Bank Jobs: Requirements and Training Facts
Find out about the types of jobs you could pursue in the field of banking. Read on to learn more about career options along with education and salary information. Schools offering Accounting & Finance degrees can also be found in these popular choices.
What Do Bankers Do?
Bank jobs can include a wide range of duties, such as selling financial services, providing customer service, or managing other staff. For all the variety of duties, bank jobs tend to fall along two tracks: administrative or customer service and jobs that deal more directly with finance and business. An example of the first is a bank teller, while a loan officer falls more in line with the second. Bank tellers handle the daily financial transactions for customers. They may cash checks, make deposits or answer questions about the bank and customer's accounts. Loan officers review different kinds of loan applications for individuals or businesses. They may approve the loan or discuss the matter with upper management. The table below offers a brief summary of two particular positions in banking.
|Bank Teller||Loan Officer|
|Degree Required||High school diploma or equivalent, plus on-the-job training||Bachelor's degree|
|Education Field of Study||Math|| Business |
|Licensure/Certification||Optional certificate programs are available for tellers||License required for mortgage loan officers, per state regulations|
|Key Responsibilities||Handle common transactions such as preparing cashier's checks and making deposits; answer customers' questions about their accounts; keep careful accounting of cash in your teller drawer; follow security procedures at all times||Answer customers' questions about types of loans; assess applicants' qualifications; perform checks of applicants' financial resources|
|Job Growth (2014-2024)||-8%*||8%*|
|Median Salary (2015)||$26,410*||$63,430*|
Source: *U.S. Bureau of Labor Statistics
What Types of Bank Jobs Are Available?
According to the U.S. Bureau of Labor Statistics (BLS), administrative and office positions make up most of the bank jobs (www.bls.gov). Among these positions, bank tellers are the most common. As a bank teller, your job duties generally involve a great deal of customer service, including helping customers purchase money orders; change money; or make withdrawals, deposits, and loan payments. Banks also employ customer service representatives, new accounts clerks and call center representatives.
You might also work as an administrative support worker, such as a receptionist, data processor secretary or supervisor. Office positions at banks also include a number of jobs that involve paperwork processing and financial records maintenance. For example, you might work as a bookkeeping or accounting clerk, credit or loan clerk, or bill collector.
Other banking jobs are in the areas of business, finance, and management. These are generally higher-level positions that require more training than office and administrative positions. Common job titles include loan counselor, trust officer and financial manager. Banks also employ sales agents whose primary job duties involve selling investing and banking services.
What Training Do I Need for an Administrative or Office Position?
You typically need a high school diploma to get a job as a bank teller, receptionist, or administrative worker. Because these types of bank jobs generally require access to confidential information and large sums of money, you generally also need to pass a background check, have good math skills, and handle large amounts of money. Additionally, good customer service and communication skills are considered essential for most office and administrative workers.
Most banks offer on-the-job training for some administrative and office positions, especially for tellers. Some in-house bank teller training programs even lead to certification. Many community colleges also offer bank teller training programs, including bank teller certificate programs, which typically take six weeks to three months to complete. You'll learn about bank services and products, sales techniques, teller procedures, and security issues.
The American Bankers Association (ABA) offers a variety of certificate and diploma programs for banking jobs through the American Institute of Banking (AIB). You can pursue bank teller training through the AIB or complete training courses designed for customer service representatives and call center representatives.
How Do I Prepare for Management, Business, and Financial Positions?
Bank jobs in management, finance, and business typically require a college degree, according to the BLS. Some positions may require a bachelor's degree in business administration or banking, while others may require a master's degree in business administration or a related field. If you want to be a sales agent, you'll typically need a bachelor's degree and a strong background in finance, economics, accounting, and related areas. If you want to sell insurance or securities, you may need to obtain a license.
Other bank jobs at this level may require or encourage specialized training or certification; for example, if you want to become a loan office or mortgage banker, you may need to complete a training program at a postsecondary institution or via a professional organization. You can earn loan review certification from the Banking Administration Institute (BAI), or you could pursue the Certified Mortgage Banker (CMB) designation, offered by the Mortgage Bankers Association (MBA). The AIB offers training programs for residential mortgage lending, retail branch management, commercial lending, bank operations, and financial management.
What Are Some Related Alternative Careers?
Insurance sales agents hold similar positions that only require a high school diploma. These agents sell different kinds of insurance policies to customers. They must be able to explain the different options to customers and help them make an appropriate decision for their situation. Financial examiners and personal financial advisors are also related careers, but require a bachelor's degree. Financial examiners make sure banks and other organizations comply with all the financial laws and regulations. Personal financial advisors help their clients prepare for their future financially. They may advise them how to save for things like retirement for their children's college education.
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