Career in Commercial Banking

There are dozens of roles within commercial banking and they are distinct in terms of credentials and talents, what you are expected to do, the ideal personality types, salary, work hours etc. But, at the end of the day, it’s all about one thing: delivering commercial banking services.

Let us discover Career in Commercial Banking!

What is Commercial Banking?

A commercial banker must be able to communicate with customers and provide recommendations based on their requirements. They basically needed to have problem-solving capabilities for handling cash accounts and future cash constraints. In addition, the following obligations are included:

A commercial banker is responsible for evaluating loan applications, supervising bank employees, coordinating personnel, and meeting with customers, among other things.
They are also in charge of reviewing the account’s state and developing a good business plan as well as analysing competition.
Senior commercial bankers are also in charge of a bank’s balance sheet and services.

Career in Commercial Banking

Some career opportunities one can discover after getting enough knowledge about this field are –

Credit Analyst

Experts who can evaluate consumer and business loan applications and make solid lending judgments based on the information they assess are needed by commercial banks. They must forecast the bank’s future cash flow, assess its financial stability, and collaborate with the bank’s other financial specialists. A Credit Analyst must be a meticulous person who can initiate and assess credit reporting procedures while also reporting to the banking board.

Branch Manager

Branch Managers are in charge of managing all activities in the bank and are accountable for the general direction of the branch. They assist with the opening of new accounts, loan origination, customer interaction, staff advice, and safe deposit box activities. They must have excellent customer service skills, as well as quantitative and organisational abilities. They also need to be well-versed in the banking industry. They supervise employees and are in charge of enhancing and improving the bank’s performance.

Programmers

All banks are required to have secure software systems, which must be managed and maintained by competent programmers with extensive knowledge of the banking business. Financial account processing software that streamlines processes, adapts to changing industry standards, and allows for flexible real-time access to accounts, data, and history is required by banks. Software must adhere to the standards that banks must follow, as well as be user-friendly for both bank staff and consumers. To ensure security and keep the system free of outside penetration, programmers must execute risk assessment tests directly.

Mortgage Banker

Mortgage bankers are experts in giving house loans. They work in the bank’s lending department, where they analyse loan applications, visit with clients, run credit checks, and assess client credit worthiness. They give clients financial advice, such as how much debt they have, which debts they should pay off, and how much money they’ll need to buy or refinance a home. They also offer advice to customers who have been denied a loan. Mortgage bankers also cultivate and maintain contacts with industry specialists such as real estate brokers and developers in order to solicit new loans.

Eligibility

A bachelor’s degree in finance, accounting, or business administration is typical for commercial banking managers. Other majors that include finance, business, or management studies may be allowed. Financial planning, portfolio management, commercial lending, financial statement analysis, business math, securities management, and legal compliance are all skills that an undergraduate student should learn.

Candidates with a master’s degree in business administration, finance, or economics get enhanced analytical skills as well as knowledge of financial analysis methods and tools. The Master of Business Administration provides students with a wide basis of business abilities that may be applied to a variety of professions, whereas the Master of Finance is highly focused, focusing solely on finance-related topics.

Average Salary

Commercial Banking professionals positions vary by industry, expertise, bank size, and market position. The median yearly pay in this industry is $89,000. Commercial banking managers with five or more years of experience may expect to make around $130,750 a year, plus more than $15,000 in yearly incentives. Vice presidents and managing directors might make upwards of $172,500 a year in addition to bonuses.

Market demand

The worldwide commercial banking market is expanding rapidly and will continue to do so in the coming years. Commercial banking’s progress in the BFSI sector has created attractive chances for all types of businesses to obtain funds from commercial banks and put them to constructive use in order to contribute to the economy’s growth. It accepts deposits from the general public and makes loans against those deposits for investment purposes with the goal of making a profit.

Resources

Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain a full understanding of the domain, you can use the following tools:

Firstly, Online Tutorials for Commercial Banking
MBA in Commercial Banking or any other allied field
Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
In addition, Online communities
Moreover, Blogs and study material from experts in this field and many more.

Here are some examples of how you can improve your abilities:

Freelancing
Internships
Apprenticeship programs

The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.

Some resources offered by Vskills

Vskills offer Commercial Banking certification for all those interested in working in this field. This certification course covers the following topics –

Commercial Banking System
Banking System and Performance Measurement
Scheduled Commercial Banks
Risk and Uncertainties
Capital Management
Investment Management
Liquidity Risk Management
Credit Risk Management
Derivatives for Risk Management
Interest Rate Risk
Foreign Currency Dealing
Foreign Currency Risk Management
International Banking

Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –

Discover the career opportunities and other prospects of career in Commercial Banking. Hurry up and start preparing now with Vskills.in!