Banking

Career Overview

A banker is responsible for establishing and maintaining positive customer relationships, planning and delivering effective sales strategies and monitoring the progress of new and existing financial products. Bankers may work as managers in high street branches providing operational support on a day-to-day basis, or in more specialized posts in corporate or commercial departments at area, regional or head offices.

Banks operate in a fiercely competitive marketplace where change is common. Products and services offered have to develop to satisfy the expectations and demands of customers and working with staff and customers to achieve targets has become a very major part of the role.

Work activities

Responsibilities and work activities may vary between retail and corporate and commercial banking. Most retail bankers work in high street branches, dealing with both private and corporate customers, while some work in regional or head offices. Bankers who work with commercial or corporate customers may be based in branches or may work from specialized area or regional offices.

Bankers who have area and regional responsibilities adopt a strategic role and, whilst retaining overall accountability for service and product delivery, usually delegate supervision of day-to-day operations to staff in branch outlets.
Responsibilities for both retail and corporate and commercial bankers may include:

♣ Implementing the delivery of sales strategies and targets and motivating employees to meet these; Establishing and maintaining effective relationships with new and existing customers, establishing their needs and advising on the suitability of services

♣ Visiting business customers and attending meetings and conferences with them and other professionals

♣ Managing and supporting staff and facilitating appropriate continuing professional development (CPD)

♣ Communicating, implementing and monitoring compliance with corporate standards and procedures

♣ Processing data to produce accurate facts, figures and reports

♣ Evaluating new and renewal lending proposals, negotiating terms with customers and, where appropriate, submitting proposals to the credit department for approval

♣ Checking accounts and initiating action if they are overdrawn without arrangement or are in excess of agreed arrangements

♣ Assuming overall accountability for products and services, such as consumer lending, current account transactions, unsecured loans, overdrafts, credit cards and personal loans

♣ Networking with appropriate professionals

♣ Representing the bank within the wider community.

Entry Requirements

This area of work is open to all graduates, and banks seek applicants from a wide variety of degree subjects. However, for some specialist roles numerate degree disciplines may be preferred. These include:

♣ mathematics

♣ Finance

♣ Business studies

♣ Economics

♣ Law

♣ Accounting.

A pre-entry postgraduate qualification is not usually required but Masters level students may apply for graduate entry training programmes. Pre-entry work experience is desirable. This may include vacation work, sandwich placements (paid or unpaid), internships and temporary or permanent work experience in a financial, customer-led environment, such as sales. Apart from an excellent academic record, candidates will need to show evidence of the following: Potential candidates will need to show evidence of the following:

♣ Excellent interpersonal skills

♣ Eadership qualities

♣ Exemplary written and oral communication skills

♣ Analytical skills

♣ Willingness to relocate

♣ Creative thinking and an enquiring mind

♣ Flexibility and adaptability in responding to change

♣ Creative thinking and an enquiring mind;

♣ Enthusiasm and a commitment to further training.

As banks diversify into foreign locations and offer an increasing catalogue of products and services, foreign language and IT skills have become advantageous. A sound business acumen and an interest in the economy and related financial matters are essential, as is a current driving license. New entrants usually need to be eligible to work in the without a work permit, and security clearance, in the form of police checks, credit references, and counter-terrorist checks, is usually sought.

Entry to graduate training schemes is highly competitive, especially for positions with larger banks. Most major high street banks offer management training opportunities on an annual basis.

Training

A variety of training options are provided for new entrants who join graduate training programmes. Most of these programmes last for two years during which trainees complete a series of attachments at branches, regional centres or head offices.

Bankers benefit from a range of training opportunities including on-the-job training, acquiring skills through practical experience of a specific role specialised technical training, to establish the skills and knowledge required for a particular position or assignment.

Internal and external training is delivered in a variety of formats: work-shadowing experienced colleagues; evening classes; a limited number of day-release courses; distance learning packages and workshops. In-house training is becoming increasingly popular; interactive resources have been developed and these are accessed via the intranet or multimedia packages. Regular performance reviews are arranged to assess progress and establish clear objectives for continuing professional development (CPD). New entrants are often assigned a 'buddy' (usually a fellow graduate management trainee at a more advanced stage in their training), together with a mentor (a senior manager) to provide appropriate support and advice. The quality of training is generally high and incorporates clearly defined performance review procedures. Most banks have gained national accreditation for their training and professional development programmes.

Related jobs

♣ Chartered accountant

♣ Chartered management accountant

♣ Credit analyst

♣ Financial adviser

♣ Human resources officer

♣ Insurance account manager

♣ Insurance broker

♣ Investment banker (operations)

♣ Retail manager