Working directly with the public can be both stimulating and exciting — but it takes a special person with a patient temperament. Working with the public can be difficult at times, but it can also be very rewarding. Usually, credit unions and banks are rarely open on holidays, but some call centers and retail banks, particularly those located inside a grocery store or department store, are frequently open on weekends and some evenings.
The advantage for professionals who choose banking is that they can frequently choose to go to work for a bank with a schedule that will fit the needs of their personal life. Offices are always clean and pleasant, heated or air-conditioned, since personal comfort, both for the employee as well as for the customer, is of utmost importance. Banks are required to be regularly examined and audited and must follow many regulations and procedural rules and fair trade practices, making a bank or a regulatory agency a highly supervised and safe environment for all employees.
Banks and banking regulatory agencies offer many opportunities for advancement for ambitious professionals. Banking is an industry that is not projected to go away in the near or far future—far from it. With the growing economy in many developing countries as well as our own, and with the continuous growth in population, there will continue to be a growing need for banks to hold and loan money, to make monetary transactions, and to keep hiring people.
Disadvantages of Bank Careers One of the biggest disadvantages of bank careers is that serving the public can often be extremely stressful. Money issues are sensitive topics for most people, and customers can be quite rude and may become irate if the transaction is not correct or not handled perfectly to their satisfaction.job advertising websites uk
The professional must be willing to take the responsibility of large amounts of money and must be able to carefully account for all the monies under his or her care. To be successful, the banking employee must enjoy wearing professional dress such as a suit, dress shirt and tie for men, or a pantsuit, dress, or skirt suit for women, and dress shoes. A person who prefers the casual dress of jeans and t-shirts or a uniform shirt and khaki pants may feel out of place dressing to impress in a bank setting.
The practice of a professional dress code for the banking industry came from the need to portray both an attitude of wealth and strength along with a conservative and professional attitude toward the money that the bank holds on behalf of its customers.
Some positions require that employees stand on their feet all day, such as a bank teller. Others demand that the employee stays at a desk, hunched over the computer screen, crunching numbers or formulating reports. A person would be well advised to determine all the negatives and weigh them against the benefits before deciding on a career in the banking field.
Banking Regulations and Regulatory Bodies Banking careers are some of the most highly regulated jobs in the United States. Many different but related regulatory bodies and agencies oversee the banking and thrift industry in the US.
Of course, things are always changing in the banking industry, as there are always new rules and regulations being promulgated, such as the Homeowners Protection Act, which regulates mortgage insurance. The Federal Reserve Bank is a uniquely structured central bank, with some private and some public aspects. Established by Congressional law, the Federal Reserve Bank was set up to both conduct national monetary policy and regulate banks, along with offering various financial services to the U.
Through these roles, the Federal Reserve Bank works to maintain the stability of the United States financial system, and ultimately, its economy. The Federal Reserve Bank, as a central bank, is also unique in that it regulates and monitors the currency, which is created by a totally separate entity, namely, the United States Treasury.
The Federal Reserve Bank the Fed is made up of 12 district banks across the country. The districts were formed when the Federal Reserve Bank was created in with the enactment of the Federal Reserve Act. The Federal Reserve Board and Banks are not funded by congressional monies or taxes. Treasury securities held in their reserves portfolio.
The balance comes from charges earned from financial services offered to their member banks. Nevertheless, the Fed authority to operate was given to it by Congress and the Fed can be subject to the laws ratified by Congress and also the vagaries of political appointees. During the second half of the 19th century and the first few years of the 20th century, the U.
While national banks did exist, a true central bank structure did not exist, nor was there much government oversight. The bank panics of , , and forced the U. The result was the Federal Reserve Bank system set up by the Federal Reserve Act of , primarily a centralized bank, created to reform the banking system and control currency fluctuations. The U. Treasury holds an account with the Fed and all monies paid to the Treasury and all payments made by the Treasury are cleared by the Fed bank.
The Federal Reserve Bank provides financial services as a clearinghouse to depository institutions, foreign institutions, and the U. The main purpose of the Fed is to strengthen the standing of the global financial position of the United States.
Therefore the Federal Reserve Bank strives to keep a regulatory balance between private banks and the responsibility of the U. This regulatory balance helps to limit systemic financial risk within the various markets in the U. In addition, the Federal Reserve Bank supervises approximately state member banks and over bank holding companies, or company-controlled banks, which are institutions that are not supervised by other federal regulatory entities overseeing national banks, credit unions, and savings and loans, or thrift banks.
Treasury, to stave off U. Certain economists studying the Wall Street collapse of , and the ensuing Depression, stated that the refusal of the Federal Reserve Bank at the time to transfer funds to the U. Treasury, or to loan funds to collapsing banks, caused the subsequent Depression. Since that time, Congress has acted swiftly to make certain that another similar collapse and loss of banking stability will never happen again. The FDIC employs many highly educated and experienced banking professionals.
Careers include compliance and bank examiners, financial analysts and economists, and various information technology experts. These audits will also analyze the policies and procedures of the insured bank, its management, and its general financial stability. In the case of a serious deficiency or imminent failure, the FDIC will mandate and oversee the closure of the bank. FDIC economists and financial analysts research and study all aspects of the banking industry, including regulations, statutes, and deposit insurance.
They also publish reports on the economic impact of various banking practices, legislation, capital risk management, and the financial markets. These types of banking careers at the FDIC can also include analysts, fraud and compliance investigators, administrative and management positions.
Information technology has become an extremely important aspect of banking, particularly since the advent of Automated Teller Machines ATMs and global banking. Today, banking is almost fully automated. The FDIC technology experts focus on both security and anti-fraud systems for the automated activities of banks, as well as the development of better automation applications and practices.
The FDIC has many employment and intern opportunities for both academicians and college students, undergraduate and as well as graduate, particularly law school graduates. Law school students can apply to the Summer Legal Intern Program. All programs were developed in order to attract high performing students and graduates to the FDIC before and after graduation and to offer the student and graduate experience working within a government regulatory arm before deciding on a permanent career.
Professors or academicians can be appointed to the FDIC as Visiting Academic Fellows VAF for a specific time period and for a specific research subject relating to the banking industry, or to proposed or existing legislation. Visiting Academic Fellows offer the FDIC highly educated and knowledgeable research resources outside of the government. While the OCC is a federal regulatory arm, the agency is not funded by Congress or by the federal government. The OCC is funded by assessments made on all the U.
Treasury securities. The Comptroller is appointed by the President of the United States with approval of the Senate, for a five-year term. As such, the OCC can revoke a charter, remove an officer or director, or issue a cease-and-desist order to a bank that has been found to be in noncompliance, and even order civil monetary penalties.
Not all banks are created equal, or for the same purposes. Some of them cater to individuals on a local basis, others are geared toward investors, some are for employees of a certain company or industry, and others focus on serving the banking needs of businesses, etc. Here are the most common kinds of banks found in the United States.
Local Banks A local or community bank is a brick-and-mortar retail bank that services the banking needs of the local community. A local bank operates as a consumer and a wholesale or commercial bank. The bank manager is generally known to the community and is usually active in civic activities and even local government.
This type of bank handles all aspects of banking activities for the community, including bank accounts, bill payment, money transfers, consumer and commercial loans, insurance and insurance services, and retirement and investment services. Banking careers found in a local bank are tellers, bank managers, loan officers, credit analysts, and often, retirement and financial advisers. If the customer is a business owner, he or she may also have a credit line arrangement with the bank to operate the business.
Local banks are typically chartered by the state of residence but can be supervised and insured by the Federal Deposit Insurance Corporation and the Federal Reserve Bank. Many local banks are managed not only by a local resident who is the bank manager but is family-owned banks that have supported the local populace for a number of generations — with many relationship ties to the community.
This can both help and hurt a local bank. Large banks with credit analysts and loan packaging services can help any commercial business owner find the lowest rate with the best terms. These innovations in banking, while making banking functions easier and faster for some, have helped to stymie the profitability of many local banks, and have forced many local community banks to close.
National Banks A national bank is one that is federally chartered by the United States of America and is an investing member of its district division of the Federal Reserve System. A national bank is also insured by the Federal Deposit Insurance Corporation. National banks, due to their size, offer any and all types of banking careers found in any other bank, including tellers, bank managers and officers, credit and loan officers and analysts, fraud prevention specialists, information technology professionals, financial analysts, and salespeople.
Banking careers in each of these departments will also offer many levels of management positions. The system of national banks evolved out of the National Banking Acts of and , during the presidency of Abraham Lincoln, at a time when a bank could charter either as a state or a federal bank. The two systems were not coordinated and banks had to follow very few regulations. Some state banks issued their own currencies, most notably, the Confederate dollar.
After the acts became law, banks that chose to operate in more than one state were required to charter with the Federal government and the U. The act also strove to secure the national currency based on the securities in the U. Treasury, and to severely tax the state currencies in order to discourage any other currency than the U. While the primary concern for these acts appeared to be to ensure a stable and growing national currency, the true reason was the need to finance the Civil War for the Union army.
This was done by selling government bonds backed by the U. Treasury that were offered by the newly chartered national banks. National banks in the United States today provide all manner of financial services and loans available, including checking and savings accounts; credit, debit and smart card services; money market funds; mortgage loans and mortgage services; small and large commercial loans and lines of credit; insurance products; investment products and services; stock and bond trading; and global banking services, including foreign cash services and international transfers and payments.
Positions for banking careers in national banks can range from front office tellers to loan officers and credit analysts to bank officers and securities traders. National banks work with the Federal Reserve Bank as investment banks to ensure stabilization and currency control for both the U.
Depositors must be members of a designated group of people, such as military personnel active or retired ; employees of a school district or a city or county; members of a labor union or employees of a large company; or members of a religious group. Family members of such depositors can also be considered as members of a credit union.
Credit unions are governed by a board of directors, and the directors are voted onto the board by the members or shareholders of the credit union. Credit unions can incorporate under state or federal law, except in Wyoming, Delaware, and South Dakota, where credit unions cannot incorporate under state law and must be federally incorporated.
Credit unions offer similar services to their members, or shareholders, as do banks, but the services are usually titled a bit differently: savings accounts are share accounts, checking accounts are share draft accounts, and so on. Credit unions also offer loans, credit cards, debit cards, ATM services, online banking, and bill paying services. As credit unions are member services institutions, they are not regulated by any of the banking oversight regulators.
However, this does not mean in any way that they are not as large nor as well-financed as many national banks. Also, credit unions typically have a higher equity capital ratio than most U. Credit unions often advertise that their interest charged on loans is lower than banks and that their service charges for share or draft accounts are also lower, due to their not-for-profit status and their member focus.
Most credit unions are comparable to local banks, offering services to the individual consumer, either for personal or commercial needs. Another type of credit union is a commercial credit union, which provides operational and clearinghouse funds support only to credit unions on a commercial basis. Investment Banks An investment bank is a financial institution that generates revenue by handling securities transactions for clients.
Transactions can involve derivatives trades, market making, mergers and acquisitions, foreign money transactions, commodities, equity securities, and fixed-income products and instruments. Careers available in an investment bank include financial sales and financial analysts, credit analysts, traders, bank officers, fraud analysts, and many information technology positions.
Clients of an investment bank can be individuals, commercial corporations or businesses, pension funds, or governments. Prior to the Glass-Steagal Act of , after the banking collapse of and the Great Depression, banks could mingle both their investment and commercial activities.
The Glass-Steagal Act effectively separated the two financial services, and until , all banks in the United States, unlike European banks, where required by law to choose which type of service to offer consumers. This Act effectively tore down any barriers in the United States between commercial and investment banking financial services and operations, allowing banks not only to purchase or form insurance agencies, but also allowing for the consolidating of the two different financial entities into giant behemoth banks that now offer all manner of banking, investment, insurance, and financial services.
An investment bank operates with three different distinct divisions: front office, middle office, and back office, meaning that investment banking careers can be quite varied. The front office is where all transactions, such as purchases, sales, and services of the financial products and instruments, are conducted.
This can include investment management, global currency trades, merchant and commercial banking, mergers and acquisitions, capital finance and capital raising, derivatives and commodities trading, and proprietary and customer trading. The front office also includes a research division not to be confused with research analysis for risk assessment, which is discussed below in the middle office.
The back office of an investment bank manages and oversees all technology and informational support as well as all operations and transactions conducted by the bank. Retail banks can be simply a local bank with no branches or a branch of a commercial bank or of a local or a state bank set up to service regional or local individual clients.
Credit unions and savings and loan banks could also be considered retail banks, although credit unions generally also conduct some commercial and investment services. Increasingly, many retail banks have begun to include small business services, such as loans and lines of credit, as well as commercial bank accounts, in order to retain those individual clients who may also need small commercial services in addition to their personal accounts.
Banking careers available in a retail bank can include such positions as branch manager, loan officer, bank tellers, and various management positions. Retail banks can hold deposits, make loans, pay on checks or pay debits for depositors, and any number of banking services for consumers, but they generally do not perform any commercial or clearinghouse services. Retail banks may also offer investment or brokerage services to sell and service investment products, including certificates of deposit, money market funds, mutual funds, and individual retirement accounts and services.
Brokerage services at a retail bank are usually accomplished by only the handling of the consumer sale and contract rather than the actual brokerage and investment management services. When a retail bank offers services such as commercial loans, retirement or investment services, it may accommodate its clients with these offerings through a third-party vendor, or the parent bank, possibly because of lack of staff or because of regulatory limitations.
Since the advent of the Internet, online banking access and ATMs Automated Teller Machines , the savings and loan collapse in the late s and early s, and the financial meltdown of , fewer and fewer retail banks are continuing as brick-and-mortar locations. Increasingly, banks and financial institutions are asking consumers to use direct deposit services, ATMs, smartphones, and computer Internet connections in order to conduct retail consumer banking services.
Many banks have begun to charge for face-to-face teller services and even for telephone access to a teller. Consumers without Internet access or who are not capable of accessing accounts online will be expected, in the future, to pay more and more for these types of personal services that banking clients have always, up to now, enjoyed. Banking may become more impersonal, and fewer banks will offer walk-up or drive-up retail services for free, if at all.
Commercial Banks A commercial bank is a for-profit financial institution that generates revenue by holding deposits from and making loans to customers, offering various financial services to consumers and earning interest on investments made usually securities on deposits. The main difference, however, is that a commercial bank typically will focus on commercial clients and short-term loans, or lines of credit, for businesses.
A commercial bank could be a single, local bank, a branch of a national or state bank, or a credit union, and offers careers that are similar to those at any other bank. Commercial banks, unlike investment banks, typically loan money to customers using only their own pool of funds and investment income, rather than drawing on outside funds in packaging loans. Prior to the Great Depression, commercial banks were also investment banks.
After the banking collapse in , the U. Today the differences between credit union firms and retail, commercial, and savings and loan banks are a bit blurry to a consumer, particularly after the savings and loan collapse in the late s and the financial collapse in , and also because they all seem to offer the same services. A smart consumer is wise to do his or her research, shop around for the best price and access for services, and make sure that he or she is comfortable that the financial firm of choice is capable, insured, and willing to provide the services needed.
Those seeking banking careers may find many opportunities for careers and advancement in a commercial bank. Online Banks An online bank can be a division or department of any retail, commercial, or investment bank, or it might be a bank that operates entirely online, with no physical location for a customer to walk-up or drive-up to, but that may serve all needs of banking customers. Online banks offer many banking jobs within their firms that are similar to banking careers at local and commercial banks and credit unions.
Online banks allow a customer to perform almost all banking transactions online, such as checking and savings transactions, bill paying services, account inquiries, and transfers. The customer of an online banking service can access his or her account at any time of the day or night with the use of a computer and a customer or user ID number and a password. Services can also include loan applications and payments as well as credit, debit, and smart card transactions.
Careers with an online bank can include loan officers, credit analysts, as well as banking career positions in fraud analysis, investment, and management. Some online banks have very sophisticated software that even allows customers to deposit checks with an upload of a picture of the check taken by the customer with a smartphone. Banks with online services have invested many millions of dollars of secure technology software and oversight in their computer servers and networks to ensure the accounts of depositors against any fraud or illegal access.
Commercial businesses have embraced online banking, because ready access to the bank has simplified many aspects of business today, including payroll services, lines of credit, short-term loans, and bill paying services. Nevertheless, many people fear online banking and prefer to handle banking transactions at the physical location of a bank. Another disadvantage of a purely online bank is the requirement that deposited or cashed funds must either be mailed by check to the bank or transferred directly from another bank.
This is due to the fact that the customer cannot present the check at a location and handle the transaction personally, because the online bank has no physical location for customers. Still, online banking is a vital function of all banks today.
All banks are connected electronically to each other, either directly or through a clearinghouse, and all bank records are kept electronically. Electronic access is much more cost-effective than staffing a bank with people and tellers, and this transformation will only continue as young people embrace technology and reject face-to-face communication.
Fields within the Banking Industry All financial firms in the banking industry, as well as the various banking regulatory agencies and associations, offer many paths for the person interested in a banking career. Most senior-level positions will require at a minimum a four-year college degree in finance, business, accounting, or a related field, but many entry-level positions can be obtained with a high school diploma or a GED. In addition, many larger banks and some of the regulatory agencies offer to intern or trainee positions and many also offer continuing education for the ambitious employee, including college scholarships and student loans.
Typical careers within a financial institution may include bank teller, bank manager, credit, mortgage, or loan officer, and a bank officer. Within each of those careers, depending on the size of the bank and the size of the department, are many levels of authority and responsibility and, therefore, many opportunities for advancement. Again, within each of these areas are many levels of authority, duties, and support.
It is not uncommon for talented and experienced banking professionals to be recruited for more senior-level positions both within their own banks and by other competing banks. While it may seem that as the financial world becomes more dependent on computers and automation, and therefore may require fewer employees, the fact is that banks are growing all over the world and are competing against each other constantly for business and customers.
This means that banks will continue to search for applicants for the many careers available in the field. Skilled banking professionals, in any of the types of banks within the industry, should always be able to secure lucrative positions with a financial firm because of both population and economic growth. Bank Teller Bank teller positions can be found in all banking and credit union retail locations, both brick-and-mortar venues as well as online and virtual stores.
Bank teller is usually the entry-level position for someone starting within the industry. Bank tellers can also be found at banking call centers where customers may telephone a bank for any number of retail banking services. Call centers routinely handle requests for bank account services that may include funds transactions and reconciliations as well as retail services regarding bank products.
Bank and credit union call centers may offer products such as loans and various types of insurance policies as well as retirement and savings account products money market accounts, certificates of deposit, individual retirement accounts, health savings accounts, treasury bonds along with details regarding contributions, disbursements, and reconciliations for these accounts.
To qualify for a bank teller position at a credit union or bank, the applicant must have a high school diploma or a GED and also must be bondable. If the applicant has been convicted of any crime involving dishonesty or breach of trust, he or she cannot be bonded.
Those considering banking jobs should be aware that federal banking regulations bar all banks from offering a position to anyone with this type of criminal record. The bank teller applicant will generally need at least six months of customer service experience and six months of cash handling experience. It is imperative that a bank teller is dependable, punctual, friendly, honest, trustworthy, and efficient, as well as having a positive attitude.
An affinity for numbers and a good grasp of mathematics will help a bank teller be successful, but being able to personally help customers with a friendly demeanor will be the key to real success as a bank teller. The teller exchanges cash, personal checks, and products with the customer and will need to be able to communicate successfully and tactfully with people of all socio-economic positions while carefully accomplishing the transaction for the customer.
The bank teller who is shown to be competent in all duties will likely be promoted into a more specialized customer service position, such as a loan officer or bank manager. Most banks and credit unions have basic requirements for these positions.
Once placed into the banking career position, the new teller will be assigned to a mentor who will teach and assist the new employee until he or she is competent in all responsibilities and transactions. Loan Officer A loan officer is a person at a bank, a credit union, a savings and loan, or other financial institution, who helps people and companies borrow money.
Loan officers usually specialize in one of three types of loans: commercial working with small or large business needs , a consumer for individuals needing money for vehicles or lines of credit or other relatively small loans , and mortgage home purchases and home equity loans.
The requirements for loan officer jobs range from a high school diploma required by smaller institutions to a college degree in business, finance or a related field for positions in many larger commercial finance companies. It is helpful to have sales or banking experience for the applicant for this position, and the applicant must be able to pass a thorough background check for employment. Many financial institutions also require drug testing for all banking careers, both when being initially employed but also at random times later.
A loan officer needs to be a confident person with excellent communication skills and must be detailed oriented. Many loan officers are paid on commission; therefore, a good work ethic and lots of motivation will be the key to success in this field. Most loan officers are paid on commissions earned from the loans they place, but some institutions will pay a base salary plus commissions or some sort of bonus arrangement related to the number and dollar amount of sold loans.
For this reason, average salaries for banking careers related to loan officers can range greatly, depending on the success of the loan officer, and the size of the loans. Commissioned loan officers, by definition, can earn much more than salaried loan officers, but the commissioned person will probably work longer days and will spend more time outside of his or her office, contacting customers and finalizing sales.
Loans are arranged for many purposes. Individual customers of a bank will need loans for homes; vehicles such as autos, motorcycles, or boats; home remodeling or repairs; and debt restructuring, for example, to pay off higher interest credit card balances. Small business owners need loans for costs to start the business, such as rent deposits, hiring costs, advertising, to purchase equipment and inventory, or to maintain cash flow for salaries, stock, and other costs.
Larger companies borrow money for the same reasons as small businesses but on a larger scale. Some commercial loans are arranged by the loan officer by using a number of banks and bundling a package of loans together for the customer.
A loan officer can be thought of as both a salesperson and a facilitator. The loan officer must both search for clients as well as help the client qualify for the loan needed once the customer has requested the loan. To begin the process of a loan, the loan officer will gather basic information about the client and the type and amount of loan needed. The Internet has also drastically changed the loan officer environment as a banking career.
A person searching for a loan can apply on any number of online banking sites through one portal, which will then match the prospect with a lender with the best interest rates for the product that the consumer needs. Many loan officers are instrumental in assisting clients who may have difficulty qualifying for loans by advising them on how to clear their credit, or by adjusting the size or amount of the loan.
Loan officers are sometimes promoted into two other types of positions in this banking field after a period of time as one of the three specializations above. Loan collection officers work with delinquent borrowers to either restructure the loans or, in the case of default of the loan, the process of seizing the collateral property and selling it to try to pay off the debt to the bank.
Most bank and branch managers are bank officers. To be an officer of a bank, most firms require the manager to have a four-year college degree in accounting, finance, business administration, or economics or to have completed a bank management training program where the trainee will work variously in many different bank departments in order to learn and experience the different aspects of the employing bank. A bank manager manages all activities of a bank or a particular department of the bank.
A manager of a department of a large bank may have more specialized duties overseeing the business, service, or profitability of the department. A bank manager typically starts off as a trainee, then progresses to assistant manager, and then, if successful, may be promoted to manager. The bank manager is responsible for hiring, training, supervising and if necessary, firing the staff that he or she supervises.
In smaller banks, the bank manager may also be the person who solicits business from the community, either by advertising their services or by visiting with local companies and their owners. He or she may also be the loan officer as well as the credit analyst.
Branch managers supervise all business and staff in a retail location of a national or international parent bank. A branch manager is both an administrator and a salesperson for the bank. The branch manager must also work to make the bank or department a pleasant place for both the staff to work and the clients to visit. In all cases, the manager is ultimately responsible for maintaining and increasing the number of deposits and loans and working to ensure the profitability of the branch or the department and the parent bank.
Other types of bank managers can be operations managers, financial managers, and investment managers. Operations managers supervise other staff in banking careers in departments who handle the physical aspects of banking business, such as mailrooms, printing departments, computers, and networking staff. Today, with virtual banking and online and telephone banking, many banks operate call centers with telephone tellers and loan officers, supervised by operations managers and bank officers.
Financial managers analyze various types of financial statements, working in banks as well as in the investment and financial firms. Bank manager salaries vary greatly, depending on the size of the bank or branch, and the type of bank. Most banks offer excellent benefit packages for managers, and it is not uncommon for a well-performing bank manager to receive significant bonuses depending on the business growth and profitability of both the bank and the branch or department.
Many banks also pay for continuing education and advanced degrees for managers and officers, both to encourage skill development and to assist those managers who wish to gain financial knowledge in their career development. Credit analysts can be employed by banks, credit unions, credit card companies, financial investment firms, or credit rating agencies.
While credit analysts are not normally required to obtain MBAs or CFA designations, many are able to gain higher salaries and be promoted to more senior analyst positions with these degrees, especially if they are employed by larger corporations with greater assets than smaller local or regional banks.
To be a successful credit analyst, excellent detail-related skills and diligence with numbers are crucial. The credit analyst gathers various financial data about the borrowing customers and will then evaluate the information. Next, the credit analyst writes recommendations regarding the risk assessment and creditworthiness of the applicant, company, or group of applicants. A credit analyst might analyze borrowing and payment data from many sources to assess the creditworthiness of a line of products, such as mortgages or credit cards, or the analyst might study the financial and cash flow history of one client or one company in order to underwrite a particular loan to a customer.
Credit analysts who specialize in a particular industry might work in the financial sector or might work directly for a company in that specific industry, such as a utility or a manufacturing company. Credit analysts are not salespeople. They are number crunchers and money analysts. Skills needed for a credit analyst position are problem-solving skills and diligence with numbers, along with a talent for reviewing and explaining the bigger picture of all the smaller numeric details.
Obviously, since modern banking uses sophisticated quantitative software programs, credit analysis software knowledge is critical. The credit analyst must understand both the results of the reports as well as the underlying data management details in order to comprehend the evaluation. Good communication skills, both written and verbal, will help the credit analyst to successfully communicate his or her results from the analysis.
In order to be successful, great attention to detail and a solid understanding of the areas of accounting, calculus, debt service, and ratio analysis are important for professionals interested in these positions. Software programs are constantly being developed to analyze data and produce statements, but the credit analyst will always be needed to review the information and the data and to effectively communicate the risk assessment.
The credit analyst must have the education and experience to be able to use these complex tools and must also have the skills to explain and justify the financial statements produced by the research for the final risk assessment determination. A mortgage broker does not work for a bank but rather works with any number of banks whose loans the broker will sell for the bank. This type of position is unique in the banking industry, because the mortgage banker or broker usually works for a loan company or agency, and is paid on the basis of the loans placed.
Mortgage brokers in all states must be licensed. Each state will have its own regulations and licenses, but typically, the mortgage broker is liable for any type of wrongdoing or fraud that he or she may have been involved in, for the life of the loan. A mortgage broker is usually paid by commissions on the loans that he or she sells. A mortgage broker advertises or markets for customers to purchase mortgage loans from the broker.
This is usually referred to as the fact-finding interview, and the client will complete a preliminary application for the loan. The next step is sometimes performed by an assistant to the mortgage broker. This step in the process is obtaining all the documents from the client that will qualify the borrower for the loan, including paystubs, bank statements, credit card, and bank account numbers, proof of identification, details, and address for the collateral for the loan, and any other items that are needed to prove sufficient cash flow to be able to pay the monthly loan installments.
The mortgage broker should explain the entire process and all the legal responsibilities of both the lender and the borrower to the borrower. Online brokerages today have simplified a great deal of the loan process by using software that condenses many of the preliminary steps made by the borrower and then narrows the vast field of available loans down to only those loans that the borrower is qualified to purchase.
Mortgage brokers buy packages of loans, usually at a discount, from a variety of sources, such as banks and other lenders, and sell each loan to customers for a commission. While a mortgage broker will work with loan clients in the same way that a mortgage loan officer finds loans for customers, the difference is that the mortgage broker usually works for a mortgage brokerage rather than a bank, and will find loans from many different banks or sources.
Prior to the s, most loans were made by banks that had reserved access to wholesale money markets for mortgages. Office Staff Banking institutions employ any number of office and support staff for all office departments, similar to any large or small firm. Office departments in a banking firm can include human resources, building, and janitorial operations, payroll, administrative and secretarial support, data entry on up to computer technology, programming and application development, support and maintenance.
Each department, depending on the size of the firm, will have multiple levels of authority and responsibility for all banking careers of this sort. Many positions, both senior and otherwise, in a banking firm are supported by any number of staff that can be considered secretarial, administrative, clerical, or assistant. Human Resources, Personnel and Payroll departments in banking firms operate very much the same as these departments do in many other types of firms. These employees need to be familiar with both state and federal employment laws as well as banking regulations regarding staff performance.
Certain regulatory bodies have oversight regarding pay for some bank employees. Staff in these departments must be knowledgeable of these limits and make certain that the bank or entity follows all the regulatory guidelines surrounding pay. Many Directors of Human Resources at large banking institutions are also licensed attorneys since much of what this department must oversee is guided by legal decisions.
Larger firms will also employ assistant Human Resources, Personnel, and Payroll staff, starting with unpaid interns or apprentices to entry-level staff and assistants. Ranges of pay vary greatly, depending on the size of the bank, the location of the Human Resources department and the number of banking careers staff needed.
Computer and software technology staff are crucial to the operation and success of a large national or commercial bank or credit union. Automated teller machines, online banking, and online support have greatly increased customer access for many banks. However, along with this online access, are increased security breaches, and many more fraudulent events that must be tracked, researched and contained. Many technology positions are held by experienced software engineers who have learned the trade building the large banking platforms used by banks to support customer service and also banking records.
Technology platforms in banking include those used in the lending industry, the legal divisions, and very importantly, in compliance monitoring. Compliance monitoring software searches words and lexicons used in communications and records to prevent infractions of the law. Any banking firm that houses staff or equipment in a building must employ janitorial, maintenance, and facilities staff, ranging from cleaning staff to building maintenance staff, to air conditioning and plumbing staff, to staff that pays the utility bills.
These positions are not unique to the banking industry and may employ people with experience with facilities from all industries. However, it should be noted that banking facilities staff receive salaries and benefits on par with other industries, and do not typically receive any increased benefits or perks for working in the banking industry.
Small banking firms generally offer lower salaries for similar positions than larger, national firms, but typically enjoy stability and possibly even less stress than large banking institutions. This can be seen as due to the lower amount of transactions and customers generally seen in a small or local firm. Degrees Needed for Banking Careers Professionals seeking careers in banking will require, at a minimum, a high school diploma or at least a GED.
Without a higher education degree, many positions and advancement opportunities will not be open, even if the prospective employee is talented and experienced. Money, and the business of holding, lending, and increasing it for customers, involves intensely detailed, important tasks that require trust and dependability as well as innovative but stable practices that are safe, sound and fair.
A college education not only teaches a student a subject, it also teaches organization and discipline and how to complete difficult tasks, which are critical skills in a banking career. If you sincerely wish to pursue a career path in the banking industry, start with a high school diploma. Seeking out internships or trainee positions with either a local or a national bank or a credit union may also be helpful for applicants seeking banking careers.
The completion of any degree program in banking will aid a person in seeking promotions, greater pay, and higher responsibility and authority. An Associate of Arts or an Associate of Science in many banking fields such as banking, finance, business, and accounting can be obtained usually at a two-year community college and from certain trade, vocational or occupational schools that offer a degree program.
Generally, a high school diploma or a GED is required for enrollment, and sometimes, a minimum grade point average of at least a 2. Fulltime is usually a minimum of 12 to 15 credits per semester, or four to five different course classes during each semester period.
The first year of courses will be made up of general classes, such as math, science, English, and other basics, and the second year will focus more on courses and skills toward the banking degree. Students may apply for financial aid — scholarships, loans or grants to help pay for educational expenses. Qualifications for financial aid depend on the income situation of the student, and sometimes, the parents of the student.
Some expenses may also be tax deductible under many federal IRS tax credit rules. If the student is already employed by a banking or regulatory institution, tuition assistance and even reimbursement may be available from the employer. Furthermore, the knowledge and education that the professional will receive with one of these types of degrees will enhance the job performance of the banking employee.
Most banking programs at prestigious universities, such as Boston University, may require a minimum high school grade point average. To assist you in obtaining a banking careers job or promotion, choose a Bachelor of Science degree in business, accounting, finance or economics, or computer science or computer engineering, depending on the chosen banking field, and pick a university or college that specializes in banking careers and degrees.
Semester system schools operate with two semesters per year, of about 12 to 14 weeks per semester, fall and spring, to complete a full year. A minimum of nine to 12 credits during the semester qualifies as fulltime student status. Quarter system colleges, with fall, winter, and spring quarters lasting about eight to nine weeks each, making up a full year, calculate 12 to 15 credits to be considered fulltime.
Both systems usually offer condensed courses during the summertime that usually consist of two to six weeks per course, depending on the credit hours offered. Be sure to stay up-to-date with the latest industry insights and what's challenging today's finance leaders. We have the technology, depth of expertise and market insight to make that happen. How to get a job in banking We have offices across the country, allowing you to search a wide range of exciting roles below.
So, whether you are looking for banking jobs in Melbourne, Sydney, Adelaide, Brisbane, Perth, or any other major city or regional location, we can assist. Or you can use our office locator to find your nearest Hays office and speak to a recruiting expert to find out more about our services and how to apply for bank jobs.
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|Banking may become more impersonal, and fewer banks will offer walk-up or drive-up retail services for free, if at all. Having a career in banking provides you with many skills that can be used in different areas of the banking sector such as a branch manager, a teller, or administrative staff. This is usually referred to as the fact-finding interview, and the client will complete a preliminary application for the loan. Any other answers to questions, if negative, could be legally construed as slander. List the most recent or current position at the top, and the very first position ever held at the end of the list.
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|Larger companies borrow money for the same reasons as small businesses but on a larger scale. The practice of a professional https://almasky.co.uk/costco-near-me-jobs/438-local-government-jobs-manchester.php code for the banking industry came from the need to portray both an attitude of wealth and strength along with a conservative and professional attitude toward the money that the bank holds jobs accounting behalf of its customers. Many local banks are managed not only by a local resident who is the bank manager but is family-owned banks that have supported the local populace for a number of generations — with many relationship ties to the community. A bank manager typically starts off as a trainee, then progresses to assistant manager, and then, if successful, may be promoted to manager. Many options in each subject are usually available in order to fulfill the basic requirements, and the degree chosen by the student will most likely guide the student towards certain basic courses that may be prerequisites for required courses in the chosen major field. This allows us to measure and optimise website effectiveness. Office Staff Banking institutions jobs at local banks any number of office and support staff for all office departments, similar to any large or small firm.
Banks also have accountants on staff. They oversee the bank's financial records. Pay is usually comparable to the manager's. Accountants will need at least a bachelor's degree in accounting, finance, or a related field. Some positions at banks require a college degree. After you decide which bank position you'd like to apply for, make sure you have the necessary education requirements.
To be a teller, you'll need a high school education. If you didn't finish high school, then you'll need to get your GED to qualify. Read Get a GED for tips on making this happen. Management and accounting positions almost always require a bachelor's degree. Major in a field like finance, business, management, or accounting to get the necessary skills to succeed in these positions.
If you're trying to get a position as a manager or higher, you should get some experience. Working as a teller while you're getting your degree will demonstrate that you're familiar with the inner workings of a bank. Then, by the time you finish school, you'll have plenty of experience on your resume to put you ahead of competition on the job market. You can also build a crucial list of contacts who can get you a job later on.
No matter what position you apply for, you'll need a solid resume to hand in. Read Make a Resume for great details on putting together a resume. There are a few things, however, that you should emphasize on your resume for a bank job. Most bank positions will have you working with customers at some point, so experience with the public is essential. Any job where you interacted with customers will work: cashier, stock boy, pizza delivery, barista, fast food worker, etc.
Since banks specialize in providing financial services for their customers, your skills in customer service will be essential. Volunteer work also counts towards customer service experience. If you've volunteered at a day camp, for example, your work probably involved interacting with campers and their parents. List this to further demonstrate your qualifications. Also mention any experience you've had handling money. A cashier, for example, handles money and cashes out the register at the end of a shift.
A delivery driver collects payments and brings money back to the store. There are skills that you should mention, since bank jobs will require you to handle money on a regular basis. Remember to make a new resume for every position you apply for.
Different jobs may be looking for different skills and qualifications, and you increase your chances of getting an interview if you've tailored your resume to specific jobs. Banks, like many other industries, often hire people based on referrals first. Before you start sending in resumes randomly, see if you have any contacts in the industry. Do you have a family member who works in a bank? Does a former teacher have a second job as a financial analyst?
It never hurts to ask these people if they know of any openings or are willing to recommend you for a position. Networking is essential on the job market. This is why you're at a great advantage if you've worked in a bank before or done similar internships. Websites like LinkedIn allow you to show your qualifications to other professionals in your industry. Jobs are often advertised on LinkedIn, which can tip you off to potential openings.
Someone might even contact you first if they like your profile and qualifications. Put together a great profile to improve your visibility on the job market and grow your professional network. Jobs often advertise with school career offices because they expect qualified individuals to come from these institutions. Take advantage of this by staying in contact with your career office.
Sign up for email alerts when jobs are posted. These can be a great asset when looking for a job. If you're trying to get a bank job, a good place to start would be your own bank. When you go in to do your banking, strike up a conversation with tellers and managers. After you get friendly, mention that you're looking to work in banking. They might know of a job opening, be willing to refer you to someone else with more information, or simply give you career advice on moving forward.
These personal relationships will be important as you advance in your career. Businesses use websites like Craigslist, Monster, and Careerbuilder to advertise positions. Take a look on these sites for bank jobs if you're searching for a job. Since banks usually hire based on referrals, you should resort to random visits as a last resort. Personal Financial Adviser Personal financial advisers help individuals manage their money to meet their short- and long-term goals.
From planning for retirement to figuring out how to pay for college, advisers identify different options and help individuals make the most of their money, such as through special tax exemptions or incentives. Relationship Manager These professionals develop and maintain customer relationships. Accountant One of the most well-known financial positions, accountants analyze, plan, and evaluate business expenses and income.
Many accountants have a bachelor's degree only, but a master's degree is useful, too. You may also need to sit for the Certified Public Accountant CPA exam , especially if you want to work for a public accounting firm. Auditor Auditors review accounting records, ensuring accuracy and compliance with regulations and state and federal laws.
Branch Manager Branch managers oversee operations, including hiring and training staff. Successful branch managers have excellent customer service, organizational, and communication skills. Loan Officer Loan officers help people identify and apply for loans, from mortgages to personal loans. They evaluate the candidates' job history, income, and overall creditworthiness.
Loan officers typically have a background and education in finance or economics. Being a loan officer is a great career choice if you like working with people. Collector While collectors tend to get a bad reputation, they play a pivotal role for companies.
They manage accounts and keep track of bills and attempt to collect on past due invoices. Many collector positions require just a high school diploma, but a bachelor's degree is welcome.
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