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Salient. Special Salient Issue. Careers Information Week. 1961

Banking In The 1960's..

page 27

Banking In The 1960's...

The Trading Banks

have openings for

University Students And Graduates

Opportunities are available to rise to high executive positions


excellent salaries, liberal holidays and generous pensions, along with other worthwhile privileges and amenities

The Trading Banks in New Zealand are:

Australia & New Zealand Bank Limited

Bank Of New South Walks

Bank Of New Zealand

The Commercial Bank Of Australia Limited

The National Bank Of New Zealand Limited

Modern banking is a complex business which affects every aspect of economic life. Besides their traditional role of accepting and granting loans, trading hanks today have to administer exchange controls and credit policies in accordance with the national interest. With the growing maturity of the New Zealand financial system they are now called upon to provide a wide range of specialised services and facilities. The remarkable growth of cheque usage since the war has led to increased use of automation with a corresponding increase in the complexity of every day banking procedures and administration. All of these developments demand greater knowledge and ability of bank staffs, whose daily work is to assist the community with its financial problems.

To maintain the high standard of service for which banking is renowned it is necessary to recruit people who are capable, not only of providing the services required today, but also of anticipating the requirements of tomorrow. With increasing specialisation the need for executive and administrative personnel is as great as the need for experts. The complexity of banking today demands breadth of vision as well as depth of knowledge. For this reason banks are interested in university-trained people, especially graduates in Commerce or in Arts with an Economic bias.

Since the Royal Commission on Monetary, Banking and Credit Systems in 1955 all the trading banks have either opened or expanded their Economic and Research Departments. There Banks publish regular economic reviews, while another issues a report on Produce Prices and Markets. These activities require specially trained and highly qualified staff who have ample scope to exercise their special talents and skills.

A feature of post-war banking has been the expansion of trade introduction and promotion services This has required close collaboration between the International or Overseas Departments of the banks with their overseas offices and agents. Staff engaged in this type of work are required to have a thorough knowledge of Foreign Exchange, Documentary Credits and other matters relating to overseas trade. From time to time requests are received from overseas for a survey of a particular industry. This type of work is especially suitable for graduates in Economics.

All executive officers in the trading banks receive a sound basic training in most aspects of banking before reaching executive status, as it is necessary for them to have a thorough knowledge of banking generally as well as of their particular field.

The trading banks have salary scales which provide regular annual increases up to age 33. For a person joining with academic qualifications the point of entry on the scale would be subject to discussion in each individual case but generally the salary offered would be fully comparable with outside positions.

There are annual, and in some banks bi-annual, salary reviews with the object of granting merit increases. Providing a university graduate showed the ability to apply himself and was acquiring a sound knowledge of practical banking, accepting responsibility as required, he would have every likelihood of obtaining frequent merit salary increases. All banks provide generous fringe benefits but these differ in detail between banks

For students nearing graduation arrangements can be made to attend lectures, and some banks refund fees and pay a bonus on successful completion of studies.

Opportunities for travel arise as all the trading hanks in New Zealand periodically send officers overseas to their Australian and/or London offices for a tour of duty.

All of the trading banks would welcome enquiries from graduates or near graduates interested in making banking their career.