Retail Banking Mini-Guide

06/04/2017

Retail bankers are those that work in the high street banks and building societies.  

Career – Retail Banking

What is it?

Retail bankers are those that work in the high street banks and building societies.  Sometimes they will work for online banks and they work to help individual customers and small businesses offering them a range of financial services including loans and mortgages, savings, investments and their day to day banking requirements.

What skills and qualifications will I need?

You will need to be able to communicate effectively and offer good customer service as a high street bank will be operating as a ‘retailer’ and you are likely to have regular involvement with the general public. A good understanding of maths is essential, as is the ability to manage and motivate people, you will be given financial targets to meet so at times you will need to work under pressure.

What else do I need to know?

It’s a highly competitive market and most banks will require a 2:1 to enter their graduate recruitment programme.  Your degree does not need to be directly related to finance or accounting although it may be an advantage. The schemes include a rotation system so you will experience different areas of the bank, helping you specialise later on. You will find it useful to be flexible about the geographical location as you may have an opportunity to be moved around the country which can help progress your career.

Top Tips:

Look at the advice online from the major banks, they offer guidance about qualifications and careers.

Where can I get more information?

You can gain further qualifications and will need to qualify in order to give financial and investment advice to customers. There are a number of choices and some of these are: the Chartered Insurance Institute – Diploma in Regulated Financial Planning, ifs School of Finance – Diploma for Financial Advisers, Chartered Institute of Bankers in Scotland – Diploma in Investment Planning.  If you’re interested in advising on mortgages you can find out more and pass specific mortgage advice exams, also run by the organizations listed above.

Chartered Insurance Institute http://www.cii.co.uk

The London Institute of Banking & Finance has qualification advice:

http://www.libf.ac.uk/study/professional-qualifications/mortgage-advice/certificate-in-mortgage-advice-and-practice-(cemap)