Handling a job in banking requires a high level of responsibility and demands certain personality qualities in a person. Employers are increasingly seeking candidates who have particular skills and qualities to ensure that they have made a worthy investment. These are some of the essential expertise and attributes you would need to succeed in banking.
1. Technical skills
You could advance your career if you possess skills in financial reporting, IT, tax and financial regulation. You may also focus on risk management and compliance to be able to predict and manage risk within your bank.
2. Industry awareness
You should be able to anticipate financial trends and future business developments across the globe. Because careers in banking are in constant evolution, there is a growth in shared services and business transformation outsourcing. These areas are increasing in prominence in this economic cycle.
3. The all-round package
Employers seek people with excellent financial reporting skills and an eye for detail alongside strong knowledge of financial products that escalate revenue and drive new levels of activity. You should also possess a genuine understanding of the organization you want to work for.
4. Audit and compliance skills
If you specialize in audit and compliance, your employment opportunities will increase, as companies want to ensure they comply with enhanced regulatory requirements. The University of Kent reveals that finance managers are increasingly finding it difficult to fill audit positions or secure compliance skills.
5. Product and valuation control
The investment banking market is in great need of specialists in product and valuation control. You will improve your hiring chances if you possess experience in leadership and management.
6. Global outlook
Banks often look for professionals with international work experience as they seek to thrive in the face of the global financial crisis. Knowledge and experience in international finance could be valuable to a bank that wants to focus more on the next phase of its growth.
7. Financial problem-solving ability
You should understand the wider business and utilize that understanding to contribute to the strategic and commercial decision-making process. These qualities could help you steer the bank through the credit crunch by consolidating the gains made in the longer-term.
8. Management skills
The increase in demand for business partners means that banks will require professionals who can execute new strategies and changes. You, therefore, need to demonstrate a strong ability of making meaningful liaisons with leaders from other organizations.
9. Communication skills
You should possess excellent communication skills, as you may have to work on project teams with various departments. Your ability to communicate fiscal information to financial and non-financial audiences may come in handy.
You should show the ability to stay at one banking job for a long time, despite the high-pressure environment of the business. This ability could signify stability and a career that has progressed well. Banks will be willing to hire you because they will know that they may utilize your services for as long as possible.
With these tips, you can ascertain whether you are best suited for the challenging jobs in banking.
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