- Describe your sector in a nutshell.
Banking is an industry that handles cash, credit, and other financial transactions for individual customers and businesses. Banks can loan people funds to buy houses or invest in business opportunities and also help people build up savings and investments for their future.
Banking involves the business activity of accepting and safeguarding money and lending out these funds to generate profit. Modern banks offer various services such as deposits, credit and mortgages facilities, card issuance, ATM services, and online fund transfers across the globe. They play a crucial role in the financial services sector by providing everyday banking services, payments, and lending facilities.
- What are the different career opportunities/jobs available in your sector?
The banking sector offers diverse career opportunities. Some of the roles available include retail, international, private, corporate, or institutional client relationship managers who handle customer accounts and provide personalized banking services. Financial controllers manage financial reporting and ensure compliance with financial rules and regulations. Investment advisors offer guidance on investment options, while mortgage advisers assist clients with mortgage applications. Risk and compliance professionals focus on managing risk and ensuring regulatory compliance. Additionally, there are roles in marketing, communications, and PR, as well as various support functions such as data processing, project management, and technology support.
- What’s interesting/fun about your sector/industry? Why should a young person want to work there?
The banking industry offers several interesting aspects that may attract young professionals. Firstly, it is increasingly dynamic and fast-paced sector that constantly evolves with new technologies and financial products. This provides opportunities for learning and growth. Secondly, banking offers the chance to work with a diverse range of clients, including individuals, businesses, and financial institutions, both locally and globally. This exposure can broaden one’s understanding of the global economy and financial markets. Finally, banking provides a platform to contribute to economic development by facilitating financial transactions, supporting businesses, and helping individuals achieve their financial goals.
- What skills/qualities do you look for in someone wanting to join your sector?
In the banking sector, certain skills and qualities are highly valued. Strong communication and interpersonal skills are essential for building relationships with clients and colleagues. Numerical and analytical skills are crucial for understanding financial data and making informed decisions. Excellent teamwork and leadership abilities are valuable for collaborating with colleagues and managing teams effectively. Project and time management skills are important for handling multiple tasks and meeting deadlines. The ability to work under pressure and remain calm in stressful situations is also highly desirable.
- What is demand looking like in your sector? How do you think this will change in the future?
Gibraltar is a major financial centre and there are a number of banks working in the jurisdiction who are always looking for new talent so demand is high and is likely to remain high for the foreseeable future.
While advancements in technology may change the nature of certain roles, there will continue to be a need for individuals who can provide personalised banking services, manage risk, ensure compliance, and support financial operations. As the financial industry evolves, there may be an increased demand for professionals with expertise in areas such as financial technology (FinTech) and digital banking.
- What is the approximate salary range can people earn?
The salary range in the banking sector can vary depending on factors such as job role, experience, and location. Entry-level positions, such as customer service roles or junior analysts, may have a salary range of £20,000 to £30,000 per year. As professionals gain experience and progress in their careers, salaries can increase significantly. Mid-level positions, such as relationship managers or financial controllers, may earn salaries ranging from £40,000 to £80,000 or more annually. Senior executives and managers in leadership positions may earn six-figure salaries.
- What career pathways are available for a young person wanting to join your sector? (University and non-uni routes)
There are a number of routes into banking. Entry level positions will be often be available for school leavers after GCSE or A levels. GCSE English and Maths may often be required as a threshold for any position. It’s then common for banking employees to progress through a number of roles within the industry as they become experienced and it’s not unusual for people in banking to end up in senior positions without having a degree; however some specialist roles may require further qualifications at entry level such as a degree or professional exams.
A relevant university degree in finance, economics, business, or a related field can provide a solid foundation. However, it’s important to note that the sector also values practical experience and skills development. Some local employers may offer graduate programs that provide training opportunities and a pathway into the industry. Additionally, professional qualifications such as the Chartered Banker qualification or certifications in risk management, compliance, or financial planning can enhance career prospects.
- Any advice you would give to a young person wanting to join your sector?
Our advice would be to take a closer look at banking as it’s probably not what you think it is. There are a really wide range of banking roles available and there’s something for almost everyone. You don’t have to be fantastic with numbers or enjoy Maths to work in a bank – the computers do all that! Banking is a pretty varied industry, it’s worth engaging with people in the industry if you can to see which elements of it you would be particularly interested in and then exploring what your options are to get there.
If you’re considering a career in the banking sector, here are a few tips:
- Develop a strong foundation in finance and business through relevant education or practical experience.
- Stay updated on industry trends, regulations, and advancements in technology that may impact banking practices.
- Seek internships or entry-level positions to gain practical experience and exposure to different areas of banking.
- Enhance your communication, analytical, and teamwork skills, as these are highly valued in the sector.
- Network with professionals in the industry to learn from their experiences and build connections.
- Consider pursuing professional certifications or qualifications to enhance your knowledge and demonstrate your commitment to professional development.
- Embrace continuous learning and adaptability, as the banking industry is constantly evolving.
Remember, a career in banking offers opportunities for growth, personal development, and making a meaningful impact in the financial world.