Is banking job a safe job

Career prospects in the financial sector - an overview

The reputation of the financial industry has suffered greatly in recent years. In the course of the economic crisis, topics such as high bonuses and dubious speculative transactions became hotly debated topics in public.

It is therefore not surprising that a recent survey of school students and school leavers produced sobering results about the image of employers in the financial sector (source: Fonds Online). Nevertheless, many young people are still drawn to the world of banking. There are several reasons for this, starting with the salary up to exciting fields of activity that are associated with a lot of responsibility.

What are the job opportunities in the next 5-10 years?

The banking industry has traditionally been seen as a safe bank for graduates - provided they have the appropriate training. This has only changed to a limited extent in the course of the economic crisis. Even executives have had to worry about their jobs in the recent past, but the financial sector has a reputation as a secure employer that pays high salaries - especially for graduates.

In some areas the demand has even increased. Some of these are positions that have so far hardly played a role in the financial sector, for example the following:

  • Compliance and Risk Manager
  • Data scientists
  • Sustainability manager
  • programmer

Above all, the increased demand for compliance and risk managers can be seen in connection with the role of banks in the recent economic crisis. Assessing risks and placing value on good corporate governance is already more important in the work of banks than it was a few years ago. Above all, data scientists should help to get the increasingly important topic of "big data" under control. The job of sustainability managers is to monitor business practices for their environmental impact. In the next few years, programmers will not only enjoy good job prospects in the financial sector. In general, the following applies in the financial sector: if you have knowledge of the financial market and extensive IT skills, you don't have to worry about your future.

The future prospects for counter staff look different. According to media reports, a nationwide branch death in the next few years is inevitable. One consequence of this will be job cuts, which will primarily affect employees without a degree.

This allows the following forecast for job prospects in the financial sector in the near future:

  • Well-trained specialists with professional experience can look forward to lively demand, especially if they come from the IT sector or from risk management.

The number of branches of banks will decrease and with it the demand for traditional bankers.

What are the dangers of automation?

Increasing automation has long since gripped the financial sector. Bank employees do not have to fear that robots will take over their work in the foreseeable future - in contrast to employees in many other industries. On the other hand, the fact that one's own workplace will be rationalized away, since work processes are automated and thus made more effective, is a fear that employees in the financial sector also have to deal with.

Representatives of the banking industry give the following reasons in particular as decisive for the advancing automation.

  • the growing importance of online providers and the decreasing inhibition threshold of customers to even complete complex financial transactions over the Internet.
  • the increasing expectations of customers. The uncomplicated and effective processing of applications is increasingly required.

One of the consequences of automation in the financial sector is not only that jobs will be lost, but also that employees will concentrate on other fields than before. Dealing with customers and professional advice are becoming increasingly important, especially in competition with online providers without branches.

Which degrees are desired?

In principle, a degree in business administration is still a good prerequisite for gaining a foothold in the financial sector. There is a growing demand for applicants who can also demonstrate IT skills. A trend that will continue for the future. If you want to take advantage of this, you can study business informatics, for example.

Private business schools are a recognized alternative to state universities. These offer degrees in areas such as

  • Investment banking
  • Banking and Finance
  • Accounting and Controlling

at. In addition, even lawyers or even humanities scholars have opportunities to gain a long-term foothold in the banking sector - for example as sustainability managers or in the risk and compliance area. Those who prefer not to study can do an apprenticeship as a bank clerk.

By the way, dual study programs are particularly popular in the financial sector. This gives students the opportunity to earn money and gain work experience while they are still studying.

Once you have started your career in the financial sector, you have to “stay tuned”. Here, too, employers are increasingly assuming lifelong learning. Apart from that, further training - for example to become a project manager - opens up many opportunities to make a career and advance into exciting new areas of activity. Easycredit.de also points out trainee programs in which graduates can get to know a company completely and only then specialize in a certain area.

So it remains to be noted:

  • Graduates with a degree in economics, IT or finance at private universities have particularly good career prospects.
  • Dual courses of study open up new opportunities to gain work experience while studying.

Regular training is the key to long-term success.

Author: Bettina Weiss
Published on September 1, 2015

Tags: career choice, job search, career, career opportunities