11 Types of Banking Jobs (With Salaries and Responsibilities)
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There are many roles within the banking industry, from banking clerks to investment bankers. Those who are good with numbers and passionate about finance may enjoy working in the banking industry. If you're interested in a banking job, learning more about the different positions, their earnings and their responsibilities can be beneficial. In this article, we list 11 types of banking jobs, detail the important skills banking professionals need and provide helpful tips you can use when pursuing a position in banking.
11 types of banking jobs
The financial and banking industries are diverse and have many positions and roles for those passionate about economics, business and personal finance. These are some jobs in the banking industry:
1. Bank clerk
National average salary: $14,942 per month
Primary duties: A bank clerk works in a bank and helps members cash their cheques, withdraw money, move transactions to different accounts, create chequing and savings accounts and provide cheques to customers. Bank tellers have ethical standards and practise confidentiality to uphold member account information. They also have good problem-solving skills and the ability to communicate verbally. Typically, bank teller candidates need at least a high school diploma or equivalent to qualify for a position.
2. Loan officer
National average salary: $17,482 per month
Primary duties: A loan processor works for a financial institution, using their knowledge of risk analysis and financial statements to review loan applications and approve or deny applicants for the loans they apply for. Their main duty is to protect the financial institution and its monetary assets by only approving candidates who have a good financial history. To become a loan processor, candidates typically need a bachelor's degree in accounting, finance or business administration and previous work experience in the loan and insurance speciality.
National average salary: $23,548 per month
Primary duties: A relationship manager works for a bank or financial institution and acts as the point of communication between members and the institution itself. Their main job duty includes maintaining customer loyalty by checking in with them by email or phone. They are also responsible for fostering relationships with new customers by helping them gain bank membership and create a checking or savings accountant. Relationship managers have a bachelor's degree in communications, finance or business administration and are excellent communicators.
National average salary: $24,109 per month
Primary duties: A financial advisor works as part of a financial institution to help clients determine their financial goals and the best means to achieve them. This entails trading for them in the stock markets, reviewing their financial history and providing them with advice for the best decisions they can make for their finances. Financial advisor candidates can earn at least a bachelor's degree in an area like economics, statistics, finance or business. They also have a few years of experience in a finance-related role, like an investment specialist or credit analyst.
National average salary: $24,775 per year
Primary duties: An internal auditor is a financial expert who works within a company to provide auditing services. They evaluate financial documents to ensure they comply with local regulations, mitigate risks for the company they work for and offer solutions for reducing liabilities. They may assess record-keeping processes, offer potential improvements and develop solutions for reducing costs and improving profits. Auditors may also create and present slide shows or reports to communicate changes and findings to management.
Read more: How To Become an Internal Auditor
National average salary: $25,222 per year
Primary duties: Investment banking analysts use data and trends to predict which investment opportunities may be the most successful. They evaluate portfolios and communicate with their clients about their goals and needs, developing investment strategies to assist them in meeting them. An investment banking analyst researches and assesses investment options to determine which are valid, match client needs and have the most potential for high returns.
National average salary: $27,779 per month
Primary duties: A financial analyst gathers and evaluates financial information to determine which decisions may perform best financially. They can provide financial advice to businesses and organisations, consulting with them to suggest methods for improving spending or efficiency. They write financial reports, analyse stocks and the investment market and prepare forecasting and predictions for trends like profit, consumption and spending.
National average salary: $28,897 per month
Primary duties: Asset managers monitor, allocate and adjust investment and asset funds on behalf of their clients. They use market information and financial knowledge to invest their clients' money and produce returns. Asset managers are highly skilled in assessing risk and determining which level of risk is best for each client, based on their needs and goals. An asset manager differs from an advisor because rather than communicating with the client and guiding them on how to allocate their investments, the asset manager chooses what to do with the money and assets directly.
National average salary: $40,644 per month
Primary duties: A credit analyst can work for an investment bank, an investment firm, credit card companies and other lending institutions. They review an applicant's financial history and credit score. The fundamental difference between a credit analyst and other professions, like a loan processor, is that they can only provide a recommendation on whether an applicant receives approval. Credit analysts usually have a bachelor's degree in finance or economics and extensive knowledge of statistics, financial statements and ratio analysis.
National average salary: $50,679 per month
Primary duties: An investment manager is a professional who works at an investment firm, bank or another financial institution. Their job is to lead investment representatives and provide clients with financial advice regarding investments, typically for a fee. They are also obligated to perform sales-related duties to market their institution's financial products and services. To become an investment representative, you can earn a bachelor's degree in accounting, business administration, economics or finance.
National average salary: $335 per hour
Primary duties: An investment banker is a specialised role, but it has many different areas of focus. Investment bankers can provide financial advice to clients relating to investment opportunities, but they can also help instrument the process by overseeing the liquidation of assets to reduce debt and other factors. Investment bankers have a bachelor's degree at the entry-level, with more senior roles requiring a master's degree.
Important skills and traits for banking professionals
These are some important skills and traits that may help banking professionals find success in their careers:
Mathematical skills: Because many professionals in the financial industry manage money and assets, understanding complex accounting and financial algorithm and equations is important for making investments and managing risks.
Problem-solving: Critical thinking and problem-solving are important for banking professionals because these skills allow them to assess a problem, determine the cause and offer potential solutions to remedy the issue.
Financial knowledge: Financial knowledge, whether it be in investing, the market or specific banking policies and practices, is important. Clients and customers may ask for advice about how to manage their money or which type of banking account is best for them, making basic financial knowledge important for all banking professionals.
Communication: Many banking professionals work directly with their clients, and that means listening and articulating are both very important. They can listen to understand their clients' needs and articulate complex ideas and financial concepts in a way that their clients can understand.
Tips for getting a banking job
Depending on your career goals, you may be interested in different roles and positions within the finance or banking industries. These are some helpful tips you can use to improve the process of getting a banking job:
Practise interviewing with bank questions: Before an interview for a position at a bank, find banking interview questions online and practise answering them with a friend. This can help you prepare your responses and develop confident body language for the real interview.
Pursue and complete internships: Completing internships with other banks or financial institutions may improve your qualifications and resume. This can show your experience and skills and help you receive an offer for a banking job later.
Focus on developing your skills and network: During internships or entry-level positions, focus on developing your skills and building your professional network. Communicating with your colleagues and attending company events can be a good way to meet new people in the banking industry.
Consider earning an advanced degree: Depending on the position you want and your career plan, you may need an advanced degree. Many positions of leadership require advanced degrees, and if you want to become an executive within your organisation, pursuing one may help you develop the leadership and banking skills necessary.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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