How To Become An Efficient Commercial Banking Professional

How To Become An Efficient Commercial Banking Professional Commercial banking is proving to be one of the most lucrative career options available today.

Everyone is looking for a steady, well-paid job and commercial banking is one of the most remunerative options available. In order to secure a career in this sector, you must take steps in the right direction and that is what this Learn path has been designed for. In this article, we shall review the skills and tools required for commercial banking, a subset of finance that is more comprehensively explained in our main Learn path, the details of which you shall find by the end of this.

Commercial banking: Commercial banks make loans, accept deposits (for savings and current accounts), safeguard assets, and work with clients such as the general public and businesses. It deals with many other auxiliary services: payment of utility bills, facilitating the purchase of stocks, maintaining the investment portfolio of customers and taking care of all the financial requirements of the customer base which basically constitutes assets, liabilities and miscellaneous products. The primary function of a commercial bank is the creation of money through its accounting when they provide loans.

Skills and tools required: In order to reach a top-level position in this sector, you’ll need to constantly upskill yourself. Be it soft skills or technical skills, you’ll need to master and nurture both of them timely. So we have divided this segment into 3 levels that’ll guide you thoroughly.

1. Beginner-level skills and tools are a must-have and the first step towards this industry where every day comes with a new set of challenges and opportunities. They are – ● Commercial Awareness regarding all the relevant business and financial trends alongside the scope of future business developments globally. ● Numeracy Skills to get familiar with numerical abilities as any entry-level exams require a numerical ability test. ● Technological Skills as banks work with specialized software in order to perform most everyday tasks. Thus being technically sound is a prerequisite. ● Communication Skills to be able to face multiple customers and deal with numerous queries and service requests everyday. ● Banking Fundamentals that will make you accustomed to the basic functioning and terms to pave future paths in the industry smoothly.

How to Learn?

You can gain knowledge about the basics of banking from various textbooks, online blogs, and videos. For more in-depth knowledge and structured learning, you can look at the following courses.

Introduction to Banking Course: Provider: CFI, Price: Annual Subscription, Duration: 2 Hours, Level: Beginner Level Commercial Banking in India: Beginner's module: Provider: NSE, Price: ₹2,006 or $26; Duration: 2 hours, Level: Beginner Level ●

Basic technical knowledge, since most banking functions and products, are going digital and ask for basic computer skills such as MS Excel to provide efficient services.

How to Learn?

You can learn Excel basics from online sources like Youtube channels, blogs, and also textbooks. For more structured courses, you can consider the following: Everyday Excel Specialization: Provider: Coursera, Price: ₹5,370 or $70; Duration: 3 Months, Level: Beginner Level Excel for everyone - Core Foundation: Provider: edX, Price: ₹11,071 or $143; Duration: Approx 1.5 months, Level: Beginner Level

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Accounting tools and fundamentals to have an edge and become a preferred choice for an entry-level position.

How to Learn?

You can follow online blogs and videos to get a basic understanding. And you can refer to the following programs for better learning Mastering Quickbooks Online - Level 1: Provider: QuickBooks Training, Price: ₹43,152 or $556; Duration: Self-Paced Bookkeeping Professional Certificate: Provider: Coursera, Price: ₹5,367 or $69; Duration: 3 Months, Level: Beginner Level ●

Sage50 Accounting is used to perform extensive business accounting. It includes standard accounting such as accounts payables and accounts receivable and cash flow management.

How to Learn?

You can learn Sage50 Accounting from various online blogs, videos, and books, But for a more formal structure of learning, you can look at the following coursesSage50 Certificate Course: Provider: IT Careers Online, Price: ₹9,893 or $122; Duration: Approx 10 Hours, Level: Beginner and Intermediate Level Sage 50 Accounts Training: Provider: Simply Training, Price: ₹49,107 or $633; Duration: 50 Hours

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Understanding and organizing financial statements that convey the business activities and the financial performance of a company.

How to Learn?

You can learn the fundamentals of financial statements by reading textbooks, online blogs, and online videos. You can also enroll in the following courses for better understanding: How to Read Financial Statements: Provider: CFI, Price: Free, Duration: 1.5 Hours, Level: Beginner Level How to Master Financial Statements: Provider: FutureLearn, Price: Subscription-Based, Duration: 2 Weeks, Level: All Level

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Undergraduate Programs to gain extensive insight and knowledge about the overall financial sector and learn about diverse topics within science and arts that will help in understanding the socio-cultural forces affecting banking.

2. Expert Level skills should be your focus now that you’ve mastered the beginner skills set. They help you to upgrade your profile for higher-level jobs and have an edge there.

Below are the important ones. ● Analytical and Problem-Solving Skills in order to analyze numerical sets, products, and services and resolve customer/ stakeholder queries. With consistency, these can take you all the way to the top. ● Sales and Management Skills to deliver efficient services and results. And since sales is a part of most of the positions in banking, enhance your persuasion skills and build a good relationship with your assigned customer base to lead your sales targets. ● Advanced Technical Skills as a modern banker is expected to understand and use a lot of software based on the current/aspired position.

How to Learn?

You can learn advanced excel programs from textbooks or short videos posted online on Youtube by channels like Edureka, Tutorialspoint, and Khan Academy.

MS EXCEL 2016 Certification Training, Edureka Provider: Edureka, Price: ₹8475 or $109, Duration: Flexible, Level: Advanced Advanced Excel Course, Henry Harvin Provider: Henry Harvin, Price: ₹7,500 or $97, Duration: 24 Hours, Level: Intermediate ●

Advance Specializations after acquiring all the basic knowledge based upon your area of interest/expertise.

How to Learn?

Credit Risk and Underwriting Course: Provider: Imarticus Learning, Price: ₹65,000 or $838; Duration: 3 Months, Level: Advanced Level Risk Management Professional Exam Preparation Course: Provider: Simpliv Learning, Price: ₹15,190 or $196; Duration: 5 Months, Level: Intermediate Level

Conclusion: Commercial banking is one of the most sought-after jobs due to its demand increasing globally.

It provides ample scope for individual growth and personality development while allowing you to work in diverse portfolios. One big catalyst here is attractive salary packages, insurance and travel benefits. Securing a well-paid job with many other benefits is a boon in today’s world. The demand for banking and other allied facilities is increasing and you can give yourself a secure position in the dynamic field of commercial banking by taking steps in the right direction and at the earliest.

We also have a more meticulous and detail-oriented Learn path for commercial banking if you’re willing to read up some more on this field. You’ll be redirected to the learning options available, ways you can master the above-discussed skills, career prospects and how to make an informed decision.

We have a lot of Learn paths that you can explore from our advice page.

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