Positions in Banks and its Requirements.

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Are you qualified and want to get a job in Banks? This article would help you select the best position to apply for, and also help you with the application requirements.

Banks

The banking industry is essential to a country’s economy. It functions as a financial services industry, which is why employers must be within the financial field.

In case you are wondering what kinds of jobs and careers there are in the banking industry, this article will give a list of the top 10 job categories in the banking industry. The following are the top 10 job positions in the banking industry:

1. Bank Teller

This is an entry-level position in the banking industry. The bank tellers are the face of the industry. This job position requires good communication and computer skills and a bank teller must possess at least a high school diploma.

2. Loan Officer

The loan officer is an important employee in both commercial and retails banks, as well as other loan institutions. A loan officer helps clients and customers apply for loans and also oversees the process.

The loan officer acts as a point of contact and facilitator between the loan institution and the client. This position requires a bachelor’s degree in finance, economics, or any related field.

3. Financial Analyst

A financial analyst plays a role in helping businesses or individuals make investment decisions. An analyst is required to have a bachelor’s degree in administration. Also, with accounting, finance, or statistics, a master’s degree is most preferred.

4. Personal Financial Adviser

A personal financial adviser helps to manage customers’ money to meet their long-and-short-term goals which may include planning for retirement, paying for college, etc.

An adviser identifies different options and helps individuals their money. However, this job position requires a minimum of a bachelor’s degree in accounting, economics, or finance.

5. Accountant

This is one of the well-known positions in the banking industry. Also, the accountant analyses, planning, and evaluates business expenses and income.

An accountant is required to have a bachelor’s degree in accounting or a related field, but a master’s degree is also preferable.

6. Auditor

However, the role of an auditor is to analyze and examine accounting records and prepare financial reports for clients. This position usually requires a bachelor’s degree, but a master’s degree is of added advantage.

7. Collector

A collector keeps track of accounts that are overdue and attempts to collect payment on them.

Therefore, this position requires computer literacy and good communication skills and a collector must possess at least a high school diploma, but a college degree is preferred.

8. Treasurer

A treasurer is to direct the financial goals, objectives, and budgets of an organisation. The duties also include overseeing the investment of funds and executing strategies for raising capital.

A treasurer is required to have a bachelor’s degree in accounting, business administration, economics, or finance, but a master’s degree is also preferred.

9. Buyer

A buyer reviews demand and get parts to meet the production requirements. Therefore, the buyer buys the goods and services needed by a company either to sell them to customers or for use by the establishment.

This position requires a bachelor’s degree or master’s degree in business, economics, or any related field.

10. Budget Analyst

A budget analyst provides analysis and helps companies to help develop their annual budgets, decides how to allocate current resources, and estimates future financial requirements.

Meanwhile, a budget analyst is required to possess a bachelor’s degree in accounting, business, economics, finance, statistics, political science, or sociology, but a master’s degree is often preferred.

General Eligibility Criteria for Job Banking Industry

However, to be eligible for these jobs, the applicants must meet the following requirements:

1. Possession of B.Sc, HND, NCE, OND in relation to the applied position from a recognized institution.

2. Any added certificate either postgraduate or professional certification will be of advantage.

3. NYSC Discharge/Exemption Certificate.

4. Applicants must not be above 35 years old.

5. West African School Certificate (WAEC) or Senior Secondary School Certificate (SSSC) with Credits in not less than three (3) subjects including English and at least passes in two (2) other subjects; or

6. Candidates must have National Examination Council (NECO)/General Certificate of Education (GCE) Ordinary Level with passes in four (4) subjects got at one sitting or five (5) subjects got at two sittings including the English Language.)

7. National Diploma (ND) got from a recognised institution. National Certificate of Education (NCE) from a recognised institution.

Also, with the General Certificate of Education (Advanced Level) two (2) subjects got at one sitting or three (3) subjects got at two sittings.

Must be computer literate.

Shortlisted Applicant Update

If you’ve been shortlisted, then you’ve got your foot in the door. And it’s time for you to shine at the final stage – the interview.

However, it could be a telephonic, Skype, or face-to-face interview. And this is depending on the employer. When shortlisted:

1. Endeavour to get information about the company.

2. Also, ensure you have a clear vision. Try to figure out why you want the specific position. And how you would be a good fit. Also, go through your application.

3. Additionally, be interactive. It’s an interview, not an interrogation. There is much more to you than your resume.

4. Practice goes a long way. Thus, take mock interviews with your friends or practice speaking before a mirror.

5. It’s rare, but sometimes you get an offer letter directly based on your application. However you plan the celebration, remember some points before you go into that party mode: Get it in writing.

6. Also, go over the written offer. And make sure we mention all important details and ask questions if you understand nothing. Such as work profile, start date, duration, stipend, etc.

7. Send a thank-you letter to the employer once you accept the offer.

8. Also, follow up with an e-mail confirming your start date and expressing your enthusiasm for your new role.

FAQ About The Positions in the Banking

Here are frequently asked questions about The Positions in the Banking. We have provided answers to these questions. Kindly study them carefully.

1. What are the roles and responsibilities of the banking sector?

Banker Responsibilities:
Managing client bank accounts, including opening and closing accounts, and overseeing transactions. Processing deposits, payments, and withdrawals.
Authorizing and evaluating overdrafts and loans. Handling other transactions, such as writing cashier checks or money orders, when necessary.

2. What are the challenges facing the banking industry in Nigeria?

Despite these efforts, the Nigerian banking system is yet to reach true stability. They tied a big part of this to failing to address three lurking challenges: Non-Performing Loans (NPLs), Capital Adequacy, and Corporate Governance.

3. What are the key areas in the banking process?

Core Banking Processes and Recent Strategies
1. Lending Operations – Personal.
2. Lending Operations – Business.
3. Lending Operations – Security.
4. Customer Accounting.
5. Cheque Processing.
6. Other Payments Processing.
7. Account Maintenance.
8. Cash Handling.

5. Is banking a good career in Nigeria?

The banking industry in Nigeria stands out as one of the most attractive industries for qualified candidates in Nigeria.
They revealed evidence of this in the ranking of 3 banks within the top 10 in the Best 100 Companies to Work For in Nigeria.

More FAQs on Position in Bank

6. Which is the highest position in bank?

Managing Director and CEO: The topmost post in public sector bank is Managing Director and CEO of the bank

7. What are the problems faced by banking sector?

The biggest risk to India’s banks is the rise in bad loans. The slowdown in the economy in the last few years led to a rise in bad loans or non-performing assets (NPAs).
These are loans which are not repaid back by the borrower. They are, thus, a loss for the bank.

8. What is meant by clearing in the bank?

Clearing in the banking system is settling transactions between banks. Millions of transactions occur every day. So, bank clearing tries to minimise the amounts that change hands.

9. What does BPO stand for in banking?

Banking business process outsourcing
Banking business process outsourcing or banking BPO is a highly specialized sourcing strategy. Also, used by banks and lending institutions.
Therefore, to support the business acquisition and account servicing activities associated with the customer lending lifecycle.

10. What is KYC banking?

Definition of KYC
Know Your Customer is verifying the identity of the customer. The aim of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities.

11. What are the benefits of being a banker?

Bankers have access to a retirement plan, life insurance, disability insurance and flexible spending accounts for health care and child care.
Other commonly offered bank job benefits include paid time off, free financial services, adoption assistance and fitness programs.