Banks are organizations that provide facilities that allow deposits and also provide loans to its customers. The history of the banking profession can be traced back to the merchant banks that existed in the ancient world. In the Roman Empire, lenders who were based in the temples made loans, accepted deposits and also changed money.
In the 15th and 16th century, the development of banking spread to northern Europe. In the 17th century, banks were developed in Amsterdam and in London in the 18th century. There were several developments regarding telecommunications as well as in computing in the 20th century that led to a general increase in the number and size of banks. There were cases of bank failures in 2007 as a result of the financial crisis of 2007-2008.
The following are some f the skills and qualifications that should be possessed by the people who want to pursue the banking profession:
It is important that an individual becomes creative in terms of the ability to create and develop the banking sector because it is a highly dynamic industry that is ever changing. One should be on the lookout for the areas that need development.
The banking industry provides a working environment with a lot of pressure. There is need for those in the banking profession to be resilient regarding meeting the set targets and meeting the demands of their numerous clients.
There most sought candidates for the banking profession are those that have a global outlook. The world being a global village, some changes in the overseas market may affect business in the local banks, and it is important for such changes to be identified and addressed.
The following individuals contributed to the development of the banking profession through their great works:
Junius and J.P Morgan.
They are the pioneers of true finance to America. They restructured industries from many contending interests to one or two great trusts with massive power and capital.
He brought a modern central banking system to America. Through his writings and the participation in committees, he encouraged the blueprint of the Federal Reserve.
Some jobs exist within the banking profession including the following.
Financial analysts: they help businesses make investment decisions.
Personal financial advisors: they recommend financial options to individuals to meet their long-term and short- term goals.
Accountants: they are responsible for the planning, scrutiny and evaluation of matters relating to accounting theory and practice.
Auditors: they prepare financial reports and examine accounting records for clients.
Bank tellers: they accept deposits, process withdrawals, accept loan payments and also cash checks.
The banking profession is very important in any country as it greatly contributes to the success of any economy. It helps address issues in an economy that include the following:
It provides a secure place for individuals to put their money in. Many people can keep their savings in the banks, and they are confident that their money is in good hands safe from any theft and mismanagement.
Having an account in a bank acts as a gateway to being approved for a loan. People who have accounts and carry out transactions regularly are given the priority when it comes to the issuance of personal or business loans.
Bank accounts also help individuals to be able to access loans from other lending institutions. A person is considered viable for loans from the lending institutions by the possession of a bank account. It shows that the person will be able to pay the loan in time.
The banking profession is essential locally and globally. Nowadays an individual may transact money from one country to another through banks. Banks, therefore, contribute to the economic development of a country and also the growth of international trade. Various intellects have conducted many types of research globally tat highlight the importance of the banking sector to a country and also to the world at large. The researchers all came to a conclusion that the banking industry plays a major role in the economy.
The banking profession helps address issues relating to the access to finance, and it is particularly useful in the developing countries where people cannot access finance like Sudan. There are few financial institutions in Sudan and people living in the remote parts of the country are not able to access the financial services. Most people are unbanked and underbanked.
The development of banks in Sudan will help meet the needs of the population including: credit, deposit, payment, insurance and risk management. Banks will help people be able to deposit money, get loans, pay their loans and also get insurance for various assets.
I had the privilege to interview Mr. Erjok who is a retired financial advisor of the central bank of Sudan. The interview revealed the various transaction patterns of banks in Sudan. Mr. Erjok revealed that there were few banks in Sudan at that time and that the banks were only limited to specific parts of Sudan.
The bureau of labor statistic in the United States revealed that the median annual wage for business and financial occupations were $65710 in 2015. It was also revealed that all the occupations required a bachelor's degree as the entry- level education. The following was the median pay for the different professions in 2015; accountants and auditors ($67190), budget analysts ($71590), financial analysts ($80310), insurance underwriters ($65040), tax examiners and collectors ($51430), personal financial advisors ($89160).
I plan on effectively following my study plan for the remaining semesters and cover courses that relate to financial management, banking, accounting, insurance and economics that will be beneficial in preparing me for my banking profession.
I have a great passion for the banking profession and the job outlook indicates that it is a well-paying profession. I plan on doing my best in my education to ensure I don't miss a chance in pursuing my banking dream.
Bureau of labor statistics, U.S Department of labor, Occupational outlook Handbook, 2016-17 Edition, Business and Financial Occupations.
Hogson, N.F. (1926) Banking through the Ages, New York, Dodd, Mead & Company.
Kobrak, Christopher, and Mira Wilkins, eds (2014). History and Financial Crisis: Lessons from the 2oth Century: Rutledge.
Messervy, A. (2013). Shaping the conversation: How management consultants engage knowledge boundary processes. Academy Of Management Proceedings, 2013(1), 16504-16504. http://dx.doi.org/10.5465/ambpp.2013.16504abstract
Naitram, S. (2014). Offshore Financial Centers in the Global Capital Network. Global Economy Journal, 14(3-4). http://dx.doi.org/10.1515/gej-2013-0059
Cite this page
THE BANKING PROFESSION.. (2019, Dec 11). Retrieved from https://speedypaper.com/essays/the-banking-profession
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal: