How to be a good banking and finance manager?
It is not easy being a banking or finance manager and neither everyone can become one. While one can be good at accounts and economics, but that doesn’t mean he or she will fit in the shoes of a manager to whom a whole company or a group of companies look for strategic advice on important financial matters. What if your advice doesn’t deliver on the expectation of the client? Will you be able to handle the aftermath of an advice going the wrong way? The first requirement to become a good financial manager or banking manager is having faith in your abilities which comes either from experience or proper education.
Education requirements: In order to get this position one needs to be acquainted with the concepts of capital flow inside an economy. This will require a candidate to either pursue a degree in economics or accounts. Once the graduation is complete, it can be followed by a postgraduate diploma in either banking & finance management or an MBA in Banking & Finance Management, whichever the student prefers. The course is normally of two-year duration during which the student learns about the various nuances of money management. These programs are well-structured and can help one develop innovative strategies and solve the financial problems of an organisation, end to end. Once the candidate completes the program successfully, he is ready to explore a wide scope of job opportunities in different financial institutions such as insurance companies, asset management companies, consultancies, banks and securities and investment brokerage, amongst others.
Developing the right attributes:
If one aspires to be a financial manager, he or she should start thinking like one. Same goes for banking manager position. In order to excel in this role, one should have the ability to manage and support staff by continuously motivating them. The job specifics will also involve developing, implementing and evaluating sales policies and proficiency is required in the same. One needs to develop a long-term vision of the industry and how policy changes are going to affect the economy. He or she should also have an in-depth knowledge of the whole financial industry.
The job prospects:
It is a competitive market out there for budding banking and financial managers. But it is mainly healthy competition since there is a growing requirement for qualified professionals in the biz world. Employers are looking for candidates who have good proficiency in accounting and finance and a master’s degree is especially going to help the aspirants get their dream job. Besides the necessary educational qualification and knowledge, candidates having a good computer proficiency and strong communication skills stand a better chance of getting the job. There are plenty of bank jobs for people with good qualifications and experience as more and more banking institutions are hiring for these positions.
In the coming decade also there will be ample opportunities for job growth for banking and financial managers. This is because as the economy expands there will be a greater requirement of professionals who can provide credible financial expertise. New businesses are being created every day and the existing businesses are also expanding, which amounts to more job opportunities being created in this field. From 2010 to 2020, the employment is going to grow 9 percent which is a healthy rate. As per the data provided by Bureau of Labor Statistics, the median salary of professionals in this field is approximately $103,000, which is amongst the best. However, the road ahead isn’t going to be as easy and there is going to be tough competition since the numbers of job openings are going to be lesser than the number of applicants.