Bank industry

  • Category:
    Business
  • Document type:
    Essay
  • Level:
    Undergraduate
  • Page:
    2
  • Words:
    1258

An Analysis of the Industry I intend to Work in when I Graduate, a Clear Sense of its Place in the Society as well as its Significant Influences on the Industry

Individuals often enroll in higher education institutions to attain the required knowledge and skills that are necessary to acquire not only a job opportunity, but also build up a career. Whether undertaking a diploma or a degree program, every student often feels confident that they will one day have a flourishing career after completing their higher-level education journey. Every graduate has various aspirations for their future career. As an individual, I have no doubt that my university experience has been significantly helpful in preparing me for my future career. Consequently, I believe that I am joining the job-seeking world with an exceedingly higher career confidence. The industry that I really aspire to work in is the Australian banking industry.

The Australian banking industry consists of various banks approved to conduct banking activities. This include; advisory, lending, deposits and the transactions function as stipulated by the Banking Act 1959. The Australian banking industry also incorporates various financial institutions which include; building societies, mutual banks and credit unions. This institutions offer limited kind of banking services. As highlighted by the Westpac Group (2016), the first Australian bank to be formed was the Bank of New South Wales, which begun in Sydney during the year 1817, with Mr. Edward Hall being the bank cashier. During the 19th century as well as the early part of the 20th century, the bank opened up its branches all through Australia and the Oceania.

Presently, however, the Australian banking industry has significantly expanded. In fact, according to Robertson (2015), the industry owns combined assets amounting to $2.86 trillion as at 2013, a figure that is approximately double the size of the country’s national income. The Australian banking system is not only competitive but it is also well developed. In fact, for the last one decade that ended in mid-2013, the Commonwealth Bank, an Australian multinational bank was ranked best in the Bloomberg Riskless Return category.

As highlighted by Atkearney (2016), there can be no single doubt regarding the significance of the Australian banking industry to the society. Other than effectively as well as efficiently fulfilling the needs of clients (both individual as well as businesses) in as far as its core functions are concerned, the banking industry creates real value for the Australian economy. According to Swire (2015), for instance, a recent report by the Australian Bankers Association revealed that, besides employing approximately 150,000 employees, the Australian banking industry pays about AUD13.7 billion in terms of taxes, including around AUD23 billion paid in the form of dividends and about AUD75 billion paid in terms of interest. The banking industry offers a great number of opportunities for university graduates, with many of the industry’s job opportunities centered on generating revenue. Among the many kinds of roles or professions that the banking industry employs include; bank tellers, bank managers, investment bankers, financial consultants, security officers, loan officers and auditors, among others. Overall, Swire (2015) asserts that the Australian banking industry offers strong support for not only the Australian families and businesses but also for the Australian economy.

Professional Skills: A Description of the Skills, Qualities, Attitudes, or Knowledge that are valued in my Profession and required to be Successful in it

Having pursued a Bachelor of commerce degree, finance option, I aspire to work as an investment banker within the Australian banking industry. Investment bankers are basically financial professionals or experts that support various organizations, such as companies and governments. A bachelor’s degree forms the minimum education level required for an individual seeking employment as an investment banker. Alternatively, individuals can undertake a career as investment bankers once they have attained a bachelor’s degree in any particular field. However, accounting, finance, or even business administration options are mainly preferred.

Employment opportunities for investment bankers may be acquired with investment banks, brokerage companies as well as other financial service firms. As highlighted by Atkearney (2016), the investment banking position is very lucrative. Given this, competition for the position is often fierce besides the industry consolidation resulting in only a few available employment opportunities relating to these positions. Despite this, I feel confident and ready to work for any financial institution as an investment banker. My main interest in this particular role began when I worked as an intern investment banker with Westpac, one of Australia’s biggest banks. During this particular period, my role as an intern investment banker entailed financial advisory role, where I acted in several advisory capacities for the bank clients.

I did also offer advice to Westpac bank’s major clients on handling mergers as well as acquisitions. In this case, my role as an investment banker was to assist various clients in not only structuring but also facilitating acquisitions so that the deal goes as smooth as possible. Indeed, my participation in this internship associated with investment banking activities at the Westpac bank did enhance my aspiration to serve in this particular area of the banking industry. Alternatively, I also learned that being a professional within the banking industry demands a lot. Other fundamental business as well as communication skills, the Great Britain Parliamentary Commission on Banking Standards (2013) highlights that professionals within the industry are required to adhere to various competency as well as expected to maintain the various code of ethics. In light of this, professionals within the industry are expected to be ethically responsible. Regardless of their level of comprehensiveness, the code of ethics ought to reflect the organization’s desire for compliance with not only values and rules but also policies that uphold an ethical culture.

Personal Skills: My Strengths and Weaknesses in Relation to those I have identified as valued in my Profession

As highlighted by Ryan (2011), the banking profession calls for a shopping list of personal skills that are highly sought when seeking employment opportunities within the banking industry. One of the personal skills required of a banking professional is communication skills. Other than being naturally social, I possess the ability to operate within a global context due to my strong linguistics skills. Indeed, my familiarity with the three majorly used languages, including French, German, and English imply that I can work in many parts of the globe. I am also resilient, which means that I can work well within highly-pressured environments. According to Ryan (2011), resiliency forms one of the most sought out virtues from banking recruiters. My major weakness, however, is that I am a perfectionist and this means that I would always spend a lot of time on a single task just to ensure that I realize a given standard.

Bibliography

Atkearney, 2016, Banking on Our Future: Framing a Vision for the Australian Banking Industry, Retrieved on the 15th June 2016 from <https://www.atkearney.com.au/financial-institutions/ideas-insights/article/-/asset_publisher/LCcgOeS4t85g/content/banking-on-our-future-framing-a-vision-for-the-australian-banking-industry/10192>

Ferrell, O & Fraedrich, 2012, Business Ethics: Ethical Decision Making & Cases, Edition 9, Illustrated, Boston, Massachusetts: Cengage Learning

Great Britain: Parliament: Parliamentary Commission on Banking Standards, 2013, Changing banking for good: First Report of session 2013-14, Vol. 1: Summary, and Conclusions and Recommendations.London: The Stationery Office

Robertson, J, Australian Banks ‘Favour Fossil Fuel Projects over Renewables by $6 to $1, Retrieved on the 15th June 2016 from <https://www.theguardian.com/environment/2015/jun/17/australian-banks-favour-fossil-fuel-projects-over-renewables-by-6-to-1>

Ryan, J, 2011, Personal Financial Literacy, Edition 2, Boston, Massachusetts: Cengage Learning

Swire, M, 2015, Tax Contribution of Australian Banking Sector Revealed, Retrieved on the 15th June 2016 from <http://www.tax-news.com/news/Tax_Contribution_Of_Australian_Banking_Sector_Revealed____69435.html>

Westpac Group, 2016, Company Overview, Retrieved on the 15th June 2016 from <http://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-history/>