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Why a Career in Banking?

Congratulations! You’re interested in a career in banking. But do you know the benefits of working in this dynamic industry?

Here are a few:

  • Competitive salaries and excellent benefits
  • Wide range of jobs and experiences in a thriving industry
  • Numerous opportunities for advancement for ambitious professionals
  • Continuing education and community service is highly encouraged
  • Excellent working conditions and hours

Whatever your talents, interests and educational background, there is a career in banking for you.

While you may be most familiar with the tellers and customer service representatives at your own financial institution, there are many other employees who work in key areas of a bank. For example:

  • Bank Administration/Accounting — handles the bank’s internal operations, sets policies and provides oversight
  • Consumer Banking — delivers financial services to individual customers
  • Commercial Banking — delivers financial services to businesses, schools, churches and other organizations
  • Compliance — provides strategic direction, ensures bank abides by industry laws and regulations
  • Human Resources — manages employee placement, salaries, benefits and training
  • Operations/Accounting — provides record keeping, bookkeeping and financial analysis
  • Technology/Information Systems/Security — ensures availability of information, maintains computer systems and software, and protects data
  • Public Relations/Marketing — promotes the bank’s products and services, coordinates advertising, and improves relationships with the community and media
  • Trust and Investment Banking — manages money or property for others

Success in Banking

 

A career in banking is open to everyone, regardless of race, gender, national origin, age or physical capabilities. Banks hire and train people who are interested in learning and working. Aptitude and attitude are essential to your success. If you are an individual seeking growth and challenges and are willing to accept responsibility, banks will be interested in you.

Bank employees are typically very well organized and have strong computer skills. They also have good communication skills, are excellent at dealing with people, and are service-oriented.

Financial institutions hire candidates who are honest and trustworthy. They also look for people who are able to calculate and balance numbers correctly. As the federal government regulates many aspects of the banking industry, their employees are required to adhere to all the rules and regulations that banks must follow.

Banking is a service industry. To succeed, you should enjoy working with people. Bank employees enjoy dealing with people from all walks of life and in all kinds of financial shape.

Applicants interested in going into banking should have at least a high school diploma or a GED for most entry-level positions. A college degree in accounting, finance, business, communications, economics, marketing or computer science will assist the job applicant not only when initially hired, but also when seeking promotions within the banking industry.

Banks offer many job duties and career path options. Most banking firms offer excellent benefits, including medical insurance and disability insurance, sick leave and vacation, and retirement options. Banking firms are highly regulated and supervised financial operations, making them safe, pleasant and rewarding places to work. These careers offer integrity and stability.

There are many opportunities to broaden your knowledge and skills at a bank. Most banks offer on-the-job training and encourage you to further your education through a variety of courses, seminars and training programs. Banks often set up tuition assistance and reimbursement programs for job-related coursework to help employees increase their capabilities for current and future positions. Many large banks have training departments dedicated to helping employees maximize their skills and talents through in-bank educational programs.

Employment Outlook

Every bank’s success is due in large part to the dedication and skill of its people. Working in any aspect of banking can be very rewarding and fulfilling. It can also provide interesting new challenges every single day.

There will always be a need for banks to hire and train talented, motivated, resourceful and customer-oriented people. Your success will depend on your commitment to the bank, your aptitude for developing knowledge and skills, your positive attitude, and your ability to work well with others and adapt to change.

As e-commerce and online banking technology continue to expand, tech-savvy individuals will always be in demand.

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Become an Insurance Sales Agent

A high school diploma is the minimum education requirement in most cases, though many employers give preference to candidates with an associate’s or bachelor’s degree, especially in fields like business or finance.

Generally, you’ll also need to be licensed to sell insurance in the state where you work, based on your chosen specialty or “line of authority.” Enrolling in pre-licensing courses while you complete your education can help you get your foot in the door. For more information, check with organizations like the National Insurance Producer Registry, a national not-for-profit insurance licensing clearinghouse.

As somebody exploring an insurance sales career, you’ll need to present well, both in person and over the phone. That means being well-spoken, courteous, a good listener, and responsive in conversations. It helps to know what to expect in a job interview. Remember: you’re selling yourself first and foremost.

Employers will also try to suss out your knowledge of the industry. Be upfront if you’re just beginning on your insurance sales career path. If you have experience as an insurance sales agent, be prepared to talk about your background, your past sales successes, and salary expectations, including asking (preferably not too early in the interview process) what the employer’s top agents earn.

Types of Insurance Sales Jobs

Your targeted specialty area and insurance licensure can guide you as you explore how to become an insurance agent and the types of insurance sales jobs. Many insurance jobs fall under these general categories:

Life Insurance

Life insurance sales agents sell life insurance policies and annuities that pay beneficiaries when the policyholder dies. The pay is often on a straight commission, often at a high rate compared to other insurance sales jobs, in part because life insurance can be difficult to sell and prospective customers can be harder to find.

Property and Casualty Insurance

The role of property insurance agents involves helping customers protect property, including homes, vehicles, jewellery and other valuables. Casualty insurance specialists offer clients liability coverage against financial losses related to accidents involving their property, and includes auto, homeowner’s, and renter’s insurance. Property and casualty are usually combined into one general area of expertise.

Health and Long-Term Care Insurance

A health insurance sales agent works on behalf of health insurance companies, selling health-related products and services to consumers. By contrast, a health insurance broker works on behalf of consumers, assisting them in finding and enrolling in qualified healthcare plans. This category can also include agents who help clients find long-term disability insurance and coverage for assisted living care.