If you are seeking a career in Banking and Finance, there are several different options available. These careers can range from Retail Banking to Leverage, Tax advisory, and Restructuring. These jobs require a broad set of skills and knowledge in the areas of quantitative analysis, customer relations, and financial management.
Retail Banking
A career in retail banking may involve interacting with customers and making financial decisions. It requires an understanding of customer financial needs and finding customized solutions. Good communication skills and professional dress are essential for success. You may also be involved in sales. If you want to move up to other financial positions, retail banking is an excellent choice.
Retail banking positions usually involve assisting clients with their personal financial needs, including investments and insurance. These jobs have extensive customer contact, both in-person and on the phone. Some retail bankers also progress to branch management, in which case they are responsible for the day-to-day operations and management of a retail bank branch.
Entry-level jobs in retail banking include working as a customer service agent or a bank teller. While financial training and interest in finance is advantageous, most jobs in retail banking are best learned through experience. A bank teller should have a broad knowledge of bank processes and procedures and be able to give customers excellent customer service. However, these positions do not require a university degree.
Leverage
If you’re interested in a career in leveraged finance, you should know that this field has a high salary ceiling. At the higher end, compensation can reach millions of dollars, depending on how much revenue you can generate for the bank. The following are the key attributes required to succeed in this field.
A strong background in capital markets and financial planning. Experience in structuring and underwriting leveraged deals is essential. This position also requires working with private equity teams to solve problems and make a profit for clients. The ideal candidate should have at least seven years of industry experience. In this role, you will be responsible for assisting borrowers in structuring and implementing their debt solutions.
The Leveraged Finance group is responsible for closing large deals. People in this group can work on leveraged buyouts and do credit analysis. However, they might not have as much deal experience as those working in other groups.
Restructuring
Career bankers in the restructuring industry earn excellent salaries. There are a small number of bulge bracket banks that are actively involved in the restructuring process. Most of these jobs are located in middle-market or boutique firms. The average team size is small. You don’t need a lot of relevant experience to get in.
As a restructuring investment banker, you will help companies engage in corporate finance activities. You’ll market private debt and equity solutions to companies. This work is highly structured and heavily negotiated. Investment bankers also need to understand logical buyers and their expectations. The restructuring divisions of investment banks will have their own branding, such as capital structure advisory or restructuring & special situations.
Restructuring investment bankers review the business plan of the debtor company and its drivers and assumptions and negotiate with the debtor company to reach a resolution. While restructuring investment bankers rarely advise debtor companies to raise equity, they are often the point of contact between creditors and debtors, as this type of capital is out-of-favor. However, financial sponsors may also inject new capital to the company as part of the restructuring process.
Tax advisory
Tax advisory banking and finance jobs in the USA require you to have a wide range of skills, as you will work on a variety of corporate and branch tax issues. Your duties will also include working on all phases of projects, including drafting, analyzing, and documenting. The job is ideal for individuals who have a passion for taxation.
Tax advisors advise and assist businesses in their tax strategies, including applying the proper corporate tax practices. Their role is to provide business guidance and support for tax compliance and help businesses maximize their post-tax profits. The role also requires extensive research, which requires good communication skills. Successful tax advisors must also be able to escalate issues to senior team members for review and discussion.
As a tax accountant or attorney, you’ll need to have a background in federal income tax and be able to work closely with the tax department’s managers. Tax advisors can also work in partnership with outside advisers and assist in paperwork and report generation. Tax advisors can work with various departments and can even be junior tax associates supporting global investment management companies.
