Best Careers in Banking and Finance

Banking involves a number of areas, specializations and a wide range of roles. Careers in banking and finance can be a very exciting option but given the vast and varied industry that it is, arriving at a career path and making a choice to follow it, can sometimes be daunting. In addition, the vast number of designations and specializations in each area differ from bank to bank and sometimes there might also be overlaps in certain areas. However it is a given that the number of career opportunities within banking and finance are numerous. For example, some careers might involve client interaction, some might be operational in nature, and some would involve trading and derivatives and so on and so forth.

Large investment banks are usually divided into two main areas: corporate finance or investment banking and sales & marketing with trading. Careers in banking and finance in an investment bank usually involves capital raising, debt and equity, mergers and acquisitions, services involving financial advisories and in some areas activities concerning merchant banking. Within the sales and trading division an employee might be engaged in analysis and research, distribution and brokerage of trading securities amongst other such activities. It is important to know the difference between the numerous functionalities within an investment bank during your quest for the right career path in banking and finance.

If you are a young graduate who has just passed out from a management school or college, you might want to enroll in a specific training program or banking internship that will provide you the valuable opportunity of gaining an understanding of what a financial institution is all about and kinds of opportunities available. These specific programs in different banking departments maybe of varying nature; some programs may offer a cyclical structure in various areas while others might have a specific emphasis on a particular specialization. An internship that offers a cyclical structure can give you the chance of experiencing the various opportunities available in a particular department within the bank. Prior to entering into an internship program or graduate plan, remember to look into the duration of the program. At the end of the day, irrespective of the kind of program you enrol in, a good internship will give you valuable knowledge about the basics of banking or finance before you even start on your career path. In addition to the technical and soft skills needed to succeed in careers in banking and finance, a good training program will also offer you an inside knowledge about the institution’s vision and strategy and a broad introduction of what the company stands for.

Careers in banking and finance are usually well paying, but if you are starting out your career as an intern do not look at the salary, rather look at the reputation of the banking or financial institution you are going to be a part of and the valuable knowledge that you will gain for your future.

Florida Department Of Banking And Finance

The Florida Department of Banking and Finance provides Florida consumers with information and education they need to make informed financial decisions. For example, some of its important services can be listed as follows.

Consumer assistance and answers to general insurance and financial questions are available through our toll-free help line. These help lines are available through regional service offices or website. The Florida Department of Banking and Finance claims that each year, our specialists handle more than 450,000 consumer calls.
The regional services offices are located strategically throughout the state and provide consumers with access to one-on-one guidance regarding insurance and financial issues.
The Florida Department of Banking and Finance offers free community outreach programs that reach thousands of Floridians each year.
The department has also partnered with the Department of Elder Affairs to conduct a special outreach program helping seniors with their insurance concerns. This is known as SHINE, in short. The abbreviation is Serving Health Insurance Needs of Elders.
The Florida Department of Banking and Finance also offers free consumer guides. They do not take a single penny from the consumer for making the guide available to them. The consumer guide has been made available by the Department on a range of topics relevant to today’s insurance and finance markets. If you want to have that consumer guide, the best way is to order or review it online. What is more, you can also get the printout of the online consumers guide.

5 Cons of Entry-Level Banking and Finance Jobs

Having a banking job is the best way to start out a career in the finance industry. Once you get in, it’s not difficult to keep your job. When you start out as a bank teller, you are considered as a student of the bank. There, you learn the ins and outs of the industry, preparing you for your venture into the bigger world of corporate finance.

Alas, with all the advantages come the disadvantages as well.

1. Fixed Schedule
If you enter the banking industry as a teller, you’ll find that you have no control whatsoever of your schedule. This is in sharp contrast to other financial career paths such as a financial consultant who works whenever he wants. At entry level banking jobs, you work the standard day shift. Even if you want to work overtime for a little bump in your pay, you can’t do so unless there’s a directive from the higher ups.

2. Salary Expectations
If you’re drawn into the world of finance because of the promise of financial freedom, prepare to be disappointed. If you’re just starting out, don’t expect to be paid as much as the veterans are. Instead, use your current situation as a starting position. Work your way up diligently from there. As long as you’re in the banking business, you’re pretty much set if you’re hardworking.

3. Employment Difficulty
As mentioned above, it’s easy to keep your position in a bank once you get in. Getting in is another matter. You may find that it is a little difficult to get employed with a bank. When applying for a teller, a background in customer service is smiled upon although not a requirement. When you do get in, however, the training you receive and the skills you develop can be applied in other career paths.

4. You’re in the Front Line
Entry level banking jobs mean you’re going to be doing the talking to customers. As anyone with customer service experience can tell you, this can be stressful. There will be customers that just can’t be reasoned with. You’re going to need to do a lot of mental preparation to survive it.

5. Potential Hazards
Banks are prone to robbery. It may not happen as frequently as the cliché goes, but it is still a possibility. Most banks offer training on how to handle robberies so you need only follow protocol if such an event happens; God forbid.