Interviews for banking and finance positions are notoriously tough. Interviewees can expect all the questions from a normal job interview, along with the potential for extremely difficult questions relating specifically to both financial services and hypothetical scenarios.

Preparing for a Banking Interview

Once you consider applying to banking or finance-related positions, you should make sure that you have some basic information on hand. There are many, many helpful books and resources for preparing for an interview in banking and finance. Here are some of the books and videos that you should consider to help you prepare for the interview. The Importance Of Understanding Bank Secrecy Rules The series of regulations in the US called the Bank Secrecy Act (BSA) and the Patriot Act put strict limits on what financial services can say, regarding financial or banking questions, in an interview. In addition, the regulations involve data collection and possibly, divulging sensitive information to an interviewer.

What do I need to know?

Before a banking interview, you should be prepared. One of the first questions the recruiter will ask you during the interview process is whether or not you have considered the implications of opening an account in a foreign country. If you don’t know about the geopolitical aspects of doing business abroad, your chances of being selected are highly unlikely. Aside from simply knowing about banking, there are a few things you should be aware of that you need to do to impress the recruiter and avoid getting the thumbs down. These include: Do not only focus on answering questions but show a command of the topic. Be prepared to demonstrate your knowledge of the industry. Know when to introduce yourself, and introduce your connections.

What should I wear?

This is always one of the more important questions for many candidates. Interviewers tend to judge someone’s dress and demeanour and can take note if you look messy and unprofessional. If you are asked to wear a suit, it is best to wear a dark colour, or at the very least, dark blue. Avoid bright colours, especially red and orange, and bright colours of the dress fabric, such as satin, silk, or other textured fabrics. Men should avoid patterned ties, even when matching the suit. Finally, please don’t choose a solid colour tie, as it may stand out and not blend well with the suit. Do I have any questions for the recruiter or hiring manager? If you have any relevant questions about the role you are applying for, you should ask them.

What questions can I expect?

This is an interview with the potential of a major life change. Be prepared for some deep questions. Also, be ready to be drilled with potential follow-up questions or have the interview pushed further. So what questions can I expect to be asked? The questions you should expect include: What is your career goal? Why did you choose this banking and finance career? What does it take to be successful in this role? What is your ideal career progression? What do you know about this bank? What is your worst and best case scenario as a banking candidate? Questions about current financial trends The main reason to choose this role What challenges would you face in this position? Some companies ask potential candidates what they know about their competitors (e.g.

Preparing for an Assessment Centre

Banks are well known for assessing candidates by tasking them with solving a real-life scenario. This will involve researching the scenario and suggesting solutions to the interviewer. These tasks must be broken down into a sequence of steps, usually defined in a flowchart. These steps must be completely completed before the candidate can move on to the next step. Successful candidates must then be asked questions related to the flowchart, including why they chose that particular answer and why the question was framed as they were. The trick to a successful banking interview is to familiarise yourself with this specific type of questioning. However, it is not essential to prepare extensively for these tasks.

Conclusion

Any interviewer worth their salt will ensure that all their questions have their purpose and that the best candidates will answer them correctly and consistently. That being said, it’s also important to remember that every interviewer is not the same. Therefore, it is vital to think about how you answer each question for the role in question. This will make it easier for you to answer the question correctly and in a way that causes the interviewer to be intrigued by your answer. This article was originally posted here on Entrepreneur.com.

A Quick FAQ to Banking Interview

Generally, the selection process of private banks‘ involves 2 steps: Online-based Aptitude Test and the personal interview (PI) round. Some banks also conduct a Group Discussion in the second stage as well. While the online test is only qualifying, the PI round is what decides whether you are selected or not.

Banking fundamentals refer to the concepts and principles relating to the practice of banking. Banks make money by charging an interest rate on loans, where they profit by charging a higher interest rate than the interest rate they pay on customer deposits.

The following are the best banking certifications that banking professionals should consider when looking to build a career in the banking industry:
  1. Chartered Financial Analysts (CFA) 
  2. Certified Financial Planner (CFP) 
  3. Financial Risk Manager (FRM)
  4. Chartered Alternative Investment Analyst (CAIA)
  5. Certified Public Accountant (CPA)
  6. Certified Management Accountant
  7. Chartered Mutual Fund Counsellor (CMFC)
Various Types of Bank Accounts
  • Current account
  • Savings account
  • Salary account
  • Fixed deposit account
  • Recurring deposit account
  • NRI accounts

Study of mathematics is not compulsory to apply for banking exams. Graduates in any stream can apply. Syllabus for the test include topics on mathematics like numerical ability. Basic mathematical ability, data interpretation, etc are evaluated under the test.



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