The banking industry will be undergoing a more forceful and pervasive disruption than what we have seen in recent years. Deloitte survey found that banking industries will be more open, transparent, real-time, intelligent, tailored, secure, seamless, and deeply integrated into consumer’s lives and institutional clients’ operations. The global banking system also continues its positive streak, with profitability to new post-crisis levels.
As the banking industries gradually improve, so does its job growth. According to the Bureau of Labour Statistics, the employment outlook for the finance industry is expected to grow at a 9 percent rate of change every year. This is a moderate growth percentage when compared to all other industry sectors. That said, there are many opportunities for you who want to pursue a job in the banking industry.
Why the banking industry?
Besides constant job growth, the banking industry also comes with a wide range of job options no matter what your degree, talent, or interest is. Banking industry also gives a competitive salary and excellent benefits. Salary.com estimated that there are approximately 1445 jobs in banking sector with an average salary range from $26,800 to $336,355 yearly.
Working in the banking industry could help open up a wider opportunity for ambitious professionals to advance their career. Most banking companies also offer their employees with training and education while encouraging community service as their strategy to retain their top talents.
What should you prepare?
Just like when preparing for any other job applications, you need to research the banking company you want to apply for, prepare your best resume, and come to the interview on time. However, it should be noted that the interview questions in the banking industry could be different.
In the banking sector, interview questions will mostly focus on your finance knowledge and interest in industry. There are also some tricky questions and quizzes that the interviewer asks as well. To give you a clue, here are the most common banking interview questions.
Why are you interested in this bank?
The most common question recruiters ask, even in banking, is why you want to work at this particular company and not others. This question can also be more specific to what is the current stock price of this company? What do you think is the strength and weakness of this bank? Etc. This question is asked to know your commitment, your true interest, and whether you have done your homework or yet.
To answer this - You should find detailed information about the bank from its stock price to its current challenges. It might sound daunting but it could help you pass the interview. Talking to current employees and asking them about their job could be a big advantage.
When you are applying for an entry-level position in the banking sector, recruiters will often ask the why question. Why banking? What makes you interested in banking? What kind of career do you expect in banking? And other such questions.
To answer this - You need to be original, specific and committed. Explain why banking is more rewarding than other jobs. You can also talk about a reference to leverage and prove your answer. A reference can also help a recruiter dig deeper whether your information and skills can be counted or not.
What do you know about the national or global market?
This question could vary from asking you to demonstrate the current economic situation in your country, the current stock price all over the globe, the economic rate, or the foreign currency rate. This question is aimed to know your market knowledge, be it nationally or globally.
To answer this - You should have a big interest in finance and/or market updates because this answer cannot be from your perspective but by definition. You should stay updated with the stock price and the currency rate around the globe. Make sure to always subscribe or follow global market news.
Technical banking questions
Each sector will have its own jargon and technical idioms. No matter how entry-level you are in the job role you are applying for, a bank recruiter demands you at least to know some of these jargons. The most common jargon asked are Beta, CAPM, WACC, accretion and dilution, etc.
To answer this - You should be able to demonstrate how knowledgeable you are about the term and jargon in banking industry. Hope this list would help.