The banking industry in the United States employed over 1.8 million workers in savings and loans associations, credit unions and traditional banks in 2008, according to the Bureau of Labor Statistics. Like all businesses, the banking industry has a number of different employment positions with a range of salaries.
The most instantly visible members of a banking team are often the tellers. Bank tellers perform typical transactions for bank customers including cashing checks, providing withdrawals, making deposits and accepting loan payments. Positions for tellers usually require a high school degree, a background check and on-the-job training. The median salary for tellers as of 2008 was $23,610 a year.
Customer Service Representatives
When a customer requires a service that a teller is not permitted to provide, a customer service representative takes over. These bankers are typically much more informed regarding bank policies and services and frequently help customers open and close new accounts and answer general questions. Customer service representatives not only work with walk-in customers, but they often return emails and provide consultation over the phone as well. There are approximately 117,000 customer service representatives in the banking industry earning an average hourly wage of $14.36 as of May 2009, according to the Bureau of Labor Statistics.
Loan officers are the banking professionals who guide individuals, organizations, or businesses through the process of applying for a loan. When helping to provide funding for a house, car or new business endeavor, the loan officer will help choose the most applicable type of loan and its details. The Bureau of Labor Statistics states that there are over 300,000 loan officers working in the U.S. earning a national average wage of $54,700 a year as of May 2009, although the top 10 percent of earners can bring in $106,360 annually.
Higher up on the employment ladder in banking institutions are the financial managers. These bankers may specialize in cash management, risk and insurance management, and branch management, but all positions typically involve banking process oversight. Financial managers also frequently advise senior managers on policies and ways to expand, reduce risk, and maximize profit. These jobs typically require a minimum of a bachelor's degree in a finance related subject, but salaries for financial managers averaged $113,730 a year as of May 2009, according to the Bureau of Labor Statistics.