Just like individual customers, companies of all sizes need banking and financial services to run their operations. Commercial banking covers everyone from a sole trader, small to medium sized enterprises right up to large companies such as supermarkets, technology companies and multinational corporations.
The financial services and products on offer may be similar but vary in scale according to the size of the company. A small business may require a modest loan to buy new equipment whilst a large company may need a substantial investment to build a new manufacturing plant.
As a commercial banker you would manage a diverse portfolio of clients from small startups to large corporations, institutions, or state bodies. Your role would involve giving advice on a wide range of financial products and services to suit their needs. This might include investing deposits, clearing payments, arranging loans, organising insurance and day to day banking such as paying their staff and suppliers. In the case of corporate lending, you would recommend the best type of loan and may restructure existing loans or manage any difficulties arising from arrears.
Most roles require a degree level qualification although a business or finance degree is not a prerequisite and candidates are welcomed from a wide range of disciplines. Entry level positions for school leavers with specialist on the job training and new graduate recruitment schemes are also another route to a career in this sector. Gaining an undergraduate summer internship in a financial services company can increase your job opportunities after graduation.
With technological innovations driving the way we bank, this is a fast-moving global sector that requires commercial awareness and excellent analytical, numerical skills and IT skills. You will be responsible for building effective long term business partnerships with your clients to enable both their business and the bank to grow. This will involve regular meetings and presentation of financial information, so first-rate interpersonal and communication skills are required. A foreign language may be an advantage if working for an international financial services organisation.
Career opportunities include senior leadership and managerial roles, management consultancy, risk, compliance and financial analysts, wealth managers, treasury professionals, investment banking and financial technology.