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For a banking job what kind of course required?

I am a student and enrol in business diploma. #student #business #finance #accounting


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John’s Answer

Hi Jiwanjot,

A banking career may be a good option for students who have strong mathematical skills, and those considering the field should enjoy working with people - many banking jobs involve building and maintaining relationships. There are a variety of undergraduate banking-related degree programs from which to choose. Many students complete a Bachelor of Science in Finance. This program provides students with a strong foundation in the basics of finance and introduces them to important financial topics, such as financial management and investment principles. A Bachelor of Science (B.S.) in Accounting provides students with more accounting-specific coursework, including accounting systems and multinational accounting.

A career in banking may involve working in one of many environments, such as a commercial bank or a private financial institution. Jiwanjot read below to learn about the educational requirements for wider range of banking career job titles.

INVESTMENT BANKER
There are many degree programs to prepare individuals for careers in investment banking. Common majors include accounting, business or finance. Although bachelor's degrees are suitable for many positions, higher level positions in this field may require job applicants to hold master's degrees in business administration or finance.

LOAN OFFICER
Pursuing bachelor's degree in business, economics, finance, or other related fields fields can prepare a commercial loan officer for analyzing the finances of a business, reading financial statements, and understanding the principles of business accounting. Coursework for these programs typically includes accounting, mathematics, finance, economic statistics, and business statistics.

CREDIT ANALYST
Majors that can prepare you for a career as a credit analyst include finance, accounting, economics, business and statistics. Earning a master's degree in one of these areas can help credit analysts stand out from the competition when seeking employment.

Hope this Helps Jiwanjot

Thanks a lot. Jiwanjot K.

Thank You Taylor. “How wonderful it is that nobody need wait a single moment before starting to improve the world.” –Anne Frank John Frick

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Anne’s Answer

Hi Jiwanjot!

There are so many different career paths within banking, especially if you're looking into the investing side too. Personally, I started my career in Marketing and switched to investments, and never looked back.

Many companies look to hire graduates in an entry level role, and they'll look for Finance, Business majors, but this isn't required.

Since my background is mainly on the investing side, I can give advice focused on this aspect:

Anne recommends the following next steps:

If you're still in college, look out for available internships. Most of them have you apply in August, for the following summer.
Look to obtain your Security Industry Essentials exam- This will put you in front of any competition. I believe the cost for the exam is minimal (<$100), and many companies actually pay you a sign on bonus if you have this completed before getting hired.
Network! Get on Linkedin! So many recruiters are out there hiring, and they'll find you!

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Rafael H.’s Answer

While the courses may by university or financial institution, here are some broas areas:

Intermediate Finance
Commercial Bank Management
Financial Markets and Institutions
Securities Analysis
International Financial Management
Financial Risk Management-Financial Engineering

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Emma’s Answer

There is a wide variety of different types of roles within the banking industry all of which mathematics is a foundational skill so I'd recommend a degree with finance / accounting subjects included. If you are looking for a job in accounting this requires more specialized skills and qualifications so you would probably want an accounting major.

Outside accounting there are roles which are client facing in which you advise individuals or businesses with their investments or provide advice on savings or obtaining access to credit. You can also be involved in the banking sector through roles in technology and data analysis which are critical to help banks develop new products.

There are also fintech companies like paypal who are re-defining what banks are and how they manage customers.

The skills you develop through a banking/finance degree will give you great foundational skills for future careers.

Emma recommends the following next steps:

Take a look at jobs that banks are hiring for at the moment and see what excites you. Also look at the preferred educational requirements within these roles to assist with your choice.

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Eileen’s Answer

There are many roles in banking. Some jobs deal directly with customers and other jobs could be more focused on supporting "behind the scenes" like in technology, innovation, marketing or project management.

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Tammy’s Answer

Depends on the type of banking you are referencing. I will talk about 1) investment banking and 2) corporate/commercial banking (lending).

Investment Banking - Take business courses to make sure you have a solid understanding of account and finance, read breaking into wall street guides, network with school alumni and at career events, and apply to jobs. Additionally, you have to find out if you are interested in a product (M&A, Leveraged finance) or coverage (Tech, Industrials, Healthcare) group. It helps if you have experience/knowledge in specific areas. I've seen people complete internships in tech, business development, and wealth management commonly prior to getting into IB.

Corporate/commercial banking is mostly credit underwriting where you look at the strength of the business based on what the business does, historical financials, and whether the company will be able to repay the debt. The most important part for this is accounting as you will have to parse through financial statements and run analyses.

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Richard’s Answer

My son works in finance (entry-level, investment banking), and I spoke with him about your question. There are plenty of hard skills necessary: in order of importance least to greatest, you will want to be decent with excel, understand how companies and industries work and how to analyze them, know what bankers/FAs do/what your firm does, and be up-to-date on news and industry trends. Reading news and completing vault guides is great preparation for interviews.

Banks hire plenty of majors from target schools: econ, stat, math, history, public policy, etc. From non-targets, finance and accounting are your best bets. Make sure to join plenty of student groups too!

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Regina’s Answer

To add to the comments posted here, I would go directly to the websites of major banks and credit unions to see if they offer volunteer or internships. Your school counsellor would be a good resource for this.

You may find this website of interest from Canadian Securities Institute: https://www.csi.ca/student/en_ca/designations/cpb.xhtml

All the best!

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Jackelyn’s Answer

Hi there,

A degree in business, especially with concentrations in Finance or Accounting is extremely leverageable after graduation for a career in banking. For general jobs in banking, I would suggest to take courses in Finance, Accounting and Economics. A degree in Finance or Accounting is very common for bankers.

Finance will give you the background on how the financial markets operate, including the different aspects of finance, such as portfolio management, corporate finance and wealth management, for example. Accounting will give you a deeper understanding of how a Bank's financials are calculated and how certain transactions affect a Company's financial position. Lastly, some background in economics will help you understand how economic impacts such as changes in interest rates affect financial strategies, such as purchasing bonds and other investments.

Best of luck!
Jackie

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Craig’s Answer

Hi Jiwanjot,

Banking is a great field and I echo the sentiments seen in earlier comments - a degree in business would give you a solid foundation of the fundamentals. If you have options, take courses that look at accounting, finance, marketing but don't forget to include other relevant courses (sociology, communications) to maximize your "people skill-set" as banking is all about building and maintaining relationships. I highly recommend reading regularly content of websites such as Bloomberg, Wall Street Journal and the Economist - this will let you have a pulse on what's important to banking professionals.

Cheers,

Craig

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Richard’s Answer

My son is an investment banker, so I will answer from his experiences.

He studied economics, and only took 4 strictly business courses: Financial Accounting, Investments, Corporate Finance, and a more specialized debt/restructuring course. Those are the basics! Go further with strategy courses, but of course that material can be learned in depth via books. Try competitive strategy, Competition Demystified, and modern corp strat books.

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Soha’s Answer

Definitely a general business degree would be good to explore for starters - If you are in Toronto then a York, Uoft and Ryerson are good. If you are looking into colleges, then Sheridan and Seneca may be a good start as well

Thanks a lot. Jiwanjot K.

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Eric’s Answer

Not a class or college course, but you might want to think about applying for a job as a bank teller part-time while going through school. Tellers are the front line for banking and great experience all around for all kinds of finance jobs in the future.

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Colleen’s Answer

Hi,
If you are looking for a career in banking, classes in accounting, finance, and communications will definitely help you. In addition to that, it would be good to add other business courses like marketing, administration, economics, business statistics, etc. to round out your self development and make you a valuable resource for any employer.

Hope that helps!

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Nadia’s Answer

Hi, I would focus in taking classes in math, accounting, finance, economics.

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Vijay’s Answer

There are many great responses around education and soft skills and I echo all of them. There are many facets to Banking as articulated (Commercial Banks, Investment Banks, Research houses, Think tanks, Government and Supra nationals - like World Bank, IMF etc) and so more research on your part on where your passion and skill sets ultimately match will help in the long run.

Key is to develop on daily basis a passion for capital markets reading newspapers, journals, watching and listening to market commentaries.

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Allison’s Answer

Hi Jiwanjot,

Great question!

If you want to work in the banking industry, a general business degree is a great place to start! Finance, Accounting, and Economics courses specifically would help give you a broad background in finances. I would recommend taking as many courses as you can in these areas and anything that is geared specifically towards banking (ex: money and banking course).

Good luck in your future!

Alli Raddant

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JAYAKRISHNAN’s Answer

For a better career in Banking you can do courses related to Finance , Mathematics or Statistics. Programs like CFA,FRM, CQF will be extra added advantage to get a good career in banking segment.

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Kana’s Answer

I see that you are based in Toronto . I would recommend doing Graduation/diploma in Business Management and there are good universities that are offering short term ( 6 months- 1year ) MS courses that combines Information systems and Business Management . This will kick start your career at a higher level than an analyst .

Thanks a lot. Jiwanjot K.

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Michael’s Answer

Finance, economics, accounting classes are the standard base-line items that will get you an interview and provide a foundation for success. Beyond that many careers within banking really rely on sales ability. Classes in public speaking should help.


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Kenus’s Answer

It depends on what kind of role you are looking for in Banking.

In general, any courses within finance/ economics/ accounting is helpful. For example, Economics can help build yourself a good foundation of how you understand the globaly economy which is essential in banking no matter you want to be in retail/ corporate/ investment banking.
Accounting helps you understand valuation particularly useful for finance role and even IBD as you need to do lots of financial analysis.
Finance can build your knowledge practically.

However, if you prefer something more technical, I would say statistics, advanced math, machine learning and big data are helpful too.

Hope it helps!

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JAYAKRISHNAN’s Answer

For a better career in Banking you can do courses related to Finance , Mathematics or Statistics. Programs like CFA,FRM, CQF will be extra added advantage to get a good career in banking segment.

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Satish’s Answer

Top 4 courses for Diploma in Banking, Finance and Insurance in India

PGDM Banking and Finance (NIBM) ...
NSE PGP in Investment Banking and Capital Markets. ...
BSE Banking and Finance. ...
Actuarial Science.

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Satish’s Answer

Top 4 courses for Diploma in Banking, Finance and Insurance in India

PGDM Banking and Finance (NIBM) ...
NSE PGP in Investment Banking and Capital Markets. ...
BSE Banking and Finance. ...
Actuarial Science.

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EMMA’s Answer

To be successful in Banking, one would prevail in courses such as Finance, accounting, economics and business. Banking is a broad industry with many avenues of opportunities. Be sure to research the different career paths within Banking to see which is the best fit for you. Each one of us is driven by different things.

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Kenus’s Answer

It depends on what kind of role you are looking for in Banking.

In general, any courses within finance/ economics/ accounting is helpful. For example, Economics can help build yourself a good foundation of how you understand the globaly economy which is essential in banking no matter you want to be in retail/ corporate/ investment banking.
Accounting helps you understand valuation particularly useful for finance role and even IBD as you need to do lots of financial analysis.
Finance can build your knowledge practically.

However, if you prefer something more technical, I would say statistics, advanced math, machine learning and big data are helpful too.

Hope it helps!

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