What are new graduates doing to be attractive to banks entry-level analyst programs?
@ABABankers @TheBanker @CIOonline @RiskDotNet @FT
Interesting question.
Banking sector MTO - Management Trainee Officers Program vary from country to country.
In my country Bank Staff Colleges train young graduates to become bankers.
The hired graduates have to undergo an intensive training course by attending several In-house boot camps or lecture hall workshops before they are moved into the formal workplace.
What qualifications will help you get such a job?
Your entry ticket is not just your degree but your overall personality.
#Bankers are very particular about a candidate’s acumen, foresight, personal appearance, style of speaking, reading, writing speed and dressing.
These things are collectively taken into consideration at the time of the interview and during the assessment tests.
A banker cannot be poorly dressed! That's for sure.
Be very, very particular about your style of dressing. FORMAL!
Now which subjects might help you enter into an #MTO Program?
In the first world, banks recruit graduates from a wide variety of backgrounds.
Most of the candidates after getting their first job, also prepare themselves further for undertaking their day-to-day responsibilities, by doing an additional professional exam or qualification, such as the CFA, FRM, PRM, CISA, ACCA, CPA, CA, SOA Exams and so on, etc.
In many countries, young bankers are expected to pass the Institute of Bankers Diploma during their period in service.
Another example =>
Level 3 UK Financial Regulation qualification (UKFR) is also an option before entering the Banking and the Financial Services industry in the City.
libf.ac.uk/docs/default-s…
I am not too sure about other exams and tests that are required across jurisdictions.
Let me break down the kind of qualifications each role might require at a Retail Bank =>
1.Treasury and Fund management would require a specialist degree in Financial Engineering, Investments, Money and Banking, Economics, Econometrics, Actuarial Sciences, Quantitative Finance, #Econometrics or any other closely related field.
2.Even MBA Finance might help you a bit.
That is the norm in the banking industry, in most countries.
MBA Banking/Finance or a management degree is the standard-bearer qualification for getting a job in the financial services industry.
3.Additionally =>
a.#CFA
b.#CQF
c.#FRM
d.#PRM
e.#SOA Actuarial exams (Quantitative Portfolio Management/ risk analysis, derivative pricing/hedging and other Quantitative roles)
4.Retail Banking roles might require a degree in Business studies or management science with a specialization in Marketing or Sales.
Again an MBA / BBA Marketing might just help
5.Corporate Banking roles vary!
An MBA would be the right qualification to push your application forward.
Even good honours degree in an appropriate subject from a good university might break the ice!
6.Operations in banking is a vast field. Different subjects and degrees might open the doors.
7.#AML /KYC MLRO Roles might require a degree in Commercial Law or International Banking Law.
Several professional exams and tests exist in different jurisdictions.
8. Trade Finance and Correspondent Banking might require a degree in International Finance or #Economics or International Money and Banking and so on etc.
Many UK universities offer such qualifications. Even a degree in International trade law or financial law might be useful.
9.Private Banking, Wealth Management, Private Equity, and Asset Management roles require a CFA!
An MBA in Finance or a very good MS/ MSc / MA in an Economics or Finance related stream might also be helpful.
10.#Brokerage and Sell-side Financial Research within banking might surely require a CFA.
11.Buy-side research might require a higher degree in Financial Economics, Operations Research or Econometrics.
Even decent degrees in #Mathematical Finance or Investments might be helpful.
CFA is a must in addition to your basic degree or degrees!
12.Derivatives and Quantitative Trading might require higher degrees in Math, Statistics, Physics, Econometrics, Actuarial Science or any other highly numerate subject such as Machine Learning.
You better have a look at the CQF Program.
This is very much in demand these days.
13.Risk Management might require a specialist qualification in Actuarial Sciences or Risk Management.
a. Financial Engineering can help you to move into QRM Quantitative Risk Management
b.Professional exams such as the IRM Diploma / FRM /PRM / CERA
c.Even further professional training in COSO/ISO31000/ BCM/ DRP/ BASEL might help your cause.
14.IT / MIS / FINTECH and other roles might require a degree in ML/Analytics/ Data sciences/ IT or Computer Sciences.
15.Treasury Back Office roles might require a degree in Accounting.
16.Product Development is a vast field and might require a very good in a highly numerate subject.
You need to also have the skill sets to design the financial and risk management features of a product, which requires additional training in Financial Engineering or Mathematics
17.
#Credit Underwriting and Loan Examination and Portfolio Management Roles includes= > (RM - relationship management and credit marketing/ Middle Office - Credit scoring and grading/ Back Office - CAD Credit Administration and Portfolio Monitoring Roles)
These are basically learned at the bank itself! you will undergo several workshops and training modules.
Bank Staff Colleges take great efforts to impart knowledge in this particular area.
However, for a formal role in #Credit Management, an #MBA or an undergraduate degree in Finance/ Accounting/ Maths/Economics/ Marketing/ Quantitative Finance or a specialist degree in a subject related to either Money or Banking might also be considered.
18.#Compliance careers are also sought after roles. You can do better with a degree in Law.
But they are no hard fast rules here!
Banks train graduates in regulatory matters.
19.Financial Reporting is dominated by #Accountants or Tax Experts.
#CPA / CA/ #ACCA are all solid entry tickets.
Even a basic degree in #Accounting or Financial Law can help you get a job in the Finance Department.
20.#Auditing might require #CISA Examinations.
Depends on what kind of auditing roles are available? Different Audits require different qualifications.
E.g. the #CFE Exams are for Fraud Examination.
Even an Accounting qualification might be helpful for you to enter into IAD.
21.Banking Law Department roles require a degree in Law.
22.Branch Banking might require a different set of qualifications. No one degree can train you to become a branch banker. Bank will also train you to better understand the processes.
23.Investment Banking and Corporate Finance are different ball games.
This is not Retail Banking, but some Retail Banks do offer IB products and services.
Again a CFA might be helpful or an MBA in Finance.
24.#SME or Business #Banking is similar to Corporate or Retail Banking, Banks will train you to become a Middle Market Lender.
25.etc.
Read the following online blog on the subject.
Might enlighten your further =>
efinancialcareers.co.uk/news/finance/q…
efinancialcareers.sg/news/2017/12/f…
The most important skill in Asian banking, and 13 ways you can get it
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