Do you have a
passion for numbers? A business background? You may be interested in working at
a commercial bank. For those of you graduating soon, or simply wishing to
change jobs, you probably know that perseverance and diligence go a long way.
It's no different with finding a job at a commercial bank. You must put in time
and effort into the job search, especially in the financial services industry,
which is even more competitive in today's market environment.
Here
are some tips to help you land the job you want at a commercial bank.
Hint:
research, research, research...
1.
Learn about the commercial banking business and industry.
If
someone asked you for the definition of commercial banking, would you be able to
provide it? If not, find out! Read about all the aspects of the commercial
banking business and industry. If you're a student or recent graduate, go to
your school's career services center, where you can speak to a counselor and
find resources on commercial banking. Conduct research online, where there are
strong, in-depth free resources for your perusal, as well as financial news,
with which you should be current. Excellent resources (for which you may have
to pay an access fee) include the Wall Street Journal and Financial Times.
2.
Learn about the company.
Have
you set your sights on one or a few companies? Why? What do you like about
these banks?
You
should be able to articulate these responses to anyone who asks. These are
basic questions, and hopefully you've already thought about them before
applying! Read the company's website thoroughly, and take notes on topics of
interest or on which you'd like to do further research. If there are any words
whose meaning of which you're unsure, make sure you look them up.
Don't
stop at the company's website. Do research on the company apart from its
website. It's great to have a third-party perspective on it, or in some cases,
an inside scoop. Check out wetfeet.com and vault.com, both excellent resources
with plenty of industry and company information.
3.
Learn about the roles.
Do you
know how the bank is structured? Do you know the different job functions in
each department? Do you know what the reporting line is?
Do you
have a clear idea of what position you'd like to have?
It
seems obvious to understand the organizational structure and various roles in
the bank before determining the role for which you'd like to apply.
Nevertheless, this step is often omitted, as applicants may simply look at the
title and not truly understand what the position entails.
Understand
how the company is structured, what the reporting lines are, and how your
desired role fits into the organization. Read the job description, and if there
isn't one, request it from the HR representative. Do research on the
responsibilities outlined or typically expected in the role, and make sure you
understand them.
You'll
thus have a firm grasp of the available roles, and if you'll actually be both
capable and content doing them.
4.
Prepare for networking... & network!
Networking
is a powerful tool you can leverage in order to learn in-depth about the
company, business and industry by simply talking to those who are currently
working, or have recently worked, in it.
Not
only will you gain a better understanding, and in many cases, an inside story,
of the company, but you’ll also have a chance to connect with the individual,
make a good initial impression, and express your interest in the bank and role.
Thus, though there may be no openings yet, they’ll be able to remember you, and
as you keep in touch, they may refer you to opportunities as they arise.
Check
with your school’s career services for an alumni database for alumni in the
commercial banking industry to whom you can reach out for an informational
interview, or informal conversation about their respective roles and companies.
Attend alumni networking events or local events whose listings you can find in
your local paper. Connect with mutual friends or family members.
Always
be professional and prepared, as these meetings may lead to interviews and
offers down the road.
5.
Applying and interviewing.
When
you’re aware of an open position, write a concise yet comprehensive cover
letter covering your capabilities and passion for the role and company, as well
as a strong resume clearly demonstrating your competencies for the role.
If
you’re selected for an interview, congrats! You should be100% prepared in
company and industry information and news, and finance skills, as they’ll
probably be tested during the interview. Complete practice problems and mock
interviews before the interview.
Enter
the interview with confidence and ease, as you know you’re well-prepared.
Good
luck!
