Banking Careers and Jobs

Office and administrative support occupations account for 2 out of 3 jobs in the banking industry (table 2). Bank tellers, the largest number of workers in banking, provide routine financial services to the public. They handle customers' deposits and withdrawals, change money, sell money orders and traveler's checks, and accept payment for loans and utility bills. Increasingly, tellers also are selling bank services to customers. New accounts clerks and customer service representatives answer questions from customers, and help them open and close accounts and fill out forms to apply for banking services. They are knowledgeable about a broad array of bank services and must be able to sell those services to potential clients. Some customer service representatives work in a call or customer contact center environment, taking phone calls and answering emails from customers. In addition to responding to inquiries, these workers also help customers over the phone with routine banking transactions and handle and resolve problems or complaints.

Loan and credit clerks assemble and prepare paperwork, process applications, and complete the documentation after a loan or line of credit has been approved. They also verify applications for completeness. Bill and account collectors attempt to collect payments on overdue loans. Many general office clerks and bookkeeping, accounting, and auditing clerks are employed to maintain financial records, enter data, and process the thousands of deposit slips, checks, and other documents that banks handle daily. Banks also employ many secretaries, data entry and information processing workers, receptionists, and other office and administrative support workers. Office and administrative support worker supervisors and managers oversee the activities and training of workers in the various administrative support occupations.

Management, business, and financial occupations account for about 25 percent of employment in the banking industry. Financial managers direct bank branches and departments, resolve customers' problems, ensure that standards of service are maintained, and administer the institutions' operations and investments. Loan officers evaluate loan applications, determine an applicant's ability to pay back a loan, and recommend approval of loans. They usually specialize in commercial, consumer, or mortgage lending. When loans become delinquent, loan officers, or loan counselors, may advise borrowers on the management of their finances or take action to collect outstanding amounts. Loan officers also play a major role in bringing in new business and spend much of their time developing relationships with potential customers. Trust officers manage a variety of assets that were placed in trust with the bank for other people or organizations; these assets can include pension funds, school endowments, or a company's profit-sharing plan. Sometimes, trust officers act as executors of estates upon a person's death. They also may work as accountants, lawyers, and investment managers.

Securities, commodities, and financial services sales agents, who make up the majority of sales positions in banks, sell complex banking services. They contact potential customers to explain their services and to ascertain the customer's banking and other financial needs. They also may discuss services such as deposit accounts, lines of credit, sales or inventory financing, certificates of deposit, cash management, or investment services. These sales agents also solicit businesses to participate in consumer credit card programs. At most small and medium-size banks, however, branch managers and commercial loan officers are responsible for marketing the bank's financial services. This has become a more important task in recent years.

Other occupations used widely by banks to maintain financial records and ensure the bank's compliance with Federal and State regulations are accountants and auditors, and lawyers. In addition, computer specialists are needed to maintain and upgrade the bank's computer systems and to implement the bank's entry into the world of electronic banking and paperless transactions.

Bank tellers and other clerks usually need only a high school education. Most banks seek people who have good basic math and communication skills, enjoy public contact, and feel comfortable handling large amounts of money. Through a combination of formal classroom instruction and on-the-job training under the guidance of an experienced worker, tellers learn the procedures, rules, and regulations that govern their jobs. Banks are offering more products and spending more on reaching out to their customers. As a result, they will need more creative and talented people to compete in the market place. Banks encourage upward mobility by providing access to higher education and other sources of additional training.

Some banks have their own training programs which result in teller certification. Experienced tellers qualify for certification by taking required courses and passing examinations. Experienced tellers and clerks may advance to head teller, new accounts clerk, or customer service representative. Outstanding tellers who have had some college or specialized training are sometimes promoted to managerial positions.

Workers in management, business, and financial occupations usually have at least a college degree. A bachelor's degree in business administration or a liberal arts degree with business administration courses is suitable preparation, as is a bachelor's degree in any field followed by a master's degree in business administration (MBA). Many management positions are filled by promoting experienced, technically skilled professional personnel-for example, accountants, auditors, budget analysts, credit analysts, or financial analysts-or accounting or related department supervisors in large banks.

There are currently no specific licensing requirements for loan counselors and officers working in banks or credit unions. Training and licensing requirements for loan counselors and officers who work in mortgage banks or brokerages vary by State. These criteria also may vary depending on whether workers are employed by a mortgage bank or mortgage brokerage.

Various banking-related associations and private schools offer courses and programs for students interested in lending, as well as for experienced loan officers who want to keep their skills current. The AAFM Banking Institute offers the specialized Certificate program for persons who review and approve loans. The American Academy of Finanical Management  AAFM offers the Chartered Mortgage Analyst (CMA) and CCA Chartered Credit Analyst program. A candidate who earns the AAFM-CMA or CCA exhibits a deep understanding of the mortgage business. To obtain the CCA or CMA one must have 3 years of experience, earn acceptable educational credits or take the AAFM Executive courseand pass an exam. Completion of these courses and programs generally enhances one's employment and advancement opportunities.

Financial services sales agents usually need a college degree; a major or courses in finance, accounting, economics, marketing, or related fields serve as excellent preparation. Experience in sales also is very helpful. These workers learn on the job under the supervision of bank officers. Sales agents selling securities need to be licensed by the National Association of Securities Dealers, and agents selling insurance also must obtain an appropriate license.

Advancement to higher level executive, administrative, managerial, and professional positions may be accelerated by taking additional training such as the CWM Chartered and Certified Wealth Manager offered by the American Academy.  Banks often provide opportunities and encourage employees to take classes offered by banking and financial management affiliated organizations or other educational institutions. Classes often deal with a different phase of financial management and banking, such as accounting management, budget management, corporate cash management, financial analysis, international banking, and data processing systems procedures and management. Employers also sponsor seminars and conferences, and provide textbooks and other educational materials. Many employers pay all or part of the costs for those who successfully complete courses.

In recent years, the banking field has been revolutionized by technological advancements in computer and data processing equipment. Learning how to apply this technology can greatly improve one's skills and advancement opportunities in the banking industry.