Banking has long been considered one of the most stable and lucrative industries for those seeking a career in finance. With various opportunities across different sectors, including retail banking, investment banking, and corporate banking, numerous career paths are available for those interested in pursuing a career in banking.
A banking career can offer various benefits, including competitive salaries, opportunities for career advancement, and exposure to different financial products and services. As the banking industry continues to evolve and adapt to changes in the global economy and technological advances, there are also many exciting opportunities for innovation and growth.
Top Jobs in the Banking Industry
The banking industry offers a wide range of career opportunities for those interested in finance, from entry-level to high-level executive roles. Here are some of the top jobs in the banking industry:
Investment Banker: Investment bankers are responsible for raising capital for clients through underwriting and other capital markets services. They typically work with large corporations, governments, and financial institutions on mergers and acquisitions, initial public offerings (IPOs), and debt and equity financing.
Commercial Banker: Commercial bankers work with small and medium-sized businesses to provide various financial services, including loans, lines of credit, and cash management services. They also work with clients to manage risk and develop financial strategies to support business growth.
Financial Analyst: Financial analysts work for banks or other financial institutions, analyzing financial data and producing reports to inform investment decisions. They may also be responsible for developing financial models and projections to support business strategy.
Wealth Manager: Wealth managers work with high-net-worth clients to manage their investments and provide financial planning services. They may also guide estate planning and tax strategy.
Risk Manager: Risk managers are responsible for identifying, assessing, and managing risk within the bank's operations. They develop risk management strategies and ensure that the bank complies with regulations and industry standards.
Compliance Officer: Compliance officers ensure that the bank complies with laws, regulations, and internal policies. They develop and implement compliance programs and monitor the bank's operations to identify and address potential compliance issues.
Operations Manager: Operations managers oversee the day-to-day operations of the bank, including customer service, back-office operations, and technology infrastructure. They are responsible for ensuring that the bank runs smoothly and efficiently.
These are just a few examples of the top jobs in the banking industry. Other roles may include credit analysts, financial advisors, loan officers, etc. Ultimately, the best career in the banking industry will depend on your skills, qualifications, interests, and the needs of the bank or financial institution you are considering.
The average salary in the banking industry in Malaysia varies depending on the specific job title, level of experience, and location. Here are some approximate salary ranges for a few common banking jobs in Malaysia:
Investment Banker: Entry-level investment bankers can expect to earn around MYR 60,000 to MYR 100,000 per year, while mid-level professionals can make between MYR 150,000 and MYR 300,000 or more. Senior investment bankers can earn upwards of MYR 500,000 per year.
Commercial Banker: Entry-level commercial bankers can expect to earn around MYR 40,000 to MYR 60,000 per year, while mid-level professionals can make between MYR 100,000 and MYR 200,000 or more. Senior commercial bankers can earn upwards of MYR 400,000 per year.
Financial Analyst: Entry-level financial analysts can expect to earn around MYR 40,000 to MYR 70,000 per year, while mid-level professionals can make between MYR 80,000 and MYR 150,000 or more. Senior financial analysts can earn upwards of MYR 300,000 per year.
Wealth Manager: Entry-level wealth managers can expect to earn around MYR 50,000 to MYR 80,000 per year, while mid-level professionals can make between MYR 120,000 and MYR 250,000 or more. Senior wealth managers can earn upwards of MYR 400,000 per year.
Risk Manager: Entry-level risk managers can expect to earn around MYR 50,000 to MYR 80,000 per year, while mid-level professionals can make between MYR 100,000 and MYR 200,000 or more. Senior risk managers can earn upwards of MYR 350,000 per year.
These approximate salary ranges may vary depending on the individual's qualifications, experience, and the specific bank or financial institution they work for. It's important to note that some banking jobs, such as tellers and customer service representatives, may have lower salaries than the abovementioned roles.
FAQs
Q: What is the best answer to 'Why do you want to join the bank'?
A: The best answer to this question will vary depending on your personal experiences and career goals, but a good answer could include your interest in the financial industry, the opportunity to learn and grow within the organization, or a desire to help customers manage their finances and achieve their financial goals.
Q: Is banking a good career option?
A: Banking can be a good career option for individuals interested in finance who enjoy working with numbers and people. It offers career growth and development opportunities, job stability, and competitive salaries.
Q: How to switch my career from banking to another industry?
A: To switch your career from banking to another industry, you should first research the industry you are interested in and gain any necessary qualifications or experience. You should also update your resume and cover letter to highlight your transferable skills and relevant experience and network with professionals in the industry to gain insights and make connections.
Q: Is banking more lucrative than engineering?
A: Banking and engineering can be lucrative career options, but it ultimately depends on the specific role and industry. Both fields offer high salaries and job stability opportunities, but the earning potential may vary based on experience, education, and expertise.
Q: How to start a Banking career?
A: To start a banking career, you should first research the different roles and positions within the industry and determine which area of banking you are interested in. You should also gain any necessary education or certifications and experience through internships or entry-level positions. Networking with professionals in the industry can also help you gain insights and make connections that can lead to job opportunities.
Get our Feb-Bulous promotion now while it's cheaper than any other day at just RM10 per day!
