The banking industry is responsible for a significant amount of financial activity in national and international economies. Careers within the banking industry require a wide range of skills.
A finance degree is a good option for most banking jobs, especially those that require handling large strings of numbers daily. A degree in economics can also help.
Business Degree
A business degree teaches you the fundamentals of running a business. You’ll learn about accounting, finance, management, and marketing. You’ll also be able to take courses that help you understand the bigger picture of how businesses operate.
A bachelor’s degree in business administration can prepare you for a variety of careers. You’ll be able to work as a personal financial advisor, financial analyst or even become an owner of your own small business.
A general business degree usually consists of courses like microeconomics, which covers topics like markets and consumers; macroeconomics, which addresses economy-wide issues like unemployment and growth. Many programs also offer internships that can give you real-world experience in your field of study. This can be a great way to figure out if it’s what you want to do for the rest of your career.
Finance Degree
A finance degree is a good option for those wishing to work in banking or commerce. The degree offers insights into economic trends and helps you understand factors like tax laws, monetary policies, fiscal responsibilities, lending practices, etc. A finance degree from Iona University also provides you with broader business knowledge and may help you to pursue career options beyond banking.
People with a finance degree can choose from various roles like financial manager, financial analyst, or credit examiner. They can even go for more specialized roles in the field of capital markets or investment banking. A finance degree from a reputed college can help you earn a good salary in the banking industry. However, the kind of role you take depends on your interest and skills. People with strong analytical and logical reasoning capabilities are better suited to roles that require a lot of data analysis or financial forecasting.
Accounting Degree
If you’re interested in managing money, an accounting degree could be the best fit for you. This is a multidisciplinary subject that examines how financial information about businesses, organizations, or individuals is recorded, classified, summarized, interpreted, and communicated.
You can choose to study forensic accounting, international accounting, and management accounting to build a range of professional skills. Some accounting courses offer a year of industrial placement, allowing you to gain professional experience and develop a network of contacts in the industry, locally or abroad.
Those who opt to study for an accounting degree can find work with banks, investment firms, and private companies. You could also use your qualifications to pursue a career in law or research, depending on your interests. You could even start your own business.
Economics Degree
If you’re good at math and are interested in understanding the world around you, an economics degree is a wise choice. You’ll learn how to predict trends, analyze problems and make decisions. You’ll also develop strong communication, analytical, and research skills that will benefit you in many other areas of your career.
An economics degree can lead to careers in a variety of industries, including banking. You can also pursue a doctorate in the field if you want to conduct high-level economic research.
An economics degree can be a Bachelor of arts (BA) or a bachelor of science (BS). The BS will focus more on mathematics and statistical theory while the BA will include a greater number of social sciences courses. Both will prepare you for a rewarding and challenging career. You’ll be able to contribute to the well-being of your community and society as a whole.
Mathematics Degree
If you have an analytical mind and are good at math, a mathematics degree could be the right choice for you. A mathematics degree can open unique professional opportunities in banking and other industries.
Mathematicians can view complex data sets and problems from different angles, order them logically toward potential solutions, and communicate their findings in a way that other professionals can understand. Whether working on Wall Street or for a non-banking firm, this skill is in high demand among employers.
A bachelor’s degree in math prepares students to work as a statistical analyst, operations research analyst, accountant, or auditor. The type of degree you choose, either a bachelor of arts or a bachelor of science, can impact your career, but both offer a foundation in practical mathematics and the skills needed to succeed in several different fields.
Information Technology Degree
With the banking industry’s reliance on technology, it is important to have an information technology degree. A bachelor’s in IT can help you find employment in the field of cybersecurity, which is an area of increasing importance for banks.
If you are interested in working internationally, you may want to consider earning a bachelor’s in international business. This type of degree can teach you about international trade, supply chain finance, documentation credit, and more.
Having a bachelor’s in economics can also be beneficial for a career in banking. This degree will teach you how to predict economic trends and how they can affect a bank’s policies, fiscal responsibilities, and lending practices. You can use this information to assist a first-time home buyer with a mortgage or advise investors on the best sectors to invest in. You can also use your knowledge to help create budgets for individuals and businesses.
Management Degree
If you want to be a leader or manager in any type of company or organization a management degree is the way to go. It can prepare you for careers in many different areas including finance, insurance, and banking.
These programs usually include courses on financial risk, investment theories and tactics, international finance, and more. They are offered by many four-year colleges and universities and some business schools.
This type of degree typically takes two years to complete. It’s an excellent choice for people who are interested in a career in banking, but don’t have the time to commit to an MBA. The program is also a great way to get started in the field and build up your experience. You can also specialize in your degree by taking additional classes in the area you want to work in.
Marketing Degree
Depending on your skills and interests, a marketing degree could help you get a job in the banking industry. The growth rate of these jobs is expected to be 4% by 2023, and salaries depend on the type of bank you work for and the level of your specialization.
A marketing degree covers more than just advertising and promotions; it also includes research, strategic marketing, and opportunity assessment. Typical course formats include lectures, seminars, and class discussions.
A bachelor’s degree in marketing normally leads to a career as a market research analyst, brand manager, or marketing manager. The more specialized degrees in marketing, like integrated marketing communications (IMC), cover the strategies that allow consistent messaging across different marketing communication platforms. These skills are vital in the world of banking. The average marketing graduate finds a job or is accepted into graduate school within five years of graduation.
Human Resource Degree
A human resource degree offers several benefits to anyone interested in working in banking. It helps students develop their skills and build an understanding of the industry that will prepare them for roles like bank teller or junior loan officer.
HR professionals help their companies recruit, hire and train new employees, as well as provide support for current staff members by resolving problems and improving workplace culture. A bachelor’s degree in the field can lead to career options with high projected growth rates and competitive median salaries.
A bachelor’s program can take four years to complete and includes courses like employment law, organizational behavior, management principles, and HR analytics. Students should choose an accredited college to ensure they get the most from their education and have access to a range of career options upon graduation.
Accounting Degree
An accounting degree is a popular option for those interested in the field of banking, as it focuses on financial data and information. This information is used to assess the profitability and efficiency of a business, as well as to predict future trends in the marketplace.
An accounting degree can also prepare students for a graduate program in forensic accounting, which is designed to give graduates the necessary skills to work within legal proceedings and investigate cases of fraud. Some graduate programs even offer specializations in topics like international accounting, management accounting, and auditing.
For those considering a career in banking, earning a finance or accounting degree can provide many benefits both professionally and personally. These degrees can lead to careers with banks, investment firms, building societies, and other financial institutions. In addition, a finance degree can help individuals build their wealth and become self-sufficient.