A career in banking and finance sector is a pretty famous choice among many students especially MBA’s. It is a door to a lucrative, well paid and secure career. It is often thought that these opportunities are meant for economics, commerce and accounts students. But the fact is that a majority of people working in banks are from various branches of education. An interesting fact is that most senior level positions in Banks are held by Non MBA's or accounts Graduates. It must be understood that bright graduates from any stream may get entry into the finance and banking sector.
Generally, it is observed that banks hire candidates having good communication skills, good interpersonal skills, and capability to deal with customers, a vigilant nature and basic knowledge of the finance/banking industry. However, candidates having specialization in a particular field are given instant preference. For e.g. expertise in project analysis, investment certification, credit appraisal skills, handle huge loan portfolios, foreign exchange trading, stocks trading and money management. A good knowledge of computers and technological advancements is also helpful. Banking sector presents diverse job opportunities each catering to a different niche of people.
An interesting area of banking is investment banking. Jobs related to investment banking have gained a great reputation by offering some of the highest pay packages to fresh graduates. Just a couple of years ago, a recent college graduate hired directly by a leading American investment bank could be taking home as much as $160,000 a year including bonuses. Add, to this the quick promotions and within 4 to 5 years, the pay raise could reach millions.
But since last two years, the investment and finance jobs have lost their shine due to recession. We have seen numerous bankers landing onto streets or getting kicked out of offices during layoffs. Starting 2010, the banking sector is set for a re-bound and jobs are expected to roll again. As such, interest in finance and investment banking degree courses has spiked again. Also, intern positions are keenly sought after.
Jobs in banking and finance sector follow a hierarchy with salaries starting from $70,000 per year for a fresher to millions of dollars a year for an experienced trader or a manager. Such significant wages are not likely to be achieved by those who wish to work on a regular nine to six working days. These jobs demand 90 or 100 hours a week. The individuals who reach this pyramid’s top are expected to display their commitment to the bank by working longer hours than in other sectors. It is right that they live in immaculate penthouses but in reality their jobs leave them little time to enjoy the hot water Jacuzzi.
Regardless of the misconceptions, banking and finance sector looks strong and it seems it will be soon out if the recession phenomenon. It is just a matter of time when fresh talent will again be recruited at astonishing first salaries.