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Career in banking
Posted on 4/8/13 at 4:14 pm
Posted on 4/8/13 at 4:14 pm
I was wondering if anyone had any tips for starting a career in banking (commercial/retail). I don't necessarily have a path in mind (i.e. branch banking vs. wholesale) but I'm interested in learning what some recommended certifications would be, the significance of a finance degree (vs. another degree or no degree), stuff like that.
5
Posted on 4/8/13 at 4:21 pm to Dead Mike
Get a poli sci degree
That's what I did anyway.
That's what I did anyway.
Posted on 4/8/13 at 4:23 pm to Dead Mike
Affirmative Action is gonna work in your favor
Posted on 4/8/13 at 6:14 pm to Dead Mike
Kind of a vague question but ill give it a shot.
There aren't any for commercial/retail banking that I can think of. A Series 7 would be necessary if you did any work with securities (brokerage or wealth mgmt).
An accounting degree will be more useful to you for entry level positions in commercial lending.
If you go that route, you can get a job as a teller or working in a call center.
This is pretty general, but there are tons of different things that you can do at a bank.
quote:
recommended certifications
There aren't any for commercial/retail banking that I can think of. A Series 7 would be necessary if you did any work with securities (brokerage or wealth mgmt).
quote:
significance of a finance degree
An accounting degree will be more useful to you for entry level positions in commercial lending.
quote:
no degree
If you go that route, you can get a job as a teller or working in a call center.
This is pretty general, but there are tons of different things that you can do at a bank.
Posted on 4/8/13 at 7:03 pm to ZereauxSum
Graduating in econ this May. Did an internship with Capital One last summer and have a full time job in commercial credit analysis that I start July 8.
Posted on 4/8/13 at 7:07 pm to I Love Bama
quote:
Get a poli sci degree
Literally any degree from certain schools seems to land investment banking slots. Other schools . . . . nothing.
Posted on 4/8/13 at 7:33 pm to NC_Tigah
Check into being a bank examiner for the fedgov...pay and benefits are legit, regulation isn't going anywhere, and you'll either like it and make it a career or make tons of contacts and end up in the private sector side of things as a banker or consultant.
Posted on 4/8/13 at 7:34 pm to Tiger4Ever
quote:
regulation isn't going anywhere
FML truer words have never been spoken.
Posted on 4/8/13 at 7:46 pm to BayouBengal7391
quote:
Graduating in econ this May. Did an internship with Capital One last summer and have a full time job in commercial credit analysis that I start July 8.
Congrats. I believe you're entering at a terrific time. Commercial RE lending is on the rebound so there should be good opportunities for you in the near future. Hope you enjoy it
Posted on 4/8/13 at 7:50 pm to ZereauxSum
quote:
FML truer words have never been spoken.
I'm not an expert on many things, but...in my wheel house was that one.
This post was edited on 4/8/13 at 7:54 pm
Posted on 4/8/13 at 8:06 pm to NC_Tigah
quote:
Literally any degree from certain schools seems to land investment banking slots. Other schools . . . . nothing.
My friend who interned at Goldman said she interned with history majors from Harvard.
Posted on 4/8/13 at 8:21 pm to ZereauxSum
Thanks Zereaux. Appreciate the kind words. I'm hoping that the timing works out as well as we're thinking. I'm actually slated to do a rotation in CRE so I'm pretty psyched about that.
Posted on 4/8/13 at 10:55 pm to BayouBengal7391
If you're about to graduate, there are a lot of management trainee programs where you cycle through different lines of business in banks. I know BBVA, BB&T, and Regions do this at least.
Posted on 4/9/13 at 1:15 am to Dead Mike
Been in commercial banking for nearly 8 years now. A BS in finance or accounting would be beneficial. I know that our screening process for new hires places a heavy emphasis on the ability to demonstrate an understanding of financial statements (balance sheet, income statement, and cash flow statement) and how changes in accounts affect each other.
There really are no certifications that would benefit you at an entry-level position. But if you want to look into something, RMA offers a Credit Risk Certification. Pretty pricy though.
There really are no certifications that would benefit you at an entry-level position. But if you want to look into something, RMA offers a Credit Risk Certification. Pretty pricy though.
Posted on 4/9/13 at 11:17 am to GeauxColonels
quote:
Check into being a bank examiner for the fedgov...pay and benefits are legit, regulation isn't going anywhere, and you'll either like it and make it a career or make tons of contacts and end up in the private sector side of things as a banker or consultant.
Spoken like a man that knows what he's talking about
Posted on 4/9/13 at 11:32 am to Im4datigers
Who me?
Posted on 4/9/13 at 11:38 am to Tiger4Ever
Thanks for the responses. My OP was pretty vague so in the interest of full disclosure, I have a degree in an unrelated field and am at the bottom of the career ladder currently. Mostly looking for tips to move up.
Posted on 4/9/13 at 11:41 am to Dead Mike
Finance/accounting degree. Intern every summer you can, get into a training program with a bank. In Nola, Whitney, Cap One, Iberia, and Chase all have one. This is the only way you'll make it into commercial banking (starting from an entry level position at my current employer) without any connections. And usually getting into the programs are tough without connections.
Posted on 4/9/13 at 1:37 pm to Dead Mike
The FDIC hires "mid-career" people from ALL different backgrounds.
Trust me on this one....it is the fedgov after all.
Trust me on this one....it is the fedgov after all.
Posted on 4/9/13 at 2:15 pm to Tiger4Ever
quote:
Check into being a bank examiner for the fedgov...pay and benefits are legit, regulation isn't going anywhere, and you'll either like it and make it a career or make tons of contacts and end up in the private sector side of things as a banker or consultant.
That's where I started back in the 70's - as an Assistant Bank Examiner in the FDIC's Orlando Field Office. The "tons of contacts" statement is no exaggeration. By my 3rd year with them, all of us in the office were receiving job solicitations at the rate of one every 60 days from the banks we had examined. I accepted one of them and never looked back.
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