Jobs in banking, financial services and investments in Myanmar all deal with money. It may be in lending, investing or retail banking, and it may be the handling of physical cash or electronic banking, but all this working in jobs in banking, financial services and investments in Myanmar need to have an affinity with numbers and processes as well as an ability to pay acute attention to detail.
Some examples of jobs in banking, financial services and investments include, bank telling in a branch (which requires serving customers, handling deposits and withdrawals, and either handling queries or redirecting them), managing a branch (overseeing all the tellers, training staff, replenishing ATM’s, and ensuring that all of the figures are consolidated at the end of the day as well as the cash being accounted for), and working as a loans officer (which is also a customer facing role which requires not only a sales perspective but also using processes to assure that an individual or company has the capabilities to repay the loans). These jobs in banking, financial services and investments are what they call “front office roles” and are mostly customer facing.
Then there are back office roles which are normally located in a larger office. Roles in back office include operations, data entry, IT, human resources, credit card and electronic banking, compliance, collections (when people do not pay their loans), and so forth. There are also call centre jobs which entail executing transactions and handling queries. In banking, financial services and investment jobs, all of the different areas are required to work together as they are all intertwined. For example, a customer may have had their card stolen, and someone has made seem fraudulent activities on the card. They will most likely go into the bank and speak to customer service, who will then need to firstly identify the customer, and then get in contact with the fraud department in order to ascertain the next steps to be taken. Whilst fraud is investigating the case, they need to keep the customer service representative informed of the progress, so that in turn the customer service representative can keep the customer informed on any progression. If this is not done efficiently and ownership not taken of the case then the customer may take their business to another bank, which is viable as there is increasing competition in the banking, financial service and investment industry in Myanmar.
Another aspect of banking, financial services and investment jobs at all levels is the ability to follow procedures and be aware of any legislation and laws that may change, which they often do. This is a compliance area that all employees must have knowledge of. For example, if a bank teller gives money to a customer that they have not identified properly, and it turns out to be theft, then the bank teller is at fault.
Working in banking, financial services and investment jobs can be very stable and well paid, as well as providing opportunities for career progression, especially in a managerial function.
From a banking, financial services and investment perspective, Myanmar has a lot of catching up to do. It was only recently that ATM’s and online banking started to become available, but predominantly it is still a cash based economy. However, leaps and bounds are being made, and in the last few years the availability of services has increased and is now starting to grow at a rapid rate meaning there’re an abundance of jobs available in banking whether it be retail, corporate or investment.
Depending on the job one is seeking in the banking, financial services and investment industry, qualifications may vary. However, regardless of the role mathematical and computer skills are essential as well as communication skills especially for those working in a customer service capacity. To acquire a job such as a bank teller or call centre operative, a college education is not necessarily required, more attention to detail and administrative skills. These can be entry level positions, but they get one’s foot in the door and exposes the to the processes and machinations the industry. For one that shows aptitude in their role, there are an abundance of opportunities for progression. Banking is a very structured environment with training and development, and in many circumstances, especially in international banks, career development will be supported and in some circumstances further education in a relevant field will be not only supported but financed. There is also the possibility in banks to have cross exposure, meaning that one can work in a different department such as human resources for a period of time to see how they fit.
For roles in the managerial function a college degree is normally required in finance, and for those in investment roles industry recognised qualifications such as CFA (Certified Financial Analyst) are required in order to move forward and nourish one’s earning capacity. Opportunities for financial analysts include moving from a retail bank to a private bank where renumeration tends to be higher. As banking has international standards, there is also room for international relocation and travel.
The majority of jobs in Myanmar are located in the urban financial centres such as Yangon and to a lesser extent Mandalay.
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