So, how do you choose a career in banking? If you’re considering a banking and financial career in Singapore, this blog will help you find your fit
What Does a Banking Career Look Like?
Banking is not just about counters and cash. The sector comprises many areas. Understanding these can help you see where you might fit.
- Retail Banking: It provides banking services directly to individual customers rather than businesses. The services include savings and checking accounts, personal loans, mortgages, and credit cards through bank branches, online platforms, ATMs, etc.
- Corporate Banking: This area works with large companies and businesses. It provides services like business loans, cash management and helps businesses to manage their finances.
- Investment Banking: This role helps companies raise money, mergers and acquisitions, and manage complex deals. It can be intense and fast-paced.
- Private Banking: This area serves high-net-worth clients. It focuses on wealth management, investments, and tailors banking solutions. It requires strong financial knowledge, trust, and the ability to build long-term relationships.
- Risk and Compliance: This ensures institutions operate safely and within legal boundaries. It helps the institution adhere to laws and regulations while protecting against financial loss, fraud and operational threats.
- Fintech and Digital Banking: This is where technology meets banking. It leverages on advanced technologies to develop and improve on existing services. It includes mobile apps, online payments, security systems, etc.
Step 1: Understand What You’re Good At
To pick the right career, you need to know yourself. Think about:
- What do you enjoy doing?
- What are your natural skills?
- What work style suits you?
Step 2: Learn About the Job Roles
While job titles can appear esteemed, the responsibilities and tasks you perform daily are what truly hold significance.
For example:
- An Analyst will analyze and evaluate financial data for management to make informed business decisions.
- A Client Manager will speak with people, build trust, and close deals.
When exploring recruitment in banks, always check what the job really includes. Job portals, LinkedIn, and even YouTube videos can help. You can also talk to people who are already working in the banking sector. Ask them what a day looks like in their job.
Step 3: Look at the Location and Growth
When planning for long-term prospects, adopting a global perspective is crucial. Singapore distinguishes itself as a highly significant and promising market.
The banking and financial sector in Singapore offers:
- A strong banking system
- A stable economy
- Global banks with regional roles
- Growth in areas like green finance and technology
Many professionals move here in pursuit of accelerated career advancement and good work-life balance
Step 4: Explore These Career Paths
Let’s look at some common job roles in banking. This will give you a good sense of what’s out there.
- Retail Banking Relationship Manager : Works at branches or customer service centres. Assists customers with accounts, cards, and loans. Needs strong communication skills.
- Risk Analyst: Identifying and evaluating potential threats to the bank. They assess various risks, such as market, credit and operational, and implement strategies to mitigate such risks.
- Credit Officer: Evaluates, assesses and approves loans applications of individuals and businesses. Able to read financial reports with good analytical skills.
- Compliance Officer: Ensure the institution complies with all applicable laws, regulations and policies to mitigate legal risks and promote ethical business practices.
Skills You Need for Any Role
No matter what banking path you choose, some skills are always in demand:
- Numerical and Analytical skills
- Clear speaking and writing
- Teamwork
- Good decision-making
- Understanding of technology
Step 5: Prepare and Apply
- Education: A Degree in Business, Finance, or Economics can help. But many banks welcome candidates from diverse academic backgrounds. Expanding your knowledge through relevant courses can enhance your profile and help you stand out
- Internships: An internship is the best way to start. It gives you a real look at the work. Many banks offer summer internships that lead to full-time roles.
- Graduate Programmes: Many banks run full-time graduate programmes. These focus on recruiting and training you across different departments. Rotations across departments allows you to gain broader exposure and identify the role that best fits.
Conclusion
Banking offers a wide range of career paths. Start by understanding your interests and strengths, to explore roles that align with your career goals.
The industry is evolving quickly, with opportunities that are diverse, financially rewarding, and geared towards the future.
Choose a role that suits your personality, your style of work, and your long-term goals. That’s how you can find the right career for you.