What is the Career Path in Banking?
A banking career refers to any position within a financial institution. Common banking careers include bank tellers, accountants, trust and investment bankers and bank administrators.
A career in banking is something most individuals can pursue, and some positions do not require higher education. Banking is considered a service industry, so a primary requirement for individuals is honesty and trustworthiness.
Why Would One Pursue a Career in Banking?
The benefits of pursuing a career in banking are many, with the most prominent being:
- Competitive salaries
- Great job benefits, including medical insurance, paid time off, sick leave and disability insurance
- A range of administrative positions to choose from
- Job security
- Opportunities for advancement in the career
- Good working conditions and reliable hours
- Career development opportunities
Let us look at some common career paths in banking:
1. Accountant
Responsible for ensuring financial statements and records are up-to-date and abide by regulations and generally accepted accounting principles.
2. Commercial Banking Officer
They work in commercial bank settings such as credit unions and mortgage companies.
A commercial banking officer’s duties include offering loans to clients, helping clients determine the most appropriate financial services and products for their needs and goals and building relationships with current and new clients.
3. Credit Analyst
Being responsible for determining the risk profile and creditworthiness of businesses and individuals is part of a credit analyst’s daily routine.
They perform financial background checks, analyse financial statements and credit history, perform risk assessments, review credit applications, and work with clients regarding payment terms and credit limits.
4. Bank Compliance Officer
Such an officer is responsible for ensuring financial institutions comply with governmental laws and regulations.
Their everyday work includes liaising with bank management to make sure the financial institution’s procedures and policies are up to date and overseeing deposits, consumer lending and mortgage lending to ensure they comply with the appropriate rules and regulations.
5. Bank Marketing Manager
Like any other marketing profession, a bank marketing manager is also responsible for creating content and ideas to draw in new clients to the bank or financial institution.
They do competitive studies, design marketing plans for advertising and signage, create direct mail campaigns, and update banking clients on business news.
6. Trust Officer
Most banks have a trust department. A trust officer is responsible for creating, implementing and overseeing every aspect of a bank’s trust department.
A day in the life of a trust officer includes providing advice on trust and estate matters, working with clients, advisers and agencies regarding regulations and options related to estates and trusts, helping clients make financial decisions and overseeing trust funds.
7. Bank Operations Manager
Oversee the operations department of banks and other financial institutions is the purview of a bank operations manager.
An operations manager’s day includes making sure products and services are efficiently delivered to clients, developing and implementing procedures and policies within the bank setting, managing staff and developing and overseeing goals aimed at improving the bank’s productivity and efficiency.
8. Bank Human Resources Manager
Being responsible for employee engagement and relations, ensuring the bank follows compliance with human resource regulations and policies within a bank or federal setting and creating and overseeing recruiting and retention plans are all part of a bank’s human resources manager’s work.
9. Broker
Provide people and organisations with services related to investments, insurance, and real estate within the banking and financial sectors.
10. Financial Adviser
Provide personalized financial services to customers. Common duties include assisting clients in selecting the right investments for their goals and preferences, monitoring investments, assisting clients in choosing insurance plans and preparing financial plans for customers.
11. Systems Analyst
Systems analysts who work for banks and other financial institutions identify potential data processing issues and gaps in banking systems. They also implement new computer systems to meet the bank’s needs, design and test solutions and standards and assess system problems.
12. Wealth Manager
Financial specialists who work with wealthy individuals and businesses.
Common responsibilities of wealth managers include counseling customers on the most appropriate financial services and products depending on their objectives, managing client investments, providing estate and tax planning services, and developing personalized financial plans for clients.
13. Loan Officer
Financial professionals oversee the approval of real estate, credit and business loans. This is an entry level position that involves providing customer service and basic banking services to the bank’s customers.
14. Financial Clerk
Responsible for a variety of financial administrative services, including processing invoices, managing financial records, keeping track of transactions, and reviewing financial information and documents.
15. Investment Banking Associate
Work with clients to determine their financial goals and needs and create solutions to meet those needs. Duties include evaluating their financial data, creating new fund sources, performing valuation analysis, and overseeing client transactions.
16. Auditor
Certified accountants help organizations and individuals ensure their financial records are accurate and meet compliance requirements.
In Closing
Many roles in the banking industry do not call for a high level of qualification. Because the banking sector is considered to be a service industry, one of the major requirements for individuals is that they be honest and trustworthy.
For more information on banking courses, including bachelor in finance, bachelor of accounting and finance, a diploma in finance, please make an appointment with our helpful course and career counsellors for a full counselling session.
