Banking is part of a person’s daily life. A bank is where they store their lifesavings and where they store their money so they can pay their bills. Banks are important to our financial function, and provides us with loans and other financial assistance for big purchases or just if there is a financial hardship that needs attention.
While this job industry does not have the diversity as other ones have, there is job security and an ability for people of certain different skill sets to be a part of this team. You do not always have to be an accounting major in school to get a basic entry level position like a teller. The pay in these careers are generally better than most.
If you enjoy working with people in a business environment, this is a great career path for you. In most position, a good ability in customer service is a major plus since you will deal with lines of people daily. Patience and kindness are keys in this job, and a good employee will have these basic qualities.
If this interests you, there are different jobs based on your level of education and expertise. Be advised that most of these jobs prefer a basic college degree to get into this field.
Job Opportunities
Here are just a few options for this particular industry:
Bank Teller: This is the entry-level position in the banking career field. They are the main customer service of any bank, and deal with the day-to-day operations like deposits and withdrawals. Having excellent customer service skills and a good knowledge of computers is very useful here. It is ideal to have a college degree and a good knowledge of basic math is important. You will also need to pass a background check. The only training that is really required in on the job training with an experienced teller. The average yearly salary for a position like this is around $28,000.
Security Guards: These are the people responsible for keeping the customers and employees safe inside the bank. Their responsibilities include: implementing the safety protocol, maintaining the security system in place and communicating with the managers of the staff to see what safety protocols are needed. Those are just a few of your expectations in this career. Most banks prefer a college degree. You can expect a yearly salary of around $40,000.
Loan Officers: Loan officers are the ones responsible for helping customers get loans and determine the type of loans the customers need and can afford. They also decide on how safe a candidate is and their ability to pay back the loan, often being responsible for their interest and monthly payments and other terms of the loan as well. A bachelor’s degree is required for this position, but a MBA will help raise your chances of getting a position like this. Most of the time you do not need a specific certification, unless you intend of focusing on mortgages. This job can possibly earn you around $50,000 with the capability of earning upwards to $100,000 a year.
Financial Examiner: The people in this career are responsible for ensuring that the banks or financial institutes are complying with any laws or regulations the bank is supposed to follow. There are two different types of examiners: consumer compliance or risk scoping. In consumer compliance, the examiner will focus on whether or not the borrowing practices are fair for the borrower. Risk scoping examiners determine if a bank can recover from any financial loss they might suffer. A bachelor’s in a finance related field is required and it is recommended to becoming a CPA for advancement. The average salary for an examiner is about $100,000 a year.
Job Outlook
It is estimated that this industry will grow around about 8% by 2018. It is also estimated that the salaries will increase around 11%. This is as a result of more banks opening in convenient spots and creating more hours past the normal 5 p.m. to gain more customers. These new locations and longer hours create a boost in the need for employees.
There will also be an increasing number of people retiring from this field. That will open up a lot of careers over the coming years for new college graduates or people wanting to get into a field like this for better pay and job security.