Consultant, Banking

Banking consultants make up the "forefront" of banks that everyone visit regularly. Whether it be face-to-face or over the phone, banking consultants must have excellent people skills and be able to answer any and all questions about banking. They must be very knowledgeable when it comes to various financial services that are offered by the bank. Not only is this great for selling products, but it also helps when it comes time to determine a customer’s financial viability. Knowing all the details of how the bank’s mortgages, checking and savings accounts, and security portfolios work is essential in providing the best service possible for their customers.

Education requirements vary from bank to bank. For most entry-level positions, a formal education might not be required, but having a bachelor's degree in business, finance, or a related field is highly preferred. Previous sales experience, such as in retail or real estate, is also highly favored. Some banks also required potential recruits to be licensed by FINRA, which involves passing the Series 6 and Series 63 exams. In order to qualify for these tests, recruits are required to be sponsored by a financial institution. Agents must re register every two years and complete continuing education in order to stay licensed. A licensed agent is then able to order securities for customers and sell mutual funds.

As a banking consultant with 6-9 years of experience in Australia, your main responsibilities include:

• Providing expert financial advice and strategic solutions to clients, ensuring compliance with regulatory standards.
• Conducting comprehensive financial analysis and risk assessments to guide clients in making informed investment decisions.
• Collaborating with cross-functional teams to develop and implement banking strategies that drive business growth and profitability.
• Building and maintaining strong relationships with clients, proactively identifying their needs, and offering tailored banking solutions for long-term success.

For a Consultant, Banking job role, the following qualifications are required:

• In-depth knowledge of banking regulations and compliance procedures to provide expert advice and guidance to clients.
• Strong analytical skills to analyze financial data, identify trends, and develop strategic recommendations for clients to improve their financial performance.
• Excellent communication and interpersonal skills to effectively communicate complex financial concepts to clients and build strong relationships.
• Proven experience in project management to plan, execute, and deliver high-quality consulting projects within the specified timeframe and budget.

The role of a Consultant in the banking industry in Australia, with 6-9 years of experience, offers various alternative career paths to explore. Here are four alternative roles to consider:

• Risk Manager: A position focused on identifying and managing risks within the banking sector, including credit, market, and operational risks. This role involves developing risk management strategies and ensuring compliance with regulatory requirements.
• Business Development Manager: A role that involves identifying new business opportunities, building relationships with clients, and driving revenue growth. Business Development Managers play a crucial role in expanding the bank's customer base and promoting its products and services.
• Compliance Officer: A position responsible for ensuring that the bank operates in accordance with applicable laws, regulations, and internal policies. Compliance Officers develop and implement compliance programs, conduct audits, and provide guidance on regulatory matters.
• Relationship Manager: A role focused on managing and nurturing relationships with high-value clients.

According to recent data from Google, the job role of a Banking Consultant in Australia is projected to experience significant growth in the coming years. The market for Banking Consultants is expected to expand rapidly, offering ample employment opportunities in the future. A 10-year analysis reveals a positive trend for this profession, indicating sustained growth and demand. With the increasing complexity and regulatory requirements of the banking industry, the need for specialized consultants is likely to drive job prospects even further. Overall, the outlook for this role is promising, making it an attractive career option in the Australian banking sector.