INTRODUCTION

 

 

 

The banking and finance industry plays a crucial role in promoting and sustaining the economic growth of a country. It safeguards the interests of its customers, sells its services and encourages investments. Different types of banks offer different kinds of services to different groups of customers.

 

The banking and finance industry comprises:

 

• Central Bank

• commercial banks

• finance companies

• money and stockbroking firms

• futures trading firms

 

Commercial banks provide financial advice to the public, businesses and industries, as well as the local government.

Merchant banks provide services to firms and corporations. They offer banking services and advice on takeovers, mergers, acquisitions and international trading.

 

Central Bank does not provide banking services to the public. It functions as a central bank and acts as an intermediary for the government and other banks. It supervises other banks and foreign exchange, looks after the government's interests, prints and withdraws money in circulation. It also provides advice to the Ministry of Finance and other government agencies.

 

Qualified people are required to fill up different posts in the various departments of a bank. The departments include:

• Accounts - Keeps a full record of the bank's transactions.

• Loans - Policies and guidelines for loans are determined by the head-office, to be abided by branch offices.

• Investments - Handles investment in bonds and government securities to ensure maximum returns.

• International trade - Connects with overseas banks and assists Malaysian traders in establishing contacts with foreign counterparts.

• Sales and Marketing - Sells the bank's services to the public and organises publicity campaigns for the bank.

• Personnel - Recruits new workers and takes care of promotions, transfers, pay and welfare of staff.

• Training - Responsible for the training of new recruits.

• Systems and Technology - Keeps up with the latest development in technology to help in the daily running of the banks.

• Economy - Provides the latest information on local and global economic trends. Researches and compiles statistical information.

 

Career opportunities in the banking and finance line are many and varied. They include jobs such as clerks, tellers, credit officers, futures traders, investment analysts and security dealers.

 

 

 

JOB DESCRIPTION

 

 

1. Clerk (Accounts Clerk, Administrative Assistant, Audit Clerk, Billing Clerk, Settlements Clerk) - Work varies according to departments. - Processes banking transactions. - Prepares documents and reports, computes calculations and compiles statistics. 

2. Teller/Customer Service Officer- Works in the front office of the bank, handles customers' requests and needs and provides information on banking services.- Cashes customers' cheques, handles deposits and withdrawals from various types of accounts. 

3. Credit Officer (Loan Officer) - Decides who to lend money to based on the client's credit rating, financial status and ability to repay the loan. - Can specialise in consumer (personal) loans or commercial (business) loans. 

4. Futures Trader (Floor Broker, Futures Broker) - Executes financial futures orders for clients (futures are legal contracts to buy or sell something in future) 

5. Investment Analyst - Advises clients on investment in stocks and shares. - Provides detailed analytical information to help people decide whether to buy or sell shares. - Carries out research on companies' backgrounds, interviews financial controllers or chief executives of public-listed companies and writes reports. - Briefs securities dealers on the latest developments. 

6. Securities Dealer (Dealer's Representative, Remisier, Stockbroker) - Advises clients on when to buy and dispose of stocks and shares. - Advises individuals or large institutional investors on how to get the best returns for their investments. 

7. Administrative Manager - Manages and formulates policies of the financial institution. - Organises, controls and supervises the branches' activities. 

8. Branch Manager- Establishes and maintains good rapport and relationship with customers, businesses and social organisations to promote goodwill and gain new business. - Supervises accounting and reporting functions and establishes operating policies and procedures. - Directs custody and control of assets, records, collateral and securities held by companies. - Approves or declines lines of credit and commercial, real estate or consumer loans. - Directs personnel engaged in trust activities such as settling estates, administering trusts and performing agency functions for individuals.