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 3-6 years of experience in Australia, your main responsibilities include:

• Analyzing financial data and market trends to provide strategic insights and recommendations to clients.
• Developing and implementing financial models, risk assessments, and financial forecasts to support decision-making processes.
• Collaborating with cross-functional teams to design and execute banking solutions, such as mergers and acquisitions, loan syndications, and debt restructuring.
• Providing expert advice on regulatory compliance, risk management, and industry best practices to ensure clients' adherence to banking regulations and optimize their financial operations.

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 3-6 years of experience, offers various alternative career paths. Here are four alternative roles to consider:

• Business Analyst: A position that involves analyzing business processes, identifying areas for improvement, and proposing solutions to enhance efficiency and effectiveness.
• Relationship Manager: A role focused on building and maintaining strong relationships with clients, providing financial advice, and offering tailored banking solutions.
• Risk Manager: A position that involves identifying and assessing potential risks within the banking sector, implementing risk mitigation strategies, and ensuring compliance with regulatory requirements.
• Project Manager: A role that involves managing and executing banking projects, overseeing timelines, budgets, and resources, and ensuring successful project delivery.

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.