Within the last few months, the U.S. media has been reporting the high level of student loan debt graduating college students have. In fact, the average student loan debt at graduation is approximately $25,000. Unfortunately, there are many graduates who have a higher student loan debt, often as high as $50,000 to $100,000 depending on whether the student attended public or private school. Ironically, many of these students saddled with debt have degrees with low earning power such as social work or anthropology.
If you will have to incur student loan debt to be able to afford college, the best thing you can do for yourself is to pick a career field that is secure and has the potential to have a high salary. Once such field is corporate banking. Corporate banking for large U.K. and U.S. institutions involves making short-term and long-term investing decisions as well as analyzing cash flow management for the institution, to name just a few tasks.
To enter the corporate banking field, you generally have to have a bachelor’s degree, ideally from a top business school. However, an MBA is not a necessity. Many larger corporations have corporate banking training, so you may be able to take part in that training once you obtain an entry level position. Expect to work at least five years at the entry level position before moving on to a higher position with more responsibilities. That means before you are 30, you could obtain a higher level position with a higher salary.
While the field of corporate banking was hit by the economic downturn in 2007, the market is rebounding, and corporate banking jobs are once again becoming plentiful as businesses slowly have more money to spend and invest.
If you are a freshman or sophomore college student, think carefully about the degree you will pursue. While it may be romantic to pursue a philosophy or an English degree, the simple fact is that these degrees will not make you much money if you don’t continue to get a Master’s or Ph.D. Instead, you may want to consider a field that will allow you to make a decent salary just starting out with your bachelor’s and does not require additional education. Corporate banking is such a field, and if you are willing to put in your time at an entry level position for a few years and foster corporate relationships, you can continue to advance up the corporate ladder and increase your salary as you go.
Post by Melissa