Deciding on a career is not as easy as it seems. As a result, several things to consider before choosing the right career path that will be secure for you. Many avenues have opened up for employment, but many individuals prefer conventional careers, such as banking. Before going to do a job in any bank, you should decide whether choosing a large bank is a good career path or not.
The Skills Required for Working in the Major Banks
Bank and its operations are full of complexity that creates a challenge for newcomers to work. To work in a bank, you need several skills. The condition applies to both entry-level posts and senior positions. To work in a bank, you must have strong knowledge of finance and accounting and the ability to solve problems. The financial sector may be a good fit if you have these skills.
Apart from them, you should also have other skills like software development, automation, project management, and many more other technical skills that are needed to make sure that you have all these qualities for working in the banks.
Additionally, you must have good skills to team up with people because banking is not a solo job, and it requires teamwork. You should be comfortable while working with others.
If you are interested in constant learning, then banking will widen the opportunity because you can learn many things throughout your career.
There are different types of banking jobs, and they vary depending on what jobs you are searching. The entry-level jobs mainly require an undergraduate in business or finance, but if you are looking for executive job postings that need a higher degree for it.
1. Assistant Manager
The average annual salary for an assistant manager is $46,000. Assistant managers generally help to manage the operations and other institutional responsibilities. If the bank is a bigger one, there is an assistant required to support the branch manager. They help to manage the team and help the customers to solve their queries. Assistant managers also act like managers if the branch manager is absent from the office.
Assistant Managers also require to supervise various tasks like interviewing and training the employees who have joined recently. They also track the employees’ progress and growth while assigning duties and keeping the store organized. It is the first level if you want to become a branch manager in the future.
Working as an assistant manager is a great way to get your foot in the door of the banking industry. It is a challenging and rewarding role that will allow you to learn new skills and grow your career. Contact your local bank or financial institution today if you are interested in becoming an assistant manager.
2. Credit Analyst
A credit analyst is a professional who works in the banking sector and is responsible for assessing the creditworthiness of individuals and organizations. The role of a credit analyst is to provide analysis and recommendations to credit departments concerning credit risk.
A credit analyst typically works in a bank’s credit department and is responsible for the credit risk of a portfolio of borrowers. The credit analyst will review the financial statements and credit history of borrowers, as well as perform an analysis of the borrowers’ industry and the overall economy. The credit analyst will make recommendations to the credit department about the approval or denial of credit requests, and will also provide ongoing monitoring of the credit risk of existing borrowers. The average annual salary for a credit analyst is approximately $69,706.
3. Auditor
Auditors play a vital role in the banking sector. They are responsible for ensuring the accuracy and validity of financial records. Without auditors, the banking sector would be open to fraud and mismanagement. Auditors are typically employed by banks, but they can also work for other financial institutions, such as investment firms. In most cases, auditors are hired on a contractual basis. Banks and other financial institutions typically have in-house auditors, but they may also contract with external auditing firms.
The role of auditors has come under scrutiny recently, due to many high-profile scandals. However, auditors are still essential to the banking sector. They provide an important check and balance system that helps to protect against fraud and mismanagement. The average annual salary for an auditor is approximately $34,160.
4. Personal Banker
Personal bankers are such individuals who are skilled in finance that can help clients to manage their overall accounts and other financial investments. These professionals work for banks where they assist new and existing customers who need help managing their accounts.
Apart from that, personal bankers also help clients to manage investment opportunities like retirement accounts, navigate the loan application process and plan for significant life events like weddings or paying education fees for their kids. Personal bankers are responsible for improving the trust factor of the customers in the bank, and in this way, they develop personal relationships with their clients. The average annual salary for personal bankers is $65,000.
5. Bookkeeper
Bookkeepers are responsible for maintaining financial records, including transactions, and producing reports from those records. This role is critical in any business, but especially in the banking sector where accuracy and compliance are of the utmost importance. Bookkeepers typically handle all aspects of a company’s finances, including Accounts Receivable (A/R), Accounts Payable (A/P), payroll, and bank reconciliations. In smaller companies, the bookkeeper may also be responsible for human resources (HR) and customer service. In larger organizations, the bookkeeper role is often divided into separate positions, with each responsible for a specific area of finance.
The bookkeeper role is vital to the banking sector, as they are responsible for ensuring accuracy and compliance with regulations. They also play a key role in producing financial reports, which are used by banks to make decisions about lending, investments, and other financial matters.
If you’re interested in a career in finance, specifically in the banking sector, then a role as a bookkeeper may be a good fit for you. Bookkeepers are in high demand, and the average annual salary is approximately $47,566.
6. Security Guard
If you’re interested in a career in the banking industry but don’t have the data analysis skills required, a security guard role may be a good entry point. Though it may not seem like an easy job, security guards play an important role in keeping banks safe.
Security guards greet customers, open doors, check surveillance videos, and perform daily inspections of several safety features like alarm systems, lockers, and metal detectors installed for checking the people entering the banks. If any theft incident occurs, the security guard is the person who has to communicate with law enforcement agencies.
While the job of a security guard may not be as glamorous as some other jobs in the banking industry, it is a critical role. The average salary for a security guard in a bank is $31,000 per year. This is a job that requires a lot of responsibility and dedication.
7. Fraud Analyst
As a fraud analyst in the banking industry, you play a crucial role in protecting the bank’s clients from being taken advantage of. You work hard to investigate all reports of fraudulent activity and work to identify the perpetrators. You also play an important role in developing various methods for identifying potential fraud and in monitoring bank operations.
Your average annual salary is $55,000, and you typically work regular daytime hours. However, you may occasionally be required to work evenings or weekends if you are investigating a particularly complex case. You must have excellent analytical and investigative skills, as well as strong communication and interpersonal skills.
8. Teller
Tellers are the face of the bank. They are the ones who help customers by accessing their accounts to withdraw or deposit money. They also help the depositors to look into the balance of the accounts when necessary. The job needs customer service skills to welcome and assist the customers. Teller is also responsible for improving the trust factor among the clients towards the bank. Bank tellers also manage phone calls and emails, and apart from that, they also manage cash drawers and offer specific bank products like credit cards or checks to the customers who are visiting the bank.
Bank tellers can work full-time and part-time, and it depends on the bank’s requirements which makes it an ideal career for many candidates. The average annual salary for a teller is $32,000. This makes it an attractive career option for many people.
9. Assistant Underwriter
Assistant underwriters are responsible for collecting customer information, evaluating eligibility for loans, and planning for loan interest rates and terms. This can be a great entry-level job for new graduates with the opportunity to earn more experience and become professional underwriters.
The average annual salary for an assistant underwriter is $40,000. The salary will vary based on experience, but assistant underwriters can expect to earn more as they gain experience.
Assistant underwriters play a crucial role in processing mortgage, vehicle, and credit card applications. Experienced underwriters mainly process applications, which require a keen eye for detail and the ability to work with large amounts of data.
If you have just earned a graduate degree, working as an assistant underwriter can be a great way to gain experience in the banking or insurance sector. Assistant underwriters are responsible for collecting customer information, evaluating eligibility for loans, and planning for loan interest rates and terms. This can be a great entry-level job for new graduates with the opportunity to earn more experience and become professional underwriters.
10. Chief Financial Officer
The chief financial officer (CFO) of a bank is responsible for streamlining the bank’s financial operations. This includes financial planning and overall growth. The CFO oversees additional teams of analysts, but the primary responsibility of the job is to focus on evaluating the assets and the liabilities while managing the cash flow.
Chief Financial Officers have deep and extensive knowledge of finance, the financial market, and market trends including the stock market. They know how the overall business works and communicate with the executive team. The CFOs have a minimum bachelor’s degree in business and finance. The average annual salary for a CFO is $150,000.
11. Customer Service Representative
The customer service representative is the face of the bank. They are the ones who interact with customers daily and provide them with the information and assistance they need. The customer service representative is responsible for handling customer inquiries, providing account information, and processing transactions. They may also be responsible for selling bank products and services, such as loans and credit cards.
The customer service representative is the first point of contact for customers, so they must have a good understanding of the products and services offered by the bank. They need to be able to provide accurate information and resolve any issues that customers may have. It is also important that they have excellent customer service skills, as they will be dealing with a wide range of customers with different needs.
The customer service representative is a vital role in the banking sector, and those who excel in this role can expect to earn a good salary. The average annual salary for a customer service representative is $42,382 per year.
12. Compliance Officer
The compliance officer in the banking sector is responsible for ensuring that the bank’s activities comply with the laws and regulations that govern the industry. This includes ensuring that the bank’s books and records are accurate and up to date, that its customer service meets the standards set by the regulator, and that its financial practices are sound. The compliance officer is also responsible for investigating any complaints that are made against the bank, and for taking disciplinary action against any employees who are found to have breached the bank’s rules. The average annual salary of a compliance officer in the banking sector is $118,995.
13. Portfolio Manager
A portfolio manager is an individual who mainly works with plenty of clients and lets them know how they should invest their money. These managers bear a lot of responsibility and trust, and in this way, they form genuine relationships with the clients. This is much necessary for today’s time.
Portfolio Managers know about the market price, stocks, and earnings. They have extensive knowledge of accounting principles. Portfolio managers working for banks are also responsible for providing investment portfolio management services for bank clients.
The portfolio manager job description also involves meeting with clients and getting an understanding of their investment goals. This information is used to make investment recommendations. Portfolio managers also develop investment plans and monitor client portfolios to ensure that they are performing as expected.
If you are looking for a challenging and rewarding career, then a career as a portfolio manager may be the right choice for you. With an average annual salary of $125,000, a career as a portfolio manager can be both financially and personally rewarding.
14. Financial Analyst
Financial analysts play a vital role in the financial health of banks and other companies. They analyze data to reveal trends and offer recommendations to the executive team.
A financial analyst’s job is to study and examine the market trends and financial risks associated with investments. They also forecast investment opportunities and offer recommendations for the capital structure. Financial analysts mainly work in financial companies and various consulting firms.
The average annual salary for a financial analyst is $120,000. Financial analysts should be highly skilled and knowledgeable while working with data. They have to report on the data and their analysis.
Being a financial analyst means you are responsible for the financial well-being of the company you work for. Financial analysts have to be able to work with data and understand it to offer insights and recommendations to the people who make decisions about the company’s finances. The median annual salary for budget analysts is $60,000.
15. Financial Manager
Financial managers play a critical role in the financial health of an organization. They are responsible for creating financial reports, developing short- and long-term financial plans, making investment decisions, and managing a team of financial analysts.
To be successful in this role, you will need at least five years of experience in the financial industry. Most financial managers have graduate degrees in economics, business, finance, or other relevant fields.
Becoming a financial manager is a great way to advance your career in finance. With an average annual salary of $115,000, this role offers a significant financial reward for your experience and expertise.
16. Budget Analyst
Budget analysts are necessary members of any company or organization. They help to ensure that the money is being spent in the most efficient way possible. To do this, they must analyze data and crunch numbers to understand how to formulate a budget.
Budget analysts also conduct studies on how to spend the money and make recommendations to the executive team in the company’s annual reports. They help to improve the plans for the business to meet the required expenses while improving the overall budget.
Without budget analysts, it would be difficult for any company or organization to function properly. They play a vital role in ensuring that the money is being spent in the most efficient way possible.
The average annual salary for a budget analyst is $76046. With experience, you can earn even more.
17. Accounting Manager
An account manager is one of the most lucrative career options that everyone wishes to have. These people are responsible for general accounting along with ledger accounts. Depending on your working area, you can also specialize in different fields like real estate, personal finance, and taxes.
Accounting managers earn a degree in finance because they have to work with the company’s financial statements. They also have deep knowledge of investment in banking and financial records with banking transactions.
An accounting manager earns an average annual salary of $82,000. It is a lucrative career option that everyone wishes to have.
18. Accountant / Auditor
Auditors and accountants are vital to the banking industry. They are responsible for identifying potential losses and offering recommendations to avoid them.
To become an accountant or auditor, you need additional education. After passing an exam, you can become a certified internal auditor. People working in these fields should have a degree in accounting or a related field in finance to work with accounting records.
The average annual salary for an accountant or auditor is $59,000. It is a vital role in the banking industry and one that offers a good salary and job security.
19. Loan Officer
A loan officer advises and guides clients with everything necessary for the loan. It includes loan applications or mortgage applications with discussing loan payments. They are the expert whom clients want to contact before taking any loan.
Loan officers mainly work in banks, mortgage agencies, and savings institutions. They are also responsible for financial information or the individuals to make decisions about whether the bank wishes to issue them a loan or not. The average annual salary for a loan officer is $45,000.
Conclusion
Banking is a rapidly growing sector and several people today prefer to pursue their careers in this field. Apart from career benefits, large banks can secure employees financially. So, it is a good decision to opt for big banks as a career after completion of the studies. There will be no confusion to jump to any other profession during the career.