Transitioning to a new job is a substantial decision for banking and financial services professionals. In such a dynamic and highly competitive field, it’s important to thoroughly assess any move and consider the factors that could affect your longer-term career. In this article, Selby Jennings explores the crucial points that banking and financial services professionals should contemplate before making the switch.
Regulatory Compliance and Reputation
In the banking and financial services industry, strict adherence to regulatory guidelines is non-negotiable. Assess your prospective employer’s record of regulatory compliance where possible, as this is indicative of their commitment to ethical business practices, and breaches can significantly impact your future career and professional reputation.
Financial Stability and Solvency
Given the industry's foundation on fiscal matters, the financial stability and solvency of your potential employer are of paramount importance. Evaluate the company's financial health, as this directly relates to long-term job security and the organization's ability to meet its financial obligations.
Asset Portfolio and Investment Strategy
For professionals involved in investment banking, asset management, or financial advisory roles, it's crucial to examine the company's asset portfolio and investment strategy. Understanding the firm's investment philosophy, risk tolerance, and track record is essential for aligning your career with your financial expertise.
Market Trends and Economic Outlook
Stay attuned to the current market trends and economic forecasts. The banking and financial services industry is highly sensitive to economic shifts, so think about how these macroeconomic factors may impact your new role and your new organization's overall performance.
Client Base and Relationship Management
For roles involving client relationships, such as private banking or wealth management, evaluate the company’s existing client base and the potential for expanding it. Client relationships are the lifeblood of many financial services roles, and a strong client portfolio can directly influence your success.
Compensation Structure and Incentives
Ensure you have a full breakdown of the compensation structure for any prospective roles, including salary, bonuses, and performance-based incentives. The financial services sector often offers varied compensation models, and understanding how you will be rewarded is essential for making an informed decision.
Professional Development and Qualifications
Continuous learning is integral to career growth, so consider whether if new roles offer opportunities for professional development, including support for obtaining necessary licenses and certifications often required in financial services.
When considering job changes in banking and financial services, carefully evaluate the potential benefits and consequences of new roles ahead of any short-term gains. By examining elements like regulatory compliance, financial stability, investment strategies, and other crucial aspects, you can make an informed decision that aligns with your expertise, values, and long-term career aspirations.
Get in touch with Selby Jennings today for career advice in banking and finance.