There is no denying the fact that the banking sector has become the backbone of the contemporary economy and it is vital for the development of businesses, countries, and the well-being of people. Plenty of highest-paid jobs are offered in the banking sector and therefore, many people have a keen interest in having a prosperous career in banking.The opportunities are available for people working in this sector range anywhere from entry-level to higher upper management. Due to prevailing uncertain economic and market conditions, people tend to go for that source of income that is consistent and a reliable, and of course, the highest paid one as evident in Jobs BFSI
There are plenty of services and financial products available for consumers by credit unions and banks. The banking sector gives employment to people within banks and credit unions manage money transactions every day. These people are given access to accounts of customers and many more. Furthermore, people now demand something more from their jobs apart from a handsome salary and privileges. This includes but is not limited to training and development, incumbent skills to be used in different areas of the banking sector, and opportunities to grow. In addition to this, the question here arises about why jobs in the banking sector are booming and what are the highest paid jobs in this sector.
It is important to establish that with the financial crises of the late 2000s, careers in the bank went into a severe slump, making it very difficult and sometimes impossible to find employment in this industry. The worst of the crisis has passed and therefore, banks and other banking institutions will be doing “catch-up” hiring, to make up for years when they did not hire employees. Therefore, it can be said that the next few years look extremely favorable for the field.
This blog of jobs BFSI aims to unveil the top 5 highest paid jobs in the banking sector-
Chief Financial Officer:
To manage the financial operations of the bank, financial planning, and growth, the role of the chief financial officer cannot be denied. Chief financial officers are responsible for the evaluation of assets and liabilities, management of cash flow, and most importantly, leading a team of analysts. To win the laurels in this field, extensive and critical knowledge of financial markets, market trends, stock market, and other relevant information is inevitable.
The average expected salary of a chief financial officer in the banking sector is 139,501 USD per annum. The minimum education requirement for a chief financial officer in the banking sector is Bachelor’s degree in business or a relevant field. Moreover, CFO is also a very prominent position in national and international enterprises but experience matters a lot for this position.
In the banking sector, responsibilities of preparing financial reports and planning long-term and short-term financial policies are given to the financial manager. As mentioned in Jobs BFSI, they also make incumbent investment decisions for the sake of expanding and maximizing profit margin.
Lastly, yet importantly, they also supervise financial analysts and make important financial decisions for the company. The average salary of a financial manager is approximately 134,180 USD but the same as a chief financial officer, experience is also important in this field. To be a financial manager, a graduate degree in business, accounting, or economics is required.
As the banking sector works solely on profit-making motives and therefore, effective investment decisions are important to be made. Portfolio managers determine how the money or funds of clients and banks should be invested properly. To do this, critical knowledge of market prices, stocks, earnings, and accounting principles is necessary. The average expected salary of a portfolio manager is approximately 89,957 USD.
The evaluation of the financial status of the bank is critically evaluated by financial analysts by studying the historical financial data of the company. They also evaluate prevailing or impending market trends, and underlying financial risks, and create forecasts for the investment opportunities. Financial analysts can not only work in the banking sector but also in the financial companies, consulting firms, or accounting enterprises as they make recommendations for the capital structure. The average expected salary for financial analysis is 83,660 USD. For more details, please pay heed to other blogs related to the highest paid jobs in the accounting discipline articulated on Jobs BFSI.
This post is in charge of general ledger accounts and is also responsible for general accounting. A degree in finance is required to commence a career as an accounting manager in the banking sector. Furthermore, knowledge of investment banking, banking transactions, and financial records are also important.
The average expected salary of an accounting manager is nearly 75,216 USD and usually depends on experience. This is considered the basic level job in the banking sector. Accounting managers supervise accountants and also ensure the company follows legal and regulatory requirements. Last but not least, accounting managers recommend the improvement of business procedures.
Formidably, this is not a career for someone casual with finances. The professional must have the competency and knowledge to take the responsibility for large accounts of money so it is not a career for someone who has no interest in using computing or an adding machine. Undeniably, there are plenty of career choices in the banking sector but these entire choices center around two major things which are money, and the accounting of money. Therefore, the professional must be good with numbers, cash, and money. It is not an eight hours job because professionals are expected to be working extra hours during the end of the month, year of the fiscal year.