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Why to Choose a Banking Career

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The world of banking is an exciting field that offers an assortment of options for the career-minded individual. There are many opportunities available ranging anywhere from entry level to the highest tiers of upper management. If you are willing to be a team player, to work hard and are good with numbers, then working in the banking industry could be an excellent career move.

The Facts

When considering a career in banking, it is important to understand the sole purpose of a banking institution. Banks receive monetary deposits and, therefore, can lend money because of these deposits. In addition, banks protect finances, while also offering credit, loans and various payment options, such as money orders and checking accounts. Furthermore, banks can provide investment and insurance products and services.

Types

There is a vast selection of banks around that offer a multitude of solutions, while catering to a specific market. This gives you an array of choices when trying to decide what area you would like to focus on when choosing a career in banking.

For example, the most popular banks are commercial banks. These banks offer numerous services and can vary in size--from a large bank serving international customers to a small, local bank that works with neighborhood residents. On the other hand, a credit union is a place where people with common interests, such as where they work, put their money. When it is time to get a loan, these same people borrow from the credit union. Moreover, a federal reserve bank is a government agency that helps monitor the banking arena while carrying out financial services for the government.

Benefits

With a banking career, you can learn an array of new things. Jobs in the industry are diverse and provide a varied selection of specialties at your fingertips. In addition, with so many segments to work in, the possibilities are never ending. Pay rates are competitive with an exceptional chance for growth for hard-working, talented individuals. Some positions require travel, which can make the career even more appealing and rewarding for many.

Job Options

As far as occupations, there are many from which you can choose. Positions in finance, business and management offer higher salaries and a plethora of opportunity. However, some of the most popular areas of banking are in support positions, and many people get their start as tellers and work their way up.

Considerations

It's important to keep in mind that you need certain traits to flourish in the banking arena. For starters, most good bankers have a knack for finance, while also possessing good people skills, impeccable attention to detail and an admirable work ethic. Without these characteristics, a career in banking may not be right for you. Also, the traditional approach to banking is long gone, and now, a background in sales and marketing is a sought-after trait in a successful banker. Furthermore, in addition to a formal education, flexibility and a working knowledge of the Internet is a plus.

Resources

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