Table of Contents Show
- How Many Jobs Are Available In Banks?
- Job Outlook For Banks Careers
- FAQs On How Many Jobs Are Available In Banks
Banks play an important role in the economy at the most basic level, allowing people to deposit money and build a financial record and credit over time. They assist people in achieving long-term goals such as purchasing a car, a home, or starting a business. Knowing the available jobs in banks will help to know which one to apply for.
While a career in banking is widely regarded as a lucrative one, it is about much more than money. Although you will be fairly compensated for the stress involved, banking roles can be very exciting and provide excellent opportunities for learning about business interfaces and expanding your clientele. This industry requires a sufficient amount of passion and preparation to keep you motivated and help you advance.
There are a variety of job opportunities available at each level of expertise, whether you are an experienced finance professional or looking for entry-level banking experience. Banking jobs aim to maintain customer service and internal financial procedures.
You can narrow your job search and begin applying for banking jobs by researching job opportunities matching your salary requirements and experience level.
As a result of knowing the opportunities in banking, this article will discuss how many jobs are available in banks. So, keep reading.
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How Many Jobs Are Available In Banks?
The best part about a banking career is that you can eventually choose from a wide range of banking job titles other than the traditional bank teller or loan officer roles. There’s also plenty of opportunity to advance to higher-paying positions as you gain experience, particularly if you’re able to further your education. Examine your options to find the best career fit for your interests, skills, and level of education.
Here are 15 different types of banking jobs, along with their typical responsibilities and salary expectations:
1. Bank Teller
The average annual salary is $29,328.
A bank teller works in a bank and is responsible for assisting customers with cashing checks, withdrawing money, transferring transactions to different accounts, opening checking and savings accounts, and issuing checks to customers. To protect member account information, bank tellers must adhere to ethical standards and maintain confidentiality. They should also be capable of problem-solving and verbal communication. Typically, bank teller candidates must have a high school diploma or GED to be considered for a position.
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The average annual salary is $40,526.
A banker is employed by a bank or financial institution. They are in charge of meeting with bank members (individuals or businesses) and assisting them in obtaining loans from the bank. They hope to earn money for the bank by charging fees and interest rates on those loans. Bankers can also meet with clients for a fee to provide financial advice on issues such as investments and capital resources.
Candidates for banker positions must have a bachelor’s degree in business, finance, accounting, or economics. They should also have good verbal and written communication skills, problem-solving abilities, risk analysis knowledge, and be technologically savvy.
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3. Loan Officer
The average annual salary is $78,000
A loan processor works for a financial institution, reviewing loan applications and approving or denying applicants for the loans they apply for using their knowledge of risk analysis and financial statements. Their primary responsibility is to protect the financial institution and its monetary assets by approving only candidates with a good financial history. A bachelor’s degree in accounting, finance, or business administration is typically required, as is prior work experience in the loan and insurance specialty.
4. Mortgage Advisor
The average annual salary is $55,326.
Mortgage consultants typically work as independent contractors or as sole proprietors. Their job is to assist businesses or individuals in identifying their mortgage needs, evaluating their financial history, and determining the type of mortgage they can afford. Furthermore, they assist their clients in determining which lending institutions are most likely to lend to them based on their financial history.
Mortgage consultants with a high school diploma and extensive knowledge in their field are required to assist clients with personal finances. Those interested in commercial real estate or corporate clientele should have a bachelor’s degree in finance, real estate, or a related field.
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5. Investment Consultant
The average annual salary is $57,101.
An investment representative is a professional who works for an investment firm, a bank, or another financial institution. Their job is to provide clients with financial advice about investments in exchange for a fee. They are also required to perform sales-related duties to market their institution’s financial products and services. A bachelor’s degree in accounting, business administration, economics, or finance is required to work as an investment representative. You may also be required to obtain a license from the Financial Industry Regulatory Authority (FINRA).
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6. Credit Analyst
The average annual salary is $57,258.
A credit analyst can work for an investment bank, a brokerage firm, a credit card company, or any other institution that lends money. They are in charge of checking an applicant’s financial history and credit score. The primary distinction between a credit analyst and other professionals such as a loan processors is that they can only recommend whether or not an applicant should be approved. Credit analysts typically hold a Bachelor’s Degree in Finance or Economics and have in-depth knowledge of statistics, financial statements, and ratio analysis.
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7. Financial Analyst
The average annual salary is $65,518.
An investment banker is a specialized role with many different areas of concentration. Investment bankers can give clients financial advice about investment opportunities, but they can also help in the process by overseeing asset liquidation to reduce debt and other factors. At the entry-level, investment bankers should have a bachelor’s degree, with more senior positions requiring a master’s degree.
8. Relationship Manager
The average annual salary is $68,665.
A relationship manager works for a bank or financial institution and serves as a liaison between members and the institution. Their primary responsibility is to maintain customer loyalty by communicating with them via email or phone. They are also in charge of developing relationships with new customers by assisting them in obtaining bank membership and setting up a checking or savings account. Relationship managers should have a bachelor’s degree in communications, finance, or business administration and be good communicators.
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9. Financial Consultant
The average annual salary is $69,093.
A financial advisor works as an employee of a financial institution to assist clients in determining their financial objectives and the best way to achieve them. This includes trading in the stock markets for them, reviewing their financial history, and advising them on the best financial decisions they can make. Candidates for financial advisor positions must have a bachelor’s degree in a field such as economics, statistics, finance, or business. They should also have a few years of experience working in finance, such as as an investment specialist, banker, or credit analyst.
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10. Financial Analysts
The average annual salary is $74,446.
A financial analyst is in charge of monitoring market trends across industries and advising businesses and clients on when, where, and how to invest. Financial analysts typically work for large corporations, financial institutions, insurance companies, and banks. To work as a financial analyst, you must have a bachelor’s degree in economics, finance, or accounting. Most employers prefer that you have a master’s degree in a specialty field, such as statistics, for senior positions.
11. Asset Manager
The average annual salary is $78,000
An asset manager works for individual clients as a sole proprietor or as part of a bank or financial institution. They are in charge of reviewing their clients’ financial portfolios and keeping an eye on the stock market to make the best investment decisions for their clients. They also assist them in investing in stocks and other assets and forecasting what will provide them with financial growth.
This job requires a significant amount of time and research to make informed decisions on potential investment opportunities on behalf of the client. Asset managers typically have a bachelor’s degree in economics, finance, accounting, or business, but some employers prefer a master’s degree.
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The average annual salary is $79,351.
An underwriter is in charge of reviewing loan applications and determining whether or not the applicant can afford to repay the loan. Furthermore, approved borrowers receive a DR contract outlining the loan amount and payment rates expected by their company. Underwriters may work for insurance companies, financial institutions, banks, or other lending institutions. A bachelor’s degree in finance, economics, business, or mathematics is required for prospective underwriters.
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13. Internal Auditor
The average annual salary is $82,913.
Bank internal auditors are responsible for performing routine assessments of the bank’s internal procedures, loan and spending habits, employment expenses, and other risk management factors.
Their primary objective is to determine whether the bank complies with laws and regulations and is financially stable.
Candidates for internal auditor positions should have a bachelor’s degree in management, accounting, business administration, or finance. A master’s degree may be preferred for more senior positions.
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14. Analyst in Investment Banking
The average annual salary is $113,383.
An investment banking analyst acts as a go-between for business owners and potential investors, assisting them in confirming their financial health. These professionals also assist businesses in increasing investor relationships by assisting them in managing their finances wisely. A bachelor’s degree in finance, economics, business, or accounting is required to work as an investment banking analyst. You should also think about getting a master’s degree to boost your credibility.
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15. Loan Officer
The average annual salary is $124,333.
A loan officer is employed by a financial institution, a bank, or a lending firm. They are responsible for gaining expert knowledge of all loan options available to borrowers through their employers. They also meet with clients, both businesses and individuals, to review their financial statements and determine their eligibility. With this information, they can provide clients with quotes on loan rates and loan amounts.
Loan officers require a bachelor’s degree in finance, business, accounting, or a related field. They should also have prior work experience in the loan or insurance industry and be licensed.
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Job Outlook For Banks Careers
Between 2012 and 2024, the financial activities sector, which includes banking, insurance, and real estate, is expected to grow by 9 to 10%. A closer look reveals that this expansion is most noticeable in two areas:
Funds, trusts, and other financial instruments.
Commodity contracts and other financial investments in securities.
Each of these subsectors is expected to grow at a 2.1 percent annual rate, implying that jobs in these fields will have increased by 20,500 and 186,600, respectively, by 2024. These projections, which were first made in 2012, are already coming true. In 2012, nearly 7.8 million people worked in the sector; by 2015, the figure had risen to more than 8.1 million.
Finance is an excellent industry for those interested in the field due to low unemployment and projected job growth rates. Of course, some states will grow faster than others.
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FAQs On How Many Jobs Are Available In Banks
Banking Jobs include positions such as Bank Manager, Investment Banker, Equity Analyst, Loan Officer, Bank Teller, Financial Accountant, and Chartered Public Accountant, to name a few.
Yes, banking is one of the most popular and in-demand careers in the world, and banks have adapted to newer hi-tech ways of customer service with online banking apps, digital transactions, and more, even in the digital era. It will never go out of style because we will always require banks and financial professionals to manage our financial needs and savings efficiently.
This question has no definitive answer because it is dependent on individual preferences and needs to know the company to go for
There are many different types of job opportunities available, so the answer to “how many jobs are available in banks” is a broad one. All of these businesses, however, have one goal in common: to assist people in managing their money efficiently and profitably.
There is bound to be a banking job and a banking company that meets your requirements, so don’t be afraid to ask around or do some online research. With so many options available, you’re sure to find the ideal banking job for you.
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