Making the decision to switch careers can be a daunting and overwhelming experience. The process of re-defining your professional goals is one that should not be taken lightly. For those considering a career change from banking, this blog post will provide you with information and tips to help you make your transition as smooth and successful as possible. We will address the challenges and changes associated with a career shift from banking to another field, and offer advice on how to make a successful transition. We will also provide guidance on researching and exploring new career opportunities, recognizing and leveraging existing skills, and networking to build relationships that can help you in establishing your new career. Finally, we will discuss the importance of creating a plan for your career development and how to make the most of the resources and tools available to you. With the right information and support, you can make a successful career change from banking to the field of your dreams.
- Personal Finance Advisor. Salary Range: Bottom 10% earn $18,500. …
- Fraud Examiners. Salary Range: Bottom 25% earn $23,500. …
- Investment Banker. Salary Range: Bottom 10% earn $19,500. …
- Stockbroker/Traders. …
- Actuary. …
- Auditor. …
- Bank Compliance Officer. …
- Loan Officer.
Tips for making a career change from banking
There are steps you can take to get yourself ready for a smooth transition into a new role when you leave the banking industry. Reviewing your background, education, and aspirations can help you determine the best course of action. Here are some additional suggestions to support you as you make a career change:
Define your goals
You can choose the best career path by being aware of what you hope to achieve with it. For instance, if you want to be more creative at work or are interested in a more collaborative role, you may want to think about your priorities when choosing a new career and look into positions that meet your requirements. It can be beneficial to as closely define your objectives as possible due to the wide range of jobs available to banking professionals looking to transition to new roles.
Consider earning new credentials
If you intend to pursue a career that is very dissimilar to banking, going back to school may help you acquire the necessary skills. In-depth training in a new field may be provided by a bachelor’s or master’s degree, but you could also enroll in a certificate program to learn the fundamentals of the field you want to enter. To make sure you have the credentials employers prefer, it might be helpful to research the educational requirements for the position you choose to target.
Focus on transferrable skills
Knowing how to use your current skills can help you qualify for positions outside of the banking industry if you have a background in banking. Consider switching to finance, for instance, to put your aptitude for math and familiarity with financial rules to use. Other banking abilities that could be useful in different career paths include:
Develop professional relationships
Having a strong professional network can help you find mentors who are authorities in their fields, learn about new opportunities, and get ideas for career moves. It might be especially beneficial to try and make connections in the industry you’re after. By participating in professional gatherings, using social media, and discussing your career goals with dependable coworkers, you can expand your network.
16 careers to pursue after leaving your banking job
Here is a list of positions you may want to look into if you want to leave banking. Please click on the links below to view the most recent Indeed salaries:
Math teachers’ main responsibilities are to instruct students in mathematical subjects like calculus, geometry, algebra, and statistics. Typically, these experts create lesson plans, make presentations, give demonstrations, give homework assignments, design and administer tests, and grade student work. Additionally, they might meet with students one-on-one or in groups to give specialized feedback and impart knowledge.
A consultant’s main responsibilities include recommending tactics to clients or employers in order to maximize operations and profits. These experts might carry out tasks like studying the rivals of their clients, studying market information, creating statistical models to forecast financial performance, and advising executives on marketing choices. Some consultants might provide expert guidance on particular subjects, like technology, acquisitions, or finance
Principal responsibilities: Professors at colleges and universities instruct students about specialized disciplines. These experts frequently conduct lectures, assign papers and projects, facilitate group discussions, design and oversee exams, and evaluate student work. They frequently collaborate with a teaching assistant who assists them with administrative tasks, and they frequently host office hours where students can ask specific questions and request personalized feedback.
Writing grant applications with nonprofit organizations is one of a grant writer’s main responsibilities. These experts typically create grant proposals, direct presentations, draft and edit unique letters to donors, and keep track of grant proposal deadlines. By creating marketing materials and reaching out to potential attendees, grant writers may also assist in organizing fundraising events and assisting in the creation of fundraising campaigns.
Primary responsibilities: An accountant is a finance expert who assists businesses in achieving their financial objectives. An accountant may be responsible for tasks like creating suggested budgets, completing tax forms, assessing financial risks, keeping thorough financial records, assisting with payroll, and auditing a company’s spending. These experts could also provide tips on how to cut costs while generating more money.
A compliance officer’s main responsibilities include monitoring the complex legal and ethical issues that arise during an organization’s operations. These experts may draft and update internal policies, keep abreast of all applicable laws and regulations, and conduct audits to make sure business activities follow the rules they’ve established. In order to properly recommend compliance, compliance officers may also develop trainings to inform staff of policy changes and expectations as well as to assess the ethical implications of company actions.
An auditor’s main responsibilities include assisting companies in maintaining accurate, legal financial records. They may be responsible for checking the efficiency and accuracy of financial records, working with compliance experts to ensure compliance, analyzing and processing claims, preparing tax returns, and paying tax bills. Additionally, auditors may examine business contracts and make suggestions for enhancing internal accounting procedures.
Entrepreneurs are professionals in business who are in charge of a business they have founded. These experts may recruit staff, generate improvement ideas, direct research and development initiatives, supervise the creation of prototypes, produce marketing collateral, and create their company’s brand identity. Entrepreneurs frequently develop a growth strategy, build connections with investors, and network with potential customers.
A financial analyst’s main responsibilities include reviewing statistical data, analyzing it, and providing insight into how well a company is performing financially. These experts may carry out tasks like financial forecasting, investigating investment opportunities, tracking changes in company assets, spotting market trends, and creating reports and presentations to effectively communicate their findings. ERP systems can be used by financial analysts to gather and analyze data about all of an organization’s operations.
Primary responsibilities: Financial technology associates use technological tools to give businesses financial insight A financial technology associate may develop financial models, write software code, and build algorithms, all of which are typically used to provide business advice and forecast profits and losses. Additionally, these experts might conduct research and develop fresh financial technology.
The main responsibility of an attorney is to represent clients’ interests in court. These experts may conduct in-depth investigations, choose case witnesses, review documents for evidence or confidential information, draft filings, letters, and other legal documents, work with courts to comply with document demands, and prepare for trials and depositions. Lawyers can also educate businesses about the laws, regulations, and rights that affect them and offer advice on how to stay compliant in their particular industry.
The main responsibilities of an asset manager are to help clients get the most out of their financial assets, such as cash, stocks, real estate, and precious metals. They might organize client portfolios, provide investment advice, write reports outlining risks and projections, and research market activity to determine the best course of action for their client or employer. The purpose of asset managers’ regular meetings with stakeholders is to discuss changes and suggest fresh approaches to boost returns on investments (ROIs).
A business analyst’s main responsibilities are to assess business processes and make improvement recommendations. Meeting with stakeholders to understand their needs, gathering client feedback, creating key performance indicators (KPIs), and instructing team members are some of their duties. To determine the scope and resources for a specific project, these experts may also counsel quality assurance (QA) teams and work with other project teams.
Real estate agents’ main responsibilities are to assist clients in buying and selling properties. These experts might be employed in residential or commercial real estate environments. They frequently carry out duties like giving tours of properties, giving pricing advice to sellers, investigating available properties, negotiating contracts, setting up inspections, writing closing documents, and liaising with appraisers, accountants, and loan brokers.
A director of finance’s main responsibilities include overseeing an organization’s financial expansion strategy. They may be in charge of creating budgets, authorizing expenditures, allocating resources to departments and projects, managing financial risks, and keeping an eye on corporate taxes. These experts may also be in charge of managing analysts, accountants, and managers who work in the finance division of their employer.
Actuaries are financial experts whose main responsibilities are to assist businesses in minimizing risks and preparing for unforeseen circumstances. An actuary may determine corporate insurance policies, estimate the financial impact of unforeseen events, forecast the likelihood of disasters or injuries, and create presentations for executives and stakeholders. Actuaries use computer modeling to represent their assessments and statistical analysis to gain insight into potential risks.
Career Change: The Questions You Need to Ask Yourself Now | Laura Sheehan | TEDxHanoi
FAQ
What jobs can I do with banking experience?
- Bank teller.
- Financial clerk.
- Accountant.
- Investment banking associate.
- Credit analyst.
- Auditor.
- Commercial banking officer.
- Bank marketing manager.
Is banking a good career path?
A career in banking provides a wide range of opportunities, as well as the chance for quick career advancement, all with competitive pay and benefits. The rewards can be great for those who are willing to take on the challenge. Wide range of job roles—not just in finance!.
Is banking a good career 2021?
One of the most demanding, competitive, and fulfilling careers in the corporate world is still banking. It provides the best opportunities for career growth, an unrivaled chance to learn about other markets, and unbeatable exit strategies.
Is a career in banking stressful?
More than two thirds (67%) of senior-level decision makers at financial institutions say they would consider quitting their jobs within the next year if stress levels do not improve, according to research by MetLife Among banking executives, two out of five say their work is “extremely stressful.” ”.
