I’ve worked in banking for over ten years, covering a variety of roles and two companies. In this article, I’ll try to use my experiences to outline how you too can break into the banking industry.

We’re talking here about banking jobs but many of the tips that I will impart on creating your resume and cover letter will be equally applicable to other sectors. Indeed, it’s worth bearing in mind that there are a huge variety of positions available within banking, from branch-based bank clerks, to head office staff specializing in marketing, personnel, litigation and purchasing, etc.

We’re all familiar with the fact that a job application usually entails the necessity to submit both a resume and an accompanying cover letter. It’s worth considering, however, why these are so important? The reality is that it’s a competitive market out there, especially at a time when global economies are facing recession. It’s therefore vital that you do something to make yourself stick out from the crowd to employers. That’s where your resume and cover letter can come into play!

A resume (sometimes referred to as a CV or Curriculum Vitae) is a document that lists your relevant qualifications and work experience. (Interestingly, the words Curriculum Vitae are Latin for course of life’). It is a vital document because (along with its accompanying cover letter) it’s the first impression that the company you’re applying to will have of you. It should be seen as being part of Brand You’. It reflects the qualities that you can bring to the advertised job and will hopefully result in you being invited to an interview where you can further pitch for the job.

In building the perfect resume, there are four main things that you should bear in mind. I will cover each of these and they are resume format, resume presentation, resume content, and tailoring your resume to the specific vacancy. I will also briefly touch upon the requirements for your cover letter.

RESUME FORMAT:

There is no one standard resume format. Having said that, there are however certain attributes that are commonly felt to be beneficial. These include:

Length of no more than three pages. Remember that employers often see hundreds of resumes and have very short attention spans. A well written one or two page resume will stand out better than a rambling five page resume!

Include a Personal Details’ section. This will typically include your name, address, date of birth, telephone number(s) and

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Businesses are looking for a specific type of employee in their financial recruitment drive. Accounting jobs, banking jobs and other employment opportunities require a particular kind of person in addition to the relevant qualifications. Usually a degree is required for accounting jobs, but other types of financial careers in banking, whether it be a teller at a bank or an administrator, may only require a diploma to meet the criteria for a position. The more senior the role, the more qualifications are required in addition to experience in the field, whether it be in the same company or a different institution or competitor. Companies have different policies regarding giving internal applicant preference or employment equity. Many jobs require specialist qualifications to perform a specific type of business and many require experience within the working environment such as completion of articles or secondment in addition to a tertiary qualification. Accounting jobs also require certain characteristics along with a head for figures. Meticulousness, ability to work under pressure and accuracy is required. Accounting jobs require more hard work at certain times of the tax year, but office hours are generally adhered to in an accounts office. Banking jobs are competitive with many banks head hunting their ideal candidates and salaries vary depending on the seniority of the position, specialist roles and the bank’s size, budget, profitability and reputation in the market. Working in finance can be highly pressurized and banking jobs, in particular, have many rules and codes that must be adhered to. Because there is a high risk associated with handling cash, there are more safety procedures than in many companies that use commodities or services.

Workers may be subjected to daily security checks or changing passwords more often than employees in other industries and more employee confidentiality is required which will change the code of conduct. There are all internal policies of banking jobs and they may outsource hiring and recruitment responsibilities. There are many employment agencies that banks and other financial institutions work through instead of using their human resources department to head hunt or identify potential candidates in a recruitment drive. Employment agencies sort the candidates according to the employer’s needs in order to save time in the hiring process. Time is money in the business world and anybody looking for work should upload their CV to an employment site or join an agency as well as responding to suitable job advertisements in the media. Working in banking institutions is specialized and a strong interest in financial planning and the business economy is required. There is no room for error and the ability to work with numbers is crucial. Financial recruitment is all about the numbers and good Read More »

Opening a Bank Account:

Establishing a bank account and a line of credit will be one on the top of your list of things to do if you are considering living in Germany (or Europe for that matter) for more than a couple of months. Summer stays are too short for this, but if you are planning to stay for any duration over a few months in which you expect to be receiving financial infusions from abroad or want to be paid or desire to have any chance at surviving the german bureaucratic beastset up an account.

In many ways these accounts are similar to American-style bank accounts. There are dedicated savings accounts available, a prevalence of local and national banks, and differing types of terminals at which money can be withdrawn. Further, the German bank system provides utility that American banks do not. For instance, if you intend to rent an apartment or house whilst abroad, you will most likely encounter what the Germans refer to as a Kaution. The Kaution is sort of like a security deposit in that the deposit is returned on condition that the residence is properly maintained, but differs in terms of the interim mechanisms; the bank withholds the Kaution instead of the landlord, and upon departure from the residence, a document must be signed in order to have the funds released. So renting without a bank account will be difficult.

Another feature unique to German banks is the berweisung, a direct bank transfer similar to the wire transfer system. The most important difference between wire transfers and direct bank transfers is the methodology: direct bank transfers allow German bank customers to directly deposit funds into other German bank accounts with an attached note detailing information about the deposit. These types of transactions can be made at the ATM-like machines in the banks that have full keyboards attached to them. The berweisung is analogous to the American checking system, but is capable of partially integrating with foreign wire transfers, and thus the common confusion between “transfer” and “wire” transactions for foreigners. Luckily, most of these transactions can actually be done over the internet through banking software and T-Online.

Residency permits required

The key piece of paper of course being your polizeiliche Anmeldebestaetigung’ (see How to get a residence permit (part 1) to prove that you reside in Germany, plus your passport. Some banks may allow you to open an account without a polizeiliche Anmeldebestaetigung, but they are unlikely to allow you to set up standing orders or to arrange credit. If you are a student you will need additional proof of your student status. As a student many banks will not charge you fees, so it is wise to Read More »