Banking
Types of Banking Careers
There are hundreds of jobs in the banking industry. There are many career paths to choose from when seeking long term employment in investment banking careers, private banking careers or retail banking careers. Each type of banking provides slightly different services, depending on the clientele they service on a daily basis.
Investment banking involves many aspects of managing capital, stocks, corporate mergers and corporate acquisitions. Investment banks generally make their money by consulting with companies and governments and are usually closely involved in buying and selling securities and insuring bonds. An investment banker is generally called an advisor and is required, in the United States, to be a licensed broker who is regulated by the Securities and Exchange Commission. A background in finance advisement, the stock market or accounting is generally helpful when looking to enter into the investment banking industry.
Private banking differs from investment banking in that it deals more directly with the day to day cash flow of high end consumers and businesses, usually exclusively dealing with assets in the hundreds of thousands to millions of dollars. In this case, the term private is meant to infer banking on a more one on one level. The bankers in private banking are also generally referred to as bank advisors and are dedicated to the growth and maintenance of wealth for their clients. A background in finance, accounting and customer service can assist those looking for a career in private banking.
Retail banking is the type of banking that everyday consumers are used to seeing on the corner and in the supermarket. Retail banking refers to large or nationwide chain banks with many branches available for everyone. This type of banking usually offers basic checking and savings accounts, home loans, personal loans, along with credit and debit cards. The retail banking industry can be a good starting place for those looking to enter into a higher level banking career in private or investment banking.
There are many types of people who work in each type of banking industry, from former military personnel to those who started their careers in teaching or nursing. The banking industry in general lends itself to many types of personalities and customer service levels. From the everyday retail banking customer service agent to the exclusive investment advisor who brokers million dollar corporate mergers, there is a career opportunity for anyone looking to enter into the banking industry.
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