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.
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.
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
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.
Take advantage of that “quick path” by building up your list of contacts on career-oriented social media sites like LinkedIn LNKD +0.45%.
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.
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.
Your motivation for working in banking
- Why do you want to become an investment banker and is there anything that puts you off working in investment banking?
- 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
- 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.
- What types of financial models will you build and what purpose will they serve?
Image from: thegatewayonline.com
You just got word that you landed a job interview with a company that really interests you — only there’s a slight catch.
You won’t be meeting with your interviewer(s) face to face. Instead, you’ll be taking part in a phone interview, the results of which will determine whether you’re invited to meet with company representatives in person.
Many companies use phone interviews as an initial employment screening technique for a variety of reasons. Because they’re generally brief, phone interviews save companies time. They also serve as a more realistic screening alternative for cases in which companies are considering out-of-town (or out-of-state and foreign) candidates.
So the chances are pretty good that, at some point in your job hunt, you’ll be asked to participate in a 20- to 30-minute phone interview with either one person or several people on the other end of the line. In many ways, the way you prepare for a phone interview isn’t all that different from the way you’d get ready for a face-to-face interview — save for a few slight additions to and modifications of your list of preparation tasks.
Here’s what to do:
- Treat the phone interview seriously, just as you would a face-to-face interview.
- Have your resume and cover letter in front of you.
- Make a cheat sheet.
- Get a high-quality phone.
- Shower, groom and dress up (at least a little).
- Stand up, or at least sit up straight at a table or desk.
A phone interview seems so informal on the surface that it can be easy to fall into the trap of “phoning it in” — i.e., not preparing for it as well as you would for an in-person interview. Don’t get caught with your guard down. Be sure to research the company, study the job description, and practice your responses to anticipated questions, just as you would for any other interview.
You’ll almost certainly be asked about some of the information that appears on these documents. You might also want to have in front of you any supporting materials that relate to information in your resume and cover letter, like documents you’ve designed or written, a portfolio of your various projects, or the written position description from your key internship.
Image from: spoki.tvnet.lv
Here’s the conclusion to the Networking Q&A podcast posted a few weeks ago – in this one we cover how to network internationally (like Jason Bourne, minus the multiple identities), when to give up, how to make yourself more valuable, moving between different groups, and finance and consulting-specific questions.
A lot of these questions come down to a simple test: How badly do you want to get a job (or internship)?
If you want something badly enough, you’ll do whatever it takes to get it – you might think there are super-secret strategies to get results for you, but everything comes down to your own motivation.
Here’s a quick summary of the questions we cover within:
This was a very common question – lots of readers were looking to move to different countries between internships and full-time jobs.
“How do you maintain and continue to develop a network with recruiters, analysts, MDs, etc. while you’re studying abroad for an extended period of time in a foreign country? How can you make up for the lack of personal interaction?”
“If you work overseas, how do you get to America in office, transfer, and general recruiting networking?”
Some readers were frustrated with their lack of progress networking, and asked when it’s appropriate to give up.
“When do you think it’s time to actually throw in the towel after all of your networking efforts, developing relationships and cold calling, just don’t pay off? Say it’s May and there’s only one month left before Analyst training which effectively closes the window of opportunity. What do you do?”
“What to do when contacts, alumni friend referrals, are really about to vanish or dry up. I’ve scoured different databases and social networks and am really beginning to run out of contacts after holding over 35 informational interviews.”
Image from: matome.naver.jp
Many business students want to work in investment banking, but they freeze during the interview when asked some of the more common technical questions. Getting the first interview is often a difficult task all on its own, so you need to be ready to answer whatever questions the interviewer throws at you. For example, could you answer the following common questions?
1. What are the ways of valuing a company?
2. What are the advantages of raising funds through bonds rather than equity?
3. What happens to various figures in the financial statements, if $100 is added to the current depreciation account?
If you don’t have a ready answer for questions like these, you need to do more preparation before your job interview. Read on to learn the answers to these common questions, and what you need to know before you arrive.
Nothing is more offensive to an interviewer than a candidate who comes in not knowing anything about the position. Showing that you understand not only the general practices of investment banking, but also your specific duties should provide a competitive edge. First-year analysts do not pitch deals to CEOs or publish research reports about hot stocks/sectors. An entry-level position mainly involves creating PowerPoint presentations, compiling comp tables and making pitch books. Although financial modeling and financial statement analysis are the bread and butter of the investment banking profession, don’t go into an interview with the presumption that you will perform such tasks on your first day on the job.
image from: www.money.si
There was a time when work in Korea did not mean work in construction, nursing or construction. During the World War II, work for women meant work as comfort women. Although it was Japan that was associated with the term ”comfort women”, with the Japanese Imperial Army forcing other Japan-occupied countries to be their sex slaves, women also served as Korean comfort women at that time. When US forces came to Asia, they were well aware of the comfort women brothels that were opened at that time. Women from Japan, and as history says, Korea and the Philippines, also suffered from being comfort women for the US army. Women would be forced to have sex with soldiers who did not care for the women they raped. Years have passed, and the comfort women of today are still seeking for justice to be served. Fortunately, the type of work that Japan is seeking now is that of legal means and within human rights.
In relation to banking jobs and women in career paths, women graduating from college with business degrees are less likely to get early job offers than their male counterparts, according to new data from Bloomberg Businessweek. The data show that 52 percent of female business majors who graduated this year had been offered a job by January, compared with 57 percent of male students. The students were surveyed as a part of Bloomberg Businessweek’s 2014 Undergraduate Business School Rankings, released in April, but the information on job offers was not public until now. The 5 percentage-point gap may seem small, but the results are statistically significant, indicating that for the 25,000 students surveyed at 132 colleges, gender is a factor in predicting the likelihood of getting an early job offer.
Some industries show a big advantage for men, even fields that primarily attract women. Jobs at nonprofit companies, which women are three times as likely to pursue as men, put women at the biggest disadvantage, with a larger gap in job offers than investment banking. Among men seeking a nonprofit job, 53 percent had an offer by January, compared with 32 percent of women. The most equal industries, where women and men were offered jobs at roughly the same rate, were banking and financial services (excluding investment banking), consulting, and retail.
a. banking jobs- www.itweb.co.za
b. comfort women- www.irrawaddy.org