The banking sector offers great job opportunities to candidates from a variety of backgrounds, including engineering. While engineering and banking may seem to have nothing in common at first glance, there’s a reason why engineers are attracted to a career in the banking and financial services sector. In fact, if you consider some senior bankers across the industry, many have an engineering background.
So what lures engineers towards the banking sector and how do they make it a lucrative career? Let’s look at some of the reasons why banking-after-engineering can be a viable career choice:
1. Digital transformation of banks
In recent years, the banking and financial services sector has witnessed a rapid digital transformation. Banks rely heavily on Information Technology (IT) to offer their customers modern and secure journeys that they have come to expect. Banks have a robust IT department and they hire engineers with a range of expertise – from back-end/front-end developers to experts in Artificial Intelligence and Machine Language to cybersecurity specialists.
2. Fast-paced jobs in a challenging environment
Banking is one of the most challenging, competitive, and rewarding careers in the corporate world. It provides unrivalled opportunities to learn about other sectors and offers some of the best options for career growth and attractive compensation. In addition to stable job and growth opportunities, it presents many opportunities for continued education. New-age banking sector jobs are fast-paced and challenging, which keeps everyone on their toes.
3. Opportunities for professional training and development
Working in established banks with a strong work culture and learning and development plans helps engineers to benefit from structured training opportunities that support their career roadmap. Banks across the gamut are aware of the massive changes in the sector in recent years, and have formulated experiential workplace training programs to help their staff stay updated on the latest trends and technologies.
4. Growth opportunities within the team and organisation
Engineers, just like other career aspirants, look for jobs that offer a defined growth trajectory and opportunities to upskill and reskill. Banks are quick to adapt to the future of the workplace and offer a modern framework for multiple growth options at team and organisation levels. For example, in the post-COVID world, banks have started upskilling based on strategy needs and industry trends. The industry has learned to analyse skill adjacencies and enable matching employees to new roles when the bank needs to hire internally.
5. Employee experience and innovation
In a highly competitive landscape, where talent is one of the most valuable resources, banks have redesigned their processes, structure, and culture with a focus on employees. Engineers are all too wary of workplace stress and burnout. But employee experience design is on the rise in the banking sector to create a better work environment, redefine leadership roles, improve collaboration, and offer meaningful growth opportunities that help people achieve their personal and professional goals. Banks also offer highly competitive salaries along with stability, and other perks and benefits.
6. Breadth and depth of services
Whether an engineer wants to focus on core technical roles or move on to audit, corporate finance, or consulting, the choices are plenty. The sheer breadth of services and knowledge that the financial domain provides helps engineers to bring value to the real world by solving complex business problems. Engineers can leverage their critical thinking and analytical abilities to provide comprehensive, integrated solutions to the banking sector .
7. The chance to work on revolutionary products
Banking is at the edge of a technical revolution that is working on emerging technology and revolutionary products. Engineers from software, mechanical, civil, or any other discipline may get stagnated in their professions. But in banking, there are now opportunities to work on risk management, big data, mobile banking, distributed systems, and artificial intelligence. As an engineer, you will be solving some of the most pressing challenges of our times and transforming finance with your strategic thinking and domain expertise.
Conclusion
Engineers typically possess the essential skills required to thrive in banking – critical thinking, analytical abilities, and number crunching. The rapid digitisation of banks and immense opportunities in the financial services sector have made banking an attractive career option for engineers who have the aptitude for these jobs. Identifying the sweet spot and making the pivot early can help you secure your place and stay ahead of your peers, also managing toearn an extra incomecan keep you steadfast in your financial career.
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