Careers in the banking sector have diversified as the industry has been evolving and expanding at a rapid pace. A sharp rise in the number of banks and financial institutions (BFIs) over the last few years has added more facets to the banking industry. In a bid to stand out among the crowd, BFIs have been focusing on offering innovative products and services like bancassurance, investment banking, bullion trading and internet banking besides their traditional products.
As banks begin offering specialised banking products and services, professionals aspiring to enter banking must have must have specialisation in the core area where one intends to work, apart from fundamental banking knowledge.
Mega Bank Chief Executive Officer (CEO) Anil Shah said professionals willing to make a mark in bancassurance must have sound knowledge of the insurance market in addition to traditional banking. Bancassurance refers to selling of insurance and banking products through the same channel, most commonly banks selling insurance products along with their banking products.
According to NIC Bank CEO Sashin Joshi, one can be successful in banking irrespective of one’s background. However, one should study continuously after entering the industry. “One must have an analytical mind and a lot of common sense,” said Joshi. “Some areas in banking require a specific set of skills.”
For instance, an individual working in bullion trading and treasury needs to keep updated with the bullion market every minute throughout the world. One must be aware of the markets in various locations like Tokyo, New York and London. “A good career in bullion trading requires quick decision-making skills along with lot of guts to make bold decisions at times,” said Joshi.
Similarly, persons wanting to work in investment banking should have relationship management and interpersonal skills apart from technical knowledge. “This is because an investment banker has to perform an advisory role,” said Joshi. Investment banking involves helping customers raise funds in the capital market and giving advice on mergers and acquisitions. This may involve helping investors to subscribe to a security issuance, coordinating with bidders or negotiating with a merger target.
According to Shah, those having experience in mutual funds are best suited for investment banking. “An analytical mind with the ability to play with numbers is essential for an investment banker,” said Shah.
Kist Bank Deputy General Manger BN Gharti said that the banking industry in Nepal will witness many innovations in the near future as it moves to reach out to the 70 percent of the population that is out of formal banking channels. “Such innovations will create various new careers in banking at mid-level managerial positions,” he added. “In a bid to excel in such positions, one must have good aptitude and the right mix of attitude.”
source: Subedi, Bibek (2011),"New career opportunities emerge in banking", The Kathmandu Post,3 Jan 2011
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