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Feb

20

4 things young people need to know before applying for banking jobs now

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1. The jobs are dispersing

Away from big name banks, there’s been a flowering of junior finance positions in smaller firms in the past few years. Anecdotally, corporate finance boutiques, smaller brokerage houses, hedge funds and even private equity funds are now taking more graduates than in the past. Private equity funds used to recruit experienced juniors who’d been through banks’ training programmes, but funds like Terra Firma and Blackstone have started hiring graduates.

2. You’ll probably need multiple internships

We’ve touched upon this several times in the past, but it can’t be reiterated enough: you can’t expect to do a single summer internship and get a job in investment banking now. More and more people have multiple internships on their CVs. And more and more banks are hiring students as ‘interns’ when intern is code for recruiting someone for a few months before deciding whether to renew their contract for another few months and ultimately indefinitely.

3. You’ll be worked harder than ever

In a world where capital requirements are increasing, banks are struggling to keep their costs low in order to improve their return on equity. This is fine in theory, but hard in practice. As banking commentator William Wright noted this week, banks have only succeeded in cutting their overall costs by 1% so far this year. The problem isn’t salaries and headcount, but inelastic fixed costs like technology and buildings which can’t easily be slashed.

4. You’ll work longer than ever

Finally, banking has become a long game. “People have a lot less money now than they used to,” says one rates analyst. “Salaries have gone up – if you’re a vice president you can now get £140k instead of £70k, but the cash bonus payment for your bonus is a lot lower than it used to be.”

Without massive bonuses, bankers can still make money – but not enough money to retire early. The new watchword for banking careers is therefore resilience – even if you are pulling three all-nighters a week.

 

Feb

20

How to be a bank teller

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If you have not interviewed yet for a position as a Bank Teller there are a few things you need to know. The first is to brush up on your math skills. After completing the standard questionnaire regarding your background information you will be required to take and pass a math and problem solving test.

This is as far as most people get, the test, in my opinion, was difficult, and required me to reach into those long forgotten crevices of my brain where rudimentary math skills are stored.

If you feel that your math and money skills are not up to date do not fear! I have built this site with you in mind.

What happens after you complete the test? The answer is NOTHING! Your resume as well as countless others are funneled to the hiring department.

Bank-Teller-Salary1-300x225

Have you heard that most new jobs go to people that have a connection or referall at the company they are applying for? I know I have! However I never believed that my talent, personable attitude and well rounded interviewing skills couldn’t get me the job. Well it turns out that sometimes, maybe more so in finance,  connections can be important. Whether implied or blatant it is imperative that you find your insiders edge when applying for a position as a bank teller.

Get The Bank Teller Job – First Impressions Last

Well what happens if you don’t have a connection at the bank or some other inherent advantage over the competition? You wont get the JOB! That’s what will happen. The job will go to someone that has demonstrated their connections and/or ability more effectively than YOU!

 

Feb

20

Commonly asked Questions in Banking Interviews and their Answers

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The interview will begin and you shall face 3 – 4 senior bankers that might be from IBPS or any of the participating banks. Relax and take your seat with a smile on your face.

Okay, now the first question will be – Tell us something about yourself ??.

Go through this article and sample questions and answers to gain some really helpful and proven tips that will help you succeed.

  1. Tell us Something about Yourself ??
      • Be natural and calm. Speak Slowly and Tell them about your strengths, achievements and passions etc. This question should not take more than 3 Minutes to be answered. Always Keep in mind that they know that you are capable as you have already cleared the written test, now you have to show them your suitability and genuine desire for this job and make the interviewer feel that you are the right person as a bank clerk.
  2. What are your Strengths and Weaknesses ?
      • You should mention your strengths that are beneficial for them. For example, It should not be like “I am a very good cricket Player”, Rather you should focus on strengths that are related to that job. For example, “I have good communication skills” Or “I Like Interacting with people” Or “I am good at a analyzing Problems and working in a team to find out appropriate solutions”.
  3. Where do you see yourself after five years from now?
      • Answer it realistically and do not say – “I will be in your seat after five years”. Rather you should answer in such a way that ensures that you are interested in making a long-term commitment towards the bank job and will have a long term and mutually beneficial association with them.
  4. If you are working, why you want to leave your current job ?
      • I am really excited and attracted by the social and financial security in the banking sector and moreover, the high recent growth opportunities in banking really motivated me to opt for it as my career.
  5. If you have done B.Tech. or any other technical course then this question will surely be asked to you – Why a low paying Bank Clerk Job after B.Tech. when you can get more salaries in Private sector working as an engineer ?
      • Do not answer in such a way so that the interviewer would feel that you want to avoid work and so want to quit private and join government sector.
      • Rather you should answer It realistically to show your genuine desire of working in a bank. You may say you are here due to high degree of attraction in the banking sector due to recent Positive economical changes and India’s emergence as economical power.

Feb

7

Bankers offer prostitutes to clients

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City bankers entertain clients and try to generate business by offering trips to brothels, MPs heard today.

Kat Banyard of gender-equality pressure group the Fawcett Society told a Treasury select committee hearing into women’s role in the City of London that there was a growing trend in the City to use prostitution to entertain clients.

“We took extensive evidence from individual women who said it was becoming frequent for meetings to be held in lap dance clubs, and I also had women speak to me and say that prostitution was being used in client deals or in ways to generate business – and that all of this culture created a very hostile environment, as you would expect, for female employees of those firms,” she said.

One former City worker who gave evidence to the Fawcett Society said that while working for a top international investment bank in the City, she witnessed a senior manager looking for a brothel to entertain some Russian clients. “I was out drinking with some guys in my team when a very senior guy came over,” she said. “He asked if anyone knew of a good brothel in Edinburgh. He said he had some Russian clients coming over and he wanted them to sign a multimillion-pound deal.”

She added that when she worked in the Tokyo office of the same company, her London-based colleagues would often bring British colleagues over to Japan for “sex trips”, where they would tell the company they were introducing clients to Japanese firms, but were actually visiting a number of seedy sex clubs.

These are modern examples of comfort women, who in the Japanese regime served as sex slaves to satisfy the customer’s or the Japanese Soldiers sexual pleasures.

 

Jan

23

Degrees that are needed for you to land a banking job

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A college education not only teaches a student a subject, it also teaches organization and discipline and how to complete difficult tasks, which are critical skills in a banking career. If you sincerely wish to pursue a career path in the banking industry, start with a high school diploma. Next, work toward either an associate’s degree or a four-year bachelor’s degree in finance, business, accounting, or any related field. Seeking out internships or trainee positions with either a local or a national bank or a credit union may also be helpful for applicants seeking banking careers.

1. Associate’s Degree. A person looking for a banking career would be well advised to work toward obtaining an associate’s degree with an emphasis on subjects related to the banking industry, such as accounting, statistics, business, or any other related fields. The completion of any degree program in banking will aid a person in seeking promotions, greater pay, and higher responsibility and authority. An Associate of Arts or an Associate of Science in many banking fields such as banking, finance, business, and accounting can be obtained usually at a two-year community college and from certain trade, vocational or occupational schools that offer a degree program.

2. Bachelor’s Degree. A bachelor’s degree is invaluable for someone interested in a career in banking, particularly if the person is ambitious, likes challenges, and seeks a meaningful and stable career. Without a bachelor’s degree, many managerial positions, and virtually all senior-level positions will not be available, no matter how talented and skilled the employees may be. Furthermore, the knowledge and education that the professional will receive with one of these types of degrees will enhance the job performance of the banking employee.

3. Master’s Degree. A master’s degree in a banking field, such as finance, accounting, business, economics, or computer technology and science can succeed in catapulting professionals in banking careers in mid-level position to more senior positions, gaining those professionals increased pay and bonuses, along with higher authority, more responsibility, and greater career success.

 

 

Jan

23

There are accounting jobs in the banking industry!

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Accountants at banks fill the same basic function as almost any other type of public accountant. They examine financial statements, financial records, balance sheets, tax returns and accounting systems for accuracy and completeness. A bachelor’s degree in accounting is usually necessary, but some banks seek candidates with a master’s degree in accounting or business administration. Advanced certifications, such as Certified Public Accountant or Certified Management Accountant, can improve your job prospects. In 2013, salaries range anywhere from $43,250 to start to $84,250 with five or more years of experience, according to a survey by Robert Half Finance & Accounting, a national recruiter for financial professionals.

Auditors are hired by banks to uncover any mismanagement of their funds. Most banks seek candidates with a bachelor’s degree in accounting, but a B.S. in internal auditing is preferred — though few universities offer such specialized programs. A master’s degree in accounting or an advanced certification in the field, such as Certified Internal Auditor or Certified Financial Services Auditor, can open additional doors in the industry. Salaries start at $49,750 a year and go up to about $80,500 with years of experience, according to Robert Half.

Larger banks may employ hedge-fund accountants. These accounting professionals maintain and monitor cash projections and liquidity views, as well as reconcile prices, positions and values of the assets and liabilities of a portfolio for the bank or its patrons. Larger banks may also employ mutual fund accountants. These professionals manage the accounting, pricing and reconciling of mutual funds for the bank or its patrons. Duties include anything from calculating net asset value and monitoring cash settlements to reporting pricing issues and ensuring compliance with the SEC and IRS. A bachelor’s degree in accounting and previous work experience in public accounting is usually preferred. A master’s degree in accounting and the advanced designation as a Certified Mutual Fund Specialist can do wonders for your career. In 2013, mutual fund accountants earned $43,500 to $67,750, depending on experience.

 

Jan

18

Erased from paper

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Japan has taken its campaign to rewrite its wartime history into the classroom with demands that a US publisher remove “inaccurate” descriptions of tens of thousands of women who were forced to work as sex slaves before and during the war.

The move by the country’s foreign ministry comes after a Japanese publisher said it would delete text and depictions of the women, most of whom were from the Korean peninsula, from textbooks used in high schools.

Suken Shuppan, a Tokyo-based publisher said it had successfully applied to the education ministry to remove references to “Japanese comfort women” – a euphemism for sex slaves commonly used in Japan – from three social studies and politics textbooks.

The publisher has refused to explain why it had sought for permission for the change.

The education ministry approved the revision, which applies to texts that will be used at the start of the new academic year next spring.

In 2014, Japan’s conservative administration, led by Shinzo Abe, tightened curriculum guidelines that require publishers to state the government’s official view on contentious issues.

“The idea is to strengthen state control over textbooks,” said Mina Watanabe, at the Women’s Active Museum on War and Peace in Tokyo. It should explain why it erased the terms and the government should explain why it accepted the change.”

Under Abe, a nationalist, Japan has attempted to play down controversial episodes in its modern history, including the Rape of Nanking, the treatment of Allied prisoners of war, and the coercion of as many as 20,000 women, most of whom were from the Korean peninsula, to work at military brothels.

Images from japanfocus.org and pixgood.com

 

 

 

Jan

5

How to get a bank job in 50 days

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A new study shows that, on average, banking professionals have only about seven weeks – 50 days, to be exact – to find a new post in the financial services industry after leaving an old one. Why 50? It’s all about acting fast and avoiding the “S” word.

The U.K.-based Financial Services Authority broke down the data, finding that hiring practices at 10 big London banks found, on average, that it took just over seven weeks to land a new job after leaving an old one. After that timeframe, the study found getting a banking job tends to be a tougher slog. In fact, after six months, your chances of getting a new post in the banking industry are significantly reduced. How can you speed that process up? Try these career-saving tips:

No Sabbaticals (The “S” Word)

Banks are dynamic and hiring managers at financial institutions want new employees to be up to speed on changes in regulations, technology innovations, and trading practices. Even a six-month sabbatical can make you, in banking parlance, a weaker asset base from an informational point of view.

Do Your Homework

Banks want new hires who are plugged in to what the bank is doing, what its business strategy is, and who can hit the ground running without any major learning curve.

Get “Insider” Knowledge

Study online job boards and seek out reviews of the bank you’re pursuing from former employees. Both Glassdoors.com and CareerBliss.com offer company reviews and insider knowledge about financial services companies.

Get Visible

Take advantage of that “quick path” by building up your list of contacts on career-oriented social media sites like LinkedIn LNKD +0.45%.

 

Jan

2

Fields in the banking industry

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All financial firms in the banking industry, as well as the various banking regulatory agencies and associations, offer many paths for the person interested in a banking career. Most senior-level positions will require at a minimum a four-year college degree in finance, business, accounting, or a related field, but many entry-level positions can be obtained with a high school diploma or a GED. In addition, many larger banks and some of the regulatory agencies offer intern or trainee positions and many also offer continuing education for the ambitious employee, including college scholarships and student loans.

 

Typical careers within a financial institution may include bank teller, bank manager, credit, mortgage, or loan officer, and bank officer. Within each of those careers, depending on the size of the bank and the size of the department, are many levels of authority and responsibility and, therefore, many opportunities for advancement. Positions available within the regulatory industry include bank examiner, compliance examiner or officer, financial and/or compliance analyst, and economist. Again, within each of these areas are many levels of authority, duties, and support. It is not uncommon for talented and experienced banking professionals to be recruited for more senior-level positions both within their own banks and by other competing banks. While it may seem that as the financial world becomes more dependent on computers and automation, and therefore may require fewer employees, the fact is that banks are growing all over the world and are competing against each other constantly for business and customers. This means that banks will continue to search for applicants for the many careers available in the field. Skilled banking professionals, in any of the types of banks within the industry, should always be able to secure lucrative positions with a financial firm because of both population and economic growth.

 

Dec

24

Common Banking Interview Questions

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We’ve gathered together the questions you’re most likely to be asked at an interview for a graduate role or an internship at an investment bank – and we’ve even given you ideas for answers to some of them too.

Remember you’ll also need to be prepared for the questions that employers in any sector might ask – for example, ones about your professional experience, strengths and weaknesses, and aspirations.

As you’re interested in a career in banking, plenty of reasons should spring to mind, and if they don’t you should consider choosing another path!

As you’re interested in a career in banking, plenty of reasons should spring to mind, and if they don’t you should consider choosing another path!

 

Your motivation for working in banking

  1. Why do you want to become an investment banker and is there anything that puts you off working in investment banking?
  2. Why do you think you’re suited to a career in investment banking?

As you’re interested in a career in banking, plenty of reasons should spring to mind, and if they don’t you should consider choosing another path!

Often students are attracted to the intellectual challenges and high-profile nature of the dealings of the finance world, the fast pace of the work here, and the rewards on offer, all of which are very valid reasons for applying to a bank.

But they’re also valid reasons for applying for jobs in other parts of the finance world, so make sure you explain why you want a job at a bank, and in your chosen area in particular. Perhaps you’re keen for the broad and deep financial training and prestigious experience that only a leading bank can offer?

Your interviewers may also ask if anything puts you off banking. If you have any real doubts, an interview is not the place to air them, but it’s a great idea to show that you’ve considered the difficulties the industry is currently going through before choosing to make an application.

You might say that you’re attracted to the particular professional challenges and opportunities a period of flux in an industry can offer.

Your understanding of a job in banking

  1. What do you think you will be doing during your first year in investment banking?

Much of your answer to this question will depend on your role – so do some careful research into your chosen department.

In M&A, you might spend much of your time on financial models related to the deals you’re working on, while in a trading role you might start out by assisting more senior members of the team before being given the chance to manage a trading book yourself.

Beyond that, it’s important to show that you’ll be keen to take on responsibilities, but that you also recognise that your first year is about learning the ropes, which usually means include following instructions from others and completing some mundane tasks.

  1. What types of financial models will you build and what purpose will they serve?

Image from: thegatewayonline.com