Posted By Webmaster on August 5, 2010

English language a vital banking industry skill

A friend of mine who holds a senior position in a major banking group told me recently that there is growing interest from foreign banks in investing in the Thai banking sector, making English language skills more important for anyone contemplating a career in the finance industry.

Already a small number of Thailand’s leading banks are 49 percent owned by overseas finance corporations and there are of course several large international banks operating in-country already.

Banks are a major part of a much wider financial services industry that is a vital component of the economy that affects the daily lives of the whole community.

Important branches of this sector include insurance, investment services (advice and management), the Stock Exchange of Thailand, business and property, and auditing and accounting services. This whole area of activity continues to become increasingly international and sophisticated.

Not surprisingly, this scenario means that a good knowledge of both general English and the specific phrases and terminology used in banking and financial industry circles is of vital importance to anyone who wishes to have a successful career in this industry.

Within each branch of the finance industry there exist specialist fields of tasks and duties to be undertaken, with particular vocabulary and common expressions applying o the particular context. To give a few examples:

Banking:

Teller (noun): a bank employee who deals directly with customers, sometimes called a cashier.

Letter of credit (noun preposition noun): a document that a buyer can request from his/her bank in order to guarantee that the payment for goods will be transferred to the seller.

Insurance:

Actuary (noun): a person who deals with the chances and financial impact of risk and uncertainty

Reinsurance (noun): insurance cover that an insurance company buys for its own protection.

Investment:

Blue chip (adjective noun): denoting companies or their shares considered to be a reliable investment, though less secure than gilt-edged stock.

Portfolio (noun): the total collection of assets held by an institution or private individual.

Accounting:

Intangible asset (adjective noun): something of value that is nonmonetary, for example a brand, trademark, goodwill.

Write-down (noun / verb): reducing the book value of an asset.

English Click provides specialized training to all sectors of the finance industry  tailored to the individual needs of each organization.

For a free, no obligation information pack on our English language training courses for the banking and finance sectors – click HERE.

English language vocabulary:

Sophisticated (adjective): highly developed or complicated
Scenario (noun): a situation or event
Terminology (noun): expressions and words that are used in a specific context
Circles (noun): people belonging to a particular group
Context (noun): the settings or circumstances of a situation

For a free, no obligation information pack on our English language training courses for the banking and finance sectors – click HERE.

Categories: Talking Point
Tags: English language for the banking and finance industry, English language skills, English language training courses for specific industry sectors, English language vocabulary, Foreign investment, General Business English Conversation Course, Talking Point