The Current Situation of Banking Jobs
Bank jobs have tremendously increased owing to the recent economic improvement in trade, real estate and tourism. These have been a source of foreign exchange and have also led to the establishment of multinational banks in the country. The banking jobs range from low-level to top management categories. You can, therefore, get a job depending on your qualifications. However, it is vital to get all of the most important information regarding the current situation on the job market.
A Brief Description of the Banking Sector and Banking Jobs
The current situation observed in the banking sector is that banks are steadily recovering from the great economic depression witnessed in the years 2008 and 2009. Financial institutions have reestablished relative stability in the last two years leading to a booming industry.
As previously mentioned, the sector has improved significantly due to economic improvement in trade, real estate and tourism. Furthermore, the political unrest in the Middle East and North African (MENA) regions has attracted many banks to the . Also, the country is viewed as an oasis of economic and political stability due to the recent upheavals in Syria, Libya, and Egypt. This factor makes it a haven for banking sphere and real estate investment.
The has five major banking institutions categories. They include investment, merchant, commercial, industrial and Islamic banks. All these institutions have benefitted from strong ownership frameworks established with the support of local governments. The central bank, however, is still the main currency regulator and issuer. Thus, Abu Dhabi and Dubai are the main centers that house all the financial institutions in the country.
The Various Bank Jobs
The jobs range from low-level to top-level jobs depending on the qualifications and experience of individuals. The following is a bank job positions list consisting of the most common jobs foreigners seek in the :
- Financial analysts
- Bank tellers
- Sales representatives
- Loan officers
- Financial managers
- Banking career path advisers.
- Banks also have boards comprised of a CEO, a chairperson and other executives.
Requisite Qualifications for Banking
For most low-level jobs, a diploma or a bachelor’s degree certificate is adequate to get a vacancy during bank jobs hiring. However, for the lowest level jobs such as cashiers and sales executives a job seeker can be hired with no qualification. In most cases, these are simple jobs that anybody can undertake with simple training. These institutions retrain their recruits on the specifics of the job description even if an individual has a qualifying certificate.
However, a candidate requires a Master’s degree in business administration for advanced bank jobs such as investment banking supervisors, portfolio manager, relationship managers, head of sales, or head of corporate. Moreover, the options in bank careers are sharply increasing with international banking institutions flocking in the . This means that people who studied international curricula can get jobs in these organizations. Nevertheless, the banking educational institutions offer a similar curriculum to most international institutions.
The Market for a Banking Job
More firms are nowadays seeking to hire top-level professionals to undertake jobs in banking. This is due to the influx of international financial institutions in the country that has led to a deficit in the workforce. Additionally, few financial training institutions offer advanced degree programs. These institutions cannot meet the rising demand for top-level officials with advanced educational certificates. The banking market thus requires educated individuals to hold the top-level positions. High demand for professionals in the sphere has resulted in hiring professionals from other countries.
The market also requires low and middle-level employees due to the number of institutions in the country. Many expats from India, Kuwait, and Saudi Arabia are continuously flocking into the country to take up some of these jobs. Most of them migrate in search of junior job levels that require degrees and certificates from financial colleges and universities. You are better off seeking a bank vacancy for lower jobs such as sales executive and cashier if you are looking for a quick job with minimal qualifications.
Career Progression with a Bank Job
Individuals desire professional advancement once they have gained meaningful experience in their professional field. In the , a banker can be awarded a promotion as a result of their experience or after attaining an advanced banking degree. The most common progressions to the mid-level positions are assistant manager and customer service. It would require up to ten years attaining a higher level position such as account manager, stock market adviser and team manager for employees at the junior levels.
Higher categories of banks jobs require advanced skills of management, quick decision making, critical analysis and economics. To gain this knowledge one needs to enroll in higher degree programs. These include MBAs in economics and finance. With these qualifications, you can quickly rise to a top management level within a short time compared to a basic degree or certificate holder.
Banks Jobs Salaries
Salaries vary from one financial institution to another. Bankers at the same job group level working at different banks earn varying payment amounts. Some jobs such as sales representatives pay to depend on the number of clients the representatives woo to the institution. Such positions pay commissions and a retainer fee.
Banking jobs that are of higher category earn a more lucrative salary. Statistics indicate that an experienced Relationship Manager earns between AED 250,000 to 350,000 per year. An experienced investment banker earns approximately 350,000 to 450,000 AED per annum. The sales, corporate, wealth, and collections leaders earn in the range of 550,000 to 850,000 annually. Likewise, a portfolio manager earns between 350,000 to 450,000 AED. Lastly, CEOs, CFOs, CIOs and heads of auditing earn 550,000 to 1.2 million AED per year.
Worker Satisfaction with Bank Jobs
Most expats seeking bank positions intend to work in the industry as long as it is possible to. They are willing to get a promotion to higher banking positions. Some employees further their education to gain quicker promotions and increase their earnings. Therefore, people working in the banking and finance sector are passionate about their careers. Thus, they can succeed in the sphere and gain various profits.