The best way to start off your career in banking is through obtaining the right qualification (Shutterstock.com)
Working for one of South Africa’s top banking companies is all about making money. From assisting clients to raise loans to providing them with tips to make wise investments, money in banking talks.
Before your bank account can also do the talking, you need to ensure you have the right qualification.
Why a qualification in commerce?
While most banking companies will welcome candidates from all academic disciplines, from a knowledge and learning perspective, your commerce degree will place you in a better position. Plus, research conducted by an executive placement agency revealed that a third of South Africa’s CEO's in the top 100 listed companies hold a Bachelor of Commerce degree.
Banks are on the lookout for exceptional candidates with a good academic record. However, obtaining your degree from one of South Africa’s recognised institutions will also place you in a better chance of being spotted by the best in the business. Top universities on the country’s Big Banking Five include but are not limited to the following:University of Cape TownUniversity of WitwatersrandUniversity of PretoriaUniversity of StellenboschRhodes UniversityUniversity of JohannesburgUniversity of KwaZulu-Natal
These banks also prefer the following majors:Finance/Investment managementAccounting/Financial ManagementEconomics/EconometricsStatisticsActuarial ScienceFinancial/Applied MathematicsEngineering (All specialisations)Law
To be the perfect banker doesn’t mean having a CV full of academic qualifications at the expense of no work experience and interpersonal skills. However, it sure does count towards gaining skills you may be lacking, as well as more money in the bank.
Take a look at the qualifications held by South Africa’s top banking CEO’s as well as their salaries:
CEO of FirstRand: Sizwe Nxasana
Undergraduate degree: Bachelor of Commerce from the University of Fort Hare
Postgraduate studies: Bachelor of Accounting Science Honours degree and chartered accountancy degrees
Total compensation: R29 488 000
CEO of FNB: Jacques Celliers
Undergraduate degree: Bachelor of Engineering (Civil) from the University of Stellenbosch
Postgraduate studies: Master of Business Administration from the University of Cape Town
Total compensation: R13 513 000
Co-CEO of Standard Bank Group: Barend Kruger
Undergraduate degree: Bachelor of Commerce (Honours) degree from the University of Pretoria
Postgraduate studies: CA(SA) and an Advanced Management Programme from Harvard, United States
Total compensation: R19 010 000
Co-CEO of Standard Bank Group: Simpiwe Tshabalala
Undergraduate degree: Bachelor of Law from Rhodes University
Postgraduate studies: Master of Law (LLM) from the University of Notre Dame, United States, HDip Tax from Wits and an Advanced Management Program from Harvard, United States
Total compensation: R24 278 000
CEO of Barclays Africa Group: Maria Ramos
Undergraduate degree: Bachelor of Commerce from the University of Witwatersrand and a bankers Diploma (CAIB) from the Institute of Bankers in South Africa
Postgraduate studies: Master of Science degree from the University of London
Total compensation: R28 571 000
CEO of Nedbank Group: Michael Brown
Undergraduate degree: Bachelor of Commerce and Diploma in Accounting from the University of KwaZulu-Natal
Postgraduate studies: CA(SA) and Advanced Management Programme from Harvard Business School
Total compensation: R35 050 000
A qualification in commerce may not be the only way to reach your banking career aspirations, but it's a sure way to give you a head start into the country's big five banks. Find the latest banking positions with Careers24.