Jobs in the banking sector are well-paying and offer many opportunities to learn and grow. The Philippines is an emerging market in Southeast Asia, and its economy is transitioning from agriculture to manufacturing and services.
The country has a strong banking system with various types of banks, from big ones to smaller ones in rural areas.
List of Best Banking Jobs in the Philippines
1. Bank Teller
Bank tellers are banking professionals who directly deal with customers and answer their queries. They are also known as cashiers or customer representatives in some banks. Their responsibilities include assisting customers with transactions involving deposits, transfers, and withdrawals.
2. Investment Banker
A very lucrative career option, investment banking jobs entail facilitating complicated financial transactions on behalf of clients. Investment bankers are essentially corporate financial advisors and are also responsible for issuing securities as a means of raising capital.
3. Loan Officer
Loan officers are employees of a bank or any other financial institution and are responsible for advising clients who apply for a loan. They need to possess a comprehensive knowledge of loans and banking industry rules and regulations. Loan officers could be mortgage loan officers, commercial loan officers, loan collection officers, and consumer loan officers.
4. Relationship Manager
In a bank, a relationship manager is the one who primarily deals with retail customers. They are responsible for offering banking and financial advice to clients and are required to have sound financial knowledge. Relationship managers are required in both the retail and corporate banking sectors.
5. Internal Auditor
Internal auditors in a bank are responsible for ensuring that the internal audit measures are effective. They evaluate the internal processes, controls, and business operations of every area, including retail banking and investment banking.
High-paying Corporate Banking Jobs in the Philippines
Here are three high-paying positions in corporate banking:
1. Budget analyst
A budget analyst reviews accounting and budgeting records to verify they are accurate and by all applicable rules and regulations. They assist top management in reviewing proposed methods and developing alternate options if the expected results are not met. Budget analysts also assist public and private organisations, such as government organisations and colleges, with budget planning.
2. Internal auditor
An internal auditor examines a bank’s financials to assess how efficiently it works. If they find areas for improvement, they may advise ways to simplify operations or boost revenues. Internal auditors help protect a company’s assets from theft and fraud while ensuring compliance with all applicable laws and statutes.
3. Finance director
A finance director oversees and directs all financial activities within an organisation, including revenue reporting, budgeting, accounting staff training, fund disbursement to departments, risk management, policy execution, and financial process improvements. They seek to design successful financial strategies, achieve or maintain financial stability, promote revenue growth, assure regulatory compliance, and foster positive investor relationships. Finance directors frequently report to higher management on the financial health of their organisations.
High-paying commercial banking jobs in the Philippines
Here are three high-paying positions in the commercial banking industry:
1. Senior direct sales representative
A senior direct sales representative produces new business possibilities for a bank by making sales calls in certain geographic regions. These agents also communicate with existing clients to market the bank’s offerings. Other responsibilities include periodically preparing sales reports outlining the number of sales made, maintaining sales targets by leading less experienced staff members, and establishing sales pipelines.
2. Banking and commercial loan workout manager
A banking and commercial loan workout manager oversees the process of restructuring troublesome commercial and banking obligations. They create long and short-term financial strategies, such as budgeting and forecasting. Banking and commercial loan workout managers additionally ensure that the lender and borrower have a comparable asset-to-collateral ratio.
3. Mortgage branch manager
A mortgage branch manager is in charge of the day-to-day operations of a mortgage lending office or branch, including personnel management, sales goal setting, and regulatory compliance. They also develop partnerships with real estate agents, financial institutions, and other critical partners to expand the business and reach revenue projections.
Entry-Level Major Banks Careers
Due to various banking divisions, it may be hard to get a job at a major bank. Below are some of the best entry-level positions in banking that can help you lay the foundation:
- Teller: As a teller, one can start creating a network with top-level managers in his/her local branch leading to promotion. Underwriting assistants act as data analysts supporting practising underwriters when it comes to determining loans.
- Underwriting assistants are data analysts who assist professional underwriters in determining loan eligibility for bank clients. Working as an assistant underwriter is an excellent method to develop critical analytical skills and network in the business.
- Data analyst: Data analysts are critical in the banking business, and starting here might make the transfer to financial analysis easier.
- Personal bankers interact directly with clients, and the relationship maintenance skills you develop as a personal banker can help you advance to sales and management positions.
How to get a banking job in the Philippines?
To get an entry-level banking job, a candidate must possess at least a bachelor’s degree. It is advisable for those aspiring to join the banking sector to acquire some relevant experience through internships while still in college.
Banking jobs are highly competitive and even though a junior employee can move to senior positions without a master’s degree, it is highly recommended to get one to improve your prospects. If you have the basic qualifications to apply for banking jobs, here is what you need to do:
- Decide what banking jobs you would be interested in – As a fresh graduate who aspires to build a career in banking, you first need to decide which roles you are interested in. Do you want to be an investment banker, equity analyst, relationship manager or any other role in the banking industry?
- Get the necessary certifications – While a bachelor’s degree is the bare minimum qualification for banking jobs, you can acquire additional certifications to improve your prospects. Getting additional certifications is especially important if you are considering a career switch to banking from a non-banking career.
- Create a job-winning resume – You need a solid resume to make a good impression on the recruiter. It is a good idea to hire a professional resume writing service to put together a job-winning resume for banking jobs.
- Apply for suitable banking jobs – You can look for banking job openings on online job portals like Monster.com and search for your preferred job roles. You can also talk to your friends or people in your network who have already made a career in banking.
Achieving success as a banking professional is a dream for many. While banking jobs are lucrative and high-paying, to live a happy, well-rounded life, you need to set healthy boundaries at work to attain a work-life balance.
FAQ on Best Banking jobs in the Philippines
Q:1 What are some of the best banking jobs available in the Philippines?
A: The best banking jobs in the Philippines can vary based on individual preferences and qualifications. However, some popular positions include bank tellers, customer service representatives, loan officers, financial analysts, and branch managers.
Q:2 What qualifications or skills are required for the best banking jobs in the Philippines?
A: The qualifications and skills required for the best banking jobs in the Philippines depend on the specific role. Generally, a bachelor’s degree in finance, accounting, or a related field is preferred. Strong numerical and analytical skills, attention to detail, good communication abilities, and knowledge of banking products and regulations are also important.
Q:3 How can I increase my chances of securing the best banking jobs in the Philippines?
A: To increase your chances of securing the best banking jobs in the Philippines, it is essential to acquire relevant education and certifications. Building a strong foundation in finance and banking through academic courses or professional qualifications can make you a more competitive candidate. Additionally, gaining relevant work experience through internships or entry-level positions can significantly enhance your prospects.
Q:4 Where can I find job opportunities for the best banking jobs in the Philippines?
A: There are several ways to find job opportunities for the best banking jobs in the Philippines. You can explore online job portals, visit career websites of banking institutions, attend job fairs, network with professionals in the industry, and engage with recruitment agencies specializing in banking placements.
Q:5 What are some growth prospects in the best banking jobs in the Philippines?
A: The best banking jobs in the Philippines offer various growth prospects. With experience and additional qualifications, individuals can progress to higher-level positions such as senior bankers, relationship managers, investment advisors, or even leadership roles within banks. Continuous learning, professional development, and building a strong network in the banking industry can open up doors to exciting career advancement opportunities.
