Jobs & Careers in Banking
Jobs in the banking industry can include positions at commercial banks, credit unions and savings and loans. The banking industry serves consumers and businesses by providing loans, managing checking and saving accounts and selling financial products, such as certificates of deposit and money orders. According to the U.S. Bureau of Labor Statistics, the banking industry employed nearly two million people in 2008. The bureau estimates future job openings in banking might lag behind other industries.
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Types of Jobs
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Entry-level bank positions can include bank tellers, administrative assistants and clerks. Bank tellers assist customers with bank deposits, withdrawals, money orders, cashier's checks and account transfers. Clerks can work in a wide variety of capacities, processing applications, assembling loan files and entering data from deposit slips and checks. Management jobs can include positions such as branch managers and loan officers. Branch managers oversee the overall operation of a bank, including financial management, customer relations and marketing. Loan officers work directly with customers in taking loan applications and overseeing the borrowing process.
Banks also employ professionals with specialized training and education, such as lawyers; loan underwriters, who evaluate the credit risk of approving loans; and compliance officers, who ensure banks follow federal and state laws.
Working Conditions
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The majority of banking positions require employees to work in an office setting. Bank managers often work in a private office setting, while bank tellers work in a more open environment, directly with customers. Jobs include full-time and part-time hours, typically ranging from 20 to 40 hours per week. Banks often maintain business hours, from approximately 8:00 A.M. to 5:00 P.M., and can require work during evenings and Saturdays. Banks typically require workers to dress in business attire, such as ties for men and business-style suits for women.
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Education and Training
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Entry-level positions, such as bank teller jobs, can require a bachelor's degree, while management positions can require higher levels of education, such as a master's degree in business administration. Typical courses of study include finance, economics, accounting and business administration. Select positions also require special licensing and certifications. For example, compliance officer positions can require employees to hold a certified regulatory compliance manager certification.
Skills Required
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The majority of bank jobs require mathematical skills, for tasks such as verifying the accuracy of deposits and withdrawals and calculating interest rates. Management and entry-level employees often work directly with customers, requiring interpersonal and communication skills. Verifying loan documents and applications can require attention to detail and memory skills for verifying completeness. The majority of banking positions require computer skills, for word processing and spreadsheet tasks. Select positions can require advanced skills in industry-related programs, such as loan origination applications.
Salaries
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According to Salary, bank tellers can earn an average annual salary of between $21,000 and $25,000 (as of October 2010). Loan underwriters can earn approximately $41,000 to $51,000 on average and bank branch managers can earn over $100,000 per year. Earning for all banking employee levels can depend on experience, education and geographic location.
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References
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