately, these days are gone and now banks offer benefits like most large corporate businesses. The best approach is to check each bank’s career page to understand what they offer and how that is different from other banks and industries.
New Zealand is dominated by banks based out of Australia. This provides a unique opportunity for people who wish to try working and living in another country while also being close to home. The recent changes to the attitude in Australia regarding Kiwis living and working there also means that if you like the Aussie lifestyle, you have better opportunities to settle there with the full benefits of citizenship.
Many banks are either owned by or have strong connections to banks around the globe which also provides the potential for more overseas experiences.
Check out these career pages for more information on some of New Zealand’s major banks.
Cooperative Bank - Careers Page
Conclusion
In closing, a career in the banking industry can be lucrative and fulfilling. This guide has provided you with a brief overview of starting a banking career. Remember, the key to success in the banking industry is to keep an open mind, be willing to learn, do your research and work hard. Good luck!
Want to learn about other careers? Join our weekly newsletter via https://www.thejobmarket.live/
(Scroll down the homepage to find the signup form)
Tony Cutting
for The Job Market
