Banking is an integral part of the economy of every state. This is a sphere of life in which a modern person must understand if he wants to preserve and increase his savings, apply for loans, wants to use other services of financial institutions.
- The essence of banking
- Where are they trained in banking?
- The importance of banking
- Pros and cons of banking
- Banking Specialist
- Specialty “Banking”
So what exactly is banking? This is a whole section of economics devoted to the banking sector and its modern functioning. Banking makes it possible to understand how and for what the banking sector is used, how it develops, is organized, and regulated.
The essence of banking
The importance of the banking system can hardly be overestimated in our time. Professionals consider the essence of banking through the prism of marketing and management, innovation, statistics, logistics.
The essence of banking is the gradual accumulation, safe storage, and capital augmentation through the management of assets and liabilities, the provision of savings, investment, credit services, as well as operations for currency exchange, securities circulation, cashless payments, etc.
Where are they trained in banking?
Banking is a prestigious, fashionable specialty that requires care and responsibility. The functions of a specialist depending on the level of the position. If an employee is authorized to service customer cash transactions, his tasks are control over the issuance, repayment of loans, issuance, change of bank debit cards, and more. A banker is an intermediary, an operator of the credit system. Where do they study banking?
There are many specialized universities in Russia with the economics and finance departments. Future bankers can get a classical education at Moscow State University, Financial University, PRUE, MGIMO – these are well-known, best universities in the country. For employment in a banking or financial institution, you must have an economic education. Professional orientation will allow training in the specialty “banking” (a complex of sciences in the field of standard operations, accounting, financial circulation, economic forecast). The compulsory program also includes the study of the emergence, the essence of the work of the system of credit operations.
The importance of banking
Banking is an integral part of the economy of any state. In the context of the development, improvement of economic mechanisms in the system of credit, settlement, and monetary relations, the importance of banking is confirmed as an effective means of developing market relations, providing special conditions for preserving, increasing the population’s savings, and issuing loans.
The competent organization, regulation, improvement of the banking sector makes it possible to efficiently manage the assets and liabilities of the bank’s customers, provide savings, credit, investment services, carry out foreign exchange transactions, cashless payments, and more. The prosperity of any economically developed country depends on professionals who can manage, improve the mechanisms for carrying out monetary transactions inside, outside the country.
Pros and cons of banking
As in any profession, there are pros and cons of banking. The advantages include stability due to the demand for commercial banks, despite the unpredictability of the market. Career growth is due to a complex job hierarchy, where there is an opportunity for promotion. Competitive wages are confirmed by a developed system of labor incentives (bonuses, bonuses). Many banks cover voluntary health insurance for employees. Official registration guarantees social security. A stable schedule, clear working day schedule allows employees to plan their free time. The list of shortcomings can include a high degree of responsibility, monotonous work at the beginning of career growth, low wages for newcomers.
A specialist in the field of banking is a person with high mathematical abilities, analytical, deductive mindset, good memory, and the desire to bring what was started to the intended result. The bank employee accepts, structures, analyses, systematizes the received information. Concentration, diligence, dedication, the ability to pay attention to detail are the main features of a competent banker.
The job requires a thorough knowledge of economic disciplines, the structure of banking operations, and healthy ambitions. Successful completion of a short training course at the bank for young specialists after hiring guarantees successful career growth. Many banks practice taking an exam before accepting a candidate for a vacant position.
The specialty “Banking” is intended for the training of specialists capable of performing banking financial and economic manipulations: providing loans, opening deposits, maintaining accounts, documentation, and accounting. Also, training in banking includes thorough training of graduates in the implementation of the settlement and cash services, interbank control, accounting, work with assets, customer liabilities, securities, and other operations.
The specialty allows the graduate to work in credit institutions, banks, economic, financial departments of enterprises. A professional banker is a high-profile specialist who knows all the subtleties and peculiarities of the financial system of a metropolis.