Banking Careers Information
The banking industry is huge in this country and employs all levels of workers, from the teller at your local branch to the general managers and CEOs who oversee national banks. In our capitalist economic system, we look to banks not only to store our savings, but also to lend money to individuals trying to buy homes or start businesses and to businesses that need to meet payroll or expand operations.
Banking Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
Jones International University: Online
American Intercontinental University: Online
As the recent recessions have shown us, the flow of money provided for by our banks is vital to the health of our nation as a whole.
Banking careers tend to take place in one of three categories:
Commercial banks are the most typical form and are what most of us think of when we picture a bank.
Savings and loan associations, though initially formed to help people within set local areas take out home loans, are today largely similar to commercial banks.
Credit unions perform much of the same work as banks but only let people join (and therefore use its services) who are members of a specific group. Teachers credit unions are a common example of such financial institutions.
There also exist in this country Federal Reserve banks, which through government policy, attempt to control the money supply through the setting of interest rates and insuring of deposits.
Banking Careers Path
For entry-level banking positions, a high school diploma is the minimum requirement, though many banks look to hire people with at least some college. For upper-level positions, a Bachelor’s or Master’s degree is sometimes required and often beneficial. Coursework in accounting, finance, are typical for a career in banking.
Many banks offer training to new hires and/or money to attend school, which in turn helps them move up in the industry. Up-to-date knowledge of computer systems is also very useful since much banking now relies on them.
Banking Careers: Compatible Personality Traits
Excellent communicator, excellent with numbers, analytical, people person, works well with others, multi-tasker, good with technology, trustworthy.
Banking Careers: Salary Expectations
The average annual salary in the banking industry depends on position:
- Tellers $23,608
- General Office Clerks $25,314
- Customer Service Representatives $29,869
- Upper-level Clerks $32,510
- Loan Officers $54,704
- General Manager $91,561
- Financial Manager $99,340
Most enter the banking industry at lower-level positions. After gaining experience and further training, some of these workers may be able to move into the upper-level positions.
Banking Careers: Job Outlook
Even in light of the banking industry’s recent problems, job prospects for new hires is generally good in the coming years. Because of the high turnover rate for entry-level positions and the fact that most banking institutions train new employees, many people, even without experience, will be able to find work.
Those with more education and experience should have the best chance of finding banking work and moving into better positions.
Slightly off the Footpath
Source: bls.gov/oco/cg/cgs027.htm
