What it takes to have a successful career in commercial banking

In a world where technology has made so many jobs obsolete, it’s interesting that banking careers are still going strong. Despite being one of the oldest professions, banking has never lost relevance. It’s no surprise. After all, our society runs on currency. Sometimes, the only way to make money is with more money. That’s where commercial banks step in. They help circulate wealth within the community by taking in deposits and lending money to businesses and individuals.

A career in commercial banking comes with a high level of prestige. It is the type of profession that makes your parents happy, impresses your peers and helps you maintain and secure your life goals.

To achieve success in this business can be tricky. If you are underqualified and don’t have the skills or the inclination for finance, then this is not the right career for you.

However, if you are determined to get into commercial banking, you can create a plan to ensure you land your dream job. It takes a lot of commitment and motivation on your part. You have to ensure you have the proper credentials, mindset and abilities to get your foot in the door. Recruiters look for specific details on a resume before calling the candidate for an interview. Here we will cover all the essential points to help you become a prosperous and formidable commercial banker.

Also Read – Different Types of Commercial Banks and Their Roles in the Economy

How to successfully launch a career in commercial banking

The top commercial bankers of today were the inexperienced freshers of yesterday. They worked hard, imbibed knowledge and learned the tricks and tips of their trade.

There are various job profiles in commercial banking, such as:

• Commercial banking officer
• Financial analyst
• Personal banker
• Relationship manager
• Credit analyst
• Business development manager
• Loan officer

If you want to become a commercial banking professional in the future, here is how finance experts launched their careers in commercial banking.

1. Receive the proper qualifications

The banking industry is a complex and challenging arena. The banks rely on highly educated professionals who understand how finance works and how markets operate. This level of proficiency can be achieved through certain finance courses. The following qualifications have helped launch many careers in commercial banking:

• BBA
• MBA
• CFA
• CFP
• FRM
• Financial Modelling
• Investment Banking PG
• CRM certification

2. Update and enhance your skills

If you examine some of the flourishing careers in commercial banking, you’ll see that the professionals have exceptional professional skills. There are many responsibilities required in the day-to-day functioning of a bank. You are often required to multi-task as well. A strong set of technical and soft skills can go a long way in doing the job well. Here are some of the abilities you need to work in a commercial bank.

• Good communication and presentation skills (especially for relationship managers).
• Organisational and time management skills
• In-depth understanding of the finance industry and economic trends
• Analytical and critical thinking
• Numeracy and mathematic skills
• Problem-solving expertise
• Proficiency in financial topics and concepts
• Negotiation skills

Also Read – 4 Key Differences Between Commercial & Corporate Banking

3. Be up-to-date on industry knowledge

Banking professionals are kept on their toes due to the rapidly changing nature of the financial markets. You need to be sharp, knowledgeable and have one finger steady on the pulse of the economy. This is one of the key requirements for successful careers in commercial banking.

The industry goes through fluctuations, modifications and new trends that can affect your client’s financial background or banking needs. Your sound advice can help them make informed decisions.

As a commercial banker, you must be aware of your competition’s products. Customers tend to compare, so you have to make sure you have a strong argument as to why you offer better services.

4. Make connections through networking

The wonderful thing about social media is it helps you interact with other professionals in your field. You can follow industry leaders, reach out to peers and keep track of job openings. You can also attend seminars, workshops and other industry events for networking. Reputed coaching institutes like Proschool have professors who are finance experts and can help you learn how to connect with other professionals.

Also Read – Breaking Down the Functions of Commercial Banking: An Essential Guide

5. Create a killer resume

Your resume is one of the many that lands on the desktop of an HR manager. From here, it can head to two different destinations — either the recycle bin or the interview pile. Remember, the recruiter spends less than 9 seconds glancing at the CV. So let’s make each second matter.

• Use crisp, active language.
• Use bullet points to state your achievements
• Your resume shouldn’t be more than two pages and one page if you are a fresher.
• List your skills and abilities in a separate, easy-to-read column.

Coaching institutes like Proschool help students craft the ideal resume using tried and tested techniques that grab the recruiter’s attention.

6. Prepare for your interviews

If you got the call to come in for a meeting, congratulations! However, don’t celebrate just yet. Now is the time to plan your next move and focus. You will be judged from the time you enter the room. You must ensure you dress professionally, behave confidently and speak coherently. Practice speaking in front of the mirror, as that helps a lot.

You should also research the company that has called you for an interview. Read up on their background, their current dealings and other relevant information. This is important as it shows you have a high level of interest in working for the bank. If you ace your interview, then you can start your career in commercial banking.

Also Read – Retail vs. Commercial Banking: Here’s A Comparative Guide

7. Apply for internships

You can also start working as an intern. This is a great way to get your foot through the door. Interns gain valuable insights into how a commercial bank conducts business. You get a front-row seat towards several operations and can hone your skills accordingly. An internship gives you perspective on the industry and makes you more informed about a career in commercial banking. If you do your job well, there is a possibility that you could get hired full-time. If not, your internship will enhance your resume and help you ace your future job interview.

8. Prepare for challenges in commercial banking

Many careers in commercial banking have been derailed because the professionals were unable to cope with the challenges. You need to be a keen strategic planner and competent problem solver to deal with the various obstacles that could arise, such as:

• Fluctuations in financial markets
• Economic crisis or recession
• Competition stealing your customers
• Sudden changes in the business landscape
• Cyber security and e-banking risks
• Changes in regulations or new laws

Day-to-day responsibilities of a commercial banking professional

There are a host of daily activities that fall under a commercial banking profile, such as:

• Offering a range of financial services such as credit, term loans, wealth management, investment advice and other banking facilities.
• Creating various types of loans and offering them to concerned parties.
• Providing a range of deposit schemes for customers.
• Managing various individual, corporate or government accounts.
• Identifying and targeting new customers.
• Specialised services for different industries and sectors.
• Empowering low-income entrepreneurs, small-scale industries and rural businesses with customised loaning services.

Also Read – Key skills for Managers in Commercial Banks

How Proschool launched careers in commercial banking

A quality education from one of India’s top coaching institutions can assist you on your journey towards becoming a commercial banking professional. Proschool offers several finance courses such as CFA, CFP, Investment banking and financial modelling. These programs have been specially designed to transform students into cutting-edge finance specialists. The professors are expert industry professionals who offer students a comprehensive learning experience through innovative methods and real-world training techniques. Proschool has a high success rate, with many students clearing their courses and moving on to established thriving careers in finance.

Highlights of learning with Proschool:

• Coaching centres are located in major cities such as Mumbai, Delhi, Pune, Chennai, Hyderabad, Kochi, Lucknow and Kolkata.
• If there isn’t a centre near you, you can enrol for online classes.
• Each course has additional learning resources such as mock tests, prep books, practice papers and lots more.
• Professors are approachable, giving individual attention and moral support to students who need it.
• Certified students can access Proschool’s placement portal to apply for entry-level job openings.
• You also receive special training to enhance your interview and resume writing skills.

FAQs

• What are the different careers in commercial banking and their salary packages?

Below are some of the more popular job profiles and salaries for entry-level positions. Just keep in mind that salaries vary according to the company, office location, job profile and your negotiation skills.

1. Relationship manager — Rs 4 lakh to Rs 8 lakhs
2. Financial analyst — Rs 3 lakhs to Rs 8 lakhs
3. Personal banker — Rs 3 lakhs to Rs 7 lakhs
4. Credit analyst — Rs 2 lakhs to Rs 16 lakhs
5. Loan Officer — Rs 5 lakhs to Rs 12 lakhs

• Are careers in commercial banking lucrative?

Most banks offer good security, attractive salary packages, paid leave and good work-life balance. You also receive several perks and special employee loans. As you get more experienced, you get promoted to higher positions with better benefits. So yes, a career in commercial banking can be lucrative.

• How can I become successful in commercial banking?

It helps to get the right qualifications. A CFA or MBA can help you master industry-specific knowledge and skills. Once you start working, you need to stay committed and work hard. Keep yourself updated on the latest financial information and keep your customers happy. Stay on the path, and you’ll have one of the best careers in commercial banking.

• Do you need a CFA qualification for a career in commercial banking?

It definitely helps since many banks prefer to hire CFA holders. This course is perfect for banking professionals as it lays a strong foundation in relevant topics such as financial analysis, risk management and credit management.

Conclusion

Professionals can start their careers in commercial banking after taking the required steps to achieve the necessary qualifications, skills and knowledge. Banking jobs are challenging and stimulating. You never know which obstacle is around the corner. Your training will give you the presence of mind and expertise to handle the job responsibilities.