Banks are an important part of any country's financial system. They play a major role in building the economy, and running the financial services industry. They help people to deposit and save their hard-earned money, and even invest in banking products to gain returns. For delivering money-related services to the people and organizations, they create lots of job opportunities. In fact, they are one of the major employment generators for any country in the world. If you wish to be a banker, you have several options to choose from these banking careers.
Types of Banks
There are two types of banks you can choose a career with. First, commercial/retail banks, and second, investment banks. The former types of banks serve a single family and group of individuals as well as small businesses and larger businesses. They are run by the government body or a private organization All these banks are abide by the banking laws and regulations set by state and federal governments.
Banking industry deals with one of the most essential commodities without which the world would not function - money. This creates a myriads of career options in the banking industry. Here are a few banking occupations you can choose from.
Bank tellers are the customer service representatives and the first point of contact for the customers. They are the first whom customers meets and as such they greet, and direct them to the appropriate counter/station. Any help that the customer wants, be it depositing or withdrawal of money, or any other banking transactions, the bank tellers execute these responsibilities. Their job is also to help individuals and businesses in opening and closing their accounts.
A bachelor's degree in banking or accounting with cash handling and customer service experience from any industry. Strong math, logic, communication, problem-solving, and organization skill are also essentials for a bank teller career.
The role of a loan officer in any bank is crucial since on one hand, they have to ascertain regular income for the bank through loan disbursal, and on the other, they have to assess whether the applicant, be it an individual or a corporation, has the capacity to repay the loan. Right from evaluating financial documents submitted by the loan applicants, to sanctioning, and overseeing the loan process, these loan officers serve as a bridge between the bank and clients.
A bachelor's degree in business of finance. The loan officers are also expected to hold outstanding communication, interpersonal, organizational, time management, analytical, and problem-solving skills. They need to demonstrate a great attention to detail on the job and flawless administrative skills.
Undoubtedly, one of the handsomely paid professions in the banking industry. Investment bankers help startups and large companies in raising funds through securities and bonds. They also provide crucial suggestions or recommendations to their clients on mergers and acquisitions. These banking professionals serve as a financial advisor to their clients. The investment banking career is rewarding, yet challenging. There is no limit to the working hours these banking professional put on the job.
A bachelor's degree in Finance / MBA.
Banks need managers to ensure smooth running of activities that take place on a daily basis. These financial managers are responsible for ensuring the stability of the banks by monitoring finances and implementing plans that could limit expenses and exceed revenue. They play the role of a supervisor, mentor, and guide, and take active part in cost reduction analysis, forecasting, and budgeting.
A bachelor's degree in Finance/Economics/Business/Accounting. Most banks also prefer an MBA or master's degree in finance/economics.
Financial analysts are hired by banks to provide guidance to individuals and businesses on investments. They are qualified to evaluate the performance of stocks, bonds, and other investment products. This is one of the most popular career paths in the banking industry. The rewards are fabulous in this profession. Plus, there is a range of industries to work in this occupation.
An auditor in the banking industry is entrusted with the job of reviewing the establishment's financial records and ensuring that they are correct, genuine, and above board. They use their accounting skills in correcting records and refining the accounting system for the bank. Basically, auditors perform a dual role of an advisor and an attorney who have all the knowledge related to the legalities in accounting.
A bachelor's degree in accounting with years of experience as an auditor.
These are a few banking careers you can choose if you are good at dealing with numbers, spotting and fixing errors, analyzing records, providing recommendations, and refining the banking system
Please refer to the following articles regarding the Banking Career: