How to Make a Career Change From Banking (With Salaries)
By Indeed Editorial Team
Published 3 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Making a career change can be an exciting way to explore new interests and develop your work-life balance. For instance, some people may want to leave a career in banking to use their financial management skills in an adjacent field. By learning how to make a career change from banking, you can begin a transition that may help develop your skills and professional network. In this article, we provide a step guide on making a career change and list eight alternative jobs you can consider.
Related: How to Change Careers
How to make a career change from banking
If you want to make a career change from banking, it can help to consider why you want to do this and what field you might like to transition to. This can include focusing on your skills and the careers that also use them. Here are some steps you can take as a banker to change your career:
1. Determine why you want to change careers
People may want to change careers for various reasons, both professional and personal. By asking yourself why you want to pursue a different field of work, you can determine your interests and values. Understanding your values can help you make more informed decisions. Here are some relevant topics to consider while planning your transition:
the things you enjoy about your current job
aspects of your work environment that you enjoy
whether you want to work outside of banking or just for another employer
the skills you enjoy using the most
the interests you want to develop or explore
your dream career
the hours, location and salary aspects of the position
your overall goals
2. Focus on your transferable skills
Transferable skills can help you switch careers easily, as you often already possess the abilities to perform these tasks and duties in a new role. Transferable skills can consist of hard or soft skills but often focus more on how you carry out tasks rather than the specific software or tools you use to complete them. Here are some common banking skills that may transfer to other career paths:
attention to detail
3. Make goals and set objectives
Understanding your short- and long-term goals can help you work towards a successful career change. Knowing your goals is important, as having a clear objective can help you make the right career and lifestyle choices to achieve it. You can set goals by creating a description of your ideal career or work environment. Once you have a goal in mind, making a checklist of actionable steps to help you achieve your outcome can help you move toward your desired industry.
4. Consider a change in industries
If you want a completely different career from banking, changing industries can be a great way to try something new. This major shift can help you gain a new perspective on banking and how you can transfer your skills to a different industry. Experiencing other types of work can also give you valuable experience by using your skills in different scenarios, which can provide you with new opportunities for personal and professional growth.
5. Invest in professional development
If you want to transfer your banking experience to a new career, investing in professional development training and courses can help you prepare for your new role. These can be short training modules or formal qualifications that help improve your chances of employment. These courses can also provide you with additional qualifications to add to your resume, or even help you meet people and expand your professional network.
6. Grow your professional network
Building a large professional network can help you change careers from banking, as it can assist you in finding similar-minded individuals working in adjacent fields. You can network at dedicated industry events, by following up with professional connections or by contacting former colleagues who left your current workplace. By asking your network for their advice about advancing or transitioning to a new career, you may make your change smoother and more successful.
7. Find a mentor
As you build your professional network, you may wish to find a mentor to help you succeed in your new career. A mentor can give you valuable advice in a personalised, helpful and practical manner. You can ask a trusted colleague, professor or another relevant professional to mentor you and support your career transition.
8. Update your resume
Before you apply for new positions, you may wish to update your resume to include any skills and experience you recently gained, whether from banking or another source. This can help you highlight the skills you believe may transfer best to your new career. If you're applying to jobs outside the banking industry, you may wish to include information about activities such as volunteering or hobbies that highlight your diverse skills.
8 other jobs for bankers to consider
If you want to transition away from a career in banking, you may wish to try the careers listed below:
National average salary: $86,049 per year
Primary duties: Becoming a teacher could be a rewarding career that uses your mathematical skills from banking in a different industry. As a mathematics teacher, you could teach high school students about topics like geometry, calculus, algebra and statistics. Teachers spend their days making lesson plans, lecturing, assigning and marking homework, administering tests and helping students develop their skills.
National average salary: $91,237 per year
Primary duties: Fraud analysts and examiners investigate claims of fraud to determine if people committed crimes before determining an appropriate course of action. This can involve gathering evidence, reporting their findings and interviewing those involved in the case. If the case goes to court, a lawyer may ask the fraud analyst to give evidence supported by their documented research.
3. Stock trader
National average salary: $83,521 per year
Primary duties: A stock trader buys and sells stocks for portfolio managers of investment firms. This can involve working in a variety of markets or specialising in a specific type of asset or investment trading. You can still work for banks as a stock trader, although successful trading can involve a distinct skill set that you may want to acquire before transitioning to this role.
4. Grant writer
National average salary: $77,738 per year
Primary duties: Being a grant writer can allow you to use your financial skills for a non-profit organisation. This role often involves writing documents to receive funding for projects, making presentations, writing personalised letters to donors and monitoring fundraising deadlines. You may also work on fundraising events and marketing materials as a grant writer, which can help you develop new skills in a fulfilling role.
National average salary: $103,441 per year
Primary duties: As an actuary, you typically analyse the financial risks of events. Actuaries typically answer various mathematical and statistical questions using their knowledge of risk prevention and financial security policies. Actuaries can use a range of software, such as computer modelling software, to understand and depict their assessments. They often present what they find to investment bankers, marketing managers, pension directors and insurance executives.
National average salary: $86,671 per year
Primary duties: Compliance officers typically oversee the legal and ethical complexities of an organisation's operations. This may involve writing and revising an organisation's internal policies, understanding relevant laws and regulations and auditing business activities to make sure they adhere to protocols. As a compliance officer, you may also prepare training material to educate staff about policy changes and expectations.
National average salary: $83,845 per year
Primary duties: An auditor helps a business keep accurate and compliant financial records. They may examine financial documents to ensure accuracy and efficiency. They also typically collaborate with compliance officers to ensure that businesses operate legally, analyse and process their claims and handle their tax returns and payments. Auditors can also help determine if there's ongoing fraud at a business.
National average salary: $113,781 per year
Primary duties: Asset managers can work with a client to improve the value of their financial assets, such as capital stocks, real estate and precious metals. They can offer advice about a client's investments, reorganise their portfolios, make risk reports and projects and study the market to find profitable future actions. An asset manager may hold regular meetings with stakeholders to discuss changes and recommend investment strategies.
Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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