What does a Banking Analyst do?
Published 3 min read
A banking analyst is responsible for providing analysis of a bank's financial statements and performance. They also develop recommendations for improving the bank's financial health.
Banking Analyst job duties include:
- Research and analyze economic and business trends
- Develop forecasts of bank performance
- Identify opportunities and threats to the bank
- Assist in the development of new products and services
- Conduct customer surveys and focus groups
- Analyze customer data to identify trends
- Prepare reports for senior management
- Make recommendations on ways to improve the bank’s performance
- Assist in the development and implementation of marketing plans
Banking Analyst Job Requirements
A Banking Analyst typically has a Bachelor's degree in business, economics, finance, or accounting. Some employers may require a Master's degree or professional certification (such as CFA or FRM). A Banking Analyst typically has 2-5 years of experience working in the banking industry in a role such as financial analyst, credit analyst, or bank examiner.
Banking Analyst Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Finance
- Budgeting
- Forecasting
- Financial modeling
- Variance analysis
- Financial statements
- Accounting
- Auditing
- Taxation
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How to become a Banking Analyst
A banking analyst is a professional who provides analysis and recommendations to banks and other financial institutions. There are many different types of banking analysts, but all share a common goal: to help their clients make informed decisions about their finances.
Becoming a banking analyst requires both formal education and on-the-job experience. Most analysts have at least a bachelor's degree in finance or a related field, and many have advanced degrees. Many also hold professional certifications, such as the Chartered Financial Analyst (CFA) designation.
Experience is just as important as education for aspiring banking analysts. Many begin their careers in entry-level positions in banks or other financial institutions, such as loan officers or tellers. From there, they may move into more specialized roles, such as credit analyst or investment analyst. As they gain experience, they may assume more responsibility and take on larger projects.
The best way to prepare for a career as a banking analyst is to get started early. Students should take courses in finance and economics, and they should also get experience working in the financial industry if possible. Those who are serious about becoming banking analysts should consider pursuing a CFA designation.
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