Jobs in the Banking Industry
The Major Job Types and Employers in Banking
Banks are indispensable to the American economy, and to most economies internationally as well. Banking is a core function of the financial services industry, so it only makes sense that banks are among the leading employers within the financial field.
But exactly what jobs and careers are available in this sector? Here's a list of principal job categories in the banking industry and the employers within those categories.
Types of Banking Jobs
Before you begin looking for a job in banking, it's important to know what types of jobs are available and the qualifications you'll need. You should also understand the distinction between commercial banking and retail banking.
Retail banks are those that serve families and small businesses. Commercial banks provide services to larger businesses and corporations.
Bank Teller Jobs
For many consumers, bank tellers are the face of the industry. And for many job seekers, becoming a bank teller is a great entry-level introduction to banking.
Good communications skills are key, and it helps to be a "people person." A high school diploma usually provides sufficient education. Computer skills are important, and passing a background check is often required.
Loan Officer Jobs
Loan officers are key employees within both commercial and retail banks as well as within other lending institutions. Top talent in this field is pretty consistently in demand.
A loan officer helps clients and customers apply for loans and oversees the process, including determining just how much a client is qualified to borrow. She acts as a contact point and facilitator between the institution and the client.
Private Banking Jobs
Private banking serves the needs of high net worth clients, those with financial assets of at least $10 million. At a minimum, a bachelor's degree is required in addition to significant experience in the industry to achieve a career in this area.
Investment Banking Jobs
Investment bankers raise funds for corporations by structuring the issuance of securities such as stocks and bonds. They also advise corporations that are contemplating mergers and acquisitions. Many of the largest commercial banks also have investment banking divisions. This field is fast-paced and very highly paid.
Credentials for Banking Jobs
Be mindful of the sorts of credentials that are either required by institutions or that can improve your chances of getting the sort of banking job you're looking for, even when they're just optional.
Financial planning designations always look excellent on a resume, including those associated with retirement planning, and a background in investment management can be helpful as well.
Bank of America, JPMorgan Chase, Citigroup, Barclays, and many others head the lists of leading banking institutions.
These institutions aren't banks, but they do extend loans, securitize bank loans, or otherwise play roles in the extension of long-term or short-term credit. They include Quicken Loans, New American Funding, and LoanDepot as of 2018.
Investment Banking Firms
Leading players in investment banking include Merrill Lynch, Goldman Sachs, Morgan Stanley Wealth Management, Deutsche Bank, UBS, JPMorgan, Wells Fargo, and others.
Banking is a highly regulated industry, and employment opportunities with the various government regulatory agencies are often overlooked.
Sometimes starting a career with banking regulators can open doors to attract private sector banking jobs and vice versa. Familiarize yourself with the leading regulatory agencies and what they do.