WASHINGTON, April 15 /PRNewswire/ — While job prospects for new graduates aren’t bright in many sectors of the economy, employment in the financial services industry is expected to grow.
“The financial services sector will continue to play a key role in creating jobs in the U.S. economy over the coming decade,” said American Bankers Association Senior Economist Keith Leggett. “With investments in expanding bank branch networks — along with Internet banking, 24-hour call centers, and consolidation — banks will need to attract and retain qualified employees to meet their customers’ financial needs.”
A recent ABA and ABA Banking Journal study found that compliance, trust and information technology officers will be the three most difficult positions for community banks to fill in the coming years. Rounding out the top five are business lenders and sales/business development managers. Additionally, insurance and investment sales employees will become a priority as more banks offer the services.
The Bureau of Labor Statistics predicts that employment in the financial services sector will grow by 12.3 percent, adding almost 1 million additional jobs between 2002 and 2012. As banks add branches and expand product offerings, the demand for qualified employees will also increase.
In the next ten years, the BLS expects strong job growth for the following financial services positions: Financial analysts (30.2 percent); personal financial advisors (29.7 percent); sales of securities, commodities and financial services (20.4 percent); computer software engineers and analysts (20 percent); and marketing and sales managers (14 percent).
For graduates looking for a career in the banking industry, the ABA recommends that students:
Get to know a local banker. Banks are active members of their community
and want employees who know and understand the community’s needs.
Develop a career path for yourself and work with bank managers to
achieve it. Many banks promote from within, so getting in on the ground
floor can help.
Once in the door, take advantage of all training opportunities that the
Additional resources are available at http://aba.careerbank.com/ to help graduates with their job search, further research the industry and post a resume.
Source Citation (MLA 8th Edition) “Banking Jobs Can Be an Attractive Option for New Grads.” PR Newswire, 15 Apr. 2004. Infotrac Newsstand, http://link.galegroup.com/apps/doc/A115341634/STND?u=fairfax_main&sid=STND&xid=7d57c98a. Accessed 24 Mar. 2019.