Reasons You Should Consider Working in a Bank

The banking industry in Nigeria stands out as one of the most attractive industries for qualified candidates in Nigeria. Evidence of this was revealed in the ranking of 3 banks within the top 10 in the Best 100 Companies to Work For in Nigeria.

What makes the banks so alluring to qualified candidates? This article will highlight 5 factors that make banks such great places to work in.

Employee Benefits

5 Reasons You Should Consider Working in a Bank - Employee benefits

Bank employees enjoy employee benefits that compete favourably across other high-performing industries. Remuneration is also competitive, especially for mid-level and senior level employees.

Did you know that most banking firms offer benefits that cover medical insurance and disability insurance, sick leave and vacation, and retirement options? Banking firms are highly regulated and supervised financial operations. This makes them a safe and rewarding place to work.

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First Bank of Nigeria, for instance, recently unveiled new career employment models to accelerate career growth and development for staff members. This forms a part of the bank’s efforts to continuously integrate leadership into its culture and build a pool of talent and next-generation leaders who will be groomed to steer the ship of the Bank’s business expansion and continuous growth in Africa.

Heightened Social Skills

5 Reasons You Should Consider Working in a Bank - Well dressed employee talking

The typical banker meets with and attends to the needs of a large number of men and women from different fields and diverse cultures; from career professionals to highflying entrepreneurs.

As a banker, you interact with lots of people and provide financial solutions to their challenges and questions. A good example would be when you inform customers about the different services the bank has for them. This could include opening a certificate of deposit or money market account to help them make more money than they would have done with a savings account.

The constant interaction with people makes it important and easier for you to build your confidence as well as your social skills.

A Better Understanding of Investment Opportunities

5 Reasons You Should Consider Working in a Bank - Investment

By default, banks are into the business financial transactions and one of these include helping individuals and organisations save and grow their money.

How do banks help you invest? One way banks can help you invest your money is through what is called ‘money market instruments.’ Money market instruments like the FBN Money Market Fund give businesses, financial institutions and governments a means to finance their short-term cash requirements.

How does this benefit you as an individual? Getting a portion of your investment into the money market is an option that you should consider. The money market offers you fixed income securities, so, they operate like bonds and help you generate a steady stream of income.

Income from investment of this nature is denominated in interest rates. Some are quoted on yield basis while others are quoted on a discount basis. In any case, you earn income and in some cases, you also enjoy the safety of your capital.

This is a clear example of the information that working in a bank exposes you to. This is, however, merely a tip of the iceberg as there are many other investment opportunities that you become exposed to.

Developing Personal Skills

5 Reasons You Should Consider Working in a Bank - Employee using a laptop

A great part of your career as a banker will revolve around trust, responsibility and integrity. In the course of dealing with money that belongs to others, you will acquire a number of skills along the line. These  include your ability to record transactions accurately, balancing accounting books and respecting the confidentiality of information.

If you ever have a need to change jobs, these skills would prove invaluable. You should also bear in mind that when employers need to fill a role for banking and finance roles, they often favour those with experience in the banking industry.

Making You a Better Salesperson

5 Reasons You Should Consider Working in a Bank - Black handshake by well-dressed people

There are certain departments in a bank that help you improve your ability to sell. As a customer service representative, for instance, you get to recommend different services and packages from the bank to prospective customers and existing ones as well.

Marketing is an essential part of most organisations, which makes sales skills quite desirable across different fields.

Banking jobs have a lot of things going for them and this is precisely why they have stayed attractive to job seekers. Outside the reasons on our list, are there other reasons that make you consider the banking sector a great place to pursue your career goals?

Kindly let us know in the comment section below.

 

Website Comments

  1. MAGAJI ADAMU
    Reply

    Hi, Mr Samod, I agree with your presentation. What you only forget to highlight is the risks associated with bank employment. I was a Bank staff, highly pampered but on retirement the cash flow drastically reduced and if not using my other professional skills adjustment becomes a herculean task. Buyers be ware.

  2. Regina
    Reply

    This write-up is lovely and has so much triggered my interest in banking job; how i wish i can get one but their age demandis always lower than mine. Thanks jobberman.

  3. Papa
    Reply

    I really beg to disagree with some points made in your write up.
    1. Employee Benefits: Yes the banks have medicals but note that all other big companies at par with the banks have medicals or are doing NHIS but in the bank, when you exhaust your medicals it is taken from your salary. I really don’t see any benefit as compared with the other industries. Most bank don’t offer mortgage loans to their staffs not until they attain to a senior level and the truth is that most staffs don’t get to that level on time. The banks don’t offer disability insurance in fact they don’t do any insurance scheme for their staffs. One may even think that they offer loans to staffs but the truth is that the loans given to staffs is at the same interest rate with customers and lastly, the welfare of their staffs is very poor. Their leave is usually not given as at when due, promotions are usually not done on merit bases (most staffs stay over 5 years before getting promoted on compensation bases), the banks don’t like to pay well to their staffs. Some banks will tell you profit sharing but only the EDs and very senior officers get the whole chunk of the profit sharing. The salaries of the staffs may be good but their bonuses is nowhere compared to any other industry it is poor. Their pension payment is not just good because the banks don’t want to spend money on their staffs or anything at that matter, the make bankers remuneration very funny. They may pay you well but your basic salary is very small so that the banks pay very low taxes and very low contribution as pension payment. Imagine working for a bank for over 10years and your pension balance balance is about 1,500,000 only? My brother let’s tell them the reality of working in the bank. As for social skills, interpersonal skill, investment opportunities and salesman skill it is very relative because in the bank we have departments and most times only those in the marketing department enjoy these skills.
    I really appreciate the article but it is not as rosy as you painted it.

  4. kendra
    Reply

    Well, its a nice write-up but you should have highlighted the demerit with Nigerian Banks.

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